Algold Continues to Intersect Positive Results Including 28 g/t Au Over Two Meters at Tijirit's Eleonore Zone

MONTREAL , Oct. 5, 2016 /CNW Telbec/ – Algold Resources Ltd. (TSXV:ALG) today announced the final results from its Phase I 10,000-meter drilling campaign carried out on the Corporation’s Tijirit property (“Tijirit”) in Mauritania. These most recent results continue to validate the vast potential of the significant 3.1-kilometer strike mineralised corridor on the Eleonore Zone. This zone is delineated in three high-grade areas: north, central and south

The Eleonore Zone is made up of a series of quartz veins of various widths and strikes, forming a continuum over the full 3.1-km strike. While the northern part appears to host the richest gold veins, the southern part appears to host a larger array or swarm of quartz veins of all types. Gold grades appear intimately associated with both the size of the vein and their sulphide mineralization content.

Highlights

• Hole T16RC081 – 2 m @ 28.0 g/t Au, situated in the southern area of Eleonore, 100 m SE of hole T16RC027 (6 m @ 16.4 g/t Au – referenced in Algold’s press release dated August 16, 2016 ). (Figure 1)
• Hole T16RC080 – 12 m @ 1.75 g/t Au is located 300 m NNE of hole T16RC027 (6 m @ 16.4 g/t Au – referenced in Algold’s press release dated August 16, 2016 ), and on the same section as T16RC079 – 4m @ 1.81 g/t Au.
• Hole T16RC079 – 4 m @ 1.81 g/t Au is on the same section line as T16RC080 – 12 m @ 1.75 g/t Au, but 100 m WNW.

The Eleonore Zone continues to demonstrate considerable potential to host a significant high-grade gold deposit as all three areas remain open in all directions.

The Corporation is now in receipt of the 5,617 samples sent for as part of the Phase I – 10,000-meter reverse-circulation (“RC”) drilling program conducted from mid-May to mid-August 2016 . Algold confirmed that the Phase I drilling program was completed on time and on budget.

In mid-September, Algold initiated its Phase II – 10,000-meter drilling program, which consists of some 7,500 m of RC and 2,500 m of diamond drilling (“DDH”). Phase II assay results are expected in Q4 2016, thereby available for inclusion to Algold’s preparation of a new resources estimate for the property by year-end 2016 or early 2017.

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