Source: Algold Resources Ltd
ET

Algold Extends High Grade Salma Vein to 3 km Strike

MONTREAL, Oct. 03, 2017 (GLOBE NEWSWIRE) -- ALGOLD RESOURCES LTD. (TSX-V:ALG) (“Algold” or the “Corporation”) today announced assay results, including high grade values of 100 g/t Au and 89 g/t Au, from rock chip panel (1m2) sampling carried out on the new Salma vein at the Corporation’s Tijirit project in Mauritania. Assay results from the samples, which were gathered during recent systematic 50 meters spaced pitting and trenching exploration activities, extend the known gold mineralized structure to 3 kilometers on strike.

Highlights

  • 100 g/t Au – In-pit (10 meters below the surface), 1 m2 panel sample
  • 100 g/t Au - In-pit (7 meters below the surface), 1 m2 panel sample
  • 88.9 g/t Au – In-pit (9.5 meters below the surface), 1 m2 panel sample
  • 25 samples grading higher than 10 g/t Au - 1 m2 panel samples
  • 75 samples grading higher than 1.0 g/t Au - 1 m2 panel samples
  • Average grade of 10.0 g/t Au (104 rock chip samples)
  • Average grade of 13.3 g/t Au for samples grading >1 g/t Au (75 rock chip samples)

Trenching and Pitting Program

Assay results grading up to 100 g/t Au and 88.9 g/t Au were recorded from a series of pits dug over a 3 kilometers strike (Figure 1). The Salma vein represents the newest high-grade discovery at Tijirit, located only five kilometers from the Eleonore and the Lily veins. The Salma vein has now been traced over a three-kilometer-long mineralized gold structure situated on the prospective granite-greenstone contact zone. Results from the Salma vein were not included in Algold’s most recent NI 43-101 technical report.

The results from the rock-chip-sampling program continue to demonstrate the significant potential for the identification of additional high-grade gold zones throughout the more than 25-kilometer-long Eleonore corridor. The 104 rock chip samples, which were gathered over an area of 1x1 meters, taken at the base of a series of 1-to-10-meter-deep pits, were collected during detailed mapping traverses. Importantly, of the 104 samples, 25 samples assayed graded higher than 10 g/t Au with 75 grading over 1.0 g/t Au.

The pitting and trenching sampling was carried out during the month of August 2017, concurrently to Algold’s Phase III drilling program, which also concluded during the month. Algold expects to receive additional results from its Phase III drilling program assays in the coming weeks, approximately 5,000 of which are still pending.

Granite Contact Zone
The eastern boundary of this contact is located 3.6 kilometers east of Eleonore and extends to the north for approximately nine kilometers. Auriferous quartz veins have been identified over much of this contact, located within a potential “pressure shadow” setting. All of these results are sited outside the area of the mineral resources currently defined on the property (reference: Algold’s press release dated June 15, 2017).

“These results highlight the compelling potential of the new Salma vein to rapidly add substantial high-grade resources at the Tijirit Project,” said Algold CEO, Francois Auclair. “We continue to focus on building and expanding upon the existing and new mineralized zones, which are all within very close proximity.”

Detailed geological descriptions of all mineralized zones can be found on Algold’s website (www.algold.com) and on SEDAR (www.sedar.com) in the report entitled “Algold 43-101 Technical Report: Tijirit Maiden Mineral Resources Estimates for the Tijirit Gold Project in Mauritania”.

Quality Assurance / Quality Control (QA/QC) 
Analytical work for drill core and chips, geochemical samples and rock chip samples is being carried out at the independent SGS Laboratories Ltd. in Bamako, Mali.  The 50 g fire assay with ASS finish analytical services are accredited by SANAS and are carried out with a quality assurance protocol in line with ISO 17025:2005. Samples are stored at the Corporation’s field camps and put into sealed bags until delivered by a geologist on behalf of Algold to the laboratory in Bamako, Mali, where samples are prepared and analyzed.  Samples are logged in the tracking system, weighed, dried and finely crushed to better than 70%, passing a 2 mm (Tyler 9 mesh, US Std. No.10) screen. A split of up to 1,000 g is taken and pulverized to better than 85%, passing a 75-micron (Tyler 200 mesh) screen, and a 50-gram split is analyzed by fire assay with an AA finish. 

This press release has been reviewed for accuracy and compliance under National Instrument 43-101 by André Ciesielski, DSc., PGeo., Algold Resources Ltd Lead Consulting Geologist and Qualified Person, and Alastair Gallaugher, C.Geo. (Chartered Geologist and Fellow of the Geological Society of London), BSc. Geology, Algold’s Exploration Manager in Mauritania, Qualified Persons as defined by NI 43−101 Standards of Disclosure for Mineral Projects. André Ciesielski has further approved the scientific and technical disclosure in the news release.

ABOUT ALGOLD

Algold Resources Ltd. is focused on the exploration and development of gold deposits in West Africa. The board of directors and management team are seasoned resource industry professionals with extensive experience in the exploration and development of world-class gold projects in Africa.

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.

For further information, please contact:

Algold Resources Ltd.
1320, boul. Graham, Suite 132, Mont-Royal, Québec, H3P 3C8, www.algold.com

François Auclair M.Sc., PGeo                                                     
President & Chief Executive Officer                  
f.auclair@algold.com                                      
+1 (514) 889 5089       

Alex Ball 
Executive VP, Finance and Corporate Development
a.ball@algold.com
+1 (647) 919 2227


Table 1 - Gold Assay Results (Reference: Figure 1)

Sample IDEasting UTMNorthing UTMAu (g/t)DescriptionCommentsStrike (RHR)Dip
A101184872832257314100.0Qtz vein11 meter pit176 
A101804875132258923100.0Qtz vein7.2 meter pit170 
A10176487543225877188.9Qtz vein9.5 meter pit11552
A10183487307225830953.9Qtz vein5 meter pit18044
A10184487288225835552.7Qtz vein4 meter pit17060
A10188487284225840339.2Qtz vein5 meter pit164 
A10123487282225737333.4Qtz vein8 meter pit184 
A10114487274225725831.8Qtz vein8.5 meter pit19050
A10101486924225606631.5Qtz vein7.3 meter pit17050
A10156487406225811229.2Qtz vein7.7 meter pit18242
A10103486968225644925.8Qtz vein7 meter pit176 
A10097486911225583023.0Qtz vein5 meter pit170 
A10119487283225731423.0Qtz vein11 meter pit176 
A10162487409225821923.0Qtz vein5 meter pit165 
A10126487280225740720.5Qtz vein10 meter pit185 
A10181487307225830919.9Qtz vein5 meter pit18044
A10186487288225835516.0Qtz vein4 meter pit17060
A10135487355225760015.1Qtz vein8.5 meter pit182 
A10130487300225746614.7Qtz vein7.5 meter pit180 
A10154487406225811214.1Qtz vein7.7 meter pit18242
A10165487414225827813.8Qtz vein7 meter pit19240
A10182487307225830913.6Qtz vein5 meter pit18044
A10134487355225760013.4Qtz vein8.5 meter pit182 
A10143487361225782711.4Qtz vein10 meter pit185 
A10159487413225817011.4Qtz vein5.3 meter pit18050
A1015348740622581129.69Qtz vein7.7 meter pit18242
A1011548727422572588.89Qtz vein8.5 meter pit19050
A1010248692722560618.6Qtz vein7.3 meter pit17050
A1011648727422572588.49Qtz vein8,5 meter pit19050
A1009648691122558307.83Qtz vein5 meter pit170 
A1012448728222573737.09Qtz vein8 meter pit184 
A1016748741422582786.85Qtz vein7 meter pit19240
A1012548728022574076.55Qtz vein10 meter pit185 
A1012748728022574075.9Qtz vein10 meter pit185 
A1009448691522557575.4Qtz vein6 meter pit178 
A1015048739122580165.36Qtz vein3 meter pit16652
A1009948692222558575.3Qtz vein3 meter pit17670


Sample IDEasting UTMNorthing UTMAu (g/t)DescriptionCommentsStrike (RHR)Dip
A1016948742522583815.09Qtz vein5.5 meter pit162 
A1010848752622570834.79Qtz vein8 meter pit18852
A1012148728222573734.78Qtz vein8 meter pit184 
A1015548740622581124.6Qtz vein7.7 meter pit18242
A1014248736122578274.59Qtz vein10 meter pit185 
A1019348726622584594.59Qtz vein3.2 meter pit12058
A1018748728822583554.38Qtz vein4 meter pit17060
A1019248726622584594.09Qtz vein3.2 meter pit12058
A1011348727422572584.07Qtz vein8.5 meter pit19050
A1012248728222573733.83Qtz vein8 meter pit184 
A1011048752622570833.82Qtz vein8 meter pit18852
A1010748750422569053.29Qtz vein7 meter pit176 
A1017448744022584413.17Qtz vein7.5 meter pit220 
A1009548691122558303.08Qtz vein5 meter pit170 
A1014948739322580193.04Qtz vein3 meter pit16652
A1016048741322581703.03Qtz vein5.3 meter pit18050
A1016648741422582782.85Qtz vein7 meter pit19240
A1010448750422569052.83Qtz vein7 meter pit176 
A1012048728322573142.78Qtz vein11 meter pit176 
A1014148736122578272.76Qtz vein10 meter pit185 
A1013148733122575092.64Qtz vein1 meter pit18540
A1019148728422584032.49Qtz vein5 meter pit164 
A1011748728322573142.24Qtz vein11 meter pit176 
A1014648739922579682.22Qtz vein6 meter pit16070
A1014448736122578272.11Qtz vein10 meter pit185 
A1014548739922579681.9Qtz vein6 meter pit16070
A1016448740922582191.83Qtz vein5 meter pit165 
A1019048728422584031.83Qtz vein5 meter pit164 
A1012848728022574071.58Qtz vein10 meter pit185 
A1018948728422584031.55Qtz vein5 meter pit164 
A1012948730022574661.53Qtz vein7.5 meter pit180 
A1014048734722577131.5Qtz vein2.4 meter pit19052
A1014748739922579681.33Qtz vein6 meter pit16070
A1011248727322572341.23Qtz vein5 meters pit18244
A1010548750422569051.22Qtz vein7 meter pit176 
A1015848741322581701.2Qtz vein5.3 meter pit18050
A1015248740122580641.08Qtz vein4.7 meter pit19660
A1017948754322587711.06Qtz vein9.5 meter pit11552