Angold Commences Drill Program, Outlines Targets at Iron Butte, Nevada
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April 19, 2022
ANGOLD COMMENCES DRILL PROGRAM, OUTLINES TARGETS AT
IRON BUTTE, NEVADA
Vancouver, British Columbia, April 19, 202 2 – Angold Resources Ltd. (TSXV:AAU,
FRA:13L, OTCQB:AAUGF) (“Angold” or the “ Company”) is pleased to announce that it has
commenced preparation work for its upcoming drill program at Iron Butte, Nevada.
Drill targets are the result of detailed coincident surface sampling, historic drilling, mapping and
geophysical anomalies completed over 2021. Planned drilling will target coincident geochemical-
geophysical anomalies in the newly staked Northern Extension Zone, lateral and depth extensions
to Red Ridge and North Zone mineralization and targets in the lower plate of the Golconda Thrust,
comprised of interpreted structural and disseminated targets.
With these new insights the Company has extended new drill targets along the range-front along
a strike of over 6 km from the Red Ridge Zone through to the Northern Extension Zone. The
Company is preparing pads and roadwork to commence drilling imminently.
Phase One drilling will be comprised of 5 holes, total ling 2,926 meters and may be expanded to
9 holes, totalling 5,502 meters upon exploration success.
Key Highlights
Multiple Targets: includes the Northern Extension Area as well as open mineralization along
strike to the north and south of the historic resource area. Drilling is focused on expansion of
known mineralized zones.
Higher Grade: near paleosurface (shallow) level of exposure within the epithermal system and
potential for higher grade gold mineralization at depth.
Large Mineralized Strike: of approximately >6 km in length, with consistent gold mineralization
along the entirety of the range front on the Company’s claims.
Geophysics: has identified shallow structures in the Northern Area Extension as well as at depth
in the historic resource area.
Geochemistry: coincident Au-Ag-Hg-Se-As anomalies extend north of known mineralization for
1.2km, at which point anomalous rocks become covered by relatively shallow surface gravels.
Historic Resource: Iron Butte boasts an historic resource of 606,186 oz Au at 0.62 g/t (not 43-
101 compliant) with multiple opportunities for expansion.
Angold’s CEO, Mr. Adrian Rothwell, stated: “With historically long intercepts and excellent grades,
a deep, intact oxide zone, as well as a total 2,210 hectares of prospective ground and new results
demonstrating mineralized structures up to ~30m thick, Iron Butte continues to exhibit evidence
of a large system. Excellent potential exists to increase the size of the deposit and historic
resource with infill, lateral and deeper drilling.”
Figure 1. Claim Map of the Iron Butte project, overlain on regional geology, showing recent additions in the Northern
Extension and Elephant Head (SE) claims.
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NEW DRILL TARGETS
Geologic mapping and geophysical surveys at Iron Butte has produced a new structural
understanding, resulting in numerous new drill targets.
Newly identified structural intersections at Iron Butte allow targeted expansion of the
historic resource on the project. There is excellent potential to expand the size of the historic
resource by testing areas beyond the currently defined mineralization and by completing infill
holes where drilling was too widely spaced to be classified as a resource.
Four target areas are being evaluated for drilling (Figure 2). First, in the Red Ridge resource area,
several structural intersections and mineralized veins project below the extent of drilled
mineralization and were not fully tested by the historic drilling. Second, two prominent
intersection zones in the North Zone have not been drilled at depth, with many historic holes
ending in mineralization. Third, the drilling gap between Red Ridge and the North Zone contains
several structural intersections and deeper geophysical targets that have not been adequately
drill tested. Limited drilling has been completed historically in this area. And fourth, the Northern
Extension Zone offers the greatest potential for growth in near surface oxide mineralization and
significant higher-grade mineralization at depth.
Figure 2. Map showing the locations of Phase 1 proposed drilling.
Figure 3. Cross-Sections of some selected drill holes - Phase 1 proposed drilling.
OPPORTUNITIES
Angold completed an extensive surface and sub -surface program over the past year that has
identified multiple opportunities to be tested by drilling. These opportunities include:
1. covered near-surface, bulk mineable oxide potential under cover in the Northern Extension
area, along with associated more structurally controlled mineralization at depth along the
range front.
2. bulk-mineable sulfide mineralization within large and continuous resistivity anomalies at
depth, some with coincident chargeability anomalies, or just chargeability anomalies,
below the Golconda Thrust and within either Overlap (Cedars Sequence) or Upper Plate
(Roberts Mountains Allochthon) siliceous rocks. This target zone is nearly continuous over
6 km with several high “hot spots” and represents the best potential to develop a multiple-
million-ounce gold deposit.
3. offsetting open mineralization at Red Ridge and North Zone, especially laterally to the
south and at depth at Red Ridge; at depth to the north at North Zone.
4. deeper high-grade vein potential at depth along several parallel and closely spaced NNW,
NNE to NE striking, north to west dipping veins that display crude banding, bladed quartz
after calcite, some opaline silica, and rock chip grades of 1-12 g/t Au and 20-600 g/t Ag.
5. deep high-grade vein potential within resistivity anomalies where they are coincident with
depth projections and intersection zones of surface mineralized faults-veins.
HISTORIC HIGHLIGHTED DRILL RESULTS
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Gold mineralization has been encountered in drilling over an area of 1.3 x 2.9 km, and surface
mineralization and alteration indicate additional untested targets within the Company’s claims.
Highlighted Intercepts from Historic Drilling (1980 to 2009):
Hole Interval (m) Grade (g/t Au) From (m) To (m)
H31-821 98 0.70 0 98
includes 21 1.54 29 50
H32-82 70 0.68 0 70
H35-82 29 0.82 8 37
NC22 72 0.68 56 128
NC45 72 0.49 104 175
NC521 55 1.13 17 72
NC561 72 0.41 0 72
and 49 0.83 104 152
includes 12 1.70 139 151
CC09-02 34 1.72 61 95
C3 Road cut #3 32 1.42 8 40
1. Ends in mineralization.
GEOLOGY
Gold-silver mineralization is believed to be controlled by a series of north -south, north-northeast
and east -west structures that host silicification and epithermal quartz -pyrite-gold-silver
mineralization within Pennsylvanian to Permian siltstones and argillites of the Cedars Sequence
(Havallah) and Oligocene felsic volcanic rocks. Mineralization is completely oxidized from
surface up to 175 metres depth and continues as sulphides to depths beyond 250 metres.
Mineralization is also disseminated between veins, silicified structures and brecciated zones, and
can occur as silicified breccia zones at the contact between volcanic and underlying sedimentary
rocks. Opaline silica, bladed quartz-chalcedony after calcite, polyphase banded quartz veins and
natroalunite veins are exposed at surface, supporting the deduction the epithermal system at Iron
Butte is largely intact. Surface rock chip and soil sampling assay results also support this
deduction, with highly elevated mercury, selenium and arsenic present. Quartz textures, alteration
and mineralogy described support a low-sulfidation epithermal model, which will be used to guide-
inform future exploration efforts at Iron Butte.
Qualified Person
Clyde Smith, PhD, P.Eng., a Qualified Person in accordance with National Instrument 43-101, is
responsible for supervising the exploration programs at the Company’s projects and has reviewed
and approved the technical information contained in this news release.
QAQC Statement
All Angold Resources’ soil geochemical sample assay results are monitored by our Exploration
Manager through a quality assurance/quality control (QA/QC) protocol, which includes inserting
blind certified reference materials (CRMs or Standards) and blanks at regular intervals, typically
every 80 samples. Due to their very selective nature, rock chip samples are typically submitted
alone without insertion of CRMs or blanks. Drill hole samples and pulps re-assayed have a QA/QC
protocol which includes insertion o f CRMs, blanks and duplicates at regular intervals, typically
every 20 samples. When a failure of a CRM occurs the entire oven batch (84 samples), which
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includes samples before and after the CRM, is reanalyzed until returned results are within
expected limits.
Drill core and/or reverse circulation (RC) chip samples are kept at the drill sites as drilling
progresses. Core and chip trays are picked up by an Angold project geologist and transported to
Elko, Nevada for logging. Sample intervals are chosen by the geologist based upon geologic
observations but are generally spaced 5 feet (1.52 meters) apart, with no sample intervals less
than 1 foot (0.3 meters) in length. Intervals of no recovery or sample loss are not sampled across
or are excluded as much as practical. Once core is logged it is diamond sawed by an independent
contractor in a secured facility, with half of the cut core being stored in a secure location and the
other half being delivered to or picked up by either ALS Global or Paragon Geochemical. RC
samples are split and bagged at the drill site by a driller’s helper, with the samples being stored
in bins at the drill site. Samples -bins are then delivered to or picked up by either ALS Global or
Paragon Geochemical.
Rock, pulp, core or RC samples picked up by or delivered to ALS Global are taken to their Elko
prep facility. Samples are prepped in Elko using the PREP-31 package. Samples are then shipped
to Sparks for gold fire assay and Vancouver, BC for multi -element analysis. Analytical methods
include gold fire assay method AuAA23 and 4-acid digestion multi-element method ME-MS61m,
for 49 elements. Pulp re-assays also utilized the AgICP41 method for silver. Drill hole, rock or soil
samples picked up by Paragon Geochemical in Elko are taken to their prep and assay facility in
Sparks, Nevada and are prepped using the PREP -PP or PKG -SOIL packages. Analytical
methods include gold fire assay method Au -AA30, which is an aqua regia digest with an AAS
scan to determine gold contents. In addition, most sampl es are assayed for multi -element
geochemical data utilizing the FSAU-25 method, which is a 51-element aqua regia digest with MS
scan to determine trace element contents.
About Angold
Angold is an exploration and development company targeting large-scale mineral systems in the
proven districts of the Maricunga, Nevada and Ontario. Angold owns a 100% interest in the
Dorado, Cordillera and South Bay-Uchi projects, and certain claims that append the optioned Iron
Butte project.
ON BEHALF OF THE BOARD OF ANGOLD RESOURCES LTD.
“Adrian Rothwell”
Chief Executive Officer
Further information on Angold can be found on the Company’s website at
www.angoldresources.com and at www.sedar.com, or by contacting the Company by email at
[email protected] or by telephone at (855) 917 4091.
Neither the 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.
Forward Looking Statements: This news release contains forward- looking statements and forward- looking information within the
meaning of applicable securities laws. These statements relate to future events or future performance and includes expectations of
the resumption of trading of the Company’s common shares on the Exchange. All statements other than statements of historical fact
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may be forward-looking statements or information. Forward-looking statements and information are often, but not always, identified
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“predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “would” and similar expressions. Forwar d-looking
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management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not
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future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially
from those currently anticipated due to a number of factors and risks. Accordingly, readers should not place undue reliance on the
forward-looking statements, timelines and information contained in this news release.