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Algold Extends High Grade Salma Vein to 3 km Strike

MONTREAL, Oct. 03, 2017 (GLOBE NEWSWIRE) -- ALGOLD RESOURCES LTD. (TSX-V:ALG) (“Algold” or the “Corporation”) today announced assay results, including high grade values of 100 g/t Au and 89 g/t Au, from rock chip panel (1m2) sampling carried out on the new Salma vein at the Corporation’s Tijirit project in Mauritania. Assay results from the samples, which were gathered during recent systematic 50 meters spaced pitting and trenching exploration activities, extend the known gold mineralized structure to 3 kilometers on strike.

/EIN News/ -- Highlights

  • 100 g/t Au – In-pit (10 meters below the surface), 1 m2 panel sample
  • 100 g/t Au - In-pit (7 meters below the surface), 1 m2 panel sample
  • 88.9 g/t Au – In-pit (9.5 meters below the surface), 1 m2 panel sample
  • 25 samples grading higher than 10 g/t Au - 1 m2 panel samples
  • 75 samples grading higher than 1.0 g/t Au - 1 m2 panel samples
  • Average grade of 10.0 g/t Au (104 rock chip samples)
  • Average grade of 13.3 g/t Au for samples grading >1 g/t Au (75 rock chip samples)

Trenching and Pitting Program

Assay results grading up to 100 g/t Au and 88.9 g/t Au were recorded from a series of pits dug over a 3 kilometers strike (Figure 1). The Salma vein represents the newest high-grade discovery at Tijirit, located only five kilometers from the Eleonore and the Lily veins. The Salma vein has now been traced over a three-kilometer-long mineralized gold structure situated on the prospective granite-greenstone contact zone. Results from the Salma vein were not included in Algold’s most recent NI 43-101 technical report.

The results from the rock-chip-sampling program continue to demonstrate the significant potential for the identification of additional high-grade gold zones throughout the more than 25-kilometer-long Eleonore corridor. The 104 rock chip samples, which were gathered over an area of 1x1 meters, taken at the base of a series of 1-to-10-meter-deep pits, were collected during detailed mapping traverses. Importantly, of the 104 samples, 25 samples assayed graded higher than 10 g/t Au with 75 grading over 1.0 g/t Au.

The pitting and trenching sampling was carried out during the month of August 2017, concurrently to Algold’s Phase III drilling program, which also concluded during the month. Algold expects to receive additional results from its Phase III drilling program assays in the coming weeks, approximately 5,000 of which are still pending.

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 the area of the mineral resources currently defined on the property (reference: Algold’s press release dated June 15, 2017).

“These results highlight the compelling potential of the new Salma vein to rapidly add substantial high-grade resources at the Tijirit Project,” said Algold CEO, Francois Auclair. “We continue to focus on building and expanding upon the existing and new mineralized zones, which are all within very close proximity.”

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.

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.

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.

For further information, please contact:

Algold Resources Ltd.
1320, boul. Graham, Suite 132, Mont-Royal, Québec, H3P 3C8, www.algold.com

François Auclair M.Sc., PGeo                                                     
President & Chief Executive Officer                  
f.auclair@algold.com                                      
+1 (514) 889 5089       

Alex Ball 
Executive VP, Finance and Corporate Development
a.ball@algold.com
+1 (647) 919 2227


Table 1 - Gold Assay Results (Reference: Figure 1)

Sample ID Easting UTM Northing UTM Au (g/t) Description Comments Strike (RHR) Dip
A10118 487283 2257314 100.0 Qtz vein 11 meter pit 176  
A10180 487513 2258923 100.0 Qtz vein 7.2 meter pit 170  
A10176 487543 2258771 88.9 Qtz vein 9.5 meter pit 115 52
A10183 487307 2258309 53.9 Qtz vein 5 meter pit 180 44
A10184 487288 2258355 52.7 Qtz vein 4 meter pit 170 60
A10188 487284 2258403 39.2 Qtz vein 5 meter pit 164  
A10123 487282 2257373 33.4 Qtz vein 8 meter pit 184  
A10114 487274 2257258 31.8 Qtz vein 8.5 meter pit 190 50
A10101 486924 2256066 31.5 Qtz vein 7.3 meter pit 170 50
A10156 487406 2258112 29.2 Qtz vein 7.7 meter pit 182 42
A10103 486968 2256449 25.8 Qtz vein 7 meter pit 176  
A10097 486911 2255830 23.0 Qtz vein 5 meter pit 170  
A10119 487283 2257314 23.0 Qtz vein 11 meter pit 176  
A10162 487409 2258219 23.0 Qtz vein 5 meter pit 165  
A10126 487280 2257407 20.5 Qtz vein 10 meter pit 185  
A10181 487307 2258309 19.9 Qtz vein 5 meter pit 180 44
A10186 487288 2258355 16.0 Qtz vein 4 meter pit 170 60
A10135 487355 2257600 15.1 Qtz vein 8.5 meter pit 182  
A10130 487300 2257466 14.7 Qtz vein 7.5 meter pit 180  
A10154 487406 2258112 14.1 Qtz vein 7.7 meter pit 182 42
A10165 487414 2258278 13.8 Qtz vein 7 meter pit 192 40
A10182 487307 2258309 13.6 Qtz vein 5 meter pit 180 44
A10134 487355 2257600 13.4 Qtz vein 8.5 meter pit 182  
A10143 487361 2257827 11.4 Qtz vein 10 meter pit 185  
A10159 487413 2258170 11.4 Qtz vein 5.3 meter pit 180 50
A10153 487406 2258112 9.69 Qtz vein 7.7 meter pit 182 42
A10115 487274 2257258 8.89 Qtz vein 8.5 meter pit 190 50
A10102 486927 2256061 8.6 Qtz vein 7.3 meter pit 170 50
A10116 487274 2257258 8.49 Qtz vein 8,5 meter pit 190 50
A10096 486911 2255830 7.83 Qtz vein 5 meter pit 170  
A10124 487282 2257373 7.09 Qtz vein 8 meter pit 184  
A10167 487414 2258278 6.85 Qtz vein 7 meter pit 192 40
A10125 487280 2257407 6.55 Qtz vein 10 meter pit 185  
A10127 487280 2257407 5.9 Qtz vein 10 meter pit 185  
A10094 486915 2255757 5.4 Qtz vein 6 meter pit 178  
A10150 487391 2258016 5.36 Qtz vein 3 meter pit 166 52
A10099 486922 2255857 5.3 Qtz vein 3 meter pit 176 70


Sample ID Easting UTM Northing UTM Au (g/t) Description Comments Strike (RHR) Dip
A10169 487425 2258381 5.09 Qtz vein 5.5 meter pit 162  
A10108 487526 2257083 4.79 Qtz vein 8 meter pit 188 52
A10121 487282 2257373 4.78 Qtz vein 8 meter pit 184  
A10155 487406 2258112 4.6 Qtz vein 7.7 meter pit 182 42
A10142 487361 2257827 4.59 Qtz vein 10 meter pit 185  
A10193 487266 2258459 4.59 Qtz vein 3.2 meter pit 120 58
A10187 487288 2258355 4.38 Qtz vein 4 meter pit 170 60
A10192 487266 2258459 4.09 Qtz vein 3.2 meter pit 120 58
A10113 487274 2257258 4.07 Qtz vein 8.5 meter pit 190 50
A10122 487282 2257373 3.83 Qtz vein 8 meter pit 184  
A10110 487526 2257083 3.82 Qtz vein 8 meter pit 188 52
A10107 487504 2256905 3.29 Qtz vein 7 meter pit 176  
A10174 487440 2258441 3.17 Qtz vein 7.5 meter pit 220  
A10095 486911 2255830 3.08 Qtz vein 5 meter pit 170  
A10149 487393 2258019 3.04 Qtz vein 3 meter pit 166 52
A10160 487413 2258170 3.03 Qtz vein 5.3 meter pit 180 50
A10166 487414 2258278 2.85 Qtz vein 7 meter pit 192 40
A10104 487504 2256905 2.83 Qtz vein 7 meter pit 176  
A10120 487283 2257314 2.78 Qtz vein 11 meter pit 176  
A10141 487361 2257827 2.76 Qtz vein 10 meter pit 185  
A10131 487331 2257509 2.64 Qtz vein 1 meter pit 185 40
A10191 487284 2258403 2.49 Qtz vein 5 meter pit 164  
A10117 487283 2257314 2.24 Qtz vein 11 meter pit 176  
A10146 487399 2257968 2.22 Qtz vein 6 meter pit 160 70
A10144 487361 2257827 2.11 Qtz vein 10 meter pit 185  
A10145 487399 2257968 1.9 Qtz vein 6 meter pit 160 70
A10164 487409 2258219 1.83 Qtz vein 5 meter pit 165  
A10190 487284 2258403 1.83 Qtz vein 5 meter pit 164  
A10128 487280 2257407 1.58 Qtz vein 10 meter pit 185  
A10189 487284 2258403 1.55 Qtz vein 5 meter pit 164  
A10129 487300 2257466 1.53 Qtz vein 7.5 meter pit 180  
A10140 487347 2257713 1.5 Qtz vein 2.4 meter pit 190 52
A10147 487399 2257968 1.33 Qtz vein 6 meter pit 160 70
A10112 487273 2257234 1.23 Qtz vein 5 meters pit 182 44
A10105 487504 2256905 1.22 Qtz vein 7 meter pit 176  
A10158 487413 2258170 1.2 Qtz vein 5.3 meter pit 180 50
A10152 487401 2258064 1.08 Qtz vein 4.7 meter pit 196 60
A10179 487543 2258771 1.06 Qtz vein 9.5 meter pit 115 52

 

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