Angold Resources Begins Drilling at Dorado
Angold Resources Begins Drilling at Dorado
VANCOUVER, BC
,
Jan. 12, 2021
/CNW/ -
Angold Resources Ltd.
(TSXV: AAU) (FRA: 13L1)
("
Angold
" or the "
Company"
) is pleased to announce that it has
commenced its drill program on the Lajitas target at its Dorado Project in the Maricunga Belt of
Northern Chile
.
Angold intends to drill
5,000 m
of HQ core on Dorado. Drilling is planned for 10 drill holes, each with a depth of
500 m
in the Lajitas area (see Figure 3), to identify
mineralization beyond historically reported resources and to confirm historic intercepts.
Angold's CEO, Mr.
Adrian Rothwell
, stated:
"We have put an experienced team and seed capital to work early at Dorado, beginning regional exploration and
sampling programs last year. This has highlighted a larger footprint to the resource areas than previously thought and will improve the success of this
preliminary
5,000 m
drill program. Dorado has the potential to host multiple multi-million ounce gold deposits in a geological setting that is now better
understood than when previous operators worked on the central part of the project in the 1990's and 2000's. With additional staked ground (of about 15,000 ha),
local logistical and technical teams, and infrastructure at site we are able to commence drilling quickly. We look forward to an exciting 2021!"
The drill holes are intended to achieve the following goals:
1. Step out to test strike and depth extensions of the mineralization on the project and infill between historic holes. Historic drill intercepts included
318 m
@ 0.68
g/t Au and
261 m
@ 0.91 g/t Au. Of the historic drill assays, 243 exceeded 1 g/t Au and ranged up to 6.92 g/t Au (Hole ID SF03). Table 1 lists selected historic
drill highlights.
Length (m)
g/t Au
Depth from
Depth to
Highest g/t Au
Hole ID
261
0.91
90
351
4.74
LJ08011
92
0.95
102
194
2.57
LJ10017r
116
0.88
166
282
3.79
LJ06001r
192
0.72
0
192
2.59
LJ06007r
318
0.68
0
318
2.67
LJ10015r
Table 1. Selected historic drill intercepts.
2. Validate historic drill data that formed the basis for a historic resource on the project, so that Angold may use the existing data in a new resource and
subsequent drill programs.
3. Gather structure, lithology, alteration, trace element, and density data to build a geologic model for the deposit, which is currently preliminary. The intent of the
geologic model is to better understand the structure, geochemistry, and alteration of the deposit to allow vectoring toward more tonnes and higher grade, and to
inform exploration for other targets on the project.
4. Generate data for additional drilling at Lajitas, as well as exploration and drilling on additional targets on the project.
Figure 1. Lajitas historic resource area and selected historic drill intercepts.
Table 2 lists the proposed drill holes, and Figure 2 shows the location of the proposed holes relative to the historic holes.
Proposed Drill Holes
Hole ID
UTM E WGS84
UTM N WGS84
Elev m
Az
Dip
Depth m
Zone
Purpose
DO-20-A
507080
6980110
4562
120
-60
500
East
Twin and extend LJ10015r (RC hole 318 m @ 0.68 g/t Au, ended in mineralization)
DO-20-B
507350
6979975
4555
290
-45
500
East
Drill heart of the East Zone from the E; test for East Zone structure, attitude, true width
DO-20-C
507093
6980248
4583
164
-54
500
East
Test depth extension of East Zone below LJ08015r, 11r; test presence of ore-bounding fault on N end of system
DO-20-D
507196
6979967
4521
272
-55
500
East
Validate LJ0605r, 6r, LJ10022r, SF05, 06; test East Zone structure and attitude
DO-20-E
507071
6979885
4467
300
-63
500
East
Validate SF11; test East Zone extension to the S
DO-20-F
506814
6979974
4486
125
-49
500
East, West
Validate LJ10025r, SF12; test West Zone extension to S; test East Zone extension at depth to S
DO-20-G
506665
6980090
4538
105
-45
500
West
Validate LJ10021r, 17r, SF10; test West Zone extension to W and depth
DO-20-H
506893
6980142
4525
134
-45
500
West, East
Validate LJ06004r; test depth extension of East Zone below LJ08015r, 11r, DO-20-C
DO-20-I
506893
6980187
4537
110
-45
500
East, West
Validate LJ10-020r (open at depth); test depth extension of East Zone
DO-20-J
506999
6980024
4533
285
-56
500
West
Test West Zone structure, attitude, depth extension to W
Table 2. Proposed drill holes.
Figure 2. Location of proposed drill holes and alternate pads to be permitted.
REGIONAL EXPLORATION AT DORADO
A regional exploration program on the Dorado Project began on
December 12th
. The exploration plan is designed to test initial targets identified with geologic
screening, ASTER hyperspectral processing, structural interpretation, image colour anomalies, and detailed knowledge of other deposits and mineralization styles
in the region (Figures 3 & 4). The first-priority target on the project is Lajitas South, an area 1.5 x 2 km in extent underlain by magnetic, IP chargeability, and
hyperspectral anomalies that remains untested.
The Dorado exploration program is planned to include geologic mapping and sampling, magnetic surveys, talus fine sample grids, hyperspectral interpretation of
all rock and talus fines samples, IDH analysis of talus fines samples (inverse-differential hydrogen, an indication of oxidizing sulfide minerals at depth), and
selected IP-resistivity surveys over areas of promising results. Geologic mapping and sampling has begun, and 178 talus fines samples have been collected and
delivered to ALS Minerals laboratory (Figure 5).
The Company staked eight new exploration concessions (additional to those staked in the Company's corporate update on
November 5, 2020
, as posted on
www.sedar.com
and
www.angoldresources.com
) totaling approximately 2,100 hectares, covering available prospective ground between existing Angold
concessions and those owned by
Kinross
and other companies.
Figure 3: Dorado Project regional exploration targets.
Figure 4: Dorado Project ASTER hyperspectral anomalies.
Figure 5: Planned and collected talus fine sample locations covering the Lajitas historic resource area and the untested Lajitas South target.
DRILL CORE RELOGGING
In preparation for Angold's drill program the Company's geologic team has been re-logging drill core from previous campaigns, noting alteration types, lithologies,
veinlet types, and crosscutting vein relations. Mineralization, alteration, and host rocks observed so far are typical of Maricunga style gold porphyry and epithermal
deposits, consisting of multi-stage quartz diorite intrusions and volcanic host rocks and numerous alteration assemblages indicative of porphyry and epithermal
systems. Mineralization observed in historic core consists of banded quartz veins (quartz-pyrite-magnetite), A-veins (quartz-chalcopyrite-pyrite), and T-veins (grey
quartz), all of which are characteristic of economic deposits in the Maricunga Belt.
Figure 6. Banded quartz (QB, quartz-pyrite-magnetite), A-veins (quartz-chalcopyrite-pyrite), and T-veins (grey quartz) showing multiple mineralization events, typical of Maricunga style gold deposits.
Qualified Person
David Smith
, CPG, the VP Global Exploration for Angold and a Qualified Person in accordance with National Instrument 43-101, is responsible for supervising the
exploration programs at Angold's projects and has reviewed and approved the technical information contained in this news release.
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
or by telephone at (866) 852 8719.
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 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.
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For further information:
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 (866) 852 8719.
CO: Angold Resources Ltd.
CNW 09:00e 12-JAN-21