Algold Identifies Potential High Grade 3.1 km Strike Length Gold Zone with Intercepts Including 16.4 g/t Au over 6 Meters at Tijirit, Mauritania

MONTREAL, Aug. 16, 2016 /PRNewswire/ – Algold Resources Ltd. (TSXV:ALG) today announced excellent preliminary results from its Phase I 10,000-meter drilling campaign. The results support the Corporation’s interpretation of a potential high-grade gold deposit covering an area of more than 3.1 kilometers on strike and open in all directions. The exploration was carried out on the Eleonore zone, Sophie I, Sophie II-III and Lily zones. These prospects are located on Algold’s Tijirit Property (“Tijirit” or “the Property”) in Mauritania, which represents an area of more than 1,000 km²situated approximately 25 kilometers southeast of the Tasiast gold mine.
Highlights – Phase I

• Recent results at Eleonore, in combination with previously reported reverse-circulation (“RC”) drilling results, continue to corroborate our initial interpretation of a high-grade gold zone over 3.1 kilometers:
  • Drill hole T16RC027 intersected 6 m @ 16.4 g/t Au on strike, 1.25 kilometers southwest of previously reported hole ERC4, thus bringing the overall strike length defined by drilling to over three kilometers. (Reference: Figure 1);
  • Drill hole T16RC031 intersected 6 m @ 9.64 g/t Au, 100 meters northeast of earlier hole ERC4, outside the actual wireframe;
  • Drill hole T16RC024 intersected 6 m @ 4.23 g/t Au, on strike, 860 meters northeast of previous drill hole ERC4, which intersected 6 m @ 17.6 g/t Au;
  • T16RC032, a twin hole of previously drilled holes ERC4 and ECD1, intersected 6 m @ 9.31 g/t Au.
• All intersections on Eleonore are associated with quartz veining within mafic volcanic, or are at sheared contacts between a volcano sedimentary sequence and mafic volcanic.
• The Eleonore structure is characterized by mineralized quartz veins, which have been identified further north and south of currently known occurrences, thus extending the exploration target to over 10 kilometers.
• Drill hole T16RC020 on Sophie II intersected 11 m @ 1.53 g/t Au, while T16RC021 intersected 12 m @ 1.5 g/t Au, possibly in the hinge of an interpreted fold in BIF. These intersections are situated down dip of the actual wireframe. (Reference: Figure 2)
• An impressive grab chip sample grading 2,200 g/t Au was retrieved from an area approximately two kilometers southwest of Sophie II. This represents the highest-grade rock chip ever found on the property. (Reference: Figure 3)

Francois Auclair, President and Chief Executive Officer, Algold commented on the preliminary results, “We are very pleased with the progress of our exploration program.  To date, the results of Phase I of our 2016 exploration program meet, and in several instances exceed, our expectations. We are in receipt of some 25% of the Phase I assay results and thus far the high-grade intersections on Eleonore continue to corroborate our initial interpretation of a continuous, high-grade gold zone associated with quartz veining at the sheared contact between a volcano sedimentary sequence and a mafic volcanic unit striking over 3.1 kilometers. Furthermore, RC drilling at Sophie II indicates a potential extension along strike and down dip of a previously identified wide, lower grade mineralized zone.”
The Phase I drilling program was completed on time and on budget in early August 2016 with the anticipated remaining assay results expected in the later part of Q3 2016.
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