VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 27, 2017) - Angel Gold Corp.
(TSX VENTURE:ANG)(OTCQX:ANGCF) ("Angel" or the "Company") is pleased to provide an update on recent progress on
Angel's geophysical survey program at its Guayabales Prospect, the second of the three prospects surveyed at our El Porvenir
project located in the Segovia Mining District of Antioquia, Colombia.
- The Induced Polarization survey has been completed at Angel's Guayabales Prospect over five lines at 200m spacing.
- Preliminary results of the geophysical data obtained in the field indicates several distinct high chargeability responses
(notes 1 and 2 below) as well as a separate broad zone of more moderate response consistent with sulfide
mineralization at depth.
- Preparation of the final report with detailed interpretation is under way.
"The Induced polarization data gathered at Guayabales is continuing to support and enhance our belief that our El Porvenir
Project has the potential to host conductive sulfide bodies that may contain gold and silver mineralization. Two kilometers away
in the district, high-grade vein-hosted mineralization is being mined at the Gran Colombia gold mine (Segovia project). We also
have identified a type of mineralization previously undocumented in the Segovia Mining District: that of quartz-sericite
breccia-hosted silver-gold mineralization that is intrusive related" says Stella Frias, President and CEO of Angel Gold Corp.
"The chargeability geophysical anomalies identified at Guayabales, are coincident with surface silver-gold breccia hosted
mineralization as well as to zoned multi-element soil responses, supporting our belief that these geophysical anomalies may
represent the presence of blind or semi-blind bodies of sulfide mineralization. We have already determined from surface work that
sulfide mineralization is related to silver and gold mineralization," added James Stephenson P.Geo, Vice-President of
Exploration.
HIGH CHARGEABILTY ANOMALIES
- Discrete high chargeability responses are believed to be associated with individual sulfide-silica bodies such as that
encountered in historic drill hole RGBDDH049 which returned a down hole intersection of 9m at 89.9 g/t silver 0.76 g/t gold,
and a small nearby surface exposure that returned 190 g/t silver 1.57 g/t gold in a composite rock chip sample.
- Interestingly this known silver-gold sulfide-silica breccia-hosted mineralization yielded a significantly weaker and
narrower chargeability response than of the other discrete high chargeability anomalies; this is strongly indicative that the
significantly stronger and larger chargeability highs are associated with larger and more sulfide-rich bodies of sulfide-silica
breccia fill. This potential is clearly indicated in the two adjacent preliminary sections shown below in Figures 1 and 2.
To view Figure 1, please follow this link: http://media3.marketwire.com/docs/d_000%20NE_GYBL_Pseudo_Figure%201.jpg
Figure 1: Section 0+00NE showing response over known sulfide-silica breccia hosted mineralization, outcropping at 0+ 00 SE
(grid origin), showing a relatively modest anomaly of 15 to 20mV/V. Note the open anomaly on the right-hand end of the line
which correlates with the strong anomaly in the right of Figure 2 below.
To view Figure 2, please follow this link: http://media3.marketwire.com/docs/c__200%20SW_GYBL_Pseudo_Figure%202.jpg
Figure 2: Provisional Section 2+00SW - (INCOMPLETE, with surveying of the right hand end of the line in progress at receipt of
data of this incomplete section). The section shows a very low background of around 5mV/V, with anomalies in the right of section
of over 20mV/V and the anomaly in the left of section to over 100mV/V. The left hand anomaly appears to correlate at depth with
the shallower weaker mineralization encountered in Figure 1 above.
- Strong chargeability responses were encountered on sections 6+00SW, 4+00SW, 2+00SW and 0+00NE
- While the anomaly over the known mineralization extends to surface, the strongest chargeability responses are all
sub-surface, with some of these deep anomalies continuing to surface as more weakly chargeable responses, and others being
completely blind. Significantly, where multi-element soil geochemistry was interpreted as possibly reflecting blind underlying
mineralization, underlying high IP chargeability responses were encountered.
- Our interpretation of surface geochemical responses infers a more silver-gold response to the soil geochemical anomalies in
the left (northwest) of the sections, but suggests a more gold-rich system underlying the soil responses in the right
(southeast) of the sections. This can only be confirmed by drilling.
BROAD MODERATE CHARGEABILITY RESPONSE
- Chargeability background progressively increases from5 mV/V and under in sections 6+00SW and 4+00SW, to around 7 mV/V in
2+00SW, to 8 to 9 mV/V in sections 0+00NE and 2+00NE suggesting some differing geology occurs north of the surveyed area where
different intrusive phases have been identified.
- A broad 600m wide zone (open to the left of section) of moderate chargeability (10 to 15 mV/V)was encountered on the
northernmost surveyed line, section 2+00NE, possibly reflecting a disseminated sulfide halo around a discrete body of more
mafic diorite that was identified a short distance to the north. Section 2+00NE is shown in Figure 3 below.
- An exposure of intense K-feldspar potassic alteration as well as more-widespread sericite alteration had been previously
noted in this poorly exposed mafic diorite intrusive. The significance of the potassic alteration at this time remains open to
conjecture. Potassic alteration is reported locally associated with vein mineralization in the Segovia District, but no veins
were observed anywhere near this exposure.
To view Figure 3, please follow this link: http://media3.marketwire.com/docs/e_200%20NE_GYBL_Pseudo_Figure%203.jpg
Figure 3: Provisional Section 2+00NE showing a broad zone of moderate chargeability (left half of section) possibly reflecting
a disseminated sulfide halo around a mafic diorite body north of the section.
Conclusion
- It is believed that these strong chargeability responses at Guayabales could represent areas of intense silica-sulfide
alteration that have the potential to host sub-vertical, pipe-like to elongate, fissure-fill bodies of silver-dominant
(silver-gold) and gold-dominant (gold-silver) mineralization.
- Based on the geophysical anomalies the size potential for these bodies could be as much as 100m in width rather than the
average 1m of the typical quartz vein hosted deposits in the Segovia Mining District.
- The broad >600m wide moderate chargeability response of the northernmost line suggests disseminated sulfide
mineralization that could reflect a mineralized halo around a different intrusive phase (mafic diorite as opposed to tonalite)
and thus offer potential for more disseminated styles of intrusive hosted mineralized targets.
NOTE 1 : The accompanying "pseudosection" is a non-"inverted" presentation of
results. The survey was carried out with a pole-dipole configuration progressing from left to right in the section, and by its
very nature the method presents a leftwards slant to the results. No correction inversion algorithm has been applied to show the
"true" position of the anomaly. The interpretation is done by matching the observed geology to the IP results. Mineralized bodies
are inferred to be irregular but overall sub-vertical in orientation
NOTE 2 : A chargeability response indicating the presence of sulfides reflects
the location of the sulfide-bearing body below the base of oxidation, and not the oxidized surface portion of the body. Thus for
a dipping sulfide zone the chargeability anomaly will displace away from the oxidized surface exposure.
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 and silver exploration company focused on responsible development of mineral resources in
Colombia, host to some of the world's largest gold deposits. Angel's flagship project the El Porvenir is located at less than 2
km from the Segovia project of Gran Colombia, the El Pino West Project is adjacent to the Gramalote project of B2Gold and Anglo
Gold Ashanti JV and its Heliconia project is located north of the Titiribí District along the Cauca fault system.
Angel has been focused on acquiring and validating strategic mineral exploration opportunities in Colombia's best mining
districts with the highest potential for new discoveries.
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.
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.