VANCOUVER, British Columbia, July 19, 2012 (GLOBE NEWSWIRE) — ANGKOR GOLD CORP. (TSX-V:ANK) (“ANGKOR”) announced that The Company has received assay results from a further 26 drill holes from this season’s programs in Ratanakiri Province, Cambodia. Over this season, the company drilled 8815m in 66 holes spread over 7 prospect areas on their 5 tenements.
BORDER PROSPECT – OYADAO TENEMENT
Below are the latest results from 6 of the 31 holes (3144m) the company drilled this season on the 3 separate projects that comprise the Border Prospect. Hole OY12-062 was drilled on Border North vein, holes OY12-055 and OY12-56 targeted Border South prospect. Holes OY12-058, OY12-059 and OY12-060 were drilled on Border Central prospect, on which some success had been achieved in our 2010 program.
Hole From (m) To (m) Interval Au g/t Ag g/t
OY12-062D 52.43 52.92 0.49 1.66 1.8
OY12-060D 0.00 6.40 6.40 0.07 9.71
49.00 49.40 0.40 3.34 3.30
53.80 54.45 0.65 0.93 1.10
59.50 65.55 6.05 4.81 4.24
includes 61.29 65.55 4.26 6.41 6.02
includes 61.29 62.15 0.86 4.13 1.79
and 64.20 65.55 1.35 16.83 8.36
includes 64.70 65.00 0.30 53.45 5.20
OY12-059D 24.05 30.70 6.65 2.44 10.44
includes 29.20 30.70 1.50 10.25 40.16
includes 30.30 30.70 0.40 31.57 11.10
39.75 41.30 1.55 5.90 3.86
includes 39.75 40.30 0.55 15.97 10.70
99.80 101.75 1.95 1.92 1.36
includes 101.15 101.75 0.60 5.25 2.50
55D, 56D, 58D No significant intercepts
*Note that as this is very early in the exploration history of the property, true thicknesses cannot be made with any degree of certainty. Hence all thicknesses quoted are intersection thicknesses, with no corrections applied. However, angle of intercept suggests that the intersection thickness is very close to true thickness.
The value (10.25g/t Au, 40.16 g/t Ag,) at 29.2m in OY12-059 is in the upper vein, and this value is entirely consistent with what was expected here. The main vein of Border Central was intersected at 99.8m in OY12-059, which confirms its downward continuity, but at a reduced grade and thickness. The same main vein in OY12-060 at 59.5m is more consistent with what was found in earlier drilling, with a vein of 6.0m thickness carrying a grade of 4.8g/t Au.
This latest drilling adds some backbone to the results on the central prospect, which are summarised in the table below. Both upper and main mineralized zones in the core are quartz-carbonate veins with intense pyrite, some sphalerite and occasional galena and chalcopyrite. Brecciation is common, with strong evidence of later shearing, which has left fault gouge of up to 5 cm thickness within the vein. Previous drilling in 2008 and 2010 had suggested that the strike of the main vein is at least ~100m, whereas the upper vein has a shorter ~60m strike length. Both veins have an eastern faulted cutoff, both tail off towards the west, and both are open at depth.
HOLE ID INTERCEPT Au g/t Ag g/t
From(m) To(m) Interval
OY10-021D 25.00 26.90 1.90 8.25 14.97
OY10-024D 35.00 36.00 1.00 3.53 1.75
OY10-035D 24.90 26.15 1.25 2.12 111.68
OY10-036D 26.00 28.20 2.20 2.62 6.94
OY12-059D 29.20 30.70 1.50 10.25 40.16
OY0012RD 42.00 45.00 3.00 6.10 3.70
OY10-019D 48.60 51.65 3.05 8.91 22.90
OY10-022D 66.00 71.35 5.35 8.78 2.67
OY10-025D 33.90 35.90 2.00 2.15 17.95
OY10-029D 18.70 23.70 5.00 5.85 16.34
OY10-030D 0.00 5.00 5.00 1.62 33.02
OY10-031D 8.85 10.75 1.90 1.85 0.66
OY10-035D 91.00 94.00 3.00 3.87 9.33
OY12-059D 99.80 101.75 1.95 1.92 1.36
OY12-060D 61.29 65.55 4.26 6.41 6.00
After logging these holes, but before assays had been received, a further 2 holes (OY12-068 and OY12-069) were drilled on Border Central to investigate the westward extent of the strike of the main vein. These cores are still in the process of being logged and sampled. In the interim, a further 6 holes were drilled on the east end of Border North prospect, to evaluate the interesting results reported from that area April 3, 2012. Most of these cores have now been logged and sampled, and results are awaited.
PHUM SYARUNG PROSPECT – OYADAO SOUTH TENEMENT
The original drilling program for Phum Syarung included only 2 holes aimed at a strong EM anomaly within the multi-element ‘C’ zone soil anomaly that coincides with the illegal artisanal mine workings. Logging of PS12-013 showed sufficient promise, including a 20cm section with visible gold, to warrant immediate follow-up with a further 6 holes, such that a total of 985m were drilled in 8 holes over the season. All assays are awaited. All of the further 6 holes intercepted the veining and shear zones within a few metres of the predicted depth.
OGAMA PROSPECT – OYADAO TENEMENT
The Company has also received assay results from 178m in 2 exploratory diamond drill holes on the Ogama Prospect drilling program from the Oyadao Tenement, Ratanakiri Province, Cambodia. Inclement weather prevented drilling in the targeted main anomaly this season. Although no assays of significance were returned, we remain optimistic about the prospect because this C zone soil anomaly which lies to the east of the drilling, shows all assays above 75ppb Au, including a value over 11 g/t Au, extends for over 400m and is repeated in a termite mound geochemical anomaly of over 300ppb Au.
The Ogama workings occupy an area of 75m by 150m, exposing epithermal silicic-argillic altered hydrothermal breccia, with silicic alteration occurring as scattered and dense sheeted stringers plus pervasive flooding within a rhyolitic host. The initial cores show a very hard, light grey oligomictic breccia of banded sediments with soft pale green epidote rich clasts, the matrix is buff to grey-brown with grey and yellowish-white sedimentary clasts and abundant chlorite veining at 30o to the core axis with associated ultrafine grained crystalline pyrite cubes, also irregular quartz infill of tricuspate voids. Scattered gold values from 0.16 g/t to 0.60 g/t were recorded from the zones where such chlorite veinlets are more abundant.
OKALLA PROSPECT – BANLUNG TENEMENT
Results have been received for 2644m in 11 holes drilled this season on the Okalla Prospect on Banlung Tenement, Ratanakiri Province, Cambodia. The Okalla drill program is aimed at a large disseminated gold-copper occurrence in diorite that coincides with a ‘C’ zone soil geochemical gold-copper-molybdenum anomaly on the prospect. The geochemical anomaly, with gold values ranging from 50 ppb to over 500 ppb, covering an area of 500m diameter, terminates to the north against an overlying Quaternary flood basalt flow, and reappears about 1 km to the northeast, beyond the basalt ridge.
These initial holes confirmed that the mineralization continues beneath and beyond the basalt. Gold is pervasive, with anomalous values in excess of 50 ppb extending for tens of metres through almost every core. There are some interesting thicknesses of up to 75m, with scattered values of gold (e.g. 0.37g/t over 15.8m; 0.43g/t over 11.9m), copper (e.g. 0.11% over 23.0m), and some good molybdenum (e.g. 0.30% over 1.4m) returns.
DOKYONG PROSPECT – OYADAO SOUTH TENEMENT
Following the good results returned from the ‘C’ zone soil survey, 617m in 5 scouting holes were drilled on 3 of the anomalous areas. These cores are in the process of being logged and sampled. Assays are awaited.
KATIENG PROSPECT – BANLUNG NORTH TENEMENT
Results have been received for 668m in 7 scouting exploratory holes drilled on 5 ‘C’ zone soil multi-element geochemical anomalies on Katieng Prospect. The original interpretation of the prospect was of an intrusive Triassic diorite stock into gently folded Permian sediments and andesitic volcanics. There are scattered higher zinc and copper values (up to 500ppm) in most holes, and occasional kicks of molybdenum (up to 100ppm); in KT12-003 and KT12-006 mineralization of note was encountered. In the latter hole, the first 29.9m of the 80m hole averaged 222 ppm Cu, and several higher molybdenum values were returned, including 2 over 300ppm, and in the upper part of the hole there is a 11.5m interval averaging 18g/t Ag. These are all in slightly silicified metasediments containing minor chlorite, magnetite, and slight to moderate pyrite disseminations with occasional pyrite-chlorite blebs.
Hole KT12-003, drilled to check a copper anomaly, is even more interesting. The hole is again dominated by metasediments, which have repeated zones of weak to moderate silicification; traces of chlorite; and numerous quartz veinlets filled with pyrite, pyrrhotite and chalcopyrite specks. One such zone at 23.23m carries 0.11% Cu, 0.01% Mo and 0.26 g/t Au over 1.03m. At 29.75m there is 0.39% Cu and 1.33g/t Au over 0.86m, and at 35.0m 45g/t Ag and 12.57g/t Au over 0.40m occurs in a zone of anomalous lead (725ppm), zinc (929 ppm) and copper (271). In the context of the sustained polymetallic mineralization seen at Border, Phum Syarung and Dokyong, these occurrences take on greater significance.
All drill holes in these programs used HQ series for the uppermost 25-40m, and thereafter used triple-tube wireline N series. All cores were oriented and saw-split before sampling. Cores are stored at the Company facility in the city of Banlung, Ratanakiri province. All analyses were done by ALS-Chemex in Vientiane, Laos for gold by single assay ton fire assay with an AA finish, and in Brisbane, Australia for base metals by ICP-MS following acid digestion. Company QA/QC protocol requires the insertion of some 20% of blank and standard samples on a randomized basis throughout the sample sequence. The protocol further requires that no sample interval be greater than 1.0 m or less than 0.25 m. Higher grade samples are being analysed in duplicate and triplicate, with the arithmetic mean of all repeats being reported. These often show ranges in values that exceed an order of magnitude from lowest to highest. Since these results were returned, a new protocol has been initiated, such that metallic sieve analysis is now standard practise where logging suggests that higher gold grades are to be expected.
Drill supervision and logging was all done by company geologists under the direction of Kurtis Dunstone, G.AIG, Exploration Manager for ANGKOR. Mr. Dunstone is a graduate of Latrobe University, Melbourne, and Universitet Gotheborg, Sweden, with 10 years of experience in mineral exploration. He is stationed in Banlung, Cambodia.
The QP for this release, which he wrote and approved, is Adrian G. Mann, P.Geol., VP Exploration for ANGKOR. He is a graduate of London University and of the University of the Witwatersrand, with over 45 years world-wide experience in mineral exploration and mining geology. Dr. Mann lives in Calgary, Alberta.
ANGKOR GOLD CORPORATION is a public company listed on the TSX-Venture exchange. The company has 5 exploration licenses in the Kingdom of Cambodia covering a total of 1348 km2 and 3 Memoranda of Understanding with the Ministry of Mines, Industry and Energy covering a further 1499 km2. The company has been actively exploring these concessions over the past 3 years, and has now covered all 8 tenements with stream sediment geochemical sampling, has flown low level aeromagnetic surveys over much of the ground, drilled 17,556 metres of NQ core in 143 holes, of which 8,815m in 66 holes were drilled this season; and has collected in excess of 20,000 ‘C’ zone soil samples in 8 centres of interest, over a combined area of 20km2, in addition to numerous trenches and detailed geological field mapping. Exploration on all tenements is ongoing.
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CONTACT: ANGKOR GOLD CORP.
Mike Weeks, President
Telephone: (780) 568-3801