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Angkor Discovers New Copper Porphyry System at Oyadao South Halo Project

Sexsmith, AB, (Oct. 19, 2017): Angkor Gold Corp. (TSXV: ANK and OTC: ANKOF) (“Angkor” or “the Company”) CEO Mike Weeks is pleased to provide an update on the diamond drill and Induced Polarization (IP) geophysics programs at Halo on Angkor’s Oyadao South license in conjunction with its exploration partner, Japan Oil, Gas and Metals National Corporation (“JOGMEC”).

Highlights

Highlights of Phase 1 program results include:

  • All of Phase 1 diamond drilling and IP programs at Halo are now complete.
  • Results from HAL17-001D showed an intercept of 2345 ppm Cu, 1.34 g/t Ag, and 261.4 ppm Mo over 88.9m including an intercept of 8043 ppm Cu, 2.24 g/t Ag, and 320.7 ppm Mo over 7.9m.
  • Results indicate the existence of previously unknown copper-molybdenum porphyry systems at Halo.
  • Results from HAL17-004D and final interpretation of the IP program are still pending.
  • The Phase 2 exploration program in Oyadao South includes additional diamond drilling at Halo, targeting IP anomalies and expand regional exploration onto additional magnetics and geochemical anomalies in Oyadao South.

The first phase of the diamond drilling and IP at Halo is completed with a total of 1,578 m of drilling in four holes, 41.6 km of surface IP lines, downhole IP on all four completed drill holes, and IP core testing on 157 samples from all four drill holes.

Significance of Results

“Copper-gold-molybdenum porphyry systems typically occur in clusters,” said Dennis Ouellette, Angkor’s Exploration Manager. “The Halo occurrence on the Oyadao License represents the discovery of a new and previously unknown porphyry system. Porphyry systems can be richly endowed with associated epithermal gold and silver veins, base and precious metal skarns.”

Drill hole HAL17-001D results represent mineralization found away from but likely connected to the centre of the mineralized porphyry system. All the drill holes intercepted alteration and veining associated with porphyry systems. Interpretation of the surface IP survey and down-hole IP surveys will assist in determining the Phase 2 drill program.

Drilling Results

Assay results from drill holes HAL17-001D, HAL17-002D, and HAL17-003D have been returned from ALS-Chemex Laboratories with results from HAL17-004D still pending.  Hole HAL17-001D shows appreciable copper (Cu) and silver (Ag) mineralization in the top 99 metres, with anomalous levels of molybdenum (Mo) corresponding with disseminated sulphides observed in the same interval. Included in the 99m interval is an intercept of 2345 ppm Cu, 1.34 g/t Ag, as well as 261.4 ppm Mo over 88.9m which  includes 7.9m of 8043 ppm Cu, 2.24 g/t Ag, and 320.7 ppm Mo from 10.1m to 18.0m.

“This discovery hole is immensely important,” said Dennis Ouellette, Angkor’s Exploration Manager. “We have proven that a sizable porphyry system exists on the Halo prospect. Our focus for Phase 2 will be follow-up drilling of this significant discovery.”

Although porphyry-style mineralization and alteration was observed in the remainder of holes HAL17-001D, HAL17-002D, and HAL17-003D, no significant results were reported. Significant results from drill hole HAL17-001D are set out in the table below:

Hole ID From (m) To (m) Length (m) Ag (g/t) Cu (ppm) Mo (ppm)
HAL17-001D 10.10 11.10 1.00 3.82 2660 386.0
11.10 12.10 1.00 3.36 19100 516.0
12.10 12.95 0.85 1.32 7390 265.0
12.95 13.95 1.00 2.52 17650 375.0
13.95 14.95 1.00 0.95 6610 267.0
14.95 16.00 1.05 2.74 4690 311.0
16.00 17.00 1.00 1.52 2790 189.0
17.00 18.00 1.00 1.54 3520 249.0
18.00 19.00 1.00 1.28 2130 335.0
19.00 20.00 1.00 1.88 2950 330.0
20.00 21.00 1.00 1.23 1990 475.0
21.00 22.00 1.00 1.59 2680 265.0
22.00 23.00 1.00 1.34 2110 195.0
23.00 24.00 1.00 1.79 2780 204.0
24.00 25.00 1.00 1.33 2110 148.5
25.00 26.00 1.00 2.15 3400 247.0
26.00 27.00 1.00 2.15 2540 418.0
27.00 28.00 1.00 1.34 2220 288.0
28.00 29.00 1.00 2.21 3640 198.5
29.00 30.00 1.00 3.12 3790 245.0
30.00 31.00 1.00 3.60 2770 368.0
31.00 32.00 1.00 1.70 2240 510.0
32.00 33.00 1.00 1.04 1870 171.5
33.00 34.00 1.00 2.11 3340 182.5
34.00 35.00 1.00 2.57 4140 165.0
35.00 36.00 1.00 2.35 3640 80.8
36.00 37.00 1.00 1.79 2980 318.0
37.00 38.00 1.00 1.33 2310 204.0
38.00 38.70 0.70 1.49 2370 228.0
38.70 39.35 0.65 1.94 1930 164.5
39.35 39.90 0.55 1.50 1590 231.0
39.90 40.80 0.90 1.85 2220 172.0
40.80 41.80 1.00 1.19 1750 175.0
41.80 42.80 1.00 1.02 1650 597.0
42.80 43.80 1.00 1.46 2040 448.0
43.80 44.80 1.00 1.44 2470 129.5
44.80 45.80 1.00 1.11 1500 132.5
45.80 46.80 1.00 1.21 1880 263.0
46.80 47.80 1.00 0.79 1200 173.5
47.80 48.80 1.00 1.21 1510 653.0
48.80 49.80 1.00 0.95 1020 188.0
49.80 50.25 0.45 1.35 1490 183.5
50.25 51.25 1.00 1.19 1190 289.0
51.25 52.25 1.00 0.64 1100 420.0
52.25 53.25 1.00 1.06 1530 471.0
53.25 54.25 1.00 4.78 1500 116.0
54.25 55.25 1.00 1.06 1350 258.0
55.25 56.25 1.00 0.33 365 240.0
56.25 57.25 1.00 0.44 405 671.0
57.25 58.25 1.00 0.20 307 432.0
58.25 59.25 1.00 0.22 370 336.0
59.25 60.25 1.00 0.52 864 402.0
60.25 61.25 1.00 1.08 1685 168.0
61.25 62.25 1.00 1.19 1815 187.0
62.25 63.25 1.00 0.68 1145 142.0
63.25 64.25 1.00 1.21 1985 263.0
64.25 65.25 1.00 0.73 981 203.0
65.25 66.25 1.00 1.18 1500 189.0
66.25 67.25 1.00 0.80 1040 118.5
67.25 68.25 1.00 0.91 1285 220.0
68.25 69.25 1.00 0.90 1265 187.5
69.25 70.25 1.00 0.79 1215 133.5
70.25 71.25 1.00 0.61 1005 193.5
71.25 72.25 1.00 0.87 1140 338.0
72.25 73.25 1.00 0.75 1250 235.0
73.25 74.25 1.00 0.50 812 325.0
74.25 75.25 1.00 0.48 745 144.0
75.25 76.25 1.00 0.42 535 157.5
76.25 77.25 1.00 0.52 595 671.0
77.25 78.25 1.00 1.04 1470 219.0
78.25 79.00 0.75 0.74 1205 143.5
79.00 80.00 1.00 1.00 1410 215.0
80.00 81.00 1.00 0.66 950 351.0
81.00 82.00 1.00 0.62 1015 47.9
82.00 83.00 1.00 0.78 1500 163.5
83.00 84.00 1.00 0.69 1260 634.0
84.00 85.00 1.00 0.61 1140 155.0
85.00 86.00 1.00 0.65 1090 42.4
86.00 87.00 1.00 1.76 3620 748.0
87.00 88.00 1.00 0.96 1545 164.5
88.00 89.00 1.00 0.92 1690 150.0
89.00 90.00 1.00 1.35 2350 48.0
90.00 91.00 1.00 1.05 1550 377.0
91.00 92.00 1.00 1.96 3480 83.2
92.00 93.00 1.00 1.13 1795 65.8
93.00 94.00 1.00 2.12 3280 104.0
94.00 95.00 1.00 1.30 2030 44.3
95.00 96.00 1.00 1.35 2030 70.9
96.00 97.00 1.00 1.50 2090 146.5
97.00 98.00 1.00 0.93 1435 47.9
98.00 99.00 1.00 0.71 1220 59.0
Weighted average over 88.9m: 1.34 2345 261.4

 

True widths of the drill hole intersections have yet to be determined.

Detailed logging of HAL17-001D shows the hole is dominantly composed of intermediate volcaniclastic rocks and andesite with phyllic alteration cut by numerous pink porphyry dykes, rhyolite dykes, microdiorite dykes, and fine-grained mafic dykes.  The majority of the top 95m is phyllic alteration with patches of weak potassic alteration with magnetite throughout to the bottom of the hole.  Mineralization consists of quartz-pyrite-chalcopyrite molybdenite veinlets and disseminated pyrite and chalcopyrite in the volcanic and volcaniclastic host rock with some occurrences of bornite and covellite.

Detailed logging of HAL17-002D shows that the hole is dominantly composed of diorite and granodiorite with patches of phyllic and weak potassic alteration.  Mineralization in the hole consists of quartz-pyrite-chalcopyrite veins and veinlets.  The granodiorite and diorite are cut by fine mafic dykes, andesitic dykes, aplite dykes, and rhyolite dykes.

HAL17-003D was targeting anomalous surface channel sampling results and termite mound geochemistry both showing elevated levels of copper and molybdenite with respect to the background.  The drill hole consisted of sheared andesite at the top of the hole and transitioned to granodiorite cut by fine-grained mafic dykes.  Alteration consists of propylitic granodiorite with patches of phyllic alteration.  Mineralization consist of quartz-pyrite-chalcopyrite-molybdenite veins and veinlets.  The drill hole did not reach the 400m target due to mechanical issues with the drill.

HAL17-004D targeted the area with the highest copper from the termite mound geochemistry results. Results from this hole are pending. This drill hole began in largely unaltered granodiorite and transitioned into propylitic-altered granodiorite and phyllic altered diorite cut by massive polymetallic veins consisting dominantly of pyrite and quartz with chalcopyrite, sphalerite, and galena.  The granodiorite is cut by rhyolite dykes, mafic dykes, and diorite dykes.

IP Program

The IP geophysics program completed all of the surface lines, downhole IP, and IP core testing by the end of September.  Preliminary results have been received from Austhai for the surface IP and results from the downhole IP and IP core testing are still pending.

Phase 2 Exploration Program

The Phase 2 exploration program in Oyadao South, set to begin in November, will include:

  • Drill testing the most favorable areas from the final results from the surface and downhole IP program at Halo
  • Expansion into new areas of Oyadao South with similar magnetics anomalies and surface geochemistry seen at Halo, evaluating these areas with more surface geochemistry programs, geological mapping, surface geophysics, and SWIR alteration studies.

SAMPLE METHODOLOGY

Angkor maintains a rigorous sample quality control and assurance protocol, with the customary insertion of blanks and certified reference materials (CRMs), 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.

ABOUT JOGMEC

JOGMEC was established in February 2004, following the integration of the former Japan National Oil Corporation and Metal Mining Agency of Japan. It is an Independent Administrative Agency under the Japanese Ministry of Economy, Trade and Industry, with a mandate of investing in exploration minerals projects worldwide to help secure a stable supply of natural resources for Japanese industry.

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.

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 Exploration Manager and has reviewed and approved the technical disclosure in this document.

ANGKOR GOLD CORP.

Stephen Burega, Vice President of Corporate Development

Telephone: (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

PDF Version: Oyadao South PR_Oct2017 FINAL

Category: Oyadao South, Press Release

By Stephen Lautens on October 19, 2017