Vancouver - Angold Resources Ltd. (TSXV: AAU, FRA: 13L1, OTCQB: AAUGF) ('Angold' or the 'Company') is pleased to announce that it has commenced the second field work season on its Cordillera project in the Maricunga Gold Belt of northern Chile.
The program includes soil sampling, geophysics, prospecting, and detail mapping on areas surrounding the main target where the Company received assays of ore-grade gold samples up to 11.95 g/t gold (Au) from surface samples.
Angold's CEO, Mr. Adrian Rothwell, stated: 'While we look forward to commencing drilling on the Iron Butte project in Nevada, this work is critical to identifying compelling drill targets and the size potential of Cordillera. The project has been largely unexplored and has great potential for unexpected wins.'
Permitting: The Company has obtained a favorable RCA (Resolucion Calificacion Ambiental, in Spanish) from the SEA (Servicio de Evaluacion Ambiental, Chile) that allows the Company to start its exploration campaigns.
High Grade: Surface gold mineralization at Cordillera has been confirmed with grades of 11.95 g/t Au, 7.6 g/t Au, 5.0 g/t Au, 3.7 g/t Au, and others, distributed on at least five gold-anomalous zones.
New Zones at Surface: In October 2021, Angold's team found a previously unrecognized zone (North-East Zone) with quartz banding porphyry-style veins. This zone is located approximately 1km north-east from the primary target with high-grade values of gold.
Other Highlights: The Cordillera project shares features with Caspiche deposit. The alteration footprint size of similar (slightly smaller) size to that observed in Caspiche and displays a comparable alteration signature.
Prospecting and soil sampling mainly targets the location of gold-bearing structures and complement previous work completed by the Company in early 2021, including a newly discovered zone with quartz banding veins porphyry-type. The Company's news release on September 8, 2021 outlines the results of this initial phase of testing.
The Cordillera project is strategically located three kilometres north of the Caspiche gold-rich porphyry copper deposit and eight kilometres south of the Maricunga porphyry gold deposit. Historic drilling and small-scale mine workings attest to high-grade gold.
The geology identified and mapped at Cordillera shows similar mineralization, alteration, lithology, and ages with Caspiche gold-copper porphyry deposit under the Newmont-Barrick Joint Venture, located 3 km south Cordillera, as well as the Miocene intrusives identified in the Maricunga mine displays similar characteristics with the intrusive units mapped in Cordillera.
ASTER processing recognized an alteration footprint over 2.4 km2 at Cordillera. It is slightly smaller in size in comparison with Caspiche footprint (2.5 km2). This does not consider, however, that Cordillera has thin post-mineral andesitic flows covering at least 40% of the mapped area. Small erosional windows allow us to detect altered and mineralized hydrothermal breccias under the cover.
Sampling in 2022 includes detailed mapping at 1/200 to 1/ 500 scale, soil sampling, rock chip, and other complementary samples for spectrometry; pH detection and petrography.
The objective of this program is to look for extensions of known mineralized zones, particularly under cover along their strike.
Angold is an exploration and development company targeting large-scale mineral systems in the proven districts of the Maricunga, Nevada and Ontario. Angold owns a 100% interest in the Dorado, Cordillera and South Bay-Uchi projects, and certain claims that append the optioned Iron Butte project.
Tel: (855) 917 4091
Forward Looking Statements
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance and includes expectations of the resumption of trading of the Company's common shares on the Exchange. All statements other than statements of historical fact may be forward-looking statements or information. Forward-looking statements and information are often, but not always, identified by the use of words such as 'appear', 'seek', 'anticipate', 'plan', 'continue', 'estimate', 'approximate', 'expect', 'may', 'will', 'project', 'predict', 'potential', 'targeting', 'intend', 'could', 'might', 'should', 'believe', 'would' and similar expressions.
Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Accordingly, readers should not place undue reliance on the forward-looking statements, timelines and information contained in this news release.