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Diamond drill results from Okalla prospect, Cambodia

  • Exciting diamond drill results from OKALLA prospect, Cambodia
  • Multiple thick gold-copper porphyry zones.
  • Over 90m intersection grading 0.55g/t Au including 1.0m @ 34.29g/t.

VANCOUVER, BRITISH COLUMBIA (October 24, 2011)

ANGKOR GOLD CORP. (“Angkor” or the “Company”) (TSXV: “ANK”) is pleased to announce results that have been received from the first 2 deeper (~300m) holes (BL11-026 and BL11-027) drilled in the Okalla prospect, Banlung Tenement in Ratanakiri province, Cambodia. Completion of these 2 holes on Okalla marks the 26th and 27th diamond drill holes and a total of 2832 m drilled to date on the Banlung tenement. The target is a large copper-gold porphyry system, which these holes appear to confirm. With the monsoon season the program was suspended and will resume later this year.
These holes were drilled to investigate the alteration zone in a diorite that is associated with a ‘C’ zone soil geochemical gold-copper-molybdenum anomaly on the prospect. The anomaly is at least 500m across, and coincides with a magnetic high that is roughly 2000m along its longest, northwest, axis and about 800m wide.

October 25, 2011 Image 1

The geochemical anomaly terminates to the north against an overlying Quaternary flood basalt flow. An extension to the geochemical survey shows a further gold-copper soil anomaly about 1km to the northeast, beyond the basalt ridge. The accompanying map shows the location of these two holes in relation to the gold anomalies overlain on the simplified geology.
Both holes were drilled at an inclination of -60o towards azimuth 360o with triple tubing, starting at HQ calibre down to 50m and thereafter at NQ3 for the remainder of the hole (300.2m). Hole BL11-026 remained in medium to coarse grained grey to brown-grey granodiorite to quartz- and hornblende-diorite for almost the entire length, with minor more acid to intermediate dyke intrusions and occasional faulting. The entire hole shows strong clay alteration with numerous intersections of calcite and quartz micro-veinlets and ultra-fine grained disseminations and hairline fracture fillings of sulphides, generally pyrite but with common chalcopyrite. These features are common in porphyry systems elsewhere in the world. Hole BL11-027 shows much the same lithology and mineralization, although chalcopyrite content seems to diminish after ~250m, but pyrite content appears to remain constant.
The table below depicts the more important values returned.

October 25, 2011 Image 2

Management views these results as particularly gratifying, because apart from the single high grade gold value at 101.0m in BL11-026, associated with a thicker pyrite-chalcopyrite veinlet, which returned a value of well in excess of 2 opt Au over a metre, there were no exceptionally high grade values to skew results. The holes show great thicknesses of promising lithology which contain enhanced gold, silver and copper values. Hole BL11-26 was drilled from the same pad as, and at 90o from BL10-020D which returned 0.080% Cu, 0.23 g/t Au over its entire length of 100.1m. Hole BL11-27 was drilled 70m further west, from the same pad as, and at 90o from, BL10-021D which returned 0.088% Cu over 98.0m.
All cores were saw-split before sampling. Cores are stored at the Company’s facility in the city of Banlung, Ratanakiri province. All analyses were done by ALS-Chemex in Vientiene, 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. Higher value results were analysed in duplicate. 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 1.0m or less than 0.5m.
The core was logged and sampled by Mr Sok Vun, a senior geologist with the Cambodian Ministry of Industry, Mining and Energy, on secondment to PPMC. He is a graduate of the University of the Ukraine in Kiev, with over 20 years experience in the minerals industry in Cambodia.
Adrian G. Mann, P. Geol., VP Exploration of Angkor, a Qualified Person under National Instrument 43-101, has personally examined the core and assay results and wrote and approved this press release. Dr. Mann is a graduate of London University and of the University of the Witwatersrand, with over 40 years world-wide experience in mineral exploration and mining geology. Dr. Mann lives in Calgary, Alberta.

ANGKOR GOLD CORP. is a public company listed on the TSX Venture Exchange. The Company has 4 exploration licenses in the Kingdom of Cambodia covering a total of 1167 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 2 years, and has covered all 4 licenses with stream sediment geochemical sampling, has flown low level aeromagnetic surveys over most of this ground, drilled some 8781 metres of NQ core in 76 holes, and has collected in excess of 12,500 ‘C’ zone soil samples in 6 centres of interest, over a combined area of 12km2, 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) 518-0326
Email: mw@angkorgold.ca

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
Reader Advisory
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.

Consequently, 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 forward-looking 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.

Category: Banlung, Banlung (Okalla), Press Release

By Angkor Gold on October 25, 2011