Algold's Property in Mauritania Continues to Impress with Rock Chip Assay Results Including 29.50 g/t Au, 19.40 g/t Au and 9.96 g/t Au
Montreal, Canada / TheNewswire / January 27, 2015 - Algold Resources Ltd. (TSXV: ALG) (the "Corporation") today announced exciting results from the fourth quarter 2014 exploration program at its Legouessi property in Mauritania. Results from the rock-chip sampling program generated very promising results with values including 29.5 g/t Au, 19.4 g/t Au and 9.96 g/t Au in quartz veins.
In the latter part of 2014 to follow-up on noteworthy results from exploration completed during the first half of the year, a large rock-chip sampling program (170 samples) and orientation soil geochemical surveys were undertaken over targeted areas of the Legouessi property. A total of 170 rock chip samples were collected and sent for analysis with results from the Legouessi NL Prospect indicating high grade gold and anomalous to sub-economic copper, zinc and lead values (29.5 g/t Au, 0.28% Cu and 0.85% Zn).
The quartz veins represent a large stockwork system with multiple greyish white and saccharoid type quartz vein in decimeter to metric vein, situated within a volcano-sedimentary package including mafic to ultramafic flow, intermediate volcanic, lapilli tuff, and epiclastic type greywacke.
Approximately 2.5 kilometers southwest, within a similar geological environment, glassy and saccharoid quartz veins revealed sub economic zinc (Zn) and lead (Pb) mineralization with values up to 0.85% Zn and 0.97% Pb and 0.18% Cu that displayed malachite staining (reference Table 1).
The results tend to confirm the important nature of the quartz stockwork polymetallic (Au, Ag, Cu, Zn, Pb) mineralisation, that appear to extend over a full 15 km of strike between the SL and the NL prospects. The NL Prospect presents greater gold enrichment, with 9 samples returning values greater than 1 g/t Au, while the SL Prospect presents greater copper enrichment, with 15 samples returning values greater than 0.1% Cu. Additionally, on the NL Prospect, silver and lead are intimately associated, while gold is found in almost every type of mineralization.
Table 1: Rock Chip Assay Result Highlights
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|Samples|East |North |Au |Ag |Ba |Cu |Pb |Zn |
|ID | | |(g/t)|(g/t)|(%) |(%) |(%) |(%)|
| | | | | | | | | |
|-----------------------------------------------------------|
|3801 |439600|2349501|2.08 |0.4 |0.07 |tr |nil |nil |
|-----------------------------------------------------------|
|3802 |439600|2349502|1.75 |0.3 |0.10 |tr |nil |tr |
|-----------------------------------------------------------|
|3803 |439601|2349503|1.87 |0.3 |0.06 |tr |nil |tr |
|-----------------------------------------------------------|
|3804 |439601|2349504|3.41 |0.1 |0.04 |tr |nil |tr |
|-----------------------------------------------------------|
|3805 |439602|2349505|9.96 |0.7 |0.05 |tr |nil |tr |
|-----------------------------------------------------------|
|3806 |439621|2349487|19.40|8.9 |0.02 |tr |nil |nil |
|-----------------------------------------------------------|
|3807 |439621|2349487|29.50|3.0 |0.06 |tr |nil |nil |
|-----------------------------------------------------------|
|3811 |439665|2349060|1.17 |10.6 |0.02 |tr |0.18 |nil |
|-----------------------------------------------------------|
|3825 |439861|2350567|0.01 |3.8 |0.01 |0.12 |0.04 |tr |
|-----------------------------------------------------------|
|3848 |439171|2352765|0.59 |20.7 |0.005|tr |0.31 |nil |
|-----------------------------------------------------------|
|3855 |437999|2348796|0.01 |0.1 |0.009|0.29 |nil |tr |
|-----------------------------------------------------------|
|3873 |437060|2348117|0.002|0.1 |0.15 |0.08 |tr |0.12 |
|-----------------------------------------------------------|
|6800 |450698|2332597|0.06 |0.1 |0.15 |tr |tr |0.01 |
|-----------------------------------------------------------|
|6802 |450701|2332587|0.15 |2.8 |0.01 |0.01 |nil |tr |
|-----------------------------------------------------------|
|7807 |437075|2348130|0.01 |0.7 |0.03 |0.20 |tr |0.16 |
|-----------------------------------------------------------|
|7808 |437077|2348139|0.06 |23.1 |0.05 |0.19 |0.97 |0.86 |
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The Legouessi property is currently 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 (reference 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. The property is easily accessible by paved roads from the capital of Mauritania, Nouakchott, and is situated in the northwestern part of the country, adjoining the world class Tasiast Gold Deposit.
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. More detailed information on these estimates, assumptions, risks and uncertainties can be found in 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, Suite 132, Mont-Royal, Quebec, H3P 3C8, www.algold.com
Francois Auclair M.Sc., PGeo Yves Grou, CPA, CA
President & Chief Executive Officer Executive Vice-Chairman
f.auclair@algold.com y.grou@algold.com
(514) 889 5089 (514) 237 7757
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