Gold

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MONTREAL , Sept. 8, 2016 /CNW/ – Algold Resources Ltd. (TSXV:ALG) today announced more results from its Phase I 10,000-meter drilling campaign carried out on the Corporation’s Tijirit property (“Tijirit”) in Mauritania .

MONTREAL , Sept. 8, 2016 /CNW/ – Algold Resources Ltd. (TSXV:ALG) today announced more results from its Phase I 10,000-meter drilling campaign carried out on the Corporation’s Tijirit property (“Tijirit”) in Mauritania . The new results further validate Algold’s interpretation of a continuous 3.1-kilometer strike length over the Eleonore Zone, which remains open along strike and at depth. Recent drilling results also indicate that the Lily Zone is still open along strike to the north. In addition, rock chip sampling indicates that the structure hosting the Eleonore and Lily zones extends over at least 20 kilometers.

Highlights

  • Hole T16RC070 – 3 m @ 30.03 g/t Au, is situated in the northern area of the Eleonore Zone between hole T16RC045 and T16RC024 (Figure 1).
  • Hole T16RC045 – 5 m @ 6.64 g/t Au, is situated along strike 260 m south-southwest of hole T16RC024. (Figure 1).
  • Diamond drill hole T16DD04 drilled for metallurgical testing adjacent to hole T16RC035 (7 m @ 3.2 g/t Au – referenced in Algold’s press release dated August 18, 2016 ) in the central area of the Eleonore Zone revealed the presence of a gold rich quartz vein (Photo 1), highlighting the high-grade potential of the vein within the zone. This central area of Eleonore has now been tested over 600 meters of strike.
  • In the northern strike extension of the Lily Zone, Hole T16RC052 intersected 14 m @ 1.03 g/t Au and 6 m @ 1.59 g/t Au, thus indicating that the Lily Zone is still open along strike to the north.

Within the Eleonore’s 3.1-kilometer strike gold zone, new results define three high-grade areas: north, central and south. These areas could potentially be continuous and may be confirmed by additional drilling in the future. The northern area of Eleonore has now been defined over a strike length of more than 300 meters and to a depth of 70 meters. The area to the north remains open along strike and at depth. 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.

Algold completed eight large diameter core drill holes, with the samples to be used to initiate a number of metallurgical studies and comminution tests. Polished slides will also be generated for mineralogical studies. Results are expected in the latter part of Q4 2016.

The Phase I drilling program was completed in early August 2016 , on time and on budget, with the remaining assay results expected in the latter part of Q3 2016. Algold expects to complete Phase II of the drilling program, which is currently underway, in early Q4 2016.

“The Eleonore gold zone, one of four main gold mineralized zones identified at Tijirit, continues to exceed expectations and deliver high-grade gold results,” said François Auclair , President and Chief Executive Officer, Algold. “Core drilling for metallurgical testing revealed gold rich veins in the central portion of the Eleonore Zone, while the Lily Zone continues to add quality ounces and has the potential to contribute significantly to the resource base. As at the beginning of September Algold is in receipt of approximately 60% of Phase I assay results.”

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