MONTREAL, Nov. 07, 2017 (GLOBE NEWSWIRE) -- ALGOLD RESOURCES LTD. (TSXV: ALG – “Algold” or the “Corporation”) today announced additional assay results from Diamond (“DDH”) and reverse-circulation (“RC”) drilling carried out on its Tijirit property (“Tijirit”) in Mauritania as part of the Corporation’s Phase III 30,000-meter drilling program completed on August 25, 2017. The results, which include 6.14 g/t Au over 4 meters, continue to demonstrate the high-grade nature and the continuity of the mineralization, both near surface and at depth, over the 3.5-kilometer strike length of the Eleonore zone (Figure 1). Additionally, drilling results from the Lily and Sophie zones extended the width of the mineralization, thereby continuing to add significant gold ounces to the Tijirit project.

Highlights*

• T17RC179 (Eleonore South) – 6.14 g/t Au over 4 m, including 21.30 g/t Au over 1 m, approximately 125 meters below the surface (Figure 2).
• T17RC146 (Eleonore South) – 2.75 g/t Au over 8 m, approximately 115 meters below the surface (Figure 2).
• T17DD010 (Eleonore South) – 7.74 g/t Au over 2.10 m, which is approximately 50 meters from T16RC104 (4.25 g/t Au over 3 m ), extended the strike length of mineralized zone.
• T17DD018 (Lily) – 0.37 g/t Au over 111 m, including 1.11 g/t Au over 19.55 m, from 36.35 meters core length (Figure 3)
• T17RC177 (Lily) – 0.34 g/t Au over 179 m, including 1.01 g/t Au over 17 m, from 138 meters hole length. This hole and subsequent holes drilled in the Lily area demonstrate the pervasive low-grade mineralization of the Lily gold zone (Figure 3).

*All intersections reported are down-hole lengths.

Eleonore South Zone

Hole T17RC179 was drilled 40 meters north of T17RC107 (6.84 g/t Au over 15 m and 2.16 g/t Au over 8 m; reference Algold’s press release dated September 12, 2017) and T17RD044 (5.81 g/t Au over 3.05 m; reference Algold’s press release dated September 12, 2017) and 50 meters below T17RC045 (2.24 g/t Au over 2 m and 14.15 g/t Au over 10 m; reference Algold’s press release dated April 25, 2017). Two significant mineralized zones were intersected, which correlate with mineralization discovered in the surrounding holes.  The structure remains open along strike to the north and at depth.

Hole T17RC146 is the up-dip extension of the visible-gold-bearing mineralization intersected in core hole T17RD139 (5.14g/t Au over 2.4m and 21.53 g/t Au over 1.8 m; reference Algold’s press release dated September 12, 2017). The northern and down dip extensions of this mineralized zone are yet to be tested.

Eleonore North Zone

Hole T17RC111 (1.44 g/t Au over 5 m), located 50 meters northeast of T17RC084 (3.05 g/t Au over 21 m; reference Algold’s press release dated May 23, 2017) confirmed the northern extension of this zone, which remains open at depth. Further drilling will be required to test this structure to the north (Figure 4).

Sophie II & III Zones

The banded iron formation (BIF) continues to be the main exploration target at Sophie II, with recent drilling extending the mineralization at depth over the 1.5-kilometer strike length currently defined by drilling. Hole T17RC173 intersected mineralization approximately 70 meters below surface. The BIF structure, as defined by surface mapping and geophysics, is part of a more than five-kilometer-long soil anomaly and remains a significant exploration target.

Wide, lower-grade BIF-associated mineralization was intersected at Sophie III, extending the mineralization at depth. In addition, new BIF-associated anomalies one kilometer southwest of the known Sophie III mineralization were drill tested, the results of which returned values up to 0.7 g/t Au over 4 m.

Lily Zone

Drilling at the Lily gold zone has continued to establish a wide mineralization style, with current testing supporting a 1.4-kilometer strike length.  In the thickest sequences, mineralization occurs over a true width of 130 meters.  Mineralization is associated with a lithological package that has undergone high-strain deformation and is sub-vertically dipping. Unlike Eleonore, visible gold is rarely observed with gold finely disseminated throughout the package (refer to Image 1 here: http://www.globenewswire.com/NewsRoom/AttachmentNg/d71993a3-7d6c-4d54-9c7a-e470391c1868).

Table 1: Assay Results - Phase III Drilling Program

*Vertical depth of intersection below RL collar.
**Weighted average grade, composite based on a minimum grade of 0.3 g/t Au with an internal dilution of 0.005 g/t Au over 2 m and an edge grade of 0.25 g/t Au permitted. For the Lily deposit, lower grade dilution was included.
***Width, believed to be close to true width.
No capping of higher values has been applied.
Note: Complete assay results are available on Algold’s website (www.algold.com).

As of November 1, 2017, Algold collected 16,188 samples (excluding QA/QC) as part of the Phase III drilling program, with 15,363 samples having been sent to the SGS Bamako facilities for analysis. Algold is in receipt of 14,545 assay results, with 1,643 drill samples still pending and under preparation (excluding QA/QC).  Sampling of previously untested core drilling from 2016 and 2017 as well as resampling of select RC intervals is currently underway.  Accordingly, a further 2,643 (excluding QA/QC) samples have yet to be analyzed.