TORONTO, ON, (January 27, 2020): Angkor Resources Corp. (TSXV: ANK and OTC: ANKOF) (“Angkor” or “the Company”) CEO Stephen Burega is pleased to report the continuation of the Company’s 2021 exploration program with a planned pitting and trenching program at the Wild Boar Prospect on its 100%-owned Andong Meas license in Cambodia.
Highlights
- Several grab float rock samples returned high grade values over 70 g/t gold (Press Release)
- Wild Boar work will start with hand trenching/pitting in the area where the high-grade float samples have been collected
- Old artisanal pits will be cleared, mapped and sampled
- Results of these preliminary actions will determine the location of drill hole collars for the subsequent +1,000-meter drill program
“Our team has the Wild Boar prospect at the top of our priority list and we are excited to get this program started,” stated Stephen Burega, CEO. “Building shareholder value through fundamental programs like this is crucial to the success of the company, and this year in particular, we are fully funded and work is progressing on three epithermal gold targets.”
“The program will consist of hand excavated trenches and pits, the location of which will be in close proximity to the samples which returned high grade gold values from 19.45 g/t to over 70 g/t,” he continued. “The purpose of the trenches will be to attempt to trace the surface samples back to a bedrock source by excavating and searching for buried examples of the high-grade gold quartz vein float.”
The planned outcome of the pitting program is to better determine the surface expression of the gold-bearing sulphide vein system to ensure better accuracy and efficiency when placing the pending diamond drill collars.
The Wild Boar Prospect is located in the southeast area of the 100%-owned Andong Meas license, and portions of the area have seen intensive artisanal workings on several subparallel epithermal veins. However, recent work by the Company has identified an area at the northern end of the gold mineralized trend which has not been mined by the local artisanal mining community nor has the Company completed any drilling to date. (Press Release).
“The northern portion where the trenching program will be conducted is covered by an unknown thickness of recent river flood sediments which geochemically mask the underlying bedrock,” stated Dennis Ouellette, VP of Exploration. “This is also why there has been no artisanal mining here. The collection of high-grade gold quartz vein specimens in the area have all been identified within the local small creeks and offshoots.”
As an update to the ongoing work program at the Peacock Prospect as part of the 100%-owned Koan Nheak license, the Company has completed a +500 meter drilling program and is currently processing the core, which will be sent for assaying in due course.
Lastly, the company would like to announce that as part of the previously announced (November 26, 2020) planned Investor Relations program, it has agreed to issue 300,000 stock options (the “options”) at an exercise price of $0.10 to officers of Stirling Merchant Capital. The Options vest quarterly over a period of twelve months from the date of issuance and can be exercised for a period of three (3) years from the date of grant.
The Consulting Agreement and the grant of Options are subject to TSX Venture Exchange approval.
The Company further announces that pursuant to its 10% Rolling Stock Option Plan, it has granted options to purchase a total of 200,000 common shares, exercisable in whole or in part on or before January 26, 2024 at an exercise price of $0.10 per share.
QUALIFIED PERSON
Dennis Ouellette, B.Sc, P.Geo., is a member of The Association of Professional Engineers and Geoscientists of Alberta (APEGA #104257) and a Qualified Person as defined by National Instrument 43-101 (“NI 43-101”). He is the Company’s VP Exploration on site and has reviewed and approved the technical disclosure in this document.
ABOUT ANGKOR RESOURCES CORP.
Angkor Resources Corp. is a public company, listed on the TSX-Venture Exchange, and is a leading mineral explorer in Cambodia with a large land package across four 100%-owned licenses and a fifth license under an earn-in agreement with a third party. In 2019, the company received approval to negotiate Production Sharing Contract (PSC) terms for Block VIII, a 7,300 square kilometre oil and gas license in Cambodia.
CONTACT:
Stephen Burega, CEO
Telephone: +1 (647) 515-3734
Email: [email protected]
Website: http://www.angkorgold.ca or follow us on Twitter @AngkorGold.
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 information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to the potential for gold and/or other minerals at any of the Company’s properties, the prospective nature of any claims comprising the Company’s property interests, the impact of general economic conditions, industry conditions, dependence upon regulatory approvals, uncertainty of sample results, timing and results of future exploration, and the availability of financing. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
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