SOURCE: Angkor Gold Corporation

Angkor Gold Corporation

November 23, 2016 17:16 ET

Gravity Survey Results Highlight Potential for a Large, Intrusive-Related Gold System

VANCOUVER, BC--(Marketwired - November 23, 2016) - Angkor Gold Corp. (TSX VENTURE: ANK) (OTC PINK: ANKOF) ("Angkor" or "the Company") is pleased to announce results from a recent gravity survey conducted along 30 line kms over the Banlung Mafic Intrusive Complex, including the Okalla West surface gold zone in joint venture with Blue River Resources Ltd. (TSX VENTURE: BRX). The Okalla West surface gold zone is within the Company's 150 km2 Banlung Exploration Tenement, Cambodia.

The gravity survey indicates a gravity anomaly, which may be interpreted as a felsic intrusive body, located directly beneath the previously delineated 4 km2 Okalla West surface gold anomaly. The encouraging gravity results, combined with surface gold anomalism, indicate the potential for a large, sub-surface, Intrusive Related Gold system (IRG) in the Okalla West prospect zone.

Drilling and Trenching Plans for Okalla West

The next phase of exploration planned on the Okalla West Gold zone will consist of trenching and drilling to further investigate how robust the prospect is in light of the new ground gravity results, and the potential it has to host near-surface and at depth gold mineralization. The trenching and drilling will further investigate the extensive surface gold anomaly identified by termite mound sampling and confirmed by shallow auger testing.

The next program will test the depth potential for the presence of a sub-surface IRG system, at the same time further constraining the boundaries of the surface gold anomalism.

The planned trenching will consist of 5 lines spanning the current known anomaly (see accompanying gold index anomaly contour map). The Company also plans a 2,000 to 4,000m Reverse Air Blast (RAB) drilling program designed to test the surface gold anomalies within the regolith profile to blade refusal depth, which will also establish the depth to bedrock for future exploration diamond drilling. The previous auger program explored only a fraction (0.67 km2) of the 4 km2 surface gold anomaly area and did not penetrate the regolith profile to bedrock.

Previously BETEC geophysical company surveyed 4 lines, totalling 30 line kilometres over the Banlung Mafic Intrusive Complex, in which the Okalla West Prospect is located, as shown in the maps accompanying this press release and available on the Company's website.

A gravity low, complex structure and large visible gold surface anomaly in the same overlapping area, within the Mafic Intrusive Complex, are all good indicators for the Okalla West prospect to host a felsic, Intrusive Related Gold system (IRG), at depth.

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 2,643 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.

Blue River has the right to participate initially in up to a 50% interest of the Banlung exploration license from Angkor Gold Corp., after the completion of a total investment of US$3.5 million in exploration expenditures over a 4-year period. Blue River may then exercise their option on an additional 20% interest of the Banlung tenement through the commission and completion of a bankable feasibility study on the property or portion thereof.

Visit our website at: http://www.angkorgold.ca or follow us @AngkorGold for all the latest updates.

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