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

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.)

(*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.