Angkor Reclaims 100% Ownership Of Koan Nheak License

 

TORONTO, Sept. 04, 2020 (GLOBE NEWSWIRE) -- Angkor Resources Corp. (TSXV: ANK and OTC: ANKOF) (“Angkor” or “the Company”) CEO Stephen Burega reports that Angkor has reclaimed 100% of the Koan Nheak license from Emerald Resources (Emerald). The earn-in partnership was first announced on July 12th, 2017 (Press Release).

“Emerald identified some very interesting gold results at the Peacock prospect,” stated Mike Weeks, Chairman of Angkor. “Angkor will continue with a follow-up drill program while Emerald focuses on getting their Okvau Mine into production. Both companies see great opportunities in Cambodia and will discuss this and other areas of joint-interest moving forward.”

“We are very excited to have the Peacock gold target back in our control, adding another excellent gold target to explore during the upcoming dry season,” stated Stephen Burega.

PROPOSED WORK PROGRAMMES

An initial diamond drill program consisting of five hundred (500) meters is proposed to test Emerald’s best RC intercept RC19PCK003 which returned 3.61 g/t Au over 8 meters.(Press Release) The drilling will help Angkor to determine the strike and dip of the mineralized structure as well as strike extension. Step-out holes will be completed to determine the strike length of the mineralized structure.

GEOLOGICAL SETTING

Sulphides within the shear zones and veins include arsenopyrite, galena and sphalerite. Chip sampling and soil sampling indicates that these sulphides are also associated with gold mineralization at Peacock.

The Peacock prospect is comprised of a diorite intruding upper Triassic metasedimentary rocks which is geologically similar to Emerald’s Okvau gold deposit which is located approximately 53 kilometres southwest of Angkor’s Koan Nheak property. The Okvau consists of gold mineralization within a series of shear zones hosting quartz – sulphide veins. The Okvau deposit has a reported Initial Ore Reserve of 14.3 MT at 2.0 g/t Au for 907,000 oz. Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of the mineralization hosted on the Company's property.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4cb12e7b-2c2b-40d6-bbe8-d52e6155e00d

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.

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 VP Exploration on site and has reviewed and approved the technical disclosure in this document.

ABOUT ANGKOR RESOURCES CORP.

Angkor Resources Corp. is a public company, listed on the TSX-Venture Exchange, and is a leading mineral explorer in Cambodia with a large land package. In 2019 it added Block VIII, a 7,300 square kilometre oil and gas exploration license in Cambodia, to its exploration portfolio.

CONTACT:

Stephen Burega, CEO
Telephone: +1 (647) 515-3734
Email: sb@angkorgold.ca
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.

Forward Looking Information

This news release includes certain statements that constitute “forward-looking information or statements” within the meaning of applicable securities laws, including without limitation, statements relating to the technical, financial and business prospects of the Company and its properties, and other matters.

Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved), and variations of such words, and similar expressions are not statements of historical fact and may be forward-looking statements. Forward-looking statement are necessarily based upon a number of factors that, if untrue, could cause the actual results, performances or achievements of the Company to be materially different from future results, performances or achievements express or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of metals, anticipated costs and the ability to achieve goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms, and that third party contractors, equipment and supplies and governmental and other approvals required to conduct the Company’s planned exploration activities will be available on reasonable terms and in a timely manner. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks.