ANGKOR ADDS SECOND RIG TO DRILL PROGRAMS

GRANDE PRAIRIE, ALBERTA (2015 March 03)

 

ANGKOR GOLD CORP. (TSXV: “ANK”) (“ANGKOR”) announced that the first phase of drilling on its China Wall copper porphyry prospect in the Andong Meas tenement, has been completed. The rig has transferred to the Pheap Vein gold prospect, Katieng project on Banlung North tenement, for a short program while logging, sampling and assays from the China Wall drilling are completed and assessed. A second rig is moving onto Craig’s Vein prospect, another gold target, in the heart of the Otray Project area, Oyadao South tenement. The expansion of the drilling program is funded by the joint venture agreement announced in the press release dated February 26, 2015.

The Pheap Vein gold prospect is centred on artisanal workings on a 120m strike, narrow epithermal vein in siltstones from which some spectacular values and visible gold specimens have been returned.

Au g/t Ag g/t As ppm Easting Northing
   5.65 1.9 317 712639 1510108
14.25 34.9 1080 712626 1510912
14.48 23.8 616 712622 1510913
10.40 30.6 934 712555 1510907
33.20 81.1 418 712618 1510912
   2.37 2.0 160 712655 1510899
34.70 48.3 431 712613 1510912
60.20 51.0 1010 712611 1510909
12.80 29.8 563 712620 1510907
36.00 37.5 1995 712650 1510907
13.28 15.2 1290 712653 1510906
all samples are grabs, either from safer, more accessible workings; or taken at random from the miners’ cobbed stockpiles

At least eight other narrow gold-bearing vein features have artisanal workings on them in the Katieng and Okalla area, and this drilling is intended to test the continuity of both grade and structure of such a feature. Five similar narrow veins which constituted the Border prospect were extensively drilled before that prospect was sold by Angkor in 2011 for US$2.4 million.

Significant geological and alteration mapping (by short-wave infrared spectroscopy and by field examination), geochemical sampling, and geophysics have been invested in Otray area of Oyadao South tenement since 2012. Termite mound geochemistry showed a repeated high concentration of pannable gold and coincident Cu-Pb-Zn anomalies from XRF analyses. Subsequent surface mapping and grab sampling have confirmed the presence of a mineralized breccia body with significant gold values and minor visible copper mineralization. This is where the Craig vein is located: where detailed mapping shows two dominant vein breccia outcrops with a measured orientation along the base of the outcrop of 168o/54oW, and a true width of 7 m minimum. A detailed VLF-EM survey confirms a large conductive body beneath the outcrop, reinforced by the IP lines which crossed the outcrop. The quartz breccia is within a vent with common tuff and rhyolite in an argillic zone, in which kaolinite, illite, sericite, montmorillonite, dickite and alunite clays and alteration products have all been detected. This is good evidence that the Craig vein, and other associated veins to the immediate south are in a high sulphidation zone of epithermal mineralization. This interpretation bodes well, because high sulphidation epithermal mineralization created some spectacular deposits such as Yanococha (Peru), Lepanto (Philippines) and La Coipa (Chile).   Of a total of 131 rock chip samples of the 200m strike of brecciated quartz vein exposed within this detailed survey area, 34 returned values in excess of 0.5g/t Au, of which 26 exceeded 1.0g/t Au ranging up to 58.6g/t Au, with the best values being as follows:

 

Au g/t Thickness m Easting Northing Comments
58.60 0.5 755550 1503340 Vuggy, quartz vein with ex-sulphide
15.50 5.0 755550 1503425 Vein quartz with clay in parts
13.85 5.0 755575 1503500 Vuggy, milky quartz vein with ex-sulphide
11.55 5.0 755575 1503395 Brecciated vuggy, quartz vein with ex-sulphide
10.35 5.0 755575 1503385 Vuggy quartz vein breccia
8.24 5.0 755555 1503425 Quartz vein breccia with ex-sulphide boxwork
6.94 5.0 755575 1503420 Vuggy quartz vein breccia
6.43 5.0 755550 1503330 Quartz vein,   brecciated with oxidized sulphide
5.74 5.0 755550 1503370 Vuggy quartz vein with hematite &geothite ,brecciated
5.68 5.0 755550 1503335 Quartz vein vuggy with hematite or goethite

These are not channel samples but are methodical chip samples collected from outcrop, subcrop and float in a series of 3 south to north traverses over the principal outcrop area. All but the first quoted result are from composite samples along 5m of traverse. The gold analyses were done by ALS by standard fire assay. The other analyses were done by XRF in the Angkor laboratory on pulverized pulp from the same samples. Angkor’s QA/QC protocol required semi-random insertion of calibration standards and blanks at a rate of 10 per 100.

The QP for this release, which he wrote and approved, is Dr. Adrian G. Mann, P.Geol., VP Exploration for ANGKOR. He is a graduate of London University and of the University of the Witwatersrand, with 50 years world-wide experience in mineral exploration and mining geology.

ANGKOR’s seven exploration licences in the Kingdom of Cambodia cover 1,448 km2, which the company has been actively exploring over the past five years.  The company has now covered all tenements with stream sediment geochemical sampling; has flown low level aeromagnetic surveys over most of the ground; drilled 18,737 metres of NQ core in 148 holes; and has collected in excess of 90,000 termite mound, and ‘B’ and ‘C’ zone soil samples in over 20 centres of interest over an area of over 100km2, in addition to numerous trenches and detailed geological field mapping.  Exploration on all tenements is ongoing.

ANGKOR GOLD CORP., a public company listed on the TSX Venture Exchange, is Cambodia’s premier gold explorer with a significantly large land package and a first-mover advantage with excellent relationships at all levels of Government (local to national).

FOR FURTHER INFORMATION PLEASE CONTACT:
ANGKOR GOLD CORP.
Mike Weeks, President
Telephone: (780) 568-3801
Email: mw@angkorgold.ca

 Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains forward-looking statements relating to exploration and drilling. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable law.