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Algold Resources Ltd.
Summary
| Project: | Tijirit | |
|---|---|---|
| Deposit: | Eleonore, Sophie I, Sophie II | |
| Location: | Mauritania | |
| Commodities: | Gold | |
| Date: | 8/16/2016 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 16-8-2016: Algold Resources Ltd. announces an Exploration/Drilling Update report for its Eleonore, Sophie I, Sophie II deposit at the Tijirit project. Drilling results incl. 6m @ 16.44g/t Au from 84m at Eleonore. MONTREAL, Aug. 16, 2016 /CNW Telbec/ - ALG | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Andre Ciesielski, Alastair Gallaugher (Internal) | |
| ABSTRACT: | MONTREAL, Aug. 16, 2016 /CNW Telbec/ - ALGOLD RESOURCES LTD. (TSXV: ALG) (the "Corporation") today announced excellent preliminary results from its Phase I 10,000-meter drilling campaign. The results support the Corporation's interpretation of a potential high-grade gold deposit covering an area of more than 3.1 kilometers on strike and open in all directions. The exploration was carried out on the Eleonore zone, Sophie I, Sophie II-III and Lily zones. These prospects are located on Algold's Tijirit Property ("Tijirit" or "the Property") in Mauritania, which represents an area of more than 1,000 km2 situated approximately 25 kilometers southeast of the Tasiast gold mine. Francois Auclair, President and Chief Executive Officer, Algold commented on the preliminary results, "We are very pleased with the progress of our exploration program. To date, the results of Phase I of our 2016 exploration program meet, and in several instances exceed, our expectations. We are in receipt of some 25% of the Phase I assay results and thus far the high-grade intersections on Eleonore continue to corroborate our initial interpretation of a continuous, high-grade gold zone associated with quartz veining at the sheared contact between a volcano sedimentary sequence and a mafic volcanic unit striking over 3.1 kilometers. Furthermore, RC drilling at Sophie II indicates a potential extension along strike and down dip of a previously identified wide, lower grade mineralized zone." The Phase I drilling program was completed on time and on budget in early August 2016 with the anticipated remaining assay results expected in the later part of Q3 2016. | |
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