Eleonore Zone Inferred Resources Total 357,920 Ounces at 4.18 g/t Au
MONTREAL, May 1, 2017 /CNW Telbec/ - ALGOLD RESOURCES LTD. (TSXV: ALG) (the "Corporation") is pleased to announce an updated mineral resource estimate in accordance with the Canadian Securities Administrators' National Instrument 43-101 ("NI 43-101") for its Tijirit Property ("Tijirit" or "the Property") in Mauritania. The 100%-owned Tijirit project, which encompasses an area of more than 1,000 km2, is situated approximately 25 kilometers southeast of Kinross' Tasiast gold mine.
Highlights
The updated NI 43-101 technical report comes only nine months following our maiden report (reference Algold's NI 43-101 technical report filed August 4, 2016). Inferred resources at the Eleonore zone, where the majority of drilling was completed, increased significantly to 357,920 ounces at 4.18 g/t Au at a cut-off grade of 1.5 g/t Au. For comparison purposes with Algold's maiden report, and using base case scenario (see below), Eleonore inferred resources increased from 19,650 ounces of gold at 3.26 g/t Au to 357,920 ounces of gold at 4.18 g/t Au. It is important to note that capping negatively impacts results, particularly when applied to nuggety high-grade mineralizations such as that at Tijirit, resulting in an overall decrease in grade and ounces of approximately 20%.
The overall high grade nature of the Eleonore deposit allows for various cut-off grade parameters to be applied and thus will allow Algold to choose between various potential mining scenarios as more drilling will permit to better define the width, depth and strike extension.