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Algold Resources Ltd (2)
Symbol	ALG
Shares Issued	23,674,589
Close 2018-08-15	C$ 0.56
Market Cap	C$ 13,257,770
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Algold Resources drills 2 m of 37.35 g/t Au at Tijirit

2018-08-16 06:43 ET - News Release

Mr. Benoit LaSalle reports

ALGOLD: DRILLING CONTINUES TO DEFINE AND EXTEND MINERALIZATION AT ELEONORE

Algold Resources Ltd. has released further preliminary assay results from its phase 4 25,000-metre drilling campaign carried out on the corporation's Tijirit property in Mauritania.

Highlights:

Hole T18RC059 (Eleonore South) -- 37.35 grams per tonne gold over two metres, including 60.7 g/t Au over one metre on Section E8380, within the open pit limits defined in the preliminary economic assessment, and 30 metres north of hole T16RD041, which intersected 36.09 g/t Au over one metre, including 65.0 g/t Au over 0.5 metre (reference Algold's press release dated June 15, 2017);
Hole T18RD054 (Eleonore South) -- 11.23 g/t Au over 2.7 metres, 7.65 g/t Au over 3.3 metres and 6.04 g/t Au over four metres on Section E8430, located 40 metres below hole T17RC112, which intersected 1.21 g/t Au over eight metres; infill drilling on the same section, 58 metres above hole T18RD054, identified a visible gold-bearing quartz-carbonate shear vein 59 metres depth in hole T18RD055 -- 21.9 g/t Au over 0.5 metre;
Hole T18RC089 (Eleonore South) -- 1.75 g/t Au over 10 metres on Section E7780, located 16 metres above hole T16RC077, which intersected 0.74 g/t Au over four metres;
Hole T18RC090 (Eleonore South) -- 7.97 g/t Au over three metres on Section E7825, located 25 metres south of hole T17RC122, which intersected 8.16 g/t Au over five metres (reference Algold's press release dated Sept. 12, 2017).

These drilling results reported, from the Eleonore South zone, continue to validate the spatial continuity of the mineralization identified to date and, importantly, demonstrate that high grades are recurrent along strike and dip. The Eleonore South mineralization extends over 1.2 kilometres from north to south and is the southernmost zone defined thus far on the 3.4-kilometre-long Eleonore structure. Several discrete shear zones that may control the high-grade gold mineralization remain largely untested at depth. The Eleonore South zone geology is similar to other zones, with the mineralization hosted within mafic volcanics and quartz-rich porphyry; it is separated from Eleonore Central by a fault.

Detailed observations from core drilling suggest dominant steep-dipping mineralized zones related to regional schistosity and folds. The presence of a possible shallow east-dipping late mineralized shear is being currently tested. Rheological contrasts and zones of weakness are important factors in the controlling of shear propagation and mineralization emplacement.

The phase 4 25,000-metre program was initiated on May 7, 2018, with an objective to complete an initial 15,000 metres of drilling by mid-July in order to upgrade inferred resources to the indicated and measured category using a 40-by-40-metre grid. To date, Algold has completed 12,900 metres of reverse-circulation (RC) and 6,930 metres of diamond drilling (DD).

From the initial 15,000 metres of drilling, the corporation is in receipt of results from approximately 80 per cent of RC and 37 per cent of core samples that were sent to the laboratory for analysis.


Hole ID             From

T18RC059 including T18RC066 T18RC068 T18RC072 T18RC074 T18RC076 T18RC081

T18RC082 T18RC085 T18RC089 T18RC090 T18RC091 T18RC092 T18RC093

T18RC094

T18RC095 T18RC101

T18RC102

T18RD054            92.3

T18RD055 T18RD060

* Vertical depth ** Weighted average Au with an internal grade of 0.25 g/t Au permitted. *** Downhole length No capping of higher

NEW ASSAY RESULT HIGHLIGHTS -- PHASE 4 DRILLING PROGRAM To Vertical depth* Average grade** Width*** (m) (m) (m) (g/t Au) (m) 146 148 119 37.35 2 146 147 119 60.7 1 88 92 70 1.21 4 96 100 78 1.61 4 29 30 27 3.54 1 96 97 75 8.05 1 68 72 53 1.28 4 65 66 49 1.56 1 86 88 66 3.36 2 86 88 68 10.49 2 36 37 28 4.8 1 38 48 34 1.75 10 29 32 23 7.97 3 32 34 25 2.02 2 34 40 29 1.64 6 34 36 27 6.68 2 44 48 35 1.16 4 26 28 21 1.8 2 75 77 59 1.91 2 200 201 162 12.9 1 10 11 8 1.31 1 23 24 18 2.14 1 15 22 14 1.66 7 36 37 28 2.05 1 64 65 50 1.27 1 98 100 78 4.32 2 95 72 11.23 2.7 162 165.3 126 7.65 3.3 180.5 184.5 141 6.04 4 58.8 59.3 45 21.9 0.5 21.45 22.45 17 1.92 1 of intersection below RL collar. grade, composite based on a minimum grade of 0.3 g/t dilution of 0.005 g/t Au over two metres and an edge (estimated between 70 and 90 per cent of true width of mineralization). values has been applied.

Detailed geological descriptions of all mineralized zones can be found on Algold's website and on SEDAR in the report entitled, "Algold 43-101 Technical Report: Tijirit Maiden Mineral Resources Estimates for the Tijirit Gold Project in Mauritania."

Following completion of the initial 15,000 metres of phase 4 drilling, Algold commenced the remaining 10,000 metres of drilling, which is aimed at testing the depth and strike extensions at Eleonore, as well as defining resources over new high-priority targets at Eleonore East and Salma. Algold looks forward to updating the market with additional exploration results in the near future.

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-gram fire assay with atomic absorption spectroscopy 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. Until the end of 2016, samples were analyzed at ALS's facility in Loughrea, Ireland. Beginning in 2017, samples are analyzed at SGS Laboratory, Bamako. Samples are logged in the tracking system, weighed, dried and finely crushed to better than 70 per cent, passing a two-millimetre (Tyler nine mesh, U.S. standard No. 10) screen. A split of up to 1,000 grams is taken and pulverized to better than 85 per cent, passing a 75-micron (Tyler 200 mesh) screen, and a 50-gram split is analyzed by fire assay with an atomic absorption finish. Anomalous samples greater than five g/t Au are reanalyzed by 50 g fire assay with gravimetric finish. Selected samples may be reanalyzed using a one-kilogram cyanide leach (bottle roll) using LeachWell or the one kg screen fire assay method. Blanks, duplicates and certified reference material (standards) are inserted to monitor laboratory performance during the analysis.

This press release has been reviewed for accuracy and compliance under National Instrument 43-101 by Andre Ciesielski, DSc, PGeo, Algold Resources lead consulting geologist and qualified person, and Alastair Gallaugher, CGeo (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. Mr. Ciesielski, Dsc, PGeo, has further approved the scientific and technical disclosure in the news release.

About Algold Resources Ltd.

Algold Resources 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.

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