Angkor Reports On Initial Exploration Program on Koan Nheak Gold Property

Angkor Reports On Initial Exploration Program

on Koan Nheak Gold Property

Sexsmith, AB, (January 8, 2018): Angkor Gold Corp. (TSXV: ANK and OTC: ANKOF)

(“Angkor” or “the Company”) CEO Mike Weeks is pleased to announce the results of

initial exploration out on its Koan Nheak property located in the Mondu lkiri Province ,

Cambodia. Exploration was carried out by Emerald Resources NL (ASX: EMR)

(“Emerald”) through its Cambodian subsidiary, Renaissance Minerals (Cambodia) Ltd

(“Renaissance”), under a Definitive Earn -In Agreement with Angkor announced July 12,

2017.

Exploration Highlights Include:

 Surface geochemical sampling completed within the Koan Nheak property has

defined a gold-in-soils anomaly at least 1,000m x 400m in size.

 Results support the presence of a fault related, gold anomalous epithermal vein

system on the south to south-southeast of the mapped intrusion at Koan Nheak’s

Peacock Prospect.

 A rock chip sample of quartz vein float returned an assay value of 9.94 g/t gold.

 Phase 2 in-fill auger sampling has begun.

Emerald, through its Cambodian subsidiary Renaissance, recently undertook initial

reconnaissance field work on the Koan Nheak exploration licence focusing in and around

the Peacock Prospect as previously defined by Angkor Gold. No drilling has ever been

undertaken within the exploration licence.

Emerald Resources is the owner and operator of the Okvau gold deposit located 53

kilometres southwest of Angkor’s Koan N heak property . The Okvau gold deposit,

currently in its final phase of production permitting, has a published JORC-compliant Ore

Reserve (Probable) estimate totalling 14.26 million tonnes grading 1.98 grams per tonne

gold for 907,000 contained ounces of gold.

J.P. Dau, Angkor’s Vice President of Operations , said, “Our joint exploration programs

continue to demonstrate the growth potential of our business model . Aligning ourselves

with world class companies on our Koan Nheak and Oyadao South properties has

allowed us to focus on bringing value to the remainder of our large land holding in

Cambodia.”

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“The results at Peacock continue to increase our confidence in the potential of Koan

Nheak,” continued Dau. “We are excited that t he Peacock gold anomaly is situated in a

geological environment very similar to that hosting the Okvau deposit.”

The gold at Koan Nheak is hosted by veins contained within a northeast trending fracture

system in diorite and within the surrounding sediments . The geochemical soil sampling

program successfully defined a large gold- in-soils anomaly, supported by critical

pathfinder elements, extending over 1,000 metres from north to south and up to 400

metres east to west.

A rock chip sample collected at the Peacock Prospect returned an assay value of 9.94 g/t

gold. Samples comprised of quartz comb veined diorite were collected at the southern

intrusive contact and within the gold- in-soil anomaly footprint (see Figure 1). Rock chip

and grab samples are selected samples and are not necessarily representative of the

mineralization hosted on the property.

Figure 1 | Koan Nheak Property Regional Sampling Results

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Shallow soil sampling was completed at nominal spacing of 400m line spacing by 400m

along line intervals in the main prospect area, and 800m line spacing by 400m along line

spacing in the surrounding area. The sampling targeted thin “laterite” soil horizons to

establish the geochemical background and anomalous threshold for the sample media in

the project area as well as identify the extent of the geochemical anomaly footprint at the

Peacock Prospect.

Infill auger soil sampling was undertaken at 100m spacing along line intervals across the

central part of the surface geochemical anomaly identified by the broad spaced shallow

soil sample lines. The infill auger soil program was designed to provide a preliminary

assessment on possible bedrock mineralization source, extent and structural controls for

gold and other element anomalies near surface and provide additional geological

mapping data beneath extensive shallow lateritic soil cover.

The results support the presence of a fault related, gold anomalous epithermal vein

system on the south to south- southeast of the mapped intrusion at the Peacock

Prospect.

SAMPLE METHODOLOGY

Soil samples of approx. 1000g are collected to avoid any surface contamination from

shallow (generally +/-20 to 30cm deep) shovel holes to selectively sample pisolite bearing

laterite soil material, and the results are used to define areas of interest and mineralised

system footprints.

Soil auger samples of approx. 500g are collected from hand auger refusal depth in in-situ

weathered bedrock (B/C horizon soil transition). The sample is sieved to collect a sample

passing 2mm. Where transported material is not penetrated no sample is taken to avoid

spurious anomalism in transported material and assist in confirming bedrock geology.

This sampling is preferred to constrain areas of interest and/or drill targets.

Soil sample preparation is carried out at a commercial offsite accredited laboratory (ALS

Phnom Penh). Gold and multi-element assays are conducted at ALS Brisbane, Australia

utilising a 50gram subsample of 85% passing 75μm pulped sample digested by Aqua

Regia and analysed by ICP-MS.

Oxide matrix standards, field duplicates and pulp blanks are inserted in sample batches

to test laboratory performance.

Rock chip samples are collected as niche samples of rock material of specific style or

character of interest. A target sample weight of 3- 5kg is collected for assay. Sample

preparation is carried out at a commercial off -site laboratory (ALS Phnom Penh). Gold

assays are conducted at ALS Vientiane, Laos utilising a 50gram subsample of 85%

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passing 75μm pulped sample using Fire Assay with AAS finish on an Aqua Regia digest

of the lead collection button. Multi-element assay is completed at ALS, Brisbane, Australia

utilising a 4 acid digest of a 1g subsample of 85% passing 75μm pulped sample and

determination by ICP -AES or ICP-MS for lowest available detection for the respective

element. Samples are dried for a minimum of 12 hours at 105˚C.

All types of samples are prepared for assay at the NATA accredited ALS Cambodia

sample preparation facility in Phnom Penh, which has been inspected numerous times

for quality assurance and quality control (QA/QC) by Renaissance.

Field duplicates of soil samples are also collected routinely (approx. 1 every 20 samples)

This sample technique is industry norm, and is deemed appropriate for the material.

Industry-standard QA/QC protocols are routinely followed for all sample batches sent for

assay, which includes the insertion of commercially available pulp CRMs and pulp blanks

into all batches - usually 1 of each for every 20 field samples. Additional blanks used are

home-made from barren quarry basalt. QA /QC data are routinely checked before any

associated assay results are reviewed for interpretation, and any issues or anomalies are

investigated before results are released to the market . No issues were raised with the

results reported here.

All assay data, including internal and external QA/QC data and control charts of standard,

replicate and duplicate assay results, are communicated electronically.

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 EMERALD

Emerald Resources NL (ASX:EMR) is an explorer and developer of gold projects with its

head office in Perth, Western Australia. In late 2016, Emerald Resources acquired

Renaissance Minerals Limited (ASX:RNS delisted) through an off-market takeover and is

focussed on aggressively growing and advancing its Cambodian Gold Project in the

eastern region of Cambodia.

The Koan Nheak Project is being explored under a Definitive Earn -In Agreement with

Angkor Gold Corp., announced July 12, 2017. Under the Agreement, Renaissance shall

make $2 million USD in exploration and development expenditures in Koan Nheak plus

a $200,000 USD cash payment to Angkor by Renaissance over a 2-year period for them

to acquire a 51% participating interest in Angkor’s Koan Nheak license. Upon completion

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of the initial earn- in option, Renaissance has the right to acquire an additional 29%

participating interest in the license with the commissioning, and completion, of a Definitive

Feasibility Study. After that, Angkor will maintain a 20% participating interest in the

property, or at Angkor’s discretion, can convert to a 3.5% Net Smelter Return (“NSR”) on

all metals. Renaissance will be the operator on the project throughout.

Emerald recently completed the Definitive Feasibility Study (DFS) on the development of

a 2.0Mtpa operation at its 100% owned Okvau Gold Project located in the Mondulkiri

province of eastern Cambodia.

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 Vice President

of Exploration and has reviewed and approved the technical disclosure in this document.

On behalf of the Board,

Mike Weeks

President & CEO, Angkor Gold Corp.

CONTACT:

Stephen Burega, Vice President of Corporate Development

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 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 a ssociated 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.

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