Angel Gold Corp.
TSX VENTURE : ANG

Angel Gold Corp.

July 06, 2015 08:30 ET

Stream Sediment Sampling Results Identify 5 New Anomalous Gold Areas on Angel Gold's El Porvenir Project in Colombia

VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 6, 2015) - Angel Gold Corp. (TSX VENTURE:ANG) ("Angel" or the "Company") is pleased to announce results from our recently completed stream geochemical sampling program. These results highlight five new priority gold targets. Individual assays ranged to 1480 ppb Au. In addition, analysis of the multi-element data has identified multi-element patterns and provide geochemical evidence for three large distinct, multi-element mineralized zones.

Results:

  • For the 80 sites sampled within the 60km2 property, individual gold assays range from 0.1 ppb (parts per billion ) to a high of 1480 ppb. Of these 80 assays, 42 are > 1.4ppb, of which 21 are > 5ppb, 18 > 10ppb, and 5 > 100ppb - with a peak value of 1480ppb Au. Specific gold anomalies become evident at 5ppb but are generally > 10ppb Au. (For the discussion that follows, values of 1.4 - 5.0 ppb Au are considered to be geochemically anomalous, > 5.0 & < 20 ppb as modestly anomalous, > 20 & < 100 ppb as strongly anomalous and > 100 ppb as very strongly anomalous.)
  • 3 large, weak yet distinct, multi-element anomalous areas have been identified. Puna, located in the northeast sector of the property, measures 6 km x 2.2 km, and overlies metamorphic rock units. Corales-Guayabales is approximately 6.8 km x 5.2 km,strikes NNE, and overlies predominantly Cretaceous aged black sediment units in the central area of the property. Bagrecito is centred upon the southern portion of the Bagre fault within the property limits, strikes N-S, and measures approximately 6 km E-W x 5.3 km N-S. These areas possibly represent buried intrusive/mineralizing centres.
  • Two completely different gold-silver multi-element anomaly patterns are recognized: Au-Ag-Hg-Se-Te (represented by the Puna), and Au-Ag-Pb-Bi-As (as seen for Corales-Guayabales). Bagrecito perhaps reflects the one system locally overprinted by the other. These same multi-element correlations were identified earlier during the re-assay of the historic core samples. Thus they are extremely useful screening areas not only to add confidence to areas with high Au values, but also ensure that areas with low Au values are not overlooked.
  • The Puna Gold anomaly forms a core to the Puna multi-element area, measures 2.6 km x 1.3 km, and is very strongly anomalous. Gold value for samples from 3 adjacent drainages are 1,480 ppb, 91.2 ppb and 59.9 ppb. The area is located to the NE of the Abejero Au occurrence and SE of the Bominas Au occurrence, but there are no known artisanal mine workings within the area.
  • The Nus-Corales gold anomaly comprises 5 contiguous drainages, is modestly anomalous with a peak value of 23.6 ppb Au. Gold values for other drainages were 4.6, 4.0, 3.0 and 2.2 ppb Au. The anomaly is situated at the SW extent of the Corales-Guayabales multi-element anomaly, lies between the Nus fault and the new discovered "Corales" intrusive and is some 1.8 km in strike length. This anomalous area is further enhanced by the fact that the Nus Fault at one point in this area was observed to be a 2m wide quartz-veined and pyritic shear/breccia, with at least six 3 to 5m wide quartz-veined and sulfide-bearing silicified zones that occur on both sides of the fault over a minimum width of 60m. There were no previously known artisanal mines in this area, though one has since been discovered on the Nus Fault itself.
  • The Segovia Batholith gold anomaly is strong to very strongly anomalous, extends northward from the Iguana gold occurrence to the property boundary and is approximately 2 km wide. Stream sediment sample results include 460ppb, 44.9 ppb, 30.4 ppb, 16.6 ppb, 14.2 ppb, 12.3 ppb, 3.1 ppb, 2.6 ppb, 1.9 ppb, and 0.7 ppb Au. Factors that heighten the attractiveness of this area include a) evidence of widespread quartz veining, b) signs of former artisanal mechanized alluvial mining in the larger drainage channels and c) ongoing panning operations in smaller channels. In addition, panning of the creeks during the stream sampling program indicated the presence of widespread small gold nuggets of sugar crystal size.
  • The modestly anomalous Southeast Metamorphic anomaly occurs in the SE corner of the property. It comprises two adjacent drainages from which gold values for stream sediment samples were 21.7 ppb Au and 5.9 ppb Au. A value for a third sample with a drainage area mainly to the east of the property was 51.2 ppb Au. There are no known artisanal mines in this general area.
  • As its name implies, the Black Sediment Gold anomaly overlies black sediment rock units. It is a single drainage anomaly of about 1 km2, the sample from which had a very strongly anomalous value of 160 ppb Au. It occurs in the north central part of the property in an area with no known artisanal workings.
  • Samples were taken in the vicinity of the known Au occurrences Abejero, Bominas and Guayabales. The value for the sample upstream from Abejero assayed a modest 21.2 ppb Au, whereas values for samples upstream from Bominas were geochemically anomalous. Values for three samples taken in the vicinity of the Guayabales occurrence were modestly anomalous.

Maps of the results, and location of the anomalies referred to above, and an updated provisional geology map are posted on the Angel Gold website http://www.angelgoldcorp.com/index.php/projects/el-porvenir-project, as are photos of the porphyryitic Corales intrusive and jasperoid.

"We are extremely pleased with the results of our stream sampling program in that we have identified 5 new priority target areas in addition to our pre-existing targets." stated Stella Frias, President and CEO of Angel Gold Corp. "Our exploration efforts continue to confirm the potential of this under-explored property for gold mineralization, not only for additional structurally-hosted mineralization but also for other styles of mineralization as well."

Survey and Analytical Methodology

Sampling was of generally between 2 to 4 kg of active stream sediment, dried and sieved at ALS Medellin to -80# (180 micron). Assaying was carried out by ALS Peru, using method ST43-PKG with Au by 25g aqua regia digestion and ICP-MS finish, and 51 element ICP-MS (method ME-MS41). Quality control included the duplicating of 3 samples at the identical initial sample location, while 3 other sites had replicate samples collected from 2 to 5 metres away. Additionally another 2 samples were each screened and split at the laboratory and each split assayed as consecutive samples. Two blanks and two standards were inserted. The laboratory splits, blanks and standards all repeated excellently. Of the repeat samples 4 repeated surprisingly well, but one duplicate and one replicate which repeated excellently for the multi-element suite showed large disparities with the original samples in gold assay. This variability in gold for separate samplings is as to be expected, as the presence or absence of a single flake of gold in the sample can produce highly variable assay results. For exactly this reason emphasis during anomaly interpretation has been placed on multiple-sample anomalies and multi-element anomalism and zonations rather than on individual absolute gold values.

There are 2 completely different gold-silver anomaly patterns: Au-Ag-Hg-Se-Te, and Au-Ag-Pb-Bi-As. Both stream anomaly associations correspond to observations from earlier multi-element correlations carried out over re-assayed historic drill samples. Aqua regia, rather than 4 acid digest, was specifically selected for use on the stream sediments, so it is expected that much of the metals anomalism - notably Sn, W, Co, Cu, Mo, Hg, Se, Te, Bi, As - would actually reflect contained values released from impure pyrites, and thus reflect a combination of impurity zonation patterns in weak pyritic haloes, as well as of different generations of pyrite mineralization.

Quality Person

Mr. James G. Burns, P.Eng, a Qualified Person under NI 43-101 and a technical advisor to the Company has reviewed and approved the technical information contained in this news release.

About Angel Gold Corp.:

Angel is a Canada-based gold exploration company focused on responsible development of mineral resources in Colombia, host to some of the world's largest gold deposits. Angel has been working in Colombia for over five years. The Company continues its strategy to acquire strategic opportunities in Colombia's best mining districts.

On Behalf of the Board of Directors of Angel Gold Corp.

Blanca Stella Frias, Director, President and Chief Executive Officer

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this news release.

The TSX Venture Exchange has not reviewed the content of this News Release and therefore does not accept responsibility or liability for the adequacy or accuracy of the contents of this News Release. This news release contains certain "forward- looking statements" within the meaning of Section 21E of the United States Securities and Exchange Act of 1934, as amended. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward- looking statements. Forward-looking statements are based upon opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors which could cause actual results to differ materially from those projected in the forward looking statements. The reader is cautioned not to place undue reliance on forward-looking statements. The transaction described in this News Release is subject to a variety of conditions and risks which include but are not limited to: regulatory approval, shareholder approval, market conditions, legal due diligence for claim validity, financing, political risk, security risks at the property locations and other risks. As such, the reader is cautioned that there can be no guarantee that this transaction will complete as described in this News Release. We seek safe harbour.

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