Angkor Reports Discovery of Gold at Okalla West Concentrated in 2 Metre Thick Soil Layer

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VANCOUVER, BC–(Marketwired – January 23, 2017) – Angkor Gold (TSXV:ANK is pleased to announce recent exploration results from the Okalla West Exploration Prospect, Cambodia. The Okalla West surface gold zone is within the Company’s 150 km2 Banlung Exploration license, Cambodia. Work on Okalla West is done under an agreement with Blue River Resources Ltd. (TSX VENTURE: BRX).

New auger assay results in the Okalla West gold zone shows that gold mineralization is located in a 2 metre thick lateritic soil layer which is covered by soil organics from 0.1 to 0.5 metres thick. Of the 235 samples analysed from within the laterite soil layer, the highest grade returned was 2.45 g/t Au.

As previously reported, a Very Low Frequency Electro-magnetic (VLF-EM) survey was conducted in December 2016 over a 1.1 km2 area within the previously discovered 4 km2 surface gold anomaly. Interpretation of the VLF-EM survey suggests two structural fault systems with the possibility of containing multiple quartz veins. Four assayed grab samples from field mapping show evidence of a quartz vein system in the surrounding area outside of the 1.1 km2 covered by the VLF-EM survey. The assays of these four grab samples returned results of 0.52 g/t Au, 0.09 g/t Au, 3.09 g/t Au and 1.83 g/t Au.

Based on the field observation and assay results, much of the gold appears to be a secondary deposit formed by groundwater leaching from quartz vein systems in the underlying bed rock then re-precipitating the gold into the laterite. Some of the gold is also hosted by locally derived bedrock clasts. This will be further examined during the upcoming trenching program, which is planned to begin in the next month. This is expected to consist of linear trenches and/or pits over 5 lines totalling approximately 7,200 cubic metres. Total volume will depend upon soil conditions and sampling procedure as determined during the program.

NEW RESULTS FROM RE-TESTED ASSAYS

Duplicate assays using a slightly different technique, done as routine part of the QA/QC protocol, showed considerable variance of results within individual samples, which is suggestive of a strong nugget effect.

This presence of erratic coarse gold (the nugget effect) was further confirmed by metallic screen analysis on 11 selected samples of 87 with exceptionally high gold panning concentration index. (See Table 1, below.)

Sample ID Easting Northing GOLD
INDEX(*1)
 ASSAY(*2) SCREEN ANALYSES (*3)  CHECKS(*4)
 g/t  COARSE
g/t
 FINE
g/t
 MEAN
g/t
 g/t  g/t
S103251 711597 1502144 9  0.04 2.71 0.14 0.20 0.16 0.11
S103299 711239 1501819 7  0.03 5.19 0.09  0.20  0.05  0.13
S103201 711356 1502141 25  0.03  5.44 0.05  0.14  0.04  0.06
S103324 711315 1501621 9  0.11  0.09 0.14  0.14  0.13  0.14
S103268 711281 1501940 7  0.02  0.04 0.14  0.14  0.12  0.15
S103254 711638 1502140 14  0.06  0.24 0.13  0.13  0.14  0.12
S103252 711597 1502144 19  0.05  0.10 0.08  0.08  0.06  0.10
S103271 711239 1501940 17  0.07  0.19 0.06  0.06  0.08  0.04
S103276 711559 1501940 5  0.02  0.22 0.03  0.04  0.02  0.03
S103206 711400 1502138 11  0.02  0.02 0.02  0.02  0.02  0.01
S103304 711282 1501819 5  0.02  0.03 0.01  0.01  0.01  0.01

(*1) High gold panning concentration index
(*2) Au-ICP22-AES 50g Fire Assay Inductively Coupled Plasma-Atomic Emission Spectrometry
(*3) Au-SCR22AA Screen Fire Assay Atomic Absorption Spectrometry
(*4) Au_AA26 50g Fire Assay Atomic Absorption Spectrometry

Table 1 – List of 11 selected samples for multiple assay techniques and results

The table above shows how different the gold assay results can be depending on the method used. Standard fire assay results showed minimal gold even when the pan concentrate gold index (“Gold Index”) was high. For example, although low results for sample S103201 were returned in both different assay techniques (“Assay” and “Checks”), the weighted mean assay result by metallic screen test (“Screen Analysis”) shows a gold grade of 0.14g Au/t, which is over twice the best value returned by conventional direct fire assay. This is a function of the high grade (5.44g Au/t) in the coarse fraction, a clear indication of strong nugget effect.

These results also confirm that although the pan concentrate gold index is an inexpensive and fast qualitative method of determining the presence of gold in the auger samples, it is not quantitatively reliable and higher gold assay results may be obtained using alternate testing methods.

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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 were submitted to ALS Mineral-Australian Laboratory Services (Cambodia) Co. Ltd for preparation in Phnom Penh, and gold analyses were done by ALS by standard fire assay in their Vientiane laboratories. All other analyses were by ICP-ME and ICP22 in their Australian laboratories. The initial assays used 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. The check assays used 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. The metallic screen analysis, using their Au-SCR22 method of standard fire assay with an ICP-Atomic absorption spectrometry finish after screening to 75 microns used 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 was done at the recommendation of the laboratory to avoid over or under-estimating gold grades because coarse gold was suspected.

Dr. Adrian G. Mann, P.Geol., is a Qualified Person as defined by National Instrument 43-101 and has reviewed this press release.

ABOUT ANGKOR GOLD CORP.

ANGKOR Gold Corp. is a public company listed on the TSX-Venture Exchange and is Cambodia’s premier mineral explorer with a significantly 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. 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.

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.

FOR FURTHER INFORMATION PLEASE CONTACT:
ANGKOR GOLD CORP.
Stephen Burega
Vice President of Corporate Development
Telephone: (647) 515-3734
Email: sb@angkorgold.ca
Website at: http://www.angkorgold.ca
Twitter @AngkorGold

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