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Algold reveals assay results from Phase IV 25 000 m drilling campaign

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Global Mining Review,

ALGOLD RESOURCES LTD. has announced further assay results from its Phase IV 25 000 m drilling campaign carried out on the Corporation’s Tijirit property (Tijirit) in Mauritania.

Eleonore North and South zones continue to validate the spatial continuity of the mineralisation identified to date and, importantly, demonstrate that high grades are recurrent along strike and dip. Furthermore, the wide, high-grade intersection in hole T18RC123 at Eleonore North indicates the formation of a wide, cigar shape, shallow dipping structure, possibly concentrating in variable large sheared assymetric fold hinges related to late-tectonic emplacement.

The new diamond core (DDH) and reverse circulation (RC) drilling results from Eleonore North and South zones corroborate the high-grade and spatial continuity of the mineralisation tested. In 2018, as part of the Phase IV drilling programme, Algold completed over 7600 m of DDH drilling, representing approximately 20% of all drilling completed on the Project to date.

Mineralisation in Eleonore North is defined over 1 km, being separate from Eleonore Central by a crosscutting diabase dyke. Hosted within the mafic volcanics, it is contained in sub-vertical or more mildly dipping quartz-rich shear zones locally trending N050, N070 in addition to the regional trend of N020. These zones are both sub-vertical and more shallower dipping. Visible gold is frequently observed in drill samples, consistent with the zones to the south. The mineralisation remains open to the north and at depth.

At Eleonore North, the presence of several significant mineralised intervals at similar depths in the vicinity of hole T18RC123 demonstrates the likely structural control to these zones of well developed gold mineralisation. Further drilling and borehole logging are currently underway to aid in interpretations prior to modelling and testing possible ore shoots.

The Eleonore South mineralisation extends over 1.2 km from north to south and is the southern-most zone defined thus far on the 3.4 km long Eleonore structure. The discrete shear zones that may control the gold mineralisation remain largely untested at depth. In addition, several near-surface targets remain untested by drilling and represent additional opportunity for near-term resource addition.

The Phase IV 25 000 m programme was initiated on 7 May 2018 with the objective of completing an initial 15 000 m of drilling by mid-July in order to upgrade inferred resources to the indicated and measured category using a 40 x 40 m grid. To date, Algold has completed 15 565 m of reverse-circulation and 7613 m of diamond drilling and is in receipt of 7425 RC assays and 2327 DDH assays.

Detailed geological descriptions of all mineralised zones can be found on Algold’s website and on SEDAR’s in the report entitled, ‘Algold 43-101 Technical Report: Tijirit Maiden Mineral Resources Estimates for the Tijirit Gold Project in Mauritania’.

Following completion of the initial 15 000 m of Phase IV drilling, Algold commenced the remaining 10 000 m of drilling, which is aimed at testing the depth and strike extensions at Eleonore, as well as defining resources over new high priority targets at Eleonore East and Salma. Algold looks forward to updating the market with additional exploration results in the near future.

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