Algold Resources Ltd, completes requirements of the Caracal Earn-in Agreement & provides update on Q3 2015 Exploration Program in Mauritania
Montreal, Canada / TheNewswire / September 17th, 2015 - Algold Resources Ltd. (ALG: TSXV - the "Corporation" www.algold.com) announces progress on its Q3 2015 exploration program in Mauritania, including work being carried out on both the Kneivissat and Legouessi properties.
During Q1 2015, Algold completed its Phase I Exploration Program on the Legouessi property, in accordance with the terms of the Caracal Gold ("Caracal") Earn-In Agreement (the "Agreement"), and, as a result, has earned its 51% participating interest in the Legouessi property. The interest in Legouessi, will be held by a newly incorporated joint venture company, in which Algold will initially hold 51%, with the balance held by Caracal. Under the terms of the Agreement, Algold can increase its participation in the joint venture to 75% and then 90%, upon the completion of the Phase II Exploration Program (for details, see PR October 10th 2013).
In Q3, 2015, Algold initiated an extended field exploration program on both the Kneivissat and Legouessi properties, consisting of: detailed IP geophysical survey, detailed geological mapping and limited trenching and sampling. In total, 100 km line survey will be carried out over the four main prospects: KC-LSO, NL, LC and SL (map details at www.algold.com). The principal objective of this exploration work is to delineate, with better accuracy, the chargeable units observed in the course of the 2014 IP Survey and overlay them with the drilling results completed in Q2 2014.
The results of the IP and mapping surveys will allow Algold to better estimate the size and orientation of the chargeable units, and target more efficiently the RC drilling program, anticipated to start in early Q1 2016.
Quality Assurance / Quality Control (QA/QC)
Analytical work for soil geochemical samples and rock chip samples is carried out at the independent ALS "Abilab" Laboratories Ltd. in Bamako, Mali. Samples are stored at Algold's field camp and put into sealed bags until delivered by a geologist to the ALS preparation laboratory in Nouakchott, Mauritania. RC samples were combined to create two-meter composite samples. QA/QC procedures are followed and 2% gold standard, 2% blanc, and 2% duplicates are added to the samples batch. Soil samples are sieved and prepared for shipping to Bamako. In Bamako, samples are crushed and pulverised to 200 mesh (80 micron) and a 30 gram split is analyzed by fire assay with an AA finish. ICP analysis are conducted at the ALS Chemex Vancouver laboratory.
Blanks and duplicates are used to monitor laboratory performance during the analysis. Analytical work for the drilling program conducted by Caracal was carried out at ALS Irish laboratory under the supervision of a senior geologist.
This press release has been reviewed for accuracy and compliance under National Instrument 43-101 by Andre Ciesielski, DSc., PGeo, Algold Resources Ltd. Lead Consulting Geologist and Qualified Person.
ABOUT ALGOLD
Algold Resources Ltd. is focused on the exploration and development of gold deposits in West Africa. The board of directors and management team are seasoned resource industry professionals with extensive experience in the exploration and development of world-class gold projects in Africa.
Algold is the operator on both the Kneivissat and Legouessi Properties. The Kneivissat property is 90% owned by Algold and the Legouessi property is being managed through a 51% earn-in interest agreement with Caracal (Electrum Group Companies). Algold can earn up to a 90% interest in the Legouessi exploration permit (see October 10, 2013 press release for more details), however, Caracal has the right to participate in the joint venture at either 51% or 75%, by funding its share of expenditures.
CAUTIONARY LANGUAGE REGARDING FORWARD-LOOKING INFORMATION
This news release contains and refers to forward-looking information based on current expectations. All other statements other than statements of historical fact included in this release are forward looking statements (or forward-looking information). The Corporation's plans involve various estimates and assumptions and its business is subject to various risks and uncertainties. For more details on these estimates, assumptions, risks and uncertainties, see the Corporation's most recent Annual Information Form and most recent Management Discussion and Analysis on file with the Canadian provincial securities regulatory authorities on SEDAR at www.sedar.com. These forward looking statements are made as of the date hereof and there can be no assurance that such statements will prove to be accurate, such statements are subject to significant risks and uncertainties, and actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements that are included herein, except in accordance with applicable securities laws.
For further information, please contact:
Algold Resources Ltd.
1320, boul. Graham, bureau 132, Mont-Royal, Quebec, H3P 3C8, www.algold.com
Francois Auclair M.Sc., PGeo Yves Grou, CPA CA
President & CEO Executive Vice Chairman
f.auclair@algold.com y.grou@algold.com
(514) 889 5089 (514) 237 7757
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