Algold: Rock Chip Samples at Tijirit Yield High-Grade Results Including 79.5 g/t Au and 71.8 g/t Au - Discovery of Two New Gold Mineralized Zones

MONTREAL, June 7, 2017 /CNW Telbec/ - ALGOLD RESOURCES LTD. (TSXV: ALG – "Algold" or the "Corporation") today announced the assay results from a regional rock chip sampling program carried out on the Tijirit property ("Tijirit") in Mauritania. Assays not only returned results grading up to 79.5 g/t Au and 71.8 g/t Au, but also indicate the discovery of a new gold-mineralized zone at the contact of a syn-tectonic granitoid and mafic volcanic rocks, less than five kilometers northeast of Eleonore. (Figure 1)

Highlights

• 79.5 g/t Au in a shallow pit (1 meter below surface)
• 71.8 g/t Au in a shallow pit (1 meter below surface)
• 37 samples of more than 1 g/t Au, including 18 samples grading over 10 g/t Au, from a total of 104 samples (Table 1)

Regional Exploration
Geological mapping and rock chip sampling carried out concurrently with the on-going 25,000-meter drilling program during the month of April 2017 identified two new mineralized zones.  The first is a 1.5-kilometer-long mineralized gold structure located approximately five kilometers northeast of Eleonore, within the prospective granite-greenstone contact zone. The second mineralized zone is a potential two-kilometer-long vein system, about seven kilometers south of the currently defined Eleonore mineralization.  Both areas represent new discoveries and have not yet been tested by drilling.

A total of 104 rock chip panel samples (gathered over an area of 1x1 meters, taken at the base of a series of one-meter pits) were collected during regional exploration and detailed mapping traverses.  Of the 104 samples, 37 samples were higher than 1 g/t Au with 18 greater than 10 g/t Au.  The results continue to demonstrate the significant potential for further high-grade gold zones to be developed throughout the more than 25-kilometer-long "Eleonore Corridor". 

Granite Contact Zone
The eastern boundary of this contact is located 3.6 kilometers east of Eleonore and extends to the north for approximately nine kilometers.  Auriferous quartz veins have been identified over much of this contact, located within a potential "pressure shadow" setting. All of these results are sited outside of the mineral resources currently defined on the property.

Of note is the 1.55-kilometer vein named "Salma", which is consistently mineralized along the 1.55-kilometer strike length tested during this program. The vein occurs within the granitoid body, 240 meters east of historic drill hole 12TRC142, which intersected 11.75 g/t Au over one meter in the supracrustal package.  Where possible, rock chips were taken at 20-meter-spaced intervals along the vein. Visible gold was noted in several of the samples collected. (Figure 2)

The geophysical signatures from the airborne radiometric survey data shows the granite-greenstone contact can be traced over 35 kilometers within the Tijirit exploration licenses. This contact often corresponds with an associated gold-in-soil geochemical anomaly and mapping suggests that the contacts can be sheared and fault-bound. The granite itself is exposed near the center of the intrusion and displays a weak foliation. Further work will be carried out over the southern contact, as well as more detailed investigation on the eastern margin, to determine the extent of the anomaly and allow for prioritization of targets for future exploration programs. 

Southern Zone
Regional soil sampling at 800-meter spaced lines returned only mild anomalous values in proximity to the quartz vein mineralization. The radiometric survey suggests that it occurs at the contact with another granitic body. Since very little work has been carried out over this area to date, further investigation will be required to fully validate the extent of the mineralization.

"These results highlight the compelling potential for further discoveries of gold-bearing structures within the highly prospective Archean greenstone belts of Mauritania," said Algold CEO, François Auclair. "We continue to focus on building and expanding upon the promising mineralized zones, as well as developing new targets in close proximity for future resources."

Detailed geological descriptions of all mineralized zones can be found on Algold's website (www.algold.com) and on SEDAR (www.sedar.com) in the report entitled "Algold 43-101 Technical Report: Tijirit Maiden Mineral Resources Estimates for the Tijirit Gold Project in Mauritania".

Quality Assurance / Quality Control (QA/QC)
Analytical work for drill core and chips, geochemical samples and rock chip samples is being carried out at the independent SGS Laboratories Ltd. in Bamako, Mali.  The 50 g fire assay with ASS finish analytical services are accredited by SANAS and are carried out with a quality assurance protocol in line with ISO 17025:2005. Samples are stored at the Corporation's field camps and put into sealed bags until delivered by a geologist on behalf of Algold to the laboratory in Bamako, Mali, where samples are prepared and analyzed.  Samples are logged in the tracking system, weighed, dried and finely crushed to better than 70%, passing a 2 mm (Tyler 9 mesh, US Std. No.10) screen. A split of up to 1,000 g is taken and pulverized to better than 85%, passing a 75-micron (Tyler 200 mesh) screen, and a 50-gram split is analyzed by fire assay with an AA finish. 

This press release has been reviewed for accuracy and compliance under National Instrument 43-101 by André Ciesielski, DSc., PGeo., Algold Resources Ltd Lead Consulting Geologist and Qualified Person, and Alastair Gallaugher, C.Geo. (Chartered Geologist and Fellow of the Geological Society of London), BSc. Geology, Algold's Exploration Manager in Mauritania, Qualified Persons as defined by NI 43−101 Standards of Disclosure for Mineral Projects. André Ciesielski has further approved the scientific and technical disclosure in the news release.

Table 1 - Gold Assay Results (Reference: Figure 1, Figure 2)
Sample ID	Zone	UTM E	UTM N	g/t Au	Description
A11889	Contact	485633	2251781	16.1	Qz vein
A11998	Contact	484918	2250334	3.34	Smoky Qz in BIF + oxydized
A14390	Contact	486350	2255620	24.4	Qz vein, smoky, vitreous, in granite (0.5 m) - VG
A14391	Contact	486342	2255681	2.28	IBID, no VG
A11874	Eleonore	482338	2250420	2.0	Qz vein, greyish pink vitreous (0.6 m thick)
A11877	Eleonore	482497	2250168	1.1	Qz vein (0.5 m)
A11881	Eleonore	481914	2248647	22.9	Qz vein, pink vitreous (0.4 - 0.8 m)
A11882	Eleonore	481911	2248504	1.15	Qz vein (1 m), smokey, white, trace Py, oxydized
A11888	Eleonore	481932	2248459	18.3	Qz vein (1 m), greyish smoky
A11984	Ichikrane	488644	2263797	13.7	Bn Qz sugary + box works
A11985	Ichikrane	488655	2263836	4.7	Smoky, sheared Qz
A11987	Ichikrane	488100	2266340	67.5	Bn Qz, sugary, malachite + oxydized
A11852	New-South	483160	2242546	59.0	Bn Qz, sugary, box works + Py diss + VG (rare)
A11853	New-South	483151	2242544	3.45	Bn Qz, sugary
A11991	New-South	482842	2240582	10.2	Wt Qz + rare Py + oxydized
A11993	New-South	482944	2240721	51.3	Wt Qz, rare oxydized sulfides
A11994	New-South	483305	2241173	10.4	Wt Qz, contact of granite and foliated metased
A11895	Salma	487537	2258784	1.85	Qz vein, reddish white, vitreous (0.5 m)
A11896	Salma	487518	2258909	66.2	Qz vein, pinkish white, vitreous, box work
A11897	Salma	487421	2258505	39.1	Qz vein, pinkish white, vitreous, oxydized (0.2 m)
A11898	Salma	487461	2258450	36.7	Qz vein, pinkish red oxydized, Tr Py, (0.3 m) Tr VG
A11900	Salma	487444	2258436	54.9	Qz vein, pink oxydized (0.4 m)
A14363	Salma	487426	2258454	1.23	Qz vein, pinkish white, vitreous (0.2 m)
A14368	Salma	487415	2258205	1.75	IBID
A14370	Salma	487411	2258150	1.1	IBID
A14371	Salma	487411	2258117	71.8	IBID
A14373	Salma	487406	2258068	3.03	IBID
A14374	Salma	487401	2258046	7.77	IBID
A14376	Salma	487404	2257990	4.69	Qz vein, pinkish smoky, oxydized, (0.5 m)
A14377	Salma	487406	2257968	6.78	3 Qz veins (1 m), white, oxydized, box work
A14379	Salma	487366	2257828	79.5	2 Qz veins (0.4 m), pinkish white, oxydized
A14381	Salma	487356	2257684	39.8	IBID
A14382	Salma	487355	2257590	1.71	IBID
A14384	Salma	487336	2257508	2.72	IBID
A14386	Salma	487306	2257445	1.24	IBID
A14387	Salma	487289	2257387	9.34	IBID
Legend: Bn Qz = brown quartz, Wt Qz = weathered quartz

ABOUT ALGOLD
Algold Resources Ltd is focused on the exploration and development of gold deposits in West Africa. The board of directors and management team are seasoned resource industry professionals with extensive experience in the exploration and development of world-class gold projects in Africa.

Algold is the operator of all of its exploration licenses in Mauritania. Algold owns 100% of Tijirit, which represents an area of more than 1,000 km², situated approximately 25 kilometers southeast of the Tasiast gold mine as well as the Akjout properties, which were acquired from Gryphon Minerals (Australia) through a transaction completed earlier in 2016. Exploration is being carried out on the Eleonore, Sophie I, Sophie II-III and Lily zones. The Kneivissat property is 90% owned by Algold and the Legouessi property is being managed through a 51% earn-in interest agreement with Caracal Gold LLC. Algold can earn up to a 90% interest in the Legouessi exploration permit (reference Algold's press release dated October 10, 2013 for more details), however, Caracal has the right to participate in the joint venture at either 51% or 75% by funding its share of expenditures.

CAUTIONARY LANGUAGE REGARDING FORWARD-LOOKING INFORMATION
This press release contains and refers to forward-looking information based on current expectations. All other statements other than statements of historical fact included in this release are forward-looking statements (or forward-looking information). The Corporation's plans involve various estimates and assumptions and its business is subject to various risks and uncertainties. For more details on these estimates, assumptions, risks and uncertainties, see the Corporation's most recent Annual Information Form and most recent Management Discussion and Analysis on file with the Canadian provincial securities regulatory authorities on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and there can be no assurance that such statements will prove to be accurate. Forward-looking statements are subject to significant risks and uncertainties, and actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements that are included herein, except in accordance with applicable securities laws.

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

SOURCE Algold Resources Ltd.

Algold Resources Ltd., 1320, boul. Graham, bureau 132, Mont-Royal, Québec, H3P 3C8, www.algold.com; François Auclair M.Sc., PGeo, President & Chief Executive Officer, [email protected], [phone]; Alex Ball, Executive VP, Finance and Corporate Development, a.ball@algold,com, [phone]

Related Links

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