Angkor advances gold property with new results and money in the bank
Selected high-grade float samples with up to 70.7 g/t gold
In spite of the challenges facing many exploration companies, Angkor Resources Corp. (TSXV: ANK | OTC: ANKOF) has been able to continue to both break new ground and raise money in these difficult times. It recently announced new gold exploration results from their 100% owned Andong Meas property in Cambodia. The most recent press release highlighted continued work, with a result of 70.7 g/t gold from float sampling. This follows their reported results announced on May 27, 2020 that included a result of 55.4 g/t gold from sampling on their 100%-owned Andong Meas License in Cambodia.
It should be noted that the samples at Andong Meas occur in clusters, suggesting several different vein segments over a north to south distance of about 700 meters. These very promising results have set up a future exploratory diamond drill program (currently planned at 1,000+ meters) to test the potential high-grade gold mineralization zones around their Wild Boar target.
“There is a plethora of prospects on the Andong Meas property,” said Angkor CEO Stephen Burega, “but we have chosen to initially focus on the Wild Boar area based on the excellent results to date.” The Wild Boar prospect was formerly an area of intensive artisanal mine workings on several subparallel epithermal veins. In addition to the gold bearing quartz veins, skarn alteration on the contact between granites and marbles in the area was observed. Definitely the right place to be exploring for gold, especially since ‘Andong Meas’ in the local language means ‘Well of Gold‘.
According to Angkor technical adviser Dr. Kaihui Yang, the “high grade gold mineralization found so far in Andong Meas has the characteristic of an epithermal gold system that could sit on a porphyry system underneath.” This is highly relevant to shareholders, as much of the Andong Meas property has yet to be explored. While the entire Andong Meas license has been the subject of an aeromagnetic survey, satellite imagery geological interpretation, reconnaissance field truth mapping and multi-element stream sediment geochemical survey, there still remains work to be done – with the potential for additional discoveries – on this single 100% owned license of 187 square kilometers in Cambodia.
Work is planned to resume in November after the end of the rainy season. The company currently has staff working in Cambodia including the VP Exploration who lives there full time, so the work program will not be hampered by any of the now common coronavirus travel restrictions. In addition to the planned diamond drill program, a detailed surface mapping program is in the works along with an auger and trenching program covering the entire area at Wild Boar with a 25 meter sample spacing and a 50 meter line spacing and pit testing to further test the depth of the bedrock. The company is fully staffed to conduct its future exploration program, and recently successfully raised CDN $1.8 million in an oversubscribed private placement in June to keep the exploration program running.
Property portfolio includes oil and gas
Angkor has operated in Cambodia for over 10 years, with a very large land package of approximately 983 square kilometers over five licenses, targeting precious and base metals. In addition, Angkor has government approval for a 7,300 square kilometer oil and gas license, in a vastly underexplored basin which includes the Gulf of Thailand. Their license at Block VIII has evidence of oil seeps on the block and is on the edge an oil-prone area where an offshore oil discovery is currently under development in Cambodian waters.
Angkor’s oil team hopes to be back in Cambodia once coronavirus-related travel restrictions are lifted to complete negotiations on the Production Sharing Agreement contract terms for the oil and gas license with the Cambodian government.
With their recently oversubscribed, non-brokered private placement raising CAD$1.8 million, Angkor is well-funded to advance the next phase of the exploration program on Andong Meas and continue to demonstrate the resource potential of this valuable asset.