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Algold Resources Ltd.
Summary
| Project: | Tijirit | |
|---|---|---|
| Deposit: | Eleonore | |
| Location: | Mauritania | |
| Commodities: | Gold | |
| Date: | 10/5/2016 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 5-10-2016: Algold Resources Ltd. announces an Exploration/Drilling Update report for its Eleonore deposit at the Tijirit project. Drilling results incl. 2m @ 28g/t Au from 4m. MONTREAL, Oct. 5, 2016 /CNW Telbec/ - ALGOLD RESOURCES LTD. (TSXV: ALG) (the "C | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Andre Ciesielski, Alastair Gallaugher (Internal) | |
| ABSTRACT: | MONTREAL, Oct. 5, 2016 /CNW Telbec/ - ALGOLD RESOURCES LTD. (TSXV: ALG) (the "Corporation") today announced the final results from its Phase I 10,000-meter drilling campaign carried out on the Corporation's Tijirit property ("Tijirit") in Mauritania. These most recent results continue to validate the vast potential of the significant 3.1-kilometer strike mineralised corridor on the Eleonore Zone. This zone is delineated in three high-grade areas: north, central and south The Eleonore Zone is made up of a series of quartz veins of various widths and strikes, forming a continuum over the full 3.1-km strike. While the northern part appears to host the richest gold veins, the southern part appears to host a larger array or swarm of quartz veins of all types. Gold grades appear intimately associated with both the size of the vein and their sulphide mineralization content. The Eleonore Zone continues to demonstrate considerable potential to host a significant high-grade gold deposit as all three areas remain open in all directions. The Corporation is now in receipt of the 5,617 samples sent for as part of the Phase I – 10,000-meter reverse-circulation ("RC") drilling program conducted from mid-May to mid-August 2016. Algold confirmed that the Phase I drilling program was completed on time and on budget. In mid-September, Algold initiated its Phase II – 10,000-meter drilling program, which consists of some 7,500 m of RC and 2,500 m of diamond drilling ("DDH"). Phase II assay results are expected in Q4 2016, thereby available for inclusion to Algold's preparation of a new resources estimate for the property by year-end 2016 or early 2017. | |
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