VANCOUVER, BRITISH COLUMBIA–(Marketwired – April 4, 2017) – Angel Gold Corp. (TSX VENTURE:ANG)(OTCQX:ANGCF) (“Angel” or the “Company”), is pleased to provide an update on progress of the geophysical survey program on its Abejero Prospect, the third of the three Prospects tested by the current geophysical program at its El Porvenir project in the Segovia Mining District of Antioquia, Colombia.
Objective and Results
A single line of Induced Polarization geophysics was conducted over the down dip extension of the Abejero vein on the Abejero Prospect (Figure 1) in order to better define the two ore shoots previously interpreted from historic drill core and surface anomalies. Two strong chargeability anomalies were detected and corresponded with the down dip direction and extensions of the two known ore shoots, Shoots 1 and Shoot 2 as follows:
- SHOOT 1, with historic drill intercepts of 5.58m @ 70.35 g/t gold 40.6 g/t silver, and 0.55m @ 14.10 g/t gold 8.90 g/t silver [Foot note(1)] yielded a distinct and discrete chargeability high of around100m in strike length that appears continuous to depth (Figure 2).The indicated 100m strike length of the high-grade shoot and the historic drill-indicated thickness and grades are comparable to results recently reported by Gran Colombia Gold for their Providencia vein (http://www.grancolombiagold.com/news-and-investors/press-releases/press-release-details/2017/Gran-Colombia-Gold-Announces-High-Grade-Drill-Results-From-Its-2016-Infill-Drilling-Campaigns-at-the-Segovia-and-Marmato-Operations/default.aspx). Angel’s Abejero vein structure has a similar orientation to Gran Colombia Gold’s Providencia Vein, but has a steeper dip. Gran Colombia has traced short strike-length high-grade shoots at their Segovia mining operations down-dip for over 1,300m with these shoots remaining open to depth.
- SHOOT 2, on which the artisanal Abejero Mine is situated and which formerly produced high grade gold (an Angel sample assayed 117 g/t Au and 36.5 g/t Ag [see Angel press releases dated February 5 and February 11, 2015]), was expected to yield a geophysical response over a similar strike length geophysical response to that of Shoot 1, but the anomaly was far larger and stronger than expected. A strong chargeability anomaly extending over a distance of more than 400m was detected and remains open to the southeast (Figure 2). A resistivity anomaly, also open to the southeast, coincides spatially with the chargeability anomaly. Higher chargeability usually reflects the presence of sulfides while higher resistivity typically reflects less conductive rocks such as intrusives or alteration such as silicification. Sulfides are associated with the gold mineralization of the Segovia District. The strength and larger size of the chargeability anomaly is interpreted to represent a potentially large mineralized target where the Abejero vein cuts through a brittle body of diorite intruded into the gneiss. Additional mapping and trenching is needed to better define these drill targets.
1 The results quoted are for Mineros drill holes RBADDH002 & RBADDH003 respectively. As part of Angel’s due diligence program, samples of the assay pulps for both of these drill hole intercepts (the core not being in a suitable state for meaningful re-sampling) were sent to an ISO accredited laboratory along with blanks and standards. There was an excellent comparison between the original and check assays. Angel has no reason to doubt the veracity of the Mineros results.
“We are excited that the geophysical survey at the Abejero Prospect coincides with the known mineralization from historic drilling and presents a much larger and stronger conductivity anomaly at the El Porvenir Project. The Induced Polarity geophysics program conducted on El Porvenir has now support the potential for mineralized targets to exist at depth and along strike of known mineralization at all three prospect areas,” said Stella Frias, President and CEO of Angel Gold Corp.
To view Figure 1, visit the following link: http://media3.marketwire.com/docs/1090921-F1.jpg
Figure 1: Abejero Prospect showing the IP line semi-parallel to the Y-shaped Abejero structure. The IP line was oriented along the vein with the intent of crossing the two known high-grade gold- and sulfide-bearing quartz vein shoots identified from shallow historic drilling. Also shown are the historic drill hole collars, the better drill intercepts, the interpreted mineralized shoots, and a diorite intersected by drill holes at shallow depth. Note that the drill- indicated subsurface diorite body coincides with the commencement of the large chargeability anomaly. The contact between black sediments to the west and the metamorphic gneisses to the east is the deep-crustal Bagre Fault.
Discussion of Results
- It is considered likely that the chargeability signature of “SHOOT 2” was actually overprinted and obscured by a stronger signal caused by abundant disseminated, veinlet and breccia-fill sulfide coincident with zones of intense silicification associated with a diorite intrusive body intersected by the shallow historic drilling. In the area, historic drill holes RBA019, 022, 023, and 027 intersected wide zones of intense silica flooding, while drill holes RBA018, 020, 021, 024,025 and 026 intersected more discontinuous patches of intense alteration. Zones of weak disseminated and fracture-fill pyrite to 1%, over intervals of between 5 and 20m of down-hole thickness intersected in drill holes RBA018, 019,020,021,022 and 023 (a strike length of 215m)help to confirm, but not explain, the size and strength of the chargeability anomaly shown in the Induced Polarization geophysical line, which extends more than 400 meters.
- The extremely brittle intensely silicified rocks encountered by historic drilling, once subjected to and fractured by tectonic forces, can become an excellent host for a breccia-hosted style of mineralization. Similar breccia-hosted mineralization occurs in the intensely silicified intrusive at Angel’s Guayabales prospect (http://www.angelgoldcorp.com/2017/03/27/angel-gold-geophysical-survey-encounters-multiple-strong-chargeability-anomalies-at-guayabales-prospect-at-the-el-porvenir-project/) and at Angel’s Iguanacito prospect (http://www.angelgoldcorp.com/2017/03/20/angel-gold-geophysical-survey-encounters-strong-chargeability-anomalies-at-the-el-porvenir-project-ground-induced-polarization-and-magnetic-geophysical-surveys-in-progress-at-goldsilver-targets-wi/). Both prospects also occur within Angel’s El Porvenir Project and are part of the current geophysical exploration.
To view Figure 2, visit the following link: http://media3.marketwire.com/docs/1090921-F2.jpg
Figure 2: Section0+00NElooking northeast, showing a shorter and relatively weaker chargeability response over Shoot 1(center) and a much stronger and longer chargeable response associated with Shoot 2 that is also coincident with elevated resistivity.
Historically 2,398.25m of small diameter core (BQ) drilling was completed at Abejero, but averaged only 66.6m depth (depths ranged from 38.65 to 85.10m). Most of these holes intersected only the host gneiss, but 3 holes (RBA019, 020 and 022) intersected diorite intrusive at shallow depth. The more significant mines within the Segovia mining belt are hosted within similar intrusive rocks.
Intrusive rocks are more homogenous and uniformly brittle than gneiss such as that at Abejero, fracture in a wide variety of orientations and the fractures are more continuous, thus more suitable to being more continuously mineralized. The Abejero structure has the potential to have better continuity as a quartz-sulfide zone within the diorite than in the less brittle gneissic rocks.
Interpretation of geophysical responses needs to be placed into context with both geology and topography. The electrical current identifies chargeable and resistive responses directly under the line being surveyed, but also is affected by rocks and mineralization occurring either side of the line. Figure 3 shows a 3D Google Earth image with the approximate trace of the IP line cutting diagonally up a steep slope and along the wall of a gully, such that the IP survey is looking into the hill on the northeast side, and thus may plot shallow subsurface off-section responses as extending to surface on the pseudo section.
Drill Targets
The geophysical anomaly and assay results from historic drilling in the vicinity of Shoot 1 combine to make Shoot 1 a priority, drill ready target. The target, as defined by the chargeability anomaly, has a length of about 100m. The vein to which it corresponds dips 55o to 70o ENE.
At Shoot 2, the down dip extension of the artisanal Abejero mine is also a ready drill target, but drilling will need to be based upon current geological mapping. The larger and stronger geophysical anomaly over Shoot 2 is also a potential drill target for brecciation and gold mineralisation, but prior to drill testing geological mapping, a more detailed geophysical survey and trenching are warranted.
To view Figure 3, visit the following link: http://media3.marketwire.com/docs/1090921F3.jpg
Figure 3:Google Earth 3D topographic image of the Abejero Prospect looking NE, showing the approximate position of the IP survey line extending diagonally up a hill slope and subparallel to a gully, the major deep crustal Bagre Fault, historic Abejero drillhole collars, the Abejero mine and the drill-indicated-diorite body.
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 some of the world’s largest 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