• Assay results of 34.29g/t Au returned from first round drilling; averaged
to 10.3g/t over 1.2m in drill hole OY11-041D at the Border Prospect,
Oyadao Tenement, Cambodia
• Assays received for 5 of the first 9 diamond drill holes
• Surface grab samples taken in December 2011 recorded gold values up
to 13.7 g/t Au
• Drill program ongoing
VANCOUVER, BC (January 17, 2012)
ANGKOR GOLD CORP. (TSXV: ANK) (“ANGKOR”) has received encouraging assay results from the current Border Prospect drilling program from the Oyadao North Tenement, Ratanakiri Province, Cambodia. (To date assay results from only 5 of the first 9 holes drilled have been received). The current drill program is aimed primarily at the Border North Vein system.
Table of significant values returned from the current drilling program:
The mineralization is contained in a structurally controlled, shear bounded, steeply dipping, narrow, quartz-carbonate vein system. The higher gold values appear to be associated with poly-metallic, sulphide-abundant (pyrite-sphalerite-galena-chalcopyrite) quartz veins. The vein system is open at depth as well as to the west and extends beyond the tenement into Vietnam to the east.
The methodical approach adopted by Angkor Gold exploration has now demonstrated a mineralised strike of over 600m from OY11-039D in the east to OY12-047D to the west, with a further 6 to 11 holes planned to be drilled as part of the current program.
On completion of these holes, the drill rig will move 600m south, to drill 2 x 150m holes on the Border Central vein system where recent earth works have exposed some new veins at surface.
One of the 2 surface grab samples from these recently exposed veins and adjacent artisanal mine-workings has returned a value of 13.70g/t Au.
A further 5 x 100m holes will test new targets outlined by the soil geochemistry survey completed last season. A pilot surface EM survey is planned to test this geochemistry anomaly in mid January 2012.
The Border prospect has been a major focus of the company’s exploration work over the past 2 years, where an extensive soil sampling ‘C’ zone geochemical survey covered an area of 2.5km x 3.0km, based on 100m spacing, auger sampled at 20m intervals to depths ranging from 1.5 to 3.2m.
Historically 6 diamond drill holes by Liberty Mining International (LMI) targeted the North Vein at roughly 200m intervals along strike. In addition, prior to the current drill program, at least 5 vein features in the Border Prospect area had been identified by 24 (1956m) diamond drill holes completed by PPMC and 14 drill holes (2091m) by LMI.
Artisanal mining in the area has exposed a robust quartz vein system over a strike length well in excess of 500m with additional discontinuous gopher-hole diggings and grubbing that continue to the west to give a strike length of greater than 1200m. The workings are narrow, seldom exceeding 1.5m in width and generally comprise unprotected, unsupported open underhand stopes that have clearly been blasted into competent fresh country rock. Diamond drill hole OY11-039D intersected one such stope at 38.35 to 39.80m (~27m vertical). Also in the prospect area there are a few 1m x 1m poorly cribbed vertical winzes, with hand windlass headgear. Company safety policy dictated that no company personnel enter any of these excavations.
Based on the artisanal workings, there is a potential strike length of 1200m to the North
Vein system, about a metre in thickness, to a depth of at least 30m. There is also an indication of some free gold associated with silver, lead, zinc and copper sulphides.
A pilot geophysical electromagnetic (EM) survey using modern tools and techniques is due to commence on the 17th of January 2012 to target this sulphide association.
All drill holes utilise HQ series for the uppermost 25-40m, and thereafter cores used triple tube wireline N series. All drill-core is oriented and saw-split before sampling, the retained half-core is stored at the Company facility in the city of Banlung, Ratanakiri Province.
All analyses are done by ALS-Chemex in Vientiane, Laos for gold by single assay ton fire assay with an AAS finish, and in Brisbane, Australia for base metals by ICP-MS following acid digestion.
Higher value results are analysed in duplicate. Company QA/QC protocol requires
the insertion of some 20% of blank and standard samples on a randomized basis throughout the sample sequence. The protocol further requires that no sample interval be greater than 1.0m or less than 0.25m and lithologically controlled.
The QP for this release, which he wrote and approved, is Adrian G. Mann, P.Geol., VP Exploration for ANGKOR. He is a graduate of London University and of the University of the Witwatersrand, with over 40 years world-wide experience in mineral exploration and mining geology. Dr. Mann lives in Calgary, Alberta.
ANGKOR GOLD CORPORATION is a public company listed on the TSX-Venture exchange. The company has 4 exploration licenses in the Kingdom of Cambodia covering a total of 1167 km2 and 3 Memoranda of Understanding with the Ministry of Mines, Industry and Energy covering a further 1499 km2. The company has been actively exploring these concessions over the past 21/2 years, and has covered all 4 licenses with stream sediment geochemical sampling, has flown low level aeromagnetic surveys over most of this ground, drilled some 9373 metres of NQ core in 84 holes, and has collected in excess of 12,500 ‘C’ zone soil samples in 6 centres of interest, over a combined area of 12km2, in addition to numerous trenches and detailed geological field mapping. Exploration on all tenements is ongoing.
FOR FURTHER INFORMATION PLEASE CONTACT:
ANGKOR GOLD CORP. Mike Weeks, President Telephone: (780) 568-3801
Email: [email protected]
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM
Reader Advisory
Except for statements of historical fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to the timing and completion of the Corporation’s financings and related information. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information. Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are founded on the basis of expectations and assumptions made by the Corporation. Such forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada, Cambodia, the United States and globally; industry conditions, including fluctuations in the prices of gold and other base metals; governmental regulation of the mining industry in both Canada and Cambodia, including environmental regulation; unanticipated operating events or performance which can reduce production or cause production to be delayed; failure to obtain industry partner and other third party consents and approvals, if and when required; competition for and/or inability to retain mining equipment and other services; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; liabilities inherent in mining operations; competition for, among other things, capital, undeveloped lands, skilled personnel and supplies; incorrect assessments of the value of acquisitions; geological, technical, drilling, processing and transportation problems; changes in tax laws and incentive programs relating to the mining industry; failure to realize the anticipated benefits of acquisitions and dispositions; and other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.Neither the TSX Venture nor its regulation services provider (as that term is defined in the policies of the TSXVenture) accepts responsibility for the adequacy or accuracy of this press release.
PDF VERSION