Algold

Results Further Extend Gold Mineralization to 3.4 Kilometer Strike at Tijirit's Eleonore Zone

MONTREAL, November 2, 2016 /PRNewswire/ --

Rock Chip Sample of 17.2 g/t Au (*) from New High Grade Gold Occurrence Identified 8 Kilometers North of Eleonore 

ALGOLD RESOURCES LTD. (TSX.V: ALG - the "Corporation") today announced partial assay results from its Phase II - 10,000-meter drilling campaign carried out on the Tijirit property ("Tijirit") in Mauritania.

Highlights 

These most recent results have extended the potential target to a 3.4-kilometer strike mineralized corridor within the Eleonore Zone, which is delineated by three high-grade areas: the north, central and south areas. The north area extends over 900 meters, and the central and south areas extend over 500 meters and over 800 meters, respectively. All areas appear open along strike and at depth. (Figure 1).

• Hole T16RC099 (Eleonore north) - 4 meters @ 3.86 g/t Au extending the width of mineralized section west of T16RC024 (6 m @ 4.23 g/t Au - ref. Algold's press release dated August 16, 2016)
• Hole T16RC092 (Eleonore north) - 3 meters @ 2.41 g/t Au extending the mineralization 300 meters northeast of the last drill intercept
• Hole T16RC116 (Eleonore central) - 4 meters @ 1.33 g/t Au extending the mineralization 50 meters southwest of hole T16RC073
• Hole T16RC107 (Eleonore south) - 3 meters @ 2.54 g/t Au (new vein), and 6 meters @ 1.68 g/t Au extending the mineralization below hole T16RC028 to 150 meters vertical (Figure 2)

"These recent results, validating the presence of numerous parallel quartz veins, substantially enlarge the width of the mineralized corridor," stated François Auclair, Algold's President and Chief Executive Officer, "Accordingly, we anticipate a considerable increase in the mineralised volume within the structural corridor, which should represent a significant contribution to the resources estimate which is schedule to be delivered in late Q4 2016 or early Q1 2017."

The gold mineralization at Eleonore is made up of a series of sheared quartz veins displaying variable gold grades, widths and strike orientations, forming a continuum over 3.4 kilometers of strike. The northern area displays the highest-grade gold mineralization (Figure 2), the central area (Figure 3) appears to be made up of one or two high-grade gold veins and the southern area seems to host a large array, or swarm, of quartz veins of all types (Figure 4). Gold grades appear possibly related with both the size of the vein and their sulphide mineralization content.