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Angkor Gold Corp
Symbol ANK
Shares Issued 105,980,543
Close 2018-06-22 C$ 0.185
Market Cap C$ 19,606,400
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Angkor royalty property Phum samples up to 40.2 g/t Au

2018-06-25 10:50 ET - News Release

Mr. Stephen Burega reports

UNDERGROUND SAMPLING BY ANGKOR AT MESCO'S PHUM SYARUNG MINE SITE YIELDS 40.2 g/t GOLD GRAB SAMPLE

Angkor Gold Corp. president JP Dau has provided an update regarding underground grab sample assays on material recently obtained from the Mesco mine site at Phum Syarung.

Recent developments

As previously reported by the company, Angkor staff visited the Phum Syarung mine site in May of this year to observe progress underground and advancements to the infrastructure by owner Mesco Gold (Cambodia) Co. Ltd.

Angkor geologists, accompanied by a Mesco geologist, examined the stockpile of material removed from underground development work from incline shaft 1 and incline shaft 2.

Sample collection

Mesco allowed samples of observable vein material to be collected by Angkor geologists for analysis on two levels from incline 1 and two samples on one level from incline 2. In total, four samples were collected by Angkor and analyzed by ALS Chemex.

Sample No.            Location     Gold g/t  Silver g/t   Copper %

VO35651     Incline 1, Level 2         31.0        10.3       0.15    
VO35652     Incline 1, Level 3          4.3        19.9       0.38    
VO35653     Incline 2, Level 1         27.6        36.5       0.42    
VO35654     Incline 2, Level 1         40.2        47.5       0.44    

Rock chip and grab samples are selected samples and are not necessarily representative of the mineralization hosted on the property.

Incline 1 was observed to be approximately 213 metres in length and has become the main entrance point for Mesco to stage its next steps of underground development. Horizontal crosscutting from incline 1 on multiple levels is planned by Mesco to join the loading shaft and incline 2. The overall distance between the loading shaft at the northernmost point and incline 2 at the southern-most point is approximately 400 metres.

Angkor geologists hope to visit the site in the near future to collect additional in situ samples and to learn more concerning the attitude and characteristics of the veins.

"This knowledge will help tremendously in Angkor's exploration of similar style veins such as the Wild Boar and Wild Monkey occurrences on the adjacent Andong Meas tenement," said Dennis Ouellette, vice-president of exploration. "I am impressed with the high gold values returned by the underground samples from the Mesco mine site."

Background

In 2013 Angkor sold for $1.8-million (U.S.) in cash a 12-square-kilometre portion of its Oyadao South exploration licence, known as Phum Syarung, to Mesco Gold (Cambodia) Co. Ltd. Angkor retained a sliding-scale net smelter return interest (NSR) ranging from 2.0 per cent to 7.5 per cent on any gold production, as well as 7.5 per cent of the value all other metals produced. Angkor's only interest in Mesco's Phum Syarung mine site is the NSR. Environmental approvals were granted to Mesco on Aug. 8, 2016, and a mining licence was issued to Mesco by the Cambodian Ministry of Mines on Sept. 6, 2016. Angkor continues to own exploration licences for the surrounding Oyadao South exploration licence and adjacent Oyadao North exploration licence.

Net smelter return linked to gold price

Angkor's net smelter return is linked to the price of gold. Under the agreement with Mesco, the NSR is a minimum of 2 per cent where the gold price is less than $1,000 (U.S.) and increases by 0.25 per cent for every $50 (U.S.) that the gold price exceeds $1,000 (U.S.), to a maximum of 7.5 per cent. For all other minerals, the NSR is a fixed 7.5 per cent.

"We are especially encouraged by the recent progress. These results are very good news for us," Mr. Dau said. "We expect this will generate significant interest in our other properties where gold is the primary target."

Dau also cautioned that "due to Mesco being owned and operated by Mesco Steels Ltd. based in India, Mesco's own results and reporting as to grade and project economics are not governed by CIM definitions or North American NI 43-101 standards or requirements." Under Mesco's agreement with Angkor, Mesco is not obligated to provide such data for verification until and if any future production commences. Angkor's only interest in Mesco's Phum Syarung project is as an NSR holder.

Sample methodology

Grab samples are collected as niche samples of rock material of specific style or character of interest. A target sample weight of three kilograms to five kg is collected for assay. Sample preparation is carried out at a commercial off-site laboratory (ALS Phnom Penh). Gold assays are conducted at ALS Vientiane, Laos utilizing a 50-gram subsample of 85 per cent passing 75 microm pulped sample using fire assay with AAS finish on an aqua regia digest of the lead collection button. Multielement assay is completed at ALS, Brisbane, Australia, utilizing a four-acid digest of a one gram subsample of 85 per cent passing 75 microm pulped sample and determination by inductively coupled plasma-atomic emission spectroscopy or ICP-mass spectrometry for lowest available detection for the respective element. Samples are dried for a minimum of 12 hours at 105 C.

All types of samples are prepared for assay at the NATA accredited ALS Cambodia sample preparation facility in Phnom Penh. Field duplicates of soil samples are also collected routinely (approximately one every 20 samples). This sample technique is industry norm, and is deemed appropriate for the material.

Industry-standard quality assurance/quality control protocols are routinely followed for all sample batches sent for assay, which include the insertion of commercially available pulp CRMs and pulp blanks into all batches -- usually one of each for every 20 field samples. Additional blanks used are homemade from barren quarry rock. QA/QC data are routinely checked before any associated assay results are reviewed for interpretation, and any issues or anomalies are investigated before results are released to the market. No issues were raised with the results reported here.

All assay data, including internal and external QA/QC data and control charts of standard, replicate and duplicate assay results, are communicated electronically.

About Angkor Gold Corp.

Angkor Gold is a public company listed on the TSX Venture Exchange and is a leading mineral explorer in Cambodia, with a large land package and a first-mover advantage, building strong relationships with all levels of government and stakeholders.

Dennis Ouellette, BSc, PGeo, is a member of the Association of Professional Engineers and Geoscientists of Alberta (APEGA No. 104257) and a qualified person as defined by National Instrument 43-101. He is the company's vice-president of exploration and has reviewed and approved the technical disclosure in this document.

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