Angkor Gold Announces Preliminary Results of Test Pit Exploration At Okalla West

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Angkor Gold (TSXV:ANK) is pleased to announce the results of its ongoing exploration program on the Okalla West project within the Banlung license located in Ratanakiri province, northeast Cambodia. The program is being conducted in cooperation with Blue River Resources Ltd. (TSX VENTURE: BXR).

On January 23, 2017, the Company began a test pit exploration program. The near surface samples were analyzed using a screened metallic process and show a north trending gold anomaly at least 320 metres in length and 45 metres in width. This anomaly occupies the southern lobe of the larger 4 km2 surface gold anomaly (see press release of March 6, 2017) and sits on top of clay weathered bedrock. The gold anomaly is located over diorite intruding gabbro. Assay of vein material found in and under the deeply weathered surface layer returned values from 0.18 to 11.5 gpt Au.

“The trenching results from Okalla West show good results on surface reflecting a bedrock hosted system just below,” said Mike Weeks, CEO of Angkor Gold. “We are excited to continue our exploration on this prospect.”

The program involved the excavation of pits one metre by two metres. The pits were dug through to the bottom of the deeply weathered surface layer. Samples were collected for pan concentration testing and for metallic screen analysis. An auger hole was drilled from the bottom of each pit as deeply as possible and is designed to identify the underlying geology and sample the bedrock. See the map accompanying this release for pit locations and values.

Two 100 kg near surface samples from new pits dug on lines 2 and 5 were collected. The samples were pan concentrated and are being sent to Canada for testing to determine the potential for bulk sampling and test processing. Near surface samples analyzed using a screened metallic process returned values from 0.15 gpt Au to 1.16 gpt Au.

Quartz vein material was collected from the pits near or within the north trending anomaly returned highly anomalous results for gold. The vein material displays at least three phases of quartz mineralization. The first phase is massive white quartz and returned 0.18 gpt Au (Sample S103564). The second phase consists of white and grey quartz breccia with abundant pyrite and returned 2.32 gpt Au (Sample S103475). The third phase consisted of grey microcrystalline quartz in breccia with abundant pyrite. It returned 11.5 gpt Au (Sample S103456). Several larger quartz vein float pieces on line 5 (see map) contained visible gold. The multiple phases of quartz and sulphide brecciation and deposition with visible gold indicates a typical structurally controlled “crack and seal” system of gold mineralization. Pit 14 on Line 5 returned the highest metallic screen assay at 2.09 gpt Au. This suggests that there could be multiple parallel fault structures hosting gold veins.

During the excavation of the 100kg bulk samples five additional samples of quartz vein float was located directly north of pits 5 and 6 on line 5. Assay results of the samples of auger drilling of bedrock and of the five new quartz vein float samples are pending.

PIT METHODOLOGY

Excavation pits consist of lines of pits laid across identified gold in soil anomalies in irregular east/west orientation. Individual pits are approximately 1m wide and 2m long, dug to the depth of the deeply weathered surface layer. Pits are hand dug every 15 m centre. Each pit is sampled from the top to the bottom of the deeply weathered surface material for pan concentration. A second smaller sample was collected and sent for metallic screen analysis. In addition, the bedrock was sampled by an auger hole from the bottom of the pit. The auger holes test as deep as is possible into the weathered bedrock. The deepest so far has been 7.2 metres measured from the surface profile. Auger samples collected immediately beneath the deeply weathered surface layer were sent for gold and multi-element analysis (assays pending).

SAMPLE METHODOLOGY

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 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 ICP-ME and ICP22 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. Metallic screen analysis, using their Au-SCR22 method of standard fire assay with an ICP-Atomic absorption spectrometry finish after screening to 75 microns use a 1kg nominal weight sample, with assay of the entire oversize fraction and duplicate assay on 50gm aliquots of the undersize fraction. This last method has been done at the recommendation of the laboratory to avoid over or under-estimating gold grades because coarse gold was suspected.

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.

BLUE RIVER RESOURCES LTD.

Under an agreement with Angkor, Blue River Resources Ltd. (TSX VENTURE: BXR) has the right to participate initially in up to a 50% interest of the Banlung exploration license from Angkor Gold Corp., after the completion of a total investment of US$3.5 million in exploration expenditures over a 4-year period. Blue River may then exercise their option on an additional 20% interest of the Banlung tenement through the commission and completion of a bankable feasibility study on the property or portion thereof.

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

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.

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