SEXSMITH, Alberta, Nov. 15, 2018 (GLOBE NEWSWIRE) -- Angkor Gold Corp. (TSXV: ANK and OTC: ANKOF) (“Angkor” or “the Company”) President J.P. Dau is pleased to announce the commencement of drilling on its Banlung Property in Ratanakiri Province, Cambodia.
The current drilling campaign underway at Banlung is part of a commitment by Hommy 5 Resources Inc. (“Hommy Resources”) to fund up to $3.65MM USD of exploration work on the Property. Angkor’s Banlung property includes the Okalla East high sulphidation gold/porphyry copper target and the Okalla West low sulphidation epithermal gold target.
“We are very pleased to now be drilling the gold targets developed in the previous auger programs conducted by Angkor on the Banlung property,” said J.P. Dau, Angkor’s President. “Hommy Resources has been an excellent fit to our team and we are very much looking forward to the drill results.”
Exploration Program Highlights:
- The drill program will consist of approximately 3250 metres of RC and AC drilling on a linear gold anomaly within a previously identified alkalic intrusive complex at Okalla West. The anomaly to be tested is approximately two kilometres in length from north to south and some 1.5 kilometres wide from east to west.
- Mapping and a continuation of the auger sampling program are currently underway testing the south of the anomaly.
- An aerial survey is planned using state-of-the-art eBee drone equipment over both the Okalla East high sulphidation gold/porphyry copper target and the Okalla West low sulphidation epithermal gold target. The survey will provide important relative topographical control.
Banlung Project Highlights
Angkor’s Banlung property includes two primary prospects - Okalla West and Okalla East. The styles of mineralization and alteration observed during Angkor’s previous exploration at Okalla West and Okalla East are typical of mineralization associated with alkaline systems. Both display an epithermal style gold mineralization system containing elevated gold values in addition to other base metals in structures without abundant quartz.
Approximately USD $1.2 million in exploration work has been done at Banlung since the beginning of 2017, including shallow drilling to investigate and better understand the underlying structure. In addition to drilling, the entire license area has previously been the subject of an aeromagnetic survey, satellite imagery geological interpretation, with reconnaissance field truth mapping and multi-element stream sediment geochemical survey, as well as extensive grab sample, termite mound and auger sampling.
The Company previously reported a “bonanza zone” in 2011 which included an intercept of high grade gold at Okalla East of 86.0 gpt Au over 1m, at 101m to 102m in drill hole BL11-026 (see Company press release of March 1, 2018). Note that this is a selected interval of mineralization and is not necessarily representative of the mineralization hosted on the property. A link between gold mineralization and alkaline rocks can be found in many cases around the world, including some of the largest gold deposits such as the Cripple Creek deposit in Colorado, Brucejack Gold mine in Canada and Porgera in Papua New Guinea.
ABOUT ANGKOR GOLD CORP.
ANGKOR Gold Corp. is a public company listed on the TSX-Venture Exchange and is a leading mineral explorer in Cambodia with a large land package and a first-mover advantage building strong relationships with all levels of government and stakeholders.
ABOUT HOMMY 5 RESOURCES INC.
Hommy 5 Resources Inc. is a private company based in Alberta, Canada. It is a family fund of Canadian investors experienced in the resource sector. The Banlung Property is being explored under a USD $3.65 million earn-in exploration agreement with Angkor Gold Corp. announced September 19, 2018.
Dennis Ouellette, B.Sc, P.Geo., is a member of The Association of Professional Engineers and Geoscientists of Alberta (APEGA #104257) and a Qualified Person as defined by National Instrument 43-101 (“NI 43-101”). He is the Company’s VP Exploration and has reviewed and approved the technical disclosure in this release.
On behalf of the Board,
Mike Weeks
Executive Chairman, Angkor Gold Corp.
CONTACT:
Stephen Burega, CEO
Telephone: +1 (647) 515-3734
Email: sb@angkorgold.ca
Website: http://www.angkorgold.ca or follow us on Twitter @AngkorGold.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain of the statements made and information contained herein may constitute “forward-looking information.” In particular references to the private placement and future work programs or expectations on the quality or results of such work programs are subject to risks associated with operations on the property, exploration activity generally, equipment limitations and availability, as well as other risks that we may not be currently aware of. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/c0bbc549-cc35-44ef-bbdb-743b921e4004