Angold Discovers New Mineralization at Lajitas South Target, Dorado Project

Rhea-AI Summary

Angold Resources Ltd. (OTCQB: AAUGF) announced promising results from its Lajitas South exploration program in Chile, located 1 km from the historic resource area. Key highlights include new surface mineralization with gold grades up to 0.63 g/t Au and a significant hydrothermal system covering about 1.2 x 2.2 km. The exploration indicates the potential for a higher-grade gold porphyry and epithermal system at depth. Continuous drilling at the main site is ongoing, with results pending for four holes.

Positive

• Newly identified zones at Lajitas South could significantly expand known hydrothermal systems.
• Surface samples show gold grades reaching 0.63 g/t Au, indicating high mineralization potential.
• Ongoing drilling continues to yield promising results, with the first completed hole returning 302 m at 0.71 g/t Au.

Negative

• None.

VANCOUVER, BC, April 27, 2021 /PRNewswire/ - Angold Resources Ltd. (TSXV: AA) (FRA: 13L1) (OTCQB: AAUGF)  ("Angold" or the "Company") is pleased to report results of its exploration program at the Lajitas South target, approximately 1 km south of the Lajitas historic resource area, on the Dorado project in the Maricunga belt of Chile. Results show previously unrecognized mineralization and evidence of the upper levels of a large mineralized system approximately 1.2 x 2.2 km in extent outside of the area of the historic resource and current drilling on the project.

Key Highlights:

• New Zones at Surface: Grades of 0.40 g/t Au, 0.43 g/t Au and 0.63 g/t Au were returned from grab samples of banded quartz-magnetite veins, the style of which is common to the largest gold deposits in the Maricunga District.
  
  
• Multiple Overlapping Vectors: Field work has identified the presence of combined features including a circular magnetic anomaly that is both coincident with and surrounded by anomalous Au and Cu, zones of strong hydrothermal alteration, and rock textures akin to the upper levels of a telescoped porphyry-epithermal system.
  
  
• Significant Size and Scale: Centred approximately 1 km southeast of the current drilling area at Lajitas, the newly identified zones at Lajitas South confirm and substantially increase the scale of the known hydrothermal systems present on the property.
  
  
• Previously Unrecognized and Undrilled: Lajitas South represents a blue-sky discovery opportunity adjacent to the zones of strong mineralization at Lajitas and within the world-class Maricunga District of Chile.
  
  
• Drilling Continues at Lajitas: A total of six holes have been completed at Lajitas where the first hole of the season DO-21-01 returned 302 m at 0.71 g/t Au from surface (see news release dated February 16, 2021). Two rigs continue to be fully operational, and assays are pending for four holes.

Adrian Rothwell, President & CEO of Angold, stated "As we continue compiling excellent results from drilling the Lajitas historic resource to the north, this exploration program confirms the presence of a large gold-bearing system at Lajitas South. We are excited to test this in the upcoming drill season." 

Lajitas South may be an extension of the Lajitas mineralization or a second large mineral system on the project. The potential on the target is for discovery of higher-grade gold porphyry and epithermal mineralization at depth. Surface results demonstrate gold mineralization of up to 0.63 g/t Au.

Lajitas South Exploration Program
The exploration program consisted of geologic mapping, rock sampling, grid talus fines sampling, and hyperspectral analyses on the Lajitas South target located approximately 1 km south of the Lajitas gold deposit currently being drilled by the Company (Figure 1).

Results indicate coincident mineralization textures, hydrothermal alteration, magnetic signatures, and trace-element anomalies characteristic of the lithocap environments that typically overlie gold-copper porphyry-epithermal systems.

The Lajitas South target is centered on a prominent central magnetic high anomaly surrounded by a ring of magnetic lows. The central magnetic high is accompanied by banded quartz-magnetite veins (≤0.63 g/t Au) similar to those being drilled at Lajitas and characteristic of many Maricunga-style gold-rich deposits. This core magnetic high is accompanied by anomalous gold and copper in rock and talus fines samples, propylitic alteration (chlorite-carbonate), and mineralization textures characteristic of a near-surface environment, including sinter, travertine, and chalcedony.

The surrounding ring-shaped magnetic lows are overlain by areas of advanced argillic and argillic alteration (alunite, kaolinite, sericite) accompanied by anomalous As, Bi, Hg, Sb, and Te in rocks and talus fines, and by sinter, travertine, and chalcedony. All of these characteristics are typical of lithocap settings above and lateral to gold porphyry Maricunga deposits.

A similar relationship is seen at the historic Lajitas gold resource: a core magnetic high with anomalous Au and Cu surrounded by magnetic lows coincident with elevated Bi, Hg, Sb, Te. A magnetic high anomaly centered on mineralization is also characteristic of Maricunga style deposits, particularly Cerro Casale.

These results suggest a telescoped porphyry-epithermal system at Lajitas South. The central magnetic high anomaly with propylitic alteration and anomalous Au and Cu indicates a magnetite-bearing porphyry. This is surrounded by a ring-shaped arrangement of epithermal mineralization and magnetite-destructive advanced argillic and argillic alteration and anomalous pathfinder elements (As, Bi, Hg, Sb, Te) typical of shallow epithermal settings. Both the core and ring portions of Lajitas South display sinter, travertine, and chalcedony, definitive textures of near-surface hydrothermal systems.

Figure 1. Magnetic, geochemical, mineralization, and alteration results from the Lajitas South target. 

Area	Mineralization	Alteration	Rock Geochemistry	Talus Fines Geochemistry	Geophysics	Interpretation
Core Anomaly	Banded quartz- magnetite veins, sinter, travertine, chalcedony	Propylitic	Au ≤0.63 g/t Cu ≤113 ppm	Au ≤56 ppb Cu ≤64 ppm	Mag high	Central Au-Cu porphyry
Ring Anomalies	Banded quartz- magnetite veins, sinter, travertine, chalcedony	Advanced argillic, argillic	Bi ≤31 ppm Hg ≤758 ppb Sb ≤14 ppm Te ≤5 ppm	Bi ≤2 ppm Hg ≤157 ppb Sb ≤3 ppm Te ≤4 ppm	Mag low	Peripheral epithermal

Table 1. Summary of exploration results from the Lajitas South target.

QAQC Statement
All of Angold Resources' exploration sample assay results have been independently monitored through a quality assurance/quality control ("QA/QC") protocol which includes the insertion of blind standard reference materials and blanks at regular intervals.

Rock samples were analyzed by fire assay for gold using a 50-gram charge with atomic absorption finish (ALS method Au-AA24); forty-nine other elements were analyzed by ICP methods with four-acid digestion (ALS method ME-MS61m). Talus fines samples were analyzed for 53 elements, including gold, using aqua regia digestion with ICP finish (ALS method Au-ST43).

ALS Laboratories is independent of Angold Resources and its facilities are ISO 17025 accredited. ALS also performed its own internal QA/QC procedures to assure the accuracy and integrity of results. Parameters for ALS' internal and Angold's external blind quality control samples were acceptable for the samples analyzed.

Qualified Person
David Smith, CPG, the Exploration Manager for Angold and a Qualified Person in accordance with National Instrument 43-101, is responsible for supervising the exploration programs at Angold's projects and has reviewed and approved the technical information contained in this news release.

About Angold
Angold is an exploration and development company targeting large-scale mineral systems in the proven districts of the Maricunga, Nevada and Ontario. Angold owns a 100% interest in the Dorado, Cordillera and South Bay-Uchi projects, and certain claims that append the optioned Iron Butte project.

ON BEHALF OF THE BOARD OF ANGOLD RESOURCES LTD.

"Adrian Rothwell"
Chief Executive Officer

Further information on Angold can be found on the Company's website at www.angoldresources.com and at www.sedar.com, or by contacting the Company by email at investors@angoldresources.com or by telephone at (866) 852 8719.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Statements: This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance and includes expectations of the resumption of trading of the Company's common shares on the Exchange. All statements other than statements of historical fact may be forward-looking statements or information. Forward-looking statements and information are often, but not always, identified by the use of words such as "appear", "seek", "anticipate", "plan", "continue", "estimate", "approximate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe", "would" and similar expressions. Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Accordingly, readers should not place undue reliance on the forward-looking statements, timelines and information contained in this news release.

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SOURCE Angold Resources Ltd.

FAQ

What are the results of the Lajitas South exploration program by Angold Resources (AAUGF)?

The exploration program revealed significant new mineralization, with surface gold grades up to 0.63 g/t Au, indicating a large gold-bearing system.

What is the significance of the new discoveries at the Lajitas South target for Angold Resources (AAUGF)?

The discoveries suggest a major extension of mineralization at Lajitas South, enhancing the district's overall mineral potential and possibly indicating a second large mineral system.

How is drilling progressing at Angold Resources' Lajitas site?

Drilling is ongoing at Lajitas, with six holes completed and the first hole returning significant results of 302 m at 0.71 g/t Au, while assays for four additional holes are pending.

What does the exploration at Lajitas South suggest about future gold mining potential?

The exploration suggests a strong potential for discovering higher-grade gold porphyry and epithermal mineralization, which could enhance mining opportunities in the region.