Angel Gold : Soil Sampling Reveals Extended Silver Anomaly Along Strike Of Iguanacito Gold/Silver Vein

infos

Created on Monday, 15 August 2016 07:00

Last Updated on Monday, 15 August 2016 17:20

Published on Monday, 15 August 2016 08:00

Vancouver, British Columbia -Angel Gold Corp. (TSX-V: ANG) ('Angel' or the 'Company') is pleased to announce that an 80m wide soil silver anomaly of greater than 200ppb Ag (peak value of 360ppb Ag) has been encountered extending the potential of the Iguanacito Prospect further along strike to the northwest after a gap of approximately 250m with essentially no outcrops and relatively weak surficial gold-silver response. These results are of the same tenor as those obtained in the initial 2015 soils line over the discovery outcrop at Iguanacito. An Induced Polarization geophysical program is being planned to test at depth and along strike of the high-grade silver and gold mineralization discovered in Angel's surface exploration program in the area to confirm the potential size and continuity of the exploration target.

Though high-grade silver anomalies were encountered, there was no significant gold response obtained in the current sampling - with a peak gold in soils value of only 10.9 ppb within the sampled area. Significantly, however, artisanal prospecting pits have been located within the area of the silver soil anomaly.

A table showing all gold and silver soils results is included as Table 1 at the end of this release.

'We are highly encouraged with the soils results indicating a second zone of mineralisation along strike from the currently identified Iguanacito zone' says Stella Frias, President and CEO of Angel Gold Corp. 'We are now planning a geophysics (Induced Polarization) program to test for subsurface targets in the silver rich Iguanacito area. We believe that this will confirm additional mineralized zones at depth and support a much larger opportunity than what is visible from the high grade silver surface samples.'

Mineralization along veins and structures commonly occurs discontinuously in high grade ore shoots separated by low grade or barren intervals of vein/structure, so the apparent gap in interesting response at the surface is common where much larger and contiguous mineralized zones may exist below surface.

This soil sampled area is generally underlain by the same quartz-rich rocks (quartz diorite and granodiorite) that host the majority of the intense quartz sericite and silica alteration throughout the Iguanacito Prospect. However an outcrop of non-weathered low-quartz felsic diorite intrusive was located flanking the main anomalous soils response, with the mafic (dark minerals) phase of this rock having been almost totally destroyed and heavily replaced by pyrite (sulfidation). This confirms there having been a flow of sulphur-rich fluids through the rock, which often indicates proximity to more intense alteration and mineralisation. This intrusive is very different to the more quartz-rich intrusives that host the bulk of the sericitisation and mineralization at Iguanacito, and may represent a younger phase. It is considered highly encouraging to find a sulfidised intrusive present within the mineralized system, where the source of the alteration is thought to be from a younger intrusive phase.

Figure 1

Significance of the results

The high silver and gold values returned to date at Iguanacito occur to the southeast of an indicated northeast trending offsetting fault. Some difficulty had been encountered in locating and tracing the continuations of the two specific mineralized alteration zones northwest of this indicated fault (with additional minor vertical faulting being suspected) and work is currently ongoing in this area between the soils lines and the fault, with highly encouraging pyritic zones being encountered (results pending) in trenching (trench 10-extended and trench 21). It is possible that this fault offset occurs at a slight flexure in the structure resulting in a slight change of strike direction on the northwest side of the fault. The accompanying map shows the located exposures of alteration northwest of the fault without any interpretation attempting to link them

The most northwestern rock results received to date, including from two recently discovered heavily overgrown artisanal miner adits, and shown on the soils silver result map above, are geologically encouraging. The best result of 0.5m @ 0.94 g/t Au 56.5 Ag was in an adit driven on a quartz stockworked silicified zone containing a central 15cm pyritic quartz vein, the stockworked silicified zone itself being hosted in intensely sericitised granodiorite. Sampling from the previously reported (press release dated 20 June 2016) trench 11 returned 2.85m @ 0.05g/t Au, 9.26g/t Ag within the same alteration zone. A single sample from an adit in the parallel northern zone returned a barren assay, whilst a newly discovered third alteration zone, a further 60m southwest of the previously identified zones, is an intense sericite alteration zone, contained no visible mineralization in the exposure and wasn't sampled.

All new and previously reported rock samples in this area are included as tables 2 and 3 respectively at the end of this release.

The original ridge and spur soils silver anomaly over the Iguanacito discovery outcrop was 120m @ >200ppb Ag (peak value of 7100 ppb Ag), within which was a coincident 50m wide gold anomalous core of >20ppbAu, and tellurium values to a maximum of only 110ppb.

The presence of the 80m wide soil >200ppb silver geochemical response on the furthermost sampling line could reflect the commencement of another zone of near surface mineralization along the continuation of the Iguanacito structure.

The 200ppb Ag anomaly is haloed by a zone of >100ppb silver which also extends along the northeastern ends of the other two soils lines coincident with the indicated position of the currently known alteration zones (shown in figure 1) Values of tellurium in soils of this north-westernmost line are also consistently anomalous (average 247ppb, peak 560ppb) across the entire length of the line, extending over and flanking the soil silver anomaly. Elevated tellurium is typically seen within the El Porvenir tenements associated with areas of high gold and silver values, though with a much higher gold to silver ratio than has been generally been observed to date at Iguanacito.

The significant increase of width (greater than 210m) of the 100ppb silver anomaly with an 80m wide core of >200ppb Ag, the association with elevated tellurium, as well as the presence of sulfidised intrusive (a younger phase of intrusive?) warrants a continuation of the soils sampling to the northwest, followed by pitting and trenching.. The general similarity of soil element values over the discovery outcrop of Iguanacito with the soil anomalism reported here confirms the significance of this soil indicated mineralized zone extension and justifies the need for further sampling along strike to the northwest.

Sampling

Two northeast-southwest trending soils lines were cut and sampled at distances of 100m and 300m respectively to the northwest of an intensely sericitised outcrop in a stream bed (Agorobo Creek), currently the northwesternmost mapped extent of the Iguanacito alteration zones. Additionally the crest of a northwest trending ridge occurring between these two cut lines was also sampled.

Sampling was at 10m intervals, and was taken from the uppermost B Horizon, with vegetation and the humic A horizon being removed and sampling of generally the top 5cm only of the underlying saprolite/soil. Coarse material was removed by hand (or 3mm screen, where possible). Samples were submitted as a single batch, and were dried, disaggregated and sieved to -80# (177micron) at ALS Laboratories in Medellin.

Analysis / Quality Control and Quality Assurance

Soil samples were submitted to ALS Medellin for preparation and assayed by ALS Peru. Samples were prepared using method PREP-41 with drying at <60°C/140F and sample sieved to -180 micron (80 mesh). The soil geochemical assay package ST43-PKG was used, with Au by 25g aqua regia digestion and ICP-MS finish, paired with multi-element aqua regia digest super trace 51-element ICP-MS. There were no overlimits to reassay. Angel Gold submitted blanks and field duplicates with the sample batches as part of its QAQC program.

Rock samples were submitted to ALS Medellin for preparation and assayed by ALS Peru. Gold was determined using Fire Assay AA finish (method Au-AA23), with gold samples >10 g/t being reassayed by Fire Assay Gravimetric Finish (method Au_GRA21). Silver was determined by 51 element ICP-MS (method ME-MS41) with silver greater than 100g/t samples being re-determined by atomic absorbtion (method Ag-OG46). Angel submitted blanks, duplicates and standards with the sample batches as part of its QAQC program.

TABLE 1:

ALL SOIL SAMPLE RESULTS FOR SELECTED ELEMENTS

SampleID	East	North	RL	Au ppb	Ag ppb	Te ppb	Se ppm	Cu ppm	Pb ppm	As ppm
B00301	538472	777168	659	1.3	80	50	2	8.3	4.7	3.8
B00302	538478	777176	656	1.5	130	30	1.9	8.4	5.7	8.1
B00303	538485	777183	652	2.6	260	30	1.7	5.9	5.1	22.2
B00304	538491	777191	649	1.1	30	30	1.4	4.7	5.5	3.1
B00305	538497	777199	646	2.5	50	40	1.3	9.4	15.2	3.7
B00306	538504	777206	646	3.1	150	40	1.8	7.9	7.2	4.8
B00307	538510	777214	645	1.3	90	50	1.4	4.8	5.7	3.8
B00309	538517	777222	648	1.5	160	40	1.5	3.2	4.1	2.8
B00310	538523	777229	643	1.8	100	60	1.2	4.5	5.1	4.4
B00311	538530	777237	640	1.4	200	40	1.5	3.8	4.9	4.4
B00312	538465	777160	658	1.1	130	40	1.9	10.1	5	3.2
B00313	538458	777153	654	1.3	110	40	1.6	8.9	5.5	3
B00314	538452	777145	647	0.7	30	10	0.5	9.6	6.9	1.1
B00315	538445	777137	648	1.7	90	30	1.5	4	3.8	2.2
B00317	538439	777130	645	1.6	70	60	1.3	3.5	3.3	2.1
B00318	538432	777122	647	1.3	90	70	1.4	4.3	3.9	2
B00319	538426	777114	650	1.5	60	70	1.7	1.7	3.1	3.9
B00320	538420	777107	652	1.6	80	30	1.4	2.8	4.5	5
B00321	538413	777099	658	1.4	140	30	2.3	3.3	4	5.1
B00322	538407	777091	661	1.6	90	30	1.6	2.9	5.5	5.1
B00323	538400	777084	664	5.3	80	40	1.6	5.1	6.9	12.4
B00324	538394	777076	667	2.2	60	50	1.7	9.5	7.2	7.9
B00326	538428	777203	678	4.6	80	40	2.9	4.5	3.7	3.7
B00327	538419	777200	680	10.9	70	50	2.2	3.5	3.1	3.3
B00328	538409	777198	681	3.1	70	30	1.8	2.6	3	4.1
B00329	538400	777194	681	4	50	30	1.8	2.6	3.3	7.6
B00330	538393	777186	681	3.8	30	50	1.8	3	3.5	4.1
B00331	538386	777179	680	4.6	70	60	2.2	2.6	3.6	4
B00332	538384	777169	680	3.5	50	40	2.1	1.8	3.2	4.3
B00333	538380	777160	681	3.8	60	50	2.1	1.6	3.3	4
B00334	538373	777154	680	5.5	40	70	2.3	1.7	4.2	8.6
B00336	538366	777145	680	6.3	50	30	1.6	1.7	2.2	5.9
B00337	538364	777136	680	3.2	50	40	2	1.8	2.5	5.3
B00338	538366	777126	680	4.6	60	30	1.9	1.9	1.9	6.4
B00339	538369	777116	678	3.9	70	40	2.2	2	2.4	5.2
B00340	538370	777106	678	2.5	60	50	2	1.5	2.4	6.7
B00341	538371	777096	676	2.3	40	50	1.7	1.4	3	8.9
B00342	538373	777086	674	2.5	40	40	2	3.9	5	12.4
B00343	538437	777209	675	2.3	90	40	3	3.2	4.3	3.5
B00344	538446	777213	673	2.9	90	40	3	6.1	4.1	3.6
B00346	538456	777214	671	1.6	70	40	2.3	3.8	2.9	2.9
B00347	538463	777221	668	2.3	80	40	2.1	4.2	3.6	3.1
B00348	538472	777226	666	3.9	100	40	2.2	3.1	3.6	3.4
B00349	538481	777231	665	8.2	160	30	2.1	5.2	6	4
B00350	538489	777237	663	2.4	150	40	2.3	7	5.3	4.4
B00351	538491	777247	661	1.6	70	40	1.5	4.1	3.1	4.3
B00352	538496	777255	659	1.6	100	30	1.3	3.5	3.3	3.1
B00353	538503	777263	659	5.8	120	20	1.6	14.4	6.5	3.1
B00354	538509	777271	659	1.9	90	30	1.2	25.3	8.8	2.3
B00356	538518	777275	659	4.6	130	270	2.4	34.7	8.5	3.8
B00357	538357	777314	632	2.2	150	170	1.7	4.3	3.3	8.3
B00358	538350	777306	632	4.5	220	190	1.4	7.7	11	11.4
B00359	538344	777298	632	3.3	360	220	1.7	10.3	4.4	19.8
B00360	538337	777291	633	5.1	300	210	1.6	9.6	5.3	23.2
B00361	538332	777284	636	4.2	340	120	1	4.7	4.8	13.6
B00362	538325	777276	641	1.9	270	100	1.2	4.8	4.6	7
B00363	538319	777269	649	2.5	310	180	2	3	3.8	7
B00364	538312	777261	653	2.7	200	200	2.6	2.5	3.6	6.8
B00366	538306	777253	653	2.5	220	220	2.4	2.7	3.4	6.8
B00367	538299	777246	654	1.6	160	180	2.3	2.5	3.1	5.8
B00368	538293	777238	648	1.8	150	290	2	11.7	4.6	4.6
B00369	538280	777223	653	3.3	110	390	2.3	24.1	6.8	9.3
B00370	538274	777215	656	3.6	90	450	2.9	19.3	6.9	9.8
B00371	538267	777207	660	3	100	560	2.9	11.7	7.5	7.3
B00372	538261	777199	663	2.5	110	250	2.9	9.9	6.3	5
B00373	538254	777192	668	2.5	90	250	2.7	6	4.4	3.3
B00374	538363	777321	629	3.2	160	140	2.1	3	3.5	8.6
B00376	538370	777329	626	2.1	110	160	2.2	3	3.5	5.5
B00377	538376	777337	624	2.7	180	150	1.8	3.2	3.1	5.5
B00378	538382	777344	620	2.3	210	240	2	5	3.7	7
B00379	538389	777352	612	2.2	130	260	1.7	4.7	3.5	5.4

TABLE 2

NEW ROCK RESULTS - NW CONTINUATIONOF IGUANACITO - CONTINUOUS CHIP ROCK SAMPLES
Location	East	North	Length	Au ppm	Ag ppm	As ppm	Sb ppm	Pb ppm	Cu ppm	Mo ppm
Adit 6	538602	777135	0.5	0.941	56.5	960	5.83	201	17.2	1.36
Adit 6	538602	777135	0.8	0.035	0.77	711	1.88	26	19.1	0.48
Adit 6	538606	777131	1	0.011	0.74	60.9	0.46	22.2	2.8	0.8
Adit 7	538589	777092	0.95	0.005	0.28	43.3	0.2	45.9	17.6	1.75

TABLE 3

PREVIOUSLY REPORTED ROCK ASSAYS - TRENCH TCO-011 CHANNEL SAMPLES
TrenchID	From	To	Length	Au ppm	Ag ppm	As ppm	Sb ppm	Pb ppm	Cu ppm	Mo ppm
TCO-011	0.10	0.90	0.80	0.019	0.2	7.3	0.07	6.5	39.1	1.89
TCO-011	0.90	1.70	0.80	0.005	0.37	7.7	0.08	6.8	12.4	0.61
TCO-011	1.70	2.55	0.85	0.008	0.73	10.8	0.1	13.7	39.6	0.64
TCO-011	5.50	6.50	1.00	0.005	9.63	29.8	0.18	8.1	51.3	4.98
TCO-011	6.50	7.50	1.00	0.012	4.91	42.5	0.25	13.6	40.8	3.45
TCO-011	7.50	8.35	0.85	0.136	13.95	51.4	0.26	39.8	56.7	1.03

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 exploration company focused on responsible development of mineral resources in Colombia, host to some of the world's largest gold deposits. Angel has been working in Colombia for over five years and continues its strategy to acquire strategic opportunities in Colombia's best mining districts.

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.

For investor relations, please contact:

Stella Frias

[phone]

[phone]

Angel Gold Corp

837 Hastings Street West, Suite 408

Vancouver, BC, Canada V6C 3N6

Tel: [phone]Extn 2

Fax: [phone]

[e-mail]

www.angelgoldcorp.com

Symbol: TSX-V: ANG

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.

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