ANGKOR DRILLS 16.67g/t GOLD OVER 4.05m IN PHUM SYARUNG PROSPECT, CAMBODIA
VANCOUVER, BC (September 25th, 2012)
ANGKOR GOLD CORP. (TSXV: ANK) (“ANGKOR”)
is pleased to announce a significant gold discovery on one of our 5 100% owned tenements in the Kingdom of Cambodia. Drilling on the Phum Syarung Prospect, Oyadao South tenement has outlined a strike of 275m, open at depth, to the north and to the south on a linear northsouth vein. Of the 8 holes drilled, 6 returned highly positive results, two of which contain noticeable quantities of visible gold. Of particular note is a 20cm section in PS12-013D depicted below.
The best value, in PS12-018D shows 16.65g/t Au over 4.05m, and appreciable silver (17.4g/t), copper (0.62%), lead (2.13%) and zinc (2.01%). This is not an isolated occurrence as the adjoining holes all show robust thicknesses and grades of gold and base metals (6.6 g/t Au over 3.2m; 4.7g/t Au over 2.3m; 5.1g/t Au over 3.3m).
These holes were all drilled on a single linear feature, originally discovered in 2010 in follow-up “scout” drilling on a ‘C’ zone soil geochemical lead-zinc anomaly which coincides with intense artisanal activity. This feature coincides with a strong surface electromagnetic (SEM) geophysical anomaly located this season, which was targeted for follow-up by holes PS12-012D and PS12-013D.
The feature is a very well mineralized robust quartz vein of variable thickness, with polymetallic sulphides, mainly galena+/-sphalerite+/-pyrite-chalcopyrite and minor molybdenite; having crackle breccia at the upper and lower contacts; and mid-vein banding. Host rock is medium-grained, grey granitoid with weak potassic feldspar and biotite alteration, and pervasive very fine grained disseminated pyrite.
The vein occurs within a fault zone that can be traced 10km south to the Dokyong ‘Z’, ‘Y’ and ‘X’ soil geochemical anomalies. The Dokyong sampling grid is being extended to the northeast along this fault zone.
“This is the most significant discovery we’ve made in Cambodia; and additional work is needed” commented Angkor’s VP Exploration, Dr Adrian Mann. “As soon as the weather allows, we’ll have a drill rig on site to follow the feature along strike and down dip. The artisanal workings cover a strike of over 750m, so our drilling has only investigated a third of that potential. Additionally, many of the holes hit old workings above this vein, and we need to follow-up on these parallel veins as they should substantially increase possibilities.”
President and CEO Mike Weeks reports “this season we drilled 7 prospects, finding significant mineralization in 6 of them. These results will move Phum Syarung into the top 3 prospects, and help define our exploration programs next season. Our plans are to focus on the 2-3 of the highest-priority prospects, and continue exploration on these discoveries. Cambodia continues to be one of the most business friendly countries in which I have worked, and we are now seeing several more Canadian companies opening up there in the last few months.”
All drill holes in the program used HQ series for the uppermost 25-40m, and thereafter used triple-tube wireline N series. All cores were oriented and saw-split before sampling.
Cores are stored at the Company facility in the city of Banlung, Ratanakiri province. All analyses were done by ALS-Chemex in Vientiane, Laos for gold by single assay ton fire assay with an AA finish, and in Brisbane, Australia for base metals by ICP-MS following acid digestion. Company QA/QC protocol requires the insertion of some 20% of blank and standard samples on a randomized basis throughout the sample sequence. The protocol further requires that no sample interval be greater than 1.0 m or less than 0.25m, unless there is a good geological reason to do otherwise. Higher grade samples are being analysed in duplicate and triplicate, with the arithmetic mean of all repeats being reported. These occasionally have shown ranges in values that exceed an order of magnitude from lowest to highest: when this occurs metallic sieve analysis is now standard practise.
Drill supervision and logging was all done by company geologists under the direction of Kurtis Dunstone, G.AIG, Exploration Manager for ANGKOR. Mr. Dunstone is a graduate of Latrobe University, Melbourne, and Universitet Gotheborg, Sweden, with 10 years of experience in mineral exploration. He is stationed in Banlung, Cambodia. The QP for this release, which he wrote and approved, is Adrian G. Mann, P.Geol., VP Exploration for ANGKOR. He is a graduate of London University and of the University of the Witwatersrand, with over 45 years world-wide experience in mineral exploration and mining geology. Dr. Mann lives in Calgary, Alberta.
ANGKOR GOLD CORPORATION is a public company listed on the TSX-Venture exchange. The company has 5 exploration licenses in the Kingdom of Cambodia covering a total of 1348 km2 and 3 Memoranda of Understanding with the Ministry of Mines, Industry and Energy covering a further 1499 km2. The company has been actively exploring these concessions over the past 3 years, and has now covered all 8 tenements with stream sediment geochemical sampling, has flown low level aeromagnetic surveys over much of the ground, drilled 17,556 metres of NQ core in 143 holes, of which 8,815m in 66 holes were drilled this season; and has collected in excess of 20,000 ‘C’ zone soil samples in 8 centres of interest, over a combined area of 20km2, in addition to numerous trenches and detailed geological field mapping. Exploration on all tenements is ongoing.
FOR FURTHER INFORMATION PLEASE CONTACT:
ANGKOR GOLD CORP.
Mike Weeks, President
Telephone: (780) 568-3801
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS
REGISTERED OR EXEMPT THEREFROM
Except for statements of historical fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to the timing and completion of the Corporation’s financings and related information. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. onsequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are founded on the basis of expectations and assumptions made by the Corporation. Such forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forwardlooking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada, Cambodia, the United States and globally; industry conditions, including fluctuations in the prices of gold and other base metals; governmental regulation of the mining industry in both Canada and Cambodia, including environmental regulation; unanticipated operating events or performance which can reduce production or cause production to be delayed; failure to obtain industry partner and other third party consents and approvals, if and when required; competition for and/or inability to retain mining equipment and other services; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; liabilities inherent in mining operations; competition for, among other things, capital, undeveloped lands, skilled personnel and supplies; incorrect assessments of the value of acquisitions; geological, technical, drilling, processing and transportation problems; changes in tax laws and incentive programs relating to the mining industry; failure to realize the anticipated benefits of acquisitions and dispositions; and other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information. Neither the TSX Venture nor its regulation services provider (as that term is defined in the policies of the TSX Venture) accepts responsibility for the adequacy or accuracy of this press release.