ANGOLD REPORTS 94.5 METRES OF 0.81 G/T GOLD EQUIV. FROM SURFACE AT IRON BUTTE Widespread gold mineralization confirmed and new high-grade zone intersected
November 7, 2022
ANGOLD REPORTS 94.5 METRES OF 0.81 G/T GOLD EQUIV. FROM
SURFACE AT IRON BUTTE
Widespread gold mineralization confirmed and new high-grade zone
intersected
Vancouver,
British
Columbia,
November
7,
2022
–
Angold
Resources
Ltd.
(TSXV:AAU,
FRA:13L,
OTCQB:AAUGF)
(“
Angold
”
or
the
“
Company
”)
is
pleased
to
announce
assay
results
for
its
2022
drilling
program
at
its
Iron
Butte
Project,
located
approximately 60 kilometres ("km") south of Battle Mountain, Nevada.
Key Highlights:
●
Robust
mineralization
has
been
confirmed
at
Red
Ridge
with
0.81
g/t
gold
equivalent*
(0.64
g/t
Au
and
14.3
g/t
Ag)
over
94.5
m
from
surface
in
hole
AAU22-04;
●
A
new
zone
featuring
the
highest
grade
ever
drilled
on
the
project
has
been
intersected
91
m
beneath
the
Red
Ridge
zone
with
13.62
g/t
gold
equivalent*
(13.48 g/t Au and 11.5 g/t Ag) over 1.52 m from 405.4 m in hole AAU22-04;
●
Anomalous
gold
was
intersected
over
the
entire
457
m
length
of
hole
AAU22-04
where the outer extent of the mineralized
system was not reached;
●
Step-out
drilling
has
intersected
strong
mineralization
135
m
down-dip
from
the
North
Zone
with
0.58
g/t
gold
equivalent*
(0.45
g/t
Au
and
10.2
g/t
Ag)
over 19.8 m from 153.9 m in hole AAU22-02;
●
High-grade
potential
in
the
North
Zone
remains
untested
below
veins
mapped at surface;
●
Potential
between
Red
Ridge
and
North
Zone
untested
at
depth
where
drilling was historically shallow and widely spaced.
*
Gold
equivalent
is
calculated
using
US$1,700/oz
Au
and
US$20/oz
Ag.
100%
metallurgical
recoveries
are
assumed.
True widths are unknown.
A
total
of
5
drill
holes
were
completed
for
a
total
of
2,152
metres.
Drilling
was
distributed
across
the project area, with three holes into the Red Ridge Zone, one at the North Zone.
Angold’s
CEO,
Mr.
Adrian
Rothwell,
stated:
“Angold
is
pleased
to
announce
excellent
results
from
its
maiden
drill
program
on
the
Iron
Butte
Project.
This
program
was
high
risk,
with
large
step-outs
that
tested
extensions
of
mineralization.
Results
confirmed
mineralization
is
constrained
within
tenure
boundaries,
and
expands
opportunities
in
high
grade
material
at
depth
as well as in new zones at both Red Ridge and North Zone.”
Page
1
of
8
Figure
1.
Iron
Butte
2022
Red
Ridge
and
North
Zone
drill
collar
and
cross
section
locations.
Figure-section
numbers
correspond with figure numbers in text below.
Assay Results
Hole ID
From m
To m
Length m
Au g/t
Ag g/t
AuEq g/t
AAU22-01
78.3
79.2
0.91
0.06
33.3
0.45
104.5
108.8
4.27
0.46
4.0
0.50
146.6
148.4
1.83
0.11
99.1
1.28
AAU22-01A
285.9
286.4
0.46
0.18
91.6
1.26
331.8
338.6
6.80
0.35
7.7
0.44
357.5
358.9
1.37
0.12
49.9
0.71
369.4
369.9
0.46
0.12
61.4
0.84
AAU22-02
153.9
173.7
19.81
0.45
10.2
0.57
Page
2
of
8
182.9 184.4 1.52 0.08 34.3 0.49
AAU22-03 No significant intercepts
AAU22-04 0.0 94.5 94.50 0.64 14.3 0.81
including 0.0 24.4 24.38 0.65 4.6 0.70
and 24.4 38.1 13.72 0.10 4.7 0.16
and 38.1 94.5 56.39 0.77 20.9 1.01
including 38.1 62.5 24.38 0.52 24.0 0.80
and 62.5 77.7 15.24 1.55 23.8 1.83
and 77.7 94.5 16.76 0.42 13.6 0.58
160.0 190.5 30.48 0.34 2.9 0.37
295.7 297.2 1.52 0.18 53.1 0.80
405.4 406.9 1.52 13.48 11.5 13.62
Table 1: Significant Assay Intercepts: AAU22-01 through AAU22-04, utilizing a >4.57 m grade-interval >0.30 g/t AuEq
or only >30 g/t Ag cut-off. All results except those above 68.5 metres below surface in AAU22-04 are unoxidized.
AuEq values are based upon an assumed US$1,700/oz Au and US$20/oz Ag price and represent contained metal
only; no metallurgical recovery estimate has been applied to the numbers.
Red Ridge
Deeper high-grade vein potential was only tested in the Red Ridge zone and proof of concept
was achieved with AAU22-04 (1.52 m @ 13.62 g/t AuEq* (13.48 g/t Au and 11.5 g/t Ag) from
405.4 m), encountering high grade veining. This intercept is also coincident with the down-dip
projection of a mineralized fault mapped at the surface. The entire length of AAU22-04 is
anomalous in gold, suggesting the bottom or eastern edge of the system was not reached in this
hole. AAU22-04 was terminated at the depth limits of the RC drill used.
The high-grade interval represents the highest-grade gold intercept historically-to date
on the project and is deeper than all previous drilling in Red Ridge.
See Figure 2 below for a cross section through AAU22-04.
Diamond core drill holes AAU22-01 and AAU22-01A were drilled from a shared pad
approximately 168 metres from the southwest edge of the Red Ridge historic resource and were
designed to test for significant gold along northeast striking structures mapped to the north and
at depth within favorable stratigraphy where they intersect broad resistivity and chargeability
anomalies. Though the targeted structures were encountered they were poorly gold mineralized.
Despite this, the geologic-stratigraphic data acquired will allow development of a better geologic
model when coupled with relogging of historic RC chips.
Page 3 of 8
North Zone
The intercept in AAU22-02 starting at 153.9 metres represents a step-out of ~135 metres north
of the nearest mineralized historic drillhole, effectively expanding the North Zone
mineralization to the north and at depth along the Tertiary volcanic-Paleozoic sedimentary
rock contact. Deeper high-grade vein potential in the North Zone at depth below 1 to 5 metre
wide vein zones mapped at surface was not tested in this program.
Figure 3 below provides a cross-section along AAU22-02.
Further exploration for high-grade veins at depth below Red Ridge and the North zone is
warranted.
Figure 2. Cross section through AAU22-04 and the Red Ridge Zone, illustrating wide intercepts in multiple distinct
zones and the high grade intercept at depth. Section window is 45 metres.
Page 4 of 8
Figure
3.
Cross
section
through
AAU22-02
and
the
North
Zone,
illustrating
the
135
metre
step-out
to
the
north.
Section window is 45 metres.
Program Objectives
Angold’s
Iron
Butte
2022
drilling
program
was
carried
out
between
May
and
October,
2022,
utilizing
diamond
core
and
reverse
circulation
methods.
Angold
was
able
to
successfully test the following objectives:
1.
test
large,
bulk-tonnage
type
targets
represented
by
resistivity/chargeability
anomalies
coincident
with
projections
of
mapped
mineralized-geochemically
anomalous structures and favorable stratigraphy;
2.
test for high-grade Au-Ag banded veins below existing resources;
3.
infill and lateral step-out of existing mineralization.
Though
drill
testing
was
of
a
limited
manner
it
has
enabled
a
better
understanding
of
the
controls and expansion potential of known mineralization.
Drilling Context and Geology
The
thicker
gold
and
silver
results
in
this
program
were
obtained
from
lateral
step-outs
within
the North Zone (AAU22-02) and Red Ridge Zone
(AAU22-04) mineralized areas.
Several
intercepts
of
silver
dominant
mineralization
were
encountered
in
both
the
North
and
Red
Ridge
zones.
These
intervals
are
characterized
by
disseminated
silver
sulfides-selenides
in
narrow
quartz
veins
and
broader
silicified
zones
(see
June
13,
2022
press
release
)
outside
of
or
below
known
gold
dominant
mineralized
zones.
While
higher
grade
silver
assays
from
surface
rock
chip
sampling
also
commonly
contained
higher
gold
grades,
this
proved
not
to
be
the
case
with
drilling
at
depth.
These
results
suggest there was a separate silver dominant epithermal event at Iron Butte.
Page
5
of
8
Red
Ridge:
AAU22-04
tested
continuity
and
verified
historic
grades
within
a
near
surface,
higher
grade
(>1
g/t
Au)
zone
within
the
overall
Red
Ridge
mineralization,
as
illustrated
by
15.24
m
@
1.83
g/t
AuEq*
(1.55
g/t
Au
and
23.8
g/t
Ag)
from
62.5
metres.
The
hole
from
surface
to
94.5
metres
is
continuously
mineralized
at
an
average
grade
of
0.81
g/t
AuEq*
(0.64
g/t
Au
and
14.3
g/t
Ag).
Additionally,
the
intercept
of
30.48
m
@
0.37
g/t
AuEq*
(0.34
g/t
Au
and
2.9
g/t
Ag)
from
160
metres
represents
a
down-dip step-out of 91.4 metres from known mineralization.
Visually,
mineralization
is
best
where
strongly
silicified
or
quartz
veined
rocks
are
present.
In
AAU22-01
and
AAU22-01A
strong
chargeability
anomalies
proved
to
be
gold-poor
sooty
and
brassy
pyrite
concentrations
hosted
in
Late
Paleozoic
Havallah
Formation
sandstone-siltstone
and
Late
Paleozoic
Overlap
Sequence
conglomerate
below
the
Golconda
Thrust,
while
the
broad
resistivity
anomalies
identified
in
MT
and
IP
surveys
proved
to
be
quartzite
and
chert
of
the
Ordovician
Valmy
Formation
(Upper
Plate
rocks)
in
the
Roberts
Mountains
Allochthon.
AAU22-01A
was
lost
at
710
metres
in
highly
altered
and
sheared
carbonate
rock.
While
this
apparent
Carlin-style
alteration
was
visually
encouraging,
it
proved
only
weakly
anomalous
in
gold
(15-34
ppb
Au)
with
associated
anomalous
pathfinders
As-Hg-Sb-Tl.
See
the
press
release
from
August
16,
2022
for details and a cross section through holes
AAU22-01/01A.
North
Zone:
In
the
North
Zone,
tested
by
AAU22-02,
gold-silver
mineralization
is
localized
within
a
zone
of
highly
altered
felsic
dikes
or
sills
directly
below
the
volcanic
contact.
These
dikes-sills
are
not
exposed
at
surface
and
with
a
singular
hole
in
this
geologic
environment,
true
thickness
can
not
yet
be
estimated.
Further
drilling
laterally
and
at
depth
along
this
contact
may
yield
additional
mineralization
and
clarify the orientation of the dikes-sills encountered.
Northern
Extension
Zone:
An
encouraging
but
high-risk,
bulk-tonnage
type
target
in
the
Northern
Extension
zone,
identified
under
cover
through
surface
geochemistry
and
IP
surveys,
was
tested
with
AAU22-03
but
did
not
return
any
significant
gold
or
silver
intercepts.
It
appears
anomalous
geochemistry
and
silicification
this
far
north
represents
a
lateral
cooler
and
mercury
dominated,
gold
barren
part
of
the
Iron
Butte
epithermal
system.
Figure
4
below
illustrates
an
interpretation
of
probable
metal
zoning
within
the
Iron Butte epithermal system as a whole.
Page
6
of
8
Figure
4.
Plan
map
illustrating
the
postulated
gold
and
mercury
zones
within
the
broader
Iron
Butte
epithermal
system.
Qualified Person
Kenneth
Coleman,
CPG,
Exploration
Manager-North
America
and
a
Qualified
Person
under
NI
43-101
regulations,
has
reviewed
and
approved
the
scientific
and
technical
disclosures
in
the
news release.
Data Verification
Mr.
Coleman
has
verified
all
scientific
and
technical
data
disclosed
in
this
news
release
including
the
sampling
procedures
and
analytical
data
underlying
the
technical
information
disclosed.
Specifically,
Mr.
Coleman
designed
and
supervised
the
sampling
and
delivery
of
the
samples
to
Paragon
Geochemical
in
Sparks,
Nevada
and
verified
the
certified
assay
results
from
the
laboratory.
Angold’s
QA/QC
program
included
the
insertion
of
blanks
and
standards
Page
7
of
8
(CRMs)
into
the
sample
stream
and
duplicate
assays
(both
pulp
and
prep)
at
regular
intervals,
generally
every
20
samples.
Any
assay
results
that
were
returned
outside
of
control
limits
were
re-assayed until acceptable results were received.
About Angold
Angold
is
an
exploration
company
targeting
large-scale
mineral
systems
in
the
proven
districts
of
the
Maricunga
Gold
Belt
in
Chile,
Oregon,
Nevada
and
Ontario.
Angold
owns
a
100%
interest
in
the
flagship
Dorado
project,
as
well
as
Cordillera
and
South
Bay-Uchi
projects,
and
certain
claims that append the optioned Iron Butte and Hope Butte projects.
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
at
or by telephone at (855)
917 4091.
This
news
release
shall
not
constitute
an
offer
to
sell
or
a
solicitation
of
an
offer
to
buy,
nor
shall
there
be
any
sale
of
these
securities
in
any
jurisdiction
in
which
an
offer,
solicitation
or
sale
would
be
unlawful
prior
to
registration
or
qualifications
under
the
securities
laws
of
any
such
jurisdiction.
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
include
expectations
of
the
success
of
the
Company’s
exploration
programs
on
its
projects.
All
statements
other
than
statements
of
historical
fact
may
be
forward-looking
statements
or
information.
Forward-looking
statements
and
information
are
often,
but
not
always,
identified
by
the
use
of
words
such
as
“appear”,
“seek”,
“anticipate”,
“plan”,
“continue”,
“estimate”,
“approximate”,
“expect”,
“may”,
“will”,
“project”,
“predict”,
“potential”,
“targeting”,
“intend”,
“could”,
“might”,
“should”,
“believe”,
“would”
and
similar
expressions.
Forward-looking
statements
and
information
are
provided
for
the
purpose
of
providing
information
about
the
current
expectations
and
plans
of
management
of
the
Company
relating
to
the
future.
Readers
are
cautioned
that
reliance
on
such
statements
and
information
may
not
be
appropriate
for
other
purposes,
such
as
making
investment
decisions.
Since
forward-looking
statements
and
information
address
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.
Page
8
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