VANCOUVER, BRITISH COLUMBIA–(Marketwired – April 17, 2017) – Angel Gold Corp. (TSX VENTURE:ANG)(OTCQX:ANGCF) (“Angel” or the “Company”), is pleased to announce that the ground geophysical survey results of three prospects within its El Porvenir Project area have correlated with both high grade surface mineralization, as well as blind underground targets, helping us to confirm and refine multiple drill targets at all three prospects surveyed. Angel’s ground geophysical surveying has now been completed and the geophysical crew demobilized from the site. Detailed interpretation and reporting of the results are in progress. Location of the survey work is shown in Figure 1 at the end of this release.
“The results of these surveys have significantly increased the mineralized size potential of the targets and provide further support that this area has the potential to host what we hope to be a significant gold-silver deposits. Drilling is now required to substantiate these exciting targets.” said Stella Frias, President and CEO of Angel.
Iguanacito – “We are encouraged by the similarities of the geophysical responses at the Iguanacito Main Trend with known areas of mineralization in other mining districts where I have worked globally”, said Jim Stephenson, Angel’s Vice President of Exploration. “The Iguanacito Discovery Shoot is180m long at surface and over 250m long in geophysical response. Also several blind targets are indicated from the geophysical responses. The Discovery Shoot and the blind anomalies are ready for drill testing,” added Jim Stephenson.
Additional strong geophysical anomalies were encountered on the Iguanacito grid underlying a unit of black sediments. Within these sediments wide zones of intense alteration, breccias, quartz veining, and multiple intrusive bodies have been observed, including the apex of intensely altered, stock work-veined porphyry intrusive. The mineralized Guayabales intrusive is also hosted within the same black sediments, and was subject to a geophysical survey by Angel.
Guayabales – Geophysics over the Guayabales Intrusive has revealed a large zone of low magnetic response indicative of magnetite destruction accompanying alteration, with coincident resistivity and chargeability highs which are interpreted to indicate areas of silicification (resistivity) and sulfide-bearing breccia bodies (chargeability). Chargeability anomalies are important in that they usually reflect the presence of sulfides, and in the Segovia-Remedios belt sulfides are typically intimately associated with gold.
Abejero – The Abejero survey showed two anomalous responses, one response corresponding to the down dip continuation of Abejero Shoot 1. The Shoot 1 geophysical anomaly is coincident with historic high-grade gold and silver (see figure 1) and is similar in style and grade to high grade shoots encountered in the region at the Gran Colombia’s El Silencio vein at their Segovia Mine. The second geophysical anomaly at Abejero (Shoot 2) yielded a far stronger and larger response than expected, along the strike of the Abejero structure where it cuts through a body of dioritic intrusive. Shallow historic drilling showed the diorite and also the surrounding wall-rock gneisses to host favorable intense alteration.
Both Induced Polarization and ground magnetometry geophysics have proven to be excellent methods in investigating Angel’s geologically and geochemically defined targets. Angel also has other targets for follow-up on its El Porvenir Project, including the high-priority Puna gold stream geochemical anomaly. Extension of surveying on current grids may be warranted after we drill test the areas.
To view Figure 1, visit the following link: http://media3.marketwire.com/docs/926_Fig1.jpg
Figure 1: El Porvenir project showing the location of the Iguanacito, Guayabales and Abejero Prospects. Note the close spatial relationship of the 3 prospects to the deep-crustal Bagre Fault and the Nus Fault. Worldwide there is a preponderance for ore deposits to occur within a distance of two kilometers either side of major crustal faults, and notably within major flexures of faults. See assay results from samples collected at the various prospects at http://www.angelgoldcorp.com/news/
Qualified Person
Mr. James G. Burns, P. Eng., a Qualified Person under National Instrument 43-101 standards and a technical advisor to the Company has reviewed and approved the technical information contained in this news release.
About Angel Gold Corp.:
Angel is a Canada-based gold and silver exploration company focused on responsible development of mineral resources in Colombia, host to several significant gold deposits. Angel’s flagship project the El Porvenir is located at less than 2 km from Segovia project of Gran Colombia, the El Pino West Project is adjacent to the Gramalote project of B2Gold and Anglo Gold Ashanti JV and its Heliconia project is located north of the Titiribí district along the Cauca fault system. Angel has been focused on acquiring and validating strategic mineral exploration opportunities in Colombia’s best mining districts with the highest potential for new discoveries.
On Behalf of the Board of Directors of Angel Gold Corp
Blanca Stella Frias, Director, President and Chief Executive Officer
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this news release.
The TSX Venture Exchange has not reviewed the content of this News Release and therefore does not accept responsibility or liability for the adequacy or accuracy of the contents of this News Release. This news release contains certain “forward- looking statements” within the meaning of Section 21E of the United States Securities and Exchange Act of 1934, as amended. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward- looking statements. Forward-looking statements are based upon opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors which could cause actual results to differ materially from those projected in the forward looking statements. The reader is cautioned not to place undue reliance on forward-looking statements. The transaction described in this News Release is subject to a variety of conditions and risks which include but are not limited to: regulatory approval, shareholder approval, market conditions, legal due diligence for claim validity, financing, political risk, security risks at the property locations and other risks. As such, the reader is cautioned that there can be no guarantee that this transaction will complete as described in this News Release. We seek safe harbour.
Stella Frias
Investor relations
+1 (360) 650 1440
www.angelgoldcorp.com