VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 17, 2016) - Angel Gold Corp. (TSX VENTURE:ANG) ("Angel" or the "Company") is pleased to announce the next stage of its field exploration program at El Porvenir Project, located in the Segovia-Remedios gold belt, historically the largest gold producing region in Colombia.
The focus of the exploration program is to follow up on multiple occurrences of previously announced high grade gold and silver samples and stream sediment anomalies and to further estimate the potential size, depth, and length of these occurrences.
The Company has defined the scope of the exploration program to include:
Work Achievements of our Previous Exploration Campaign
Work to date by Angel Gold has identified a number of stream sediment targets in addition to the three areas of artisanal mining activity previously investigated by Mineros SA. Previously unrecognised intrusive bodies, including porphyry intrusives, widespread zones of sericite-silica alteration and scattered jasperoid and pyrite-silica alteration were identified by Angel Gold geologists, hosted within both intrusive and sedimentary rocks within this region.
Angel Gold conducted soil geochemical lines over two stream sediment anomalies, identifying significant mineralization at the Iguanacito prospect. Detailed trenching and channel sampling was carried out at this newly discovered Iguanacito prospect confirming the presence of highly significant gold-silver mineralization. The extension of the Iguanacito mineralized trend has been covered by a concession application by Angel Gold.
Monitoring of artisanal miner activity confirmed that the Abejero artisanal mine was producing bonanza grade gold mineralization. An Angel Gold channel sample across the width of the vein across the mining face in this bonanza grade mine returned 0.3m @ 117 g/t Au. Historic drilling by Mineros SA intersected significant gold values to 5.58m @ 70.35 g/t Au (true thickness unknown, but indicated to be close to intersection width) in shallow, small diameter reconnaissance drilling (BQ diameter, averaging only 66.6 meters length.) Wide zones of intense bleaching silicification were also encountered by Mineros in this drilling, which yielded significant silver mineralization of 9 meters averaging 89.9 g/t Ag. Angel Gold soil sampling indicates a potential continuation of this mineralized alteration zone on trend of the area tested by Mineros SA.
Survey lines are to be cut by licensed surveyor, and topographic profiles prepared. Should the Induced Polarization survey detect anomalies close to the end of any survey line, that line will be extended to allow the Induced Polarization survey to better define the anomaly.
Soils samples will be collected along all lines at Guayabales at 50m intervals along lines. At Iguanacito a 300m portion central to each grid line will be sampled at 25m intervals, and the remainder of each line sampled at 50m intervals. No soil samples will be collected at Abejero, but the mine will be mapped in order to locate the extent of current development in order to refine targeting of a planned drill hole there.
A drilling program of approximately 2000 meters of large diameter HQ coring has been planned and budgeted, including 1300m in 20 holes at Iguanacito, 240m in 2 holes at Guayabales, and 470m in 3 holes at Abejero. Further drill holes are being provisionally considered. The drill program requires camp construction, access track upgrade to access targets, and drill pad and drill pad access preparation.
Analysis / Quality Control and Quality Assurance
Stored pulp and bulk reject samples from Mineros core assaying were prepared and analyzed by Actabs Medellin and Actlabs Ancaster (for multi-elemental analyses). Preparation was by method RX1. For coarse rejects gold was assayed by method EF-AA Lab Code 1A2, with samples >5g/t gold reassayed by metallic screened fire assay method FA-MeT, Lab Code 1A4, whilst silver was assayed by method AR-AA Lab Code AQ1, with samples >100 g/t Ag reassayed by method FA-GRA, Lab Code 1A3.
For pulps and pulverized rejects gold was assayed by method EF-AA Lab Code 1A2, with samples >5g/t gold reassayed by metallic screened fire assay method FA-MeT, Lab Code 1A4, whilst silver was assayed by method AR-MS Lab Code 1DX, with samples >100 g/t Ag reassayed by method AR-AA, Lab Code AQ1.
All samples were assayed for a 36 element suite of elements by AR-MS methods 1DX.
Survey and Analytical Methodology: Sampling was of generally between 2 to 4 kg of active stream sediment, dried and sieved at ALS Medellin to -80# (180 micron). Assaying was carried out by ALS Peru, using method ST43-PKG with Au by 25g aqua regia digestion and ICP-MS finish, and 51 element ICP-MS (method ME-MS41). Quality control included the duplicating of 3 samples at the identical initial sample location, while 3 other sites had replicate samples collected from 2 to 5 meters away. Additionally another 2 samples were each screened and split at the laboratory and each split assayed as consecutive samples. Two blanks and two standards were inserted.
Samples were assayed by ALS Peru, using method ST43-PKG with Au by 25g aqua regia digestion and ICP-MS finish, and 51 element ICP-MS (method ME-MS41). Angel submitted blanks, duplicates and standards with the sample batches as part of its QAQC program.
Samples were submitted to ALS Medellin for preparation and assayed by ALS Peru. Gold was determined using Fire Assay AA finish (method Au-AA23), with gold samples >10 g/t being reassayed by Fire Assay Gravimetric Finish (method Au_GRA21). Silver was determined by 51 element ICP-MS (method ME-MS41) with silver greater than 100g/t samples being redetermined by atomic absorption (method Ag-OG46). Angel submitted blanks, duplicates and standards with the sample batches as part of its QAQC program.
Qualified Person
Mr. James G. Burns, P.Eng, a Qualified Person under National Instrument 43-101 standards and a technical advisor to the Company has reviewed and approved the technical information contained in this news release.
About Angel Gold Corp
Angel is a Canada-based gold and silver exploration company focused on responsible development of mineral resources in Colombia, host to some of the world's largest gold deposits. Angel has been focused on acquiring and validating strategic mineral exploration opportunities in Colombia's best mining districts with the highest potential for new discoveries.
On Behalf of the Board of Directors of Angel Gold Corp.
Blanca Stella Frias, Director, President and Chief Executive Officer
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this news release.
The TSX Venture Exchange has not reviewed the content of this News Release and therefore does not accept responsibility or liability for the adequacy or accuracy of the contents of this News Release. This news release contains certain "forward- looking statements" within the meaning of Section 21E of the United States Securities and Exchange Act of 1934, as amended. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward- looking statements. Forward-looking statements are based upon opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors which could cause actual results to differ materially from those projected in the forward looking statements. The reader is cautioned not to place undue reliance on forward-looking statements. The transaction described in this News Release is subject to a variety of conditions and risks which include but are not limited to: regulatory approval, shareholder approval, market conditions, legal due diligence for claim validity, financing, political risk, security risks at the property locations and other risks. As such, the reader is cautioned that there can be no guarantee that this transaction will complete as described in this News Release. We seek safe harbour.
For investor relations please contact:
+57 321 427 6977
+1 (360) 650-1440
[email protected]
Angel Gold Corp.
#545 - 999 Canada Place
Vancouver, BC, V6C 3E1
604-684-6242
604-684-6264
[email protected]
www.angelgoldcorp.com