Angkor Gold Update On Drill Program On Oyadao South Halo Project
Sexsmith, AB, (August 17, 2017): Angkor Gold Corp. (TSXV: ANK and OTC: ANKOF) (“Angkor” or “the Company”) CEO Mike Weeks is pleased to provide an update on the current diamond drill program at Halo on Angkor’s Oyadao South license in conjunction with its exploration partner, Japan Oil, Gas and Metals National Corporation (“JOGMEC”).
After reviewing the preliminary data from the ongoing IP program and evaluating core from the initial 813 metres of the planned 1200 metre drill program, Angkor and JOGMEC intend to increase the drill program.
Hole HAL17-001D at Halo was drilled to test an airborne magnetic anomaly and was drilled to a depth of 411.9 metres. Hole HAL17-002D was drilled to test both a surface copper molybdenum anomaly and a target outlined by the initial IP sections completed before the hole was collared. It was drilled to a depth of 401.21 metres. Field observations show that the porphyry style mineralization and alteration exposed on surface continues to the bottom of the initial two holes. Preparations are being made for planned drill hole HAL17-003D and additional hole HAL17-004D, each with planned depths of 400 meters targeting copper and IP anomalies.
All drill holes are located within the area now being covered by the IP program covering the Halo porphyry style system. Angkor has already identified a 7.25 km2 copper anomaly on the property. Drilling is intended to further define and test the structure and mineralization of the anomaly.
Field observations of the core indicate that pyrite, molybdenum and copper veinlets and veins exposed on sparse surface exposures continue to the bottom of the first two holes in the targeted intrusive/volcanic rock sequence. Detailed logging of magnetic susceptibility and short wave infrared analysis of the core will help to determine where we are in the porphyry system. The core samples are being logged and split in preparation for assay.
“The presence of porphyry style molybdenum and copper mineralized veins is very encouraging,” said Dennis Ouellette, Angkor’s exploration manager. “The information gathered from this modest geophysical and drill program will allow us to develop high-potential targets for future drill programs.”
The IP profile is consistent with a porphyry style system consisting of a shallow chargeability high resulting from pyrite/clay alteration draped over a less chargeable potassic alteration zone.
Under a Joint Exploration Agreement (“JEA”) with Angkor JOGMEC has committed a total investment of US$3 million in exploration the Oyadao South license over a 3 year period. The JEA gives JOGMEC the option to acquire 51% of the Oyadao South license from Angkor.
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.
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.
Dennis Ouellette, B.Sc, P.Geol., 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
ANGKOR GOLD CORP.
Stephen Burega, Vice President of Corporate Development
Telephone: (647) 515-3734
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.