Angkor Gold Corp. Announces Five New Prospects Identified in Dokyong

31-May-2012 Intellasia | MarketWatch (press release) | 7:01 AM Print This Post

ANGKOR GOLD CORP. CA:ANK +1.28 percent (“ANGKOR”) announced today that results have been received for the ‘C’ zone soil sampling survey of Dokyong prospect, Oyadao South Tenement, Ratanakiri province, Cambodia.

The Dokyong programme targeted a 50km2 multi-element stream sediment anomaly in several contiguous catchments in the southeast of the Oyadao South exploration license area.

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This anomalous zone was reinforced by stream pan concentrate gold anomalies in the same catchments, and was further confirmed by a field mapping and rock chip sampling survey last season.

The rock chip sampling had indicated a strong gold and associated pathfinder element concentration in the south of the area, and had further suggested that these were associated with north-northeast trending fracture patterns.

The ‘C’ zone soil samples were taken by auger to full resistance, generally 1.0 to 3.5m deep, dried and sieved to -80 mesh and analysed by ICP-MS after warm 3 acid digestion for a narrow spectrum of elements. The results are gratifying. Attention is drawn to the scale of these anomalies. They are not small: the multi-element anomaly in the northeast is over a kilometre in strike length, the gold anomaly in the south is over 400m in strike length.

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There are 5 prospects now identified in the Dokyong Area:

Prospect ‘V’ is an arsenic-molybdenum anomaly centred on a 5m thick quartz vein which has at least 200m North-Northeasterly strike. The anomaly is open to the north, where the grid will be extended shortly.

Prospect ‘W’, a series of copper-zinc anomalies covering over a kilometre, the core of which has abundant quartz float, with the same strike direction as prospect ‘V’.

Prospect ‘X’, a strong arsenic anomaly to the west of a large hill of pale yellow grey siliceous breccia, is probably centred on a faulted zone. The core of the anomaly covers over 300m striking north-northeast, while the “tails” are east-west covering 1100m. Drilling on this prospect will commence shortly.

Prospect ‘Y’ is a very strong gold anomaly with twin peaks, both centred on a soil value in excess of 5g/t Au. The north is associated with the eastern tail of the arsenic anomaly of prospect ‘X’. Overall strike of the anomaly is over 400m. Both north and south parts seem to be fault controlled, although the proximity of the silica flooded breccia hill to the west is probably no coincidence. Both the arsenic anomaly of Prospect ‘X’ and the gold anomaly of Prospect ‘Y’ are open to the east, where anomalous stream sediment gold and other pathfinder elements occur in catchments that extend for a further 5 km. The auger grid is currently being expanded to test this area.

Prospect ‘Z’ is in a difficult area to access, but a road crew is currently on-site clearing a track for drill pads. According to management, this is the most exciting of the 5 prospects, being a multi-element anomaly over 1000m long that appears to be associated with faulting. The anomaly is open to the north, where multi-element anomalous stream sediment values extend in catchments over at least a further 1.5 km.

Drilling of the first of 2 short scout holes on Prospect ‘V’ has started. A total of 700m in 8 holes is planned for this season, to be split between the 5 prospects. Crews are also back on site extending the grids where the anomalies reach the edges of the surveyed area.

Mike Weeks, President and CEO of Angkor Gold Corp. stated, “We are thrilled with the positive developments at the Dokyong prospect. We now have 8 strong projects in Cambodia with 3 drill rigs currently operating. We are in a very exciting stage of development at Angkor Gold.”

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 40 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 21/2 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 some 15,500 metres of NQ core in 130 holes, 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.

THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO US NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO US PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM

Reader Advisory

Except for statements of historical fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterised by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to the timing and completion of the Corporation’s financings and related information. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.

Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are founded on the basis of expectations and assumptions made by the Corporation. Such forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada, Cambodia, the United States and globally; industry conditions, including fluctuations in the prices of gold and other base metals; governmental regulation of the mining industry in both Canada and Cambodia, including environmental regulation; unanticipated operating events or performance which can reduce production or cause production to be delayed; failure to obtain industry partner and other third party consents and approvals, if and when required; competition for and/or inability to retain mining equipment and other services; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; liabilities inherent in mining operations; competition for, among other things, capital, undeveloped lands, skilled personnel and supplies; incorrect assessments of the value of acquisitions; geological, technical, drilling, processing and transportation problems; changes in tax laws and incentive programmes relating to the mining industry; failure to realise the anticipated benefits of acquisitions and dispositions; and other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.

Neither the TSX Venture nor its regulation services provider (as that term is defined in the policies of the TSX Venture) accepts responsibility for the adequacy or accuracy of this press release.

http://www.marketwatch.com/story/angkor-gold-corp-announces-five-new-prospects-identified-in-dokyong-2012-05-29

 


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