ANGKOR GOLD CORP.: Discovery of Two New Mineral Targets in Cambodia


GRANDE PRAIRIE, Alberta, Oct. 28, 2014 (GLOBE NEWSWIRE) -- ANGKOR GOLD CORP. (TSX-V:ANK) ("ANGKOR") announces that routine reconnaissance mapping close to the southern boundary of the Oyadao North tenement located two strongly developed silica caps ("Han" and "Adrian") on structures with the same orientation as those that control the Phum Syarung gold deposit and the Otray, Dokyong and Cassava anomalies, which are still being explored in detail. All are less than 20km to the west and southwest. ANGKOR has exploration rights over all of the intervening land. The Company successfully completed the sale of similar geological prospects to Asian buyers, netting $4.3 million and retaining a 7.5% royalty on the Phum Syarung/Blue Lizard Project.

A silica cap is important to exploration for mineralization in an epithermal to mesothermal environment because they are commonly associated with the upper zones of volcanic hosted ore bodies of this nature. The presence of the silica caps is encouraging and the low metal grades in the caps are normal, and need not reflect the grades of underlying mineralized bodies.

Adrian silica cap is on recently cleared plantation land, and is manifest in the southwest as massive vuggy brecciated quartz veins, in which coarse crystalline galena has been observed, occurring along a 600m strike along azimuth 010o, in medium to coarse grained granite. To the northeast it forms a rugged ridge of silicified dioritic volcaniclastic with finely crystalline disseminated pyrite. The whole cap covers a strike of about 2000m.

To view this image, please visit:

http://orders.newsfilecorp.com/files/1494/12261_newsenhancedx2x1.jpg

To view this image, please visit:

http://orders.newsfilecorp.com/files/1494/12261_newsenhancedx2x2.jpg

To view this image, please visit:

http://orders.newsfilecorp.com/files/1494/12261_newsenhancedx3x1.jpg

To view this image, please visit:

http://orders.newsfilecorp.com/files/1494/12261_newsenhancedx1x1.jpg

Because the area around Adrian cap is recently stripped of vegetation and had been dozed and graded prior to replanting, all termite mounds were eradicated, and the 'A' and 'B' soils zones are compromised and mixed with parts of the upper 'C' zone. A different approach was needed, so after a pilot program had been run over the Ogama test area, an experimental rubble sampling geochemical survey was tried. Sample traverses were made at 400m intervals with 2 x 1kg samples collected by pick and shovel at 25m intervals. The survey covered an area of 15km2, deliberately covering also a part of the termite sampling area of the Han silica cap to cross reference the techniques. One of each of the duplicate samples was pan concentrated for gold and the other duplicate sample was dried and sieved to <80 mesh before being analyzed by XRF for base metals.

There is a strong arsenic anomaly in the north-central area, roughly coinciding with the observed distribution of the siliceous, cherty pyroclastic containing disseminated pyrite. Arsenic minerals are commonly associated with epithermal mineralization. This is repeated by anomalous molybdenum. Lead shows a very strong association with the north-northeast striking fracture, over a strike length of well over a kilometre.

To view this image, please visit:

http://orders.newsfilecorp.com/files/1494/12261_newsenhancedx4x1.jpg

Han silica cap is about 3km to the east of Adrian cap, in thick bush. It lies on a similar fracture, and was first noticed as a massive grey-white quartz vein, brecciated and vuggy in part striking 250m along azimuth 010o. Results have been received from the 200m line interval, 4km2, termite mound geochemical survey that was undertaken over the occurrence. They show strong arsenic, lead, molybdenum and zinc anomalies over and surrounding the silica cap.

The target area has fresh potassic granite to the east and volcaniclastic rocks to the west. It is too early to assess the potential of the prospect, but this success validates our aggressive exploration philosophy and methodical approach, using low-cost, low-tech methods.

Grab rock samples collected during mapping showed some very exciting metal values, particularly in silver, molybdenum and lead:

 
        Au Ag As Cu Mo Pb Zn
Sample Easting Northing Comments ppm ppm ppm ppm ppm ppm ppm
1702347 770561 1509312 Quartz with molybdenite-chalcopyrite  --   --   11  23  2  634  4
1702350 764854 1507975 Quartz float; highly oxidized  --   0.9  4   58  17  681  62
1702370 766569 1508150 Oxidized quartz float 0.01  5.6  38  45  32  749  14
1702371 766648 1508124 Vuggy quartz float; oxidized  --   0.2  21  22  8  450  17
1702372 766750 1508130 Highly oxidized quartz float  0.27  31.5  179  44  40  792  20
1702373 766734 1508277 Moderately oxidized quartz outcrop  0.11  15.5  61  30  225  478  16
1702734 767395 1510041 Recemented, brecciated quartz  --   0.5  24   152  30  1,070  115
1702737 766756 1508559 Galena-pyrite-(goethite) in vuggy quartz 0.06  4.4  17  711  29  4,990  2,630
1702742 766521 1508789 Vuggy fractured quartz  --   3.1  39  31  71  1,780  86
1702743 766724 1508324 Vuggy quartz with weak oxidation  --   4.8  25  25  92  289  26
1702744 766757 1508352 Vuggy quartz with weak oxidation 0.15  80.6  63  271  43  1,540  97
1702746 766747 1508704 Vuggy quartz with weak oxidation 0.05  4.9  92  61  104  815  19

All rubble and termite samples were analysed in-house for base metals by X-Ray Diffraction, which has been calibrated against some 2500 samples sent for ICP-MS analyses by ALS-Chemex. Duplicate, blank and standard QA/QC samples are run on a random basis which average 10 samples per 100, and instrumental drift adjustments are made on the basis of the blanks and standards every 100 samples. Rock samples were dispatched to ALS-Chemex to be analysed for gold by SFA and for other elements by ICP-MS.

Exploration is ongoing, with the intention of continuing detailed mapping and an electromagnetic survey over the main anomalous areas.  

The QP for this release is Dr. Adrian G. Mann, P.Geol., VP Exploration for ANGKOR, who wrote and approved this release.

ANGKOR's 7 exploration licences in the Kingdom of Cambodia cover 1448 km2, which the company has been actively exploring over the past 5 years.  The company has now covered all tenements with stream sediment geochemical sampling; has flown low level aeromagnetic surveys over most of the ground; drilled 18,737 metres of NQ core in 148 holes; and has collected in excess of 20,000 augered 'B' and 'C' zone soil samples and 55,000 termite mound samples in 17 centres of interest, over a combined area of 85km2, in addition to numerous trenches and detailed geological field mapping.  Exploration on all tenements is ongoing.

ANGKOR GOLD CORP., a public company listed on the TSX-Venture Exchange, is Cambodia's premier gold explorer with a significantly large land package and a first-mover advantage with excellent relationships at all levels of Government (local to national).

THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


            

Tags


Contact Data