Angkor Gold Announces Drill Results At Okalla East and West Results Indicate Alkaline Intrusive Hosted Gold Mineralization System
Angkor Gold Announces Drill Results
At Okalla East and West
Results Indicate Alkaline Intrusive Hosted Gold Mineralization System
Sexsmith, AB, (October 24, 2017): Angkor Gold Corp. (TSXV: ANK and OTC:
ANKOF) (“Angkor” or “the Company”) CEO Mike Weeks is pleased to provide results
of its diamond drilling program on its Okalla project. The program is being conducted in
cooperation with Blue River Resources Ltd. (TSXV: BXR).
Drilling commenced on July 2, 2017, on Angkor’s Banlung Tenement on which the two
prospects, Okalla West and Okalla East, are located. The two prospects are
approximately 7 kilometres apart. Both are hosted by intrusive rock complexes connected
along a regional structural corridor. Phase 1 drilling was conducted to determine the
structure and type of mineralization of the targets over a gold anomaly devoid of outcrop.
Highlights
Highlights of these result include:
• 562.2m of drilling completed, with 439.2m at Okalla West and 123.0m at Okalla
East.
• Drilling confirms the existence of gold veins in faults at Okalla West.
• Okalla West hole OKW17-003D returned 2.05 gpt Au (gold) and 4.55 gpt Ag
(silver) over 1.65 metres at 45.35m.
• Okalla West hole OKW17-005D returned 6.17 gpt Au and 8.2 gpt Ag over 0.75m
at 39.6m.
• Rocks within the intrusive complex at Okalla West show them to be alkaline in
nature indicating that gold mineralization would likely be related to alkaline
magmatism.
• Okalla East hole BL17-048D returned 0.88 gpt Au and 0.14% ppm Cu (copper)
over 10.0m from 26.0m to 36.0m.
• Okalla East hole BL17-049D has one significant intercept from 32 to 37 metres.
The 5m run returned a weighted average of 0.31 gpt Au with 0.25% Cu.
OKALLA WEST PROJECT
Summary of Results
Angkor Gold's modest Phase 1 drill program has proved the existence of gold veins in
faults in the Okalla West intrusive complex. The Okalla West gold veins display multiple
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Canada • www.angkorgold.ca
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occurrences of vein development and gold mineralization that is fault controlled.
Observations and results include:
• Veins in faults hosted by late monzonite intrusive phase.
• Sulphides including pyrite and chalcopyrite accompany gold in mineralized veins.
• Bismuth, tellurium, arsenic, lead and zinc elevated in gold intercepts.
• Vein banding and brecciation indicate more than one gold mineralizing pulse in
vein formation.
At the Okalla West prospect, Angkor drilled nine holes totalling 439.2 metres as part of
its Phase 1 drill program. The program contributed to the understanding of geology and
structure, and demonstrated the existence of gold mineralized veins in faults in the Okalla
West intrusive complex. A map of drill hole locations accompanies the press release.
The drilling was designed to test surface gold anomalies from the pit and auger hole
program completed earlier this year (see press release dated March 6, 2017). Drill holes
OKW17001D, OKW17003D and OKW17005D intersected banded quartz veins with both
pyrite and sometimes chalcopyrite in fault/shear zones as wide as 10 metres at an
approximate depth of 40m. The vein intercepts were from 0.75m to 1.6m within the
fault/shear zones. All vein hosting fault/shear zones are within a previously unknown
monzonite intrusive rock discovered by the drill program. OKW17-003D has eight
faults/shears in monzonite from 10cm to 150cm over 15.7m of core length. OKW17-005D
has five fault/shear zones in monzonite from 20cm to 370cm in width over 11.6 metres of
core length.
The petrographic study of angular surface gold grains from pit concentrates display
secondary gold growth indicating a local source of gold being leached from the fault
zones, carried upward by groundwater and deposited onto the surface of the gold grains.
Petrographic work on rocks within the intrusive complex show them to be alkaline in
nature indicting that gold mineralization is likely related to alkaline magmatism. One
feature of this style of mineralization is the low quartz content of the vein system. As
predicted, the quartz veins encountered are not robust. Vein intercepts are all less than
40m from surface and about 30m below the saprolite/bedrock interface. Phase 2 drilling
will target the fault/vein zones at a minimum depth of 75 metres below the bedrock
interface to avoid the influence of leaching ground waters.
“Alkalic intrusive hosted gold deposits are rare when compared to other styles of intrusion
hosted gold deposits but they can also be high grade and large,” said Dennis Ouellette,
Angkor’s Exploration Manager. “Petrographic and whole rock geochemistry work is
required to determine the character of the late intrusive rocks as well as the chemistry of
the gold transporting fluids.”
“Okalla West drilling has revealed a strong tellurium- and bismuth-gold association,” said
Ouellette, “which is ideal for the transportation and deposition of gold suggesting the
transporting fluids are alkaline in nature.”
Box 153, Sexsmith, AlbertaT0H 3C0
Canada • www.angkorgold.ca
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The small portion of the anomaly tested by Angkor's drill program will require additional
surface exploration and drilling to fully test its potential. Only a very small portion of the
25 km2 intrusive complex has had follow-up work done on the initial sample survey
completed in 2015.
A one square kilometre copper anomaly located one kilometre west of the area drilled
during the Phase 1 drill program will be examined with the purpose of developing new
drill targets outside the area of the Phase 1 drill program.
“The 25-square kilometre intrusive complex shows many gold and copper anomalies from
the original termite sample program and more recent auger sampling for us to follow up
on in light of these drill results,” said JP Dau, Angkor’s VP Operations. “Company
geologists suggest many different types of mineralization may exist, from gold veins to
disseminated gold to the possibility of a copper-gold porphyry similar to the one we are
exploring at Okalla East seven kilometres away.”
Table 1: Okalla West Intercepts
Hole ID From To Length Au Ag Bi Te Cu
(m) (m) (m) gpt gpt gpt gpt (%)
OKW17-003D 45.35 46.16 0.81 1.55 6.0 5.40 0.09 0.07
46.16 47.00 0.84 2.54 3.2 6.52 0.10 0.13
OKW17-005D 39.6 40.35 0.75 6.17 8.2 61.90 1.61 0.13
Intervals were determined by geological interpretation of consistent mineralized zones. Broader intervals
may include waste intervals of up to 2m. There was no evidence of nugget effect in the above results and
no results were topcut. True widths for the intervals above have yet to be determined.
While faulting and/or mineralization was observed, no significant results were reported
for holes OKW17-001D, OKW17-002D, OKW17-004D and OKW17-006D to OKW17-
009D.
OKALLA EAST PROSPECT
Angkor is exploring the Okalla East area, seven km from Okalla West, as a porphyry
copper gold molybdenum style occurrence. The first hole this year, BL17-048D was drilled
to follow-up on a highly prospective gold intercept of 1 metre topcut at 34.29 gpt Au from
Angkor’s 2011 drill program. (see: http://www.angkorgold.ca/diamond-drill-results-from-
okalla-prospect-cambodia/)
An examination of hole BL17-048D shows numerous cross-cutting veins and fractures
throughout almost the entire 50 metre length of the hole. Many of the veins/fractures
contain medium grained pyrite with some chalcopyrite. A total of 123.0 metres were drilled
at Okalla East. A map of drill hole locations accompanies the press release.
Box 153, Sexsmith, AlbertaT0H 3C0
Canada • www.angkorgold.ca
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BL17-048D resulted in a weighted average of 0.88 gpt Au and 0.14% Cu over 10.0 metres
from 26.0 to 36.0 metres. The core is medium grained diorite, diorite breccia and
microdiorite with pyrite in narrow veins and pyrite with minor chalcopyrite as
disseminations.
BL17-049D has one significant intercept from 32 to 37 metres. The five-metre run
returned a weighted average of 0.31 gpt Au with 0.25 %Cu. It was collared 30m west of
the first hole to test the along strike extension. This hole displayed massive coarse-
grained pyrite in narrow (<1 cm) fractures in the upper portion of the hole transitioning
downward into abundant open fractures containing chalcopyrite and pyrite with minor
molybdenite to the bottom of the hole. The diorite hosting this mineralization is cut by two
felsic dikes which are also mineralized.
A compilation of all historical drilling in the vicinity of the 2017 drilling in conjunction with
3D modelling will assist in determining the location of any Phase 2 drill holes on Okalla
East.
Table 2: Okalla East Intercepts
Hole ID From To Length Au Ag Cu
(m) (m) (m) (gpt) (gpt) (%)
BL17-048D 26.00 27.00 1.00 0.21 0.47 0.07
27.00 28.00 1.00 0.11 0.35 0.06
28.00 28.90 0.90 0.58 0.71 0.10
28.90 29.70 0.80 0.18 0.38 0.04
29.70 30.25 0.55 0.07 0.36 0.05
30.25 31.25 1.00 2.30 0.76 0.03
31.25 32.25 1.00 0.85 0.51 0.07
32.25 33.25 1.00 0.73 0.60 0.17
33.25 34.00 0.75 0.05 0.25 0.60
34.00 35.00 1.00 0.10 0.48 0.10
35.00 36.00 1.00 2.64 0.58 0.12
Weighted Average over 10 metres: 0.88 0.96 0.14
BL17-049D 32.00 33.00 1.00 0.80 1.88 0.60
33.00 34.00 1.00 0.17 0.95 0.17
34.00 35.00 1.00 0.11 1.22 0.10
35.00 36.00 1.00 0.17 0.64 0.15
36.00 37.00 1.00 0.32 0.91 0.24
Weighted Average over 5 metres: 0.31 1.12 0.25
Box 153, Sexsmith, AlbertaT0H 3C0
Canada • www.angkorgold.ca
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Intervals were determined by geological interpretation of consistent mineralized zones. Broader intervals
may include waste intervals of up to 2m. There was no evidence of nugget effect in the above results, and
no results were topcut. True widths for the intervals above have yet to be determined.
SAMPLE METHODOLOGY
Angkor maintains a rigorous sample quality control and assurance protocol, with the
customary insertion of blanks and standards, cross-checking and duplicate analysis,
retention of all saw-split cores and sample pulps at their gated and fenced secure facility
in Banlung. Analysis for publication are all done by accredited third party laboratories,
usually ALS-Chemex in Vientiane or Perth, by SFA and AAS finish for gold, or ICP-MS
for base metals In-house geochemical analysis of soil and termite mound samples are
done at the company’s Banlung laboratory by XRF for base metals and by panning for
qualitative gold detection.
Angkor’s QA/QC protocol requires calibration standards and blanks be inserted at a rate
of 10 per 100. In addition, periodic checks are run on a selected spectrum of samples at
ALS-Chemex laboratories. All soil and rock samples are submitted to ALS Mineral-
Australian Laboratory Services (Cambodia) Co. Ltd for preparation in Phnom Penh, and
gold analyses are done by ALS by standard fire assay in their Vientiane laboratories. All
other analyses are by Aqua Regia digestion with ICP-AES/ICP-MS (51 element ME-MS41
package) in their Australian laboratories. Initial assays use their Au-ICP22 method of
standard fire assay with an ICP-Atomic emission spectrometry finish on a 50gm aliquot,
which has a detection range of 0.001 to 10 g/t. Check assays use the Au-AA26 method
of standard fire assay with an ICP-Atomic absorption spectrometry finish again on a 50gm
aliquot, which has a detection limit of 0.01 to 100 g/t.
ABOUT ANGKOR GOLD CORP.
ANGKOR Gold Corp. is a public company listed on the TSX-Venture Exchange and is a
leading mineral explorer in Cambodia with a large land package and a first-mover
advantage building strong relationships with all levels of government and stakeholders.
ABOUT BLUE RIVER
Under an agreement with Angkor, Blue River Resources Ltd. (TSX-V: BXR) has the right
to participate initially in up to a 50% interest of the Banlung exploration license from
Angkor Gold Corp., after the completion of a total investment of US$3.5 million in
exploration expenditures over a 4-year period. Blue River may then exercise their option
on an additional 20% interest of the Banlung tenement through the commission and
completion of a bankable feasibility study on the property or portion thereof.
Box 153, Sexsmith, AlbertaT0H 3C0
Canada • www.angkorgold.ca
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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 Exploration
Manager and has reviewed and approved the technical disclosure in this document.
ANGKOR GOLD CORP.
Stephen Burega, Vice President of Corporate Development
Telephone: (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 of the statements made and information contained herein may constitute
“forward-looking information.” In particular references to the private placement and future
work programs or expectations on the quality or results of such work programs are subject
to risks associated with operations on the property, exploration activity generally,
equipment limitations and availability, as well as other risks that we may not be currently
aware of. Accordingly, readers are advised not to place undue reliance on forward-looking
information. Except as required under applicable securities legislation, the Company
undertakes no obligation to publicly update or revise forward-looking information, whether
as a result of new information, future events or otherwise.