New Gold Anomaly Discovered at Angkor's Koan Nheak Property

 

SEXSMITH, Alberta, Aug. 08, 2018 (GLOBE NEWSWIRE) -- Angkor Gold Corp. (TSXV:ANK) (OTC:ANKOF) (“Angkor” or “the Company”) Angkor President JP Dau is pleased to report the discovery of a new gold-in-soils anomaly at Angkor’s Koan Nheak License in Cambodia.

The new Peacock North discovery is a gold-in-soils anomaly which extends over 700 metres from north to south and up to 300 metres east to west at >10 ppb Au. It is located less than a kilometre north of the Peacock South Prospect previously defined by Angkor Gold, which extends over 1,400 metres from north to south and up to 400 metres east to west at >10 ppb Au. 

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.

Planning is underway for Emerald’s reconnaissance drill testing program on both of the Koan Nheak targets.

Angkor President J.P. Dau said, “We are very pleased to see Emerald developing more drill targets following new and last year’s encouraging results on our Koan Nheak License. These large gold-in-soil targets represent more discovery opportunities for Angkor and our shareholders, and we are very much looking forward to the drill results.”

The current soils program was conducted by Emerald under its Definitive Earn-In Agreement with Angkor. The program consisted of infill auger samples taken across the core of the surface geochemical anomaly previously identified by Angkor. During the recent program, additional auger soil samples infilled the Peacock prospect to a 50 x 50m grid on the southern anomaly and 100m x 100m grid on the northern anomaly. To date 596 auger samples have been taken from the Peacock prospect. To see a map of results from the exploration program, please visit the Angkor website here: http://www.angkorgold.ca/wp-content/uploads/2018/08/Map.png.

The compiled 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. The geological setting and multi-element data suggest that the hydrothermal system is zoned about the main diorite intrusion from a Cu-Mo-Te “porphyry-like” association in NE striking regional structure along the NW part of the diorite, trending through Cu-Ag+/- Au anomalism over the core of the intrusion, and an Au-As-Sb-Pb-Te association in the south and south-southeast where a NE striking fold belt in sandstone dominated stratigraphy interacts with the southern margin of the diorite.

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 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% passing 75μm pulped sample using Fire Assay with AAS finish on and 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.

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) and is focussed on aggressively growing and advancing its Cambodian Gold Project in the eastern region of Cambodia. Emerald announced on July 10, 2018 that the Industrial Mining Licence covering 11.5 km2 for the Okvau Gold Project has been granted by the Cambodian Ministry of Mines & Energy. Emerald's Mining Licence has an initial 15-year period with the right to two renewals of up to 10-years each. Koan Nheak is less than 60 km from Okvau. The Koan Nheak Project is being explored under a USD $2.2 million earn-in exploration agreement with Angkor Gold Corp. announced July 12, 2017.

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 and has reviewed and approved the technical disclosure in this release.

On behalf of the Board,

Mike Weeks
Executive Chairman, Angkor Gold Corp.

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.

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 associated 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.