Algold Provides an Exploration Update on its Legouessi Property in Mauritania
Preliminary Results Confirm and Extend Gold Values
Montreal, Canada / TNW-ACCESSWIRE / December 3, 2014 / Algold Resources Ltd. (TSXV: ALG) (the "Corporation") today provided an update on the ongoing strategic fourth quarter exploration program currently underway on the Legouessi property in Mauritania.
The program was established in follow-up to noteworthy results from exploration completed at Legouessi during the first half of 2014. Exploration is aimed at pursuing efforts to increase the understanding of the gold-copper anomaly identified over the SL Prospect and determine the full extent of the gold mineralisation identified on the NL Prospect located 15 kilometres north-northwest from SL (Ref. Figure 1).
Highlights:
-
-3,460 metres of trenching were completed at Legouessi (Ref.: Table 1, Figure 1)
-1,132 channel samples were taken at the base of the trenches (ongoing) - of this total, 963 samples were sent for gold analysis only and 169 samples were assayed for gold and 36 elements (ALS ICP-41)
-Preliminary results from the DDH sampling program confirm and extend the gold values observed by Caracal (Ref. Table 2)
-190 core samples (quarter split in some cases) from selected drill holes from the 2011 Caracal DDH drilling program were collected and sent for analysis (Au + 41 ICP)
-Continuous mapping and sampling of the potential 15-kilometre mineralized corridor (Ref. Figure 1) indicate that at least two systems, potentially three, of distinct mineralized event took place in this area and developed impregnated gold and gold copper and zinc sulphide mineralization
The trenching program was intended to gain information over areas of limited outcrop exposure on the NL and SL Prospects where gold and copper mineralization were uncover during the course of the first phase of the exploration program.
Over a five week period 23 trenches totaling 3,460 metres were completed over the Legousessi property (Ref. Table 1). Most trenches were approximately two metres deep by one metre wide. Samples were collected at the bottom of the trenches in saprolite. All trenches were mapped during the process. Continuous four-metre sampling was carried out at the bottom of the trench in the most prospective areas, while zones of quartz-carbonate stockwork mineralisation were sampled at one-metre intervals.
The program revealed further stockwork-type mineralisation and bettered our understanding of the nature of the mineralisation. Apparently, at least two episodes of quartz-carbonates stockwork, possibly three, were generated by (or a consequence of) either a series of tectonic events that took place in the area, possibly transpression and volume change fracturing allowing stockwork and veining-type mineralization.
During the trenching, more copper - sphalerite and galena sulphide mineralisation were uncovered. These types of mineralisation are more akin to volcanogenic-massive-sulphide-type mineralisation than are gold shear-hosted mineralisation.
Additionally, mapping allowed for the uncovering of bimodal-type volcanism present in the area with dacitic type volcanics laid on top of mafic to ultramafic flow. Typical lapilli tuff and bomb tuff have also been mapped, indicative of potentially explosive type volcanic activities.
Table 1
-----------------------------------------------------
|Area |Length |Number of Trenches|Number of Samples|
| |(Metres)| | |
|---------------------------------------------------|
|NL |1,764 |10 |640 |
|---------------------------------------------------|
|LC |770 |7 |177 |
|---------------------------------------------------|
|SL |926 |6 |148 |
|---------------------------------------------------|
|Total|3,460 |23 |963 |
-----------------------------------------------------
Ongoing mapping allowed for the collection of 148 soil samples and 184 rock chip samples covering the area between the NL and SL Prospects. Assays are pending.
The re-logging of Caracal DDH core resulted in the sampling of 168 intersections, half and quarter split, which were sent for analysis.
Preliminary results confirm gold values of up to 1.57 g/t Au over 3.4 metres (3.28 metres true width) (NL-08). These results corroborate the Caracal DDH program results and further indicates that the gold mineralized system extends over both the SL and NL Prospects. It consists of late-tectonic quartz related and disseminated sulfides mainly in metasedimentary host rocks, but also in intermediate volcanics and porphyritic intrusives. DDH NL-03, not previously analysed by Caracal, a downdip intersection revealed 1 g/t Au over 7 metres from a mineralized system believed to be open at depth within a metasedimentary sequence.
Ongoing Exploration:
Continuous soil geochemical sampling is being conducted in areas not previously covered. As such, a further 105 soil samples have been collected in the LC area.
The Company will utilize data collected from the current program to establish the parameters for a second phase of exploration, which should include further trenching and reverse-circulation drilling, during the first quarter of 2015.
The Kneivissat property is 90% owned by Algold and the Legouessi property is being managed through a 51% earn-in interest agreement with Caracal Gold (Electrum Group Companies). Algold can earn up to a 90% interest in the Legouessi exploration permit (Ref. Algold's Press Release dated October 10, 2013) however, Caracal has the right to participate in the joint venture at either 51% or 75% by funding its share of expenditures. Both properties are easily accessible by paved roads from the capital of Mauritania, Nouakchott, and are situated in the northwestern part of the country, adjoining the world class Tasiast Gold Deposit.
Table 2: Caracal DDH Resampling Program Highlights
----------------------------------------------------------------------------
|Hole |East |North |El |Az |Dip|EOH | | |From |To
|Metres|Au |
|Id | | | | | | | | | | |
|g/t |
|--------------------------------------------------------------------------|
| | | | | | | | | | |
| | |
|--------------------------------------------------------------------------|
|SL01 |450879|2332748|129|240|-55|200 | |Algold |119.25|119.95|0.70
|1.75|
|--------------------------------------------------------------------------|
| | | | | | |
| |Caracal|122.00|124.00|2.00 |0.80|
|--------------------------------------------------------------------------|
| | | | | | | | | | |
| | |
|--------------------------------------------------------------------------|
|SL03 |450707|2332638|127|240|-55|230 | |Algold |24.85 |26.60 |1.75
|0.78|
|--------------------------------------------------------------------------|
| | | | | | | | |Caracal|25.00
|30.00 |5.00 |1.69|
|--------------------------------------------------------------------------|
| | | | | | | | | | |
| | |
|--------------------------------------------------------------------------|
|SL12A|450125|2334169|132|240|-55|200.5| |Algold |22.90 |23.75 |0.85
|1.80|
|--------------------------------------------------------------------------|
| | | | | | | | |Caracal|22.50
|24.50 |2.00 |0.88|
|--------------------------------------------------------------------------|
| | | | | | | | | | |
| | |
|--------------------------------------------------------------------------|
|NL03A|439519|2349483|163|135|-55|120 | |Algold |10.50 |12.00 |1.50
|1.01|
|--------------------------------------------------------------------------|
| | | | | | | | | |20.30
|25.00 |4.70 |0.53|
|--------------------------------------------------------------------------|
| | | | | | | | | |31.00
|37.00 |6.00 |0.52|
|--------------------------------------------------------------------------|
| | | | | | | | |Caracal|10.50
|12.00 |1.50 |0.06|
|--------------------------------------------------------------------------|
| | | | | | | | | |20.00
|25.00 |5.00 |0.19|
|--------------------------------------------------------------------------|
| | | | | | | | | |32.00
|37.00 |5.00 |0.80|
|--------------------------------------------------------------------------|
| | | | | | | | | | |
| | |
|--------------------------------------------------------------------------|
|NL04 |439447|2349552|164|135|-55|120 | |Algold |89.00 |92.00 |3.00
|0.18|
|--------------------------------------------------------------------------|
| | | | | | | | | |95.00
|97.60 |2.60 |0.80|
|--------------------------------------------------------------------------|
| | | | | | | | |
|104.00|106.00|2.00 |0.20|
|--------------------------------------------------------------------------|
| | | | | | | | |Caracal|89.00
|92.00 |3.00 |0.28|
|--------------------------------------------------------------------------|
| | | | | | | | | |95.00
|96.00 |1.00 |2.94|
|--------------------------------------------------------------------------|
| | | | | | | | |
|104.00|106.00|2.00 |1.36|
|--------------------------------------------------------------------------|
| | | | | | | | | | |
| | |
|--------------------------------------------------------------------------|
|NL02A|439592|2349411|164|135|-55|120 | |Algold |117.00|118.60|1.60
|1.09|
|--------------------------------------------------------------------------|
| | | | | | |
| |Caracal|116.00|118.00|2.00 |0.80|
|--------------------------------------------------------------------------|
| | | | | | | | | | |
| | |
|--------------------------------------------------------------------------|
|NL08 |439877|2349134|163|135|-55|110 | |Algold |80.00 |83.40 |3.40
|1.57|
|--------------------------------------------------------------------------|
| | | | | | | | |Caracal|80.00
|84.00 |4.00 |0.61|
|--------------------------------------------------------------------------|
| | | | | | | | | | |
| | |
|--------------------------------------------------------------------------|
|NL03 |439520|2349481|163|315|-55|75 | |Algold |32.60 |35.70 |3.10
|0.52|
|--------------------------------------------------------------------------|
| | | | | | | | | |68.00
|75.30 |7.30 |1.01|
----------------------------------------------------------------------------
Quality Assurance / Quality Control (QA/QC)
Analytical work for soil geochemical samples and rock chip samples is carried out at the independent ALS "Abilab" Laboratories Ltd. in Bamako, Mali. Samples are stored at Algold's field camp and put into sealed bags until delivered by a geologist to ALS preparation laboratory in Nouakchott, Mauritania. Samples are then sieved and prepared for shipping to Bamako. In Bamako, samples are crushed and pulverised to 200 mesh (80 micron) and a 30 gram split is analysed by fire assay with an AA finish. Blanks and duplicates are used to monitor laboratory performance during the analysis. Analytical work for the drilling program conducted by Caracal was carried out at ALS Irish Laboratory, under the supervision of a senior geologist.
This press release has been reviewed for accuracy and compliance under National Instrument 43-101 by Andre Ciesielski, DSc., PGeo, Lead Consulting Geologist and Qualified Person, Algold Resources Ltd.
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.
CAUTIONARY LANGUAGE REGARDING FORWARD-LOOKING INFORMATION
This news release contains and refers to forward-looking information based on current expectations. All other statements other than statements of historical fact included in this release are forward looking statements (or forward-looking information). The Corporation's plans involve various estimates and assumptions and its business is subject to various risks and uncertainties. For more details on these estimates, assumptions, risks and uncertainties, see the Corporation's most recent Annual Information Form and most recent Management Discussion and Analysis on file with the Canadian provincial securities regulatory authorities on SEDAR at www.sedar.com. These forward looking statements are made as of the date hereof and there can be no assurance that such statements will prove to be accurate, such statements are subject to significant risks and uncertainties, and actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements that are included herein, except in accordance with applicable securities laws.
For further information, please contact:
1320, boul. Graham, bureau 132, Mont-Royal, Quebec, H3P 3C8, www.algold.com
Francois Auclair M.Sc., PGeo Yves Grou, CPA CA
President & CEO Executive Vice Chairman
f.auclair@algold.com y.grou@algold.com
(514) 889 5089 (514) 237 7757
Figure 1
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