Angkor Gold Corp.: Diamond Drilling Commences on the Okalla Gold Prospect

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

ANGKOR GOLD CORP. CA:ANK +9.30 percent (“ANGKOR”) is pleased to announce that a contract for a minimum of 2000m NQ cored diamond drill holes in the Okalla Prospect on Banlung tenement, Ratanakiri Province, Cambodia, has been awarded to Kluane Drilling Inc, a Canadian owned and operated contractor operating in Cambodia. The rig is on site and drilling of BL12-028 commenced on February 15, 2012.

Deployment of this rig means that the company now has 2 diamond drilling rigs working in Cambodia. An earlier press release (November 21, 2011) announced that a Cambodian company, Veriak, had started drilling on the Border prospect, Oyadao tenement.

The Okalla drill programme 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 terminates to the north against an overlying Quaternary flood basalt flow, and reappears about 1km to the northeast, beyond the basalt ridge. Two holes drilled into this anomaly prior to the onset of the last monsoons were reported previously (press release dated October 25, 2011), and they and 3 others showed encouraging thicknesses and gold and copper values:

— BL10-010D: 121.0m @ 491ppm Cu from 3.0m

— BL10-020D: 100.1m @ 796ppm Cu, 0.23g/t Au from 0.0m

— BL10-021D: 98.0m @ 880ppm Cu from 3.0m

— BL11-026D: 94.9m @ 850ppm Cu, 0.55g/t Au from 28.0m

— BL11-027D: 72.8m @1180ppm Cu, 0.24g/t Au from 16.2m

All cores will be saw-split before sampling. Cores will be stored at the Company facility in the city of Banlung, Ratanakiri province. All analyses will be done by a reputable internationally recognised laboratory. In the past, Angkor has used ALS-Chemex in Vientiane, Laos for gold by single assay tonne fire assay with an AA finish, and in Brisbane, Australia for base metals by ICP-MS following acid digestion. Higher value results will be analysed in duplicate. Company QA/QC protocol requires the insertion of some 20 percent of blank and standard samples on a randomised basis throughout the sample sequence. The protocol further requires that no sample interval be greater than 1.0m or less than 0.5m.

The QP for this release, which he wrote and approved, is Adrian G. Mann, P. Geol., VP Exploration for ANGKOR GOLD CORP.. 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 4 exploration licenses in the Kingdom of Cambodia covering a total of 1167 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 7 tenements with stream sediment geochemical sampling, has flown low level aeromagnetic surveys over much of the ground, drilled some 9,775 metres of NQ core in 89 holes, and has collected in excess of 14,000 ‘C’ zone soil samples in 7 centres of interest, over a combined area of 18km2, 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-diamond-drilling-commences-on-the-okalla-gold-prospect-2012-02-16

 


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