SOURCE: Angkor Gold Corp.

Angkor Gold

November 09, 2016 10:05 ET

Assay Results Confirm Gold at Okalla West Prospect

GRANDE PRAIRIE, AB--(Marketwired - November 09, 2016) - ANGKOR GOLD CORP. (TSX VENTURE: ANK) (OTC PINK: ANKOF) ("ANGKOR") is pleased to announce the Phase 1 auger program assay results from the Okalla West, Blue River Resources joint venture prospect.

The lab results from the augured holes confirmed the surface geochemistry, termite mound, pan-concentrate gold anomaly previously identified in Okalla West. The gold grades in the assays, indicate an increase from the surface to the bottom of the holes, ranging from 0.01 to 2.45 g/t. The completed portion of the auger program represents only 0.67 km2 of the 4 km2 surface gold anomaly area currently being explored.

The hydrothermal gold signature in Okalla West is significant, as it geochemically connects the previously drilled Okalla prospect to Okalla West, potentially, regionally linking the source for both prospects to the Okan Fault, opening up further gold exploration potential within the Banlung Tenement and locally within the region.

"These auger results demonstrate the potential in the Okalla West prospect," commented JP Dau, VP of Operations. He continued, "It is encouraging to see that the gold assay results validate the visible gold seen in the large surface gold anomaly originally identified in the 2015 termite soil program. This exploration plan was designed to investigate the potential of a near surface gold resource and we are pleased with the results to date."

The auger assay results indicate that the gold present in Okalla West has a hydrothermal source geochemical signature. In areas of higher gold concentrations, there is a good correlation with areas of local elevation, pH acidic soils, and coincident anomalous copper, lead, zinc, bismuth and arsenic within the Okalla West prospect area.

The auger program on the Okalla West prospect completed to date, consists of 705 holes completed out of the 1208 proposed, with a maximum auger depth of 6.6 meters. 116 holes were selected for fire assay gold and multi-element analysis, totaling 235 samples, in addition to 22 certified reference material standard inserts and blanks for QA/QC analysis.

The next steps in the exploration program are to test the overlapping surface geochemistry and auger anomalous gold areas with trenching and mechanical drilling, such as Reverse Air Blast, to better interrogate the potential of the gold anomaly. The trenching and mechanical drilling will be used to further determine the size and quality of the prospect. Detailed on the diagram below are: the proposed trenches, the pan-concentration results from termite mounds, as well as the location of the gold intersections from the recent auger drilling.

"Operating through the rainy season and dealing with high water tables, bedrock was contacted with only a few of the holes augered. We have minimal data of the material past 4m," states Jonathan Soper, P.Eng. Chairman of the Advisory Board for Blue River Resources. "With the grade of the gold increasing with depth there is potential for another zone below the gold near surface."

The QP for this release, which he wrote and approved, is Kurtis Dunstone, BSc Geology, Senior Project Manager for ANGKOR. Mr. Dunstone has fifteen years post graduate mining and global exploration industry experience, across Australia, Canada, Papua New Guinea and Cambodia, and is a current member of the Australian Institute of Geoscientists.

ABOUT ANGKOR GOLD CORP.

Angkor's QA/QC protocol requires calibration standards and blanks be inserted at a rate of 10 per 100. In addition, periodic checks are run on a selected spectrum of samples at ALS laboratories. All soil and rock samples were submitted to ALS preparation laboratories in Phnom Penh, and gold analyses were done by ALS by standard fire assay in their Vientiane laboratories; all other analyses were by ICP-MS in their Australian laboratories.

ANGKOR's six exploration licenses in the Kingdom of Cambodia cover 1,352 km2, which the company has been actively exploring over the past 6 years. The company has now covered all tenements with stream sediment geochemical sampling and has flown low level aeromagnetic surveys over most of the ground. Angkor has diamond drilled 21,855 metres in 190 holes, augured 2643 metres over 728 holes, collected over 165,000 termite mound samples and 'B' and 'C' zone soil samples in over 20 centres of interest over a combined area of more than 140km2, in addition to numerous trenches, IP surveys and detailed geological field mapping. Exploration on all tenements is ongoing.

ANGKOR Gold Corp. is a public company listed on the TSX-Venture Exchange and is Cambodia's premier mineral explorer with a significantly large land package and a first-mover advantage building strong relationships with all levels of government and stakeholders.

BLUE RIVER RESOURCES LTD.

Blue River Resources Ltd. has a 100% interest in two mineral properties in the Quesnel Trough Copper Belt, The Castle Copper Project near the Copper Mountain Mine, Princeton, BC and the Mazama Copper Deposit, Okanogan County, Wa.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Certain of the statements made and information contained herein may constitute "forward-looking information". In particular references to the private placement and future work programs or expectations on the quality or results of such work programs are subject to risks associated with operations on the property, exploration activity generally, equipment limitations and availability, as well as other risks that we may not be currently aware of. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:

    ANGKOR GOLD CORP.
    Stephen Burega
    Vice President of Corporate Development
    Telephone: (647) 515-3734
    Email: sb@angkorgold.ca
    Or our website at: http://www.angkorgold.ca or follow us @AngkorGold for all the latest updates.