Algold Extends High Grade Salma Vein to 3 km Strike

MONTREAL, Oct. 03, 2017 -- ALGOLD RESOURCES LTD. (TSX-V:ALG) (“Algold” or the “Corporation”) today announced assay results, including high grade values of 100 g/t Au and 89 g/t Au, from rock chip panel (1m²) sampling carried out on the new Salma vein at the Corporation’s Tijirit project in Mauritania. Assay results from the samples, which were gathered during recent systematic 50 meters spaced pitting and trenching exploration activities, extend the known gold mineralized structure to 3 kilometers on strike.

Highlights

• 100 g/t Au – In-pit (10 meters below the surface), 1 m² panel sample
• 100 g/t Au - In-pit (7 meters below the surface), 1 m² panel sample
• 88.9 g/t Au – In-pit (9.5 meters below the surface), 1 m² panel sample
• 25 samples grading higher than 10 g/t Au - 1 m² panel samples
• 75 samples grading higher than 1.0 g/t Au - 1 m² panel samples
• Average grade of 10.0 g/t Au (104 rock chip samples)
• Average grade of 13.3 g/t Au for samples grading >1 g/t Au (75 rock chip samples)

Trenching and Pitting Program

Assay results grading up to 100 g/t Au and 88.9 g/t Au were recorded from a series of pits dug over a 3 kilometers strike (Figure 1). The Salma vein represents the newest high-grade discovery at Tijirit, located only five kilometers from the Eleonore and the Lily veins. The Salma vein has now been traced over a three-kilometer-long mineralized gold structure situated on the prospective granite-greenstone contact zone. Results from the Salma vein were not included in Algold’s most recent NI 43-101 technical report.

The results from the rock-chip-sampling program continue to demonstrate the significant potential for the identification of additional high-grade gold zones throughout the more than 25-kilometer-long Eleonore corridor. The 104 rock chip samples, which were gathered over an area of 1x1 meters, taken at the base of a series of 1-to-10-meter-deep pits, were collected during detailed mapping traverses. Importantly, of the 104 samples, 25 samples assayed graded higher than 10 g/t Au with 75 grading over 1.0 g/t Au.

The pitting and trenching sampling was carried out during the month of August 2017, concurrently to Algold’s Phase III drilling program, which also concluded during the month. Algold expects to receive additional results from its Phase III drilling program assays in the coming weeks, approximately 5,000 of which are still pending.

Granite Contact Zone
The eastern boundary of this contact is located 3.6 kilometers east of Eleonore and extends to the north for approximately nine kilometers. Auriferous quartz veins have been identified over much of this contact, located within a potential “pressure shadow” setting. All of these results are sited outside the area of the mineral resources currently defined on the property (reference: Algold’s press release dated June 15, 2017).

“These results highlight the compelling potential of the new Salma vein to rapidly add substantial high-grade resources at the Tijirit Project,” said Algold CEO, Francois Auclair. “We continue to focus on building and expanding upon the existing and new mineralized zones, which are all within very close proximity.”

Detailed geological descriptions of all mineralized zones can be found on Algold’s website (www.algold.com) and on SEDAR (www.sedar.com) in the report entitled “Algold 43-101 Technical Report: Tijirit Maiden Mineral Resources Estimates for the Tijirit Gold Project in Mauritania”.

Quality Assurance / Quality Control (QA/QC) 
Analytical work for drill core and chips, geochemical samples and rock chip samples is being carried out at the independent SGS Laboratories Ltd. in Bamako, Mali.  The 50 g fire assay with ASS finish analytical services are accredited by SANAS and are carried out with a quality assurance protocol in line with ISO 17025:2005. Samples are stored at the Corporation’s field camps and put into sealed bags until delivered by a geologist on behalf of Algold to the laboratory in Bamako, Mali, where samples are prepared and analyzed.  Samples are logged in the tracking system, weighed, dried and finely crushed to better than 70%, passing a 2 mm (Tyler 9 mesh, US Std. No.10) screen. A split of up to 1,000 g is taken and pulverized to better than 85%, passing a 75-micron (Tyler 200 mesh) screen, and a 50-gram split is analyzed by fire assay with an AA finish. 

This press release has been reviewed for accuracy and compliance under National Instrument 43-101 by André Ciesielski, DSc., PGeo., Algold Resources Ltd Lead Consulting Geologist and Qualified Person, and Alastair Gallaugher, C.Geo. (Chartered Geologist and Fellow of the Geological Society of London), BSc. Geology, Algold’s Exploration Manager in Mauritania, Qualified Persons as defined by NI 43−101 Standards of Disclosure for Mineral Projects. André Ciesielski has further approved the scientific and technical disclosure in the news release.

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.

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

For further information, please contact:

Algold Resources Ltd.
1320, boul. Graham, Suite 132, Mont-Royal, Québec, H3P 3C8, www.algold.com

François Auclair M.Sc., PGeo                                                     
President & Chief Executive Officer                  
[email protected]                                      
+1 (514) 889 5089       

Alex Ball 
Executive VP, Finance and Corporate Development
[email protected]
+1 (647) 919 2227

Table 1 - Gold Assay Results (Reference: Figure 1)