AAU Angold Resources Ltd

AndeanGold Ltd. (TSX VENTURE:AAU) - 



--  13.56 oz/t AGE over 3.12 metres 
--  15.73 oz/t AGE over 2.24 metres 
--  11.83 oz/t AGE over 2.52 metres 
--  15.39 oz/t AGE over 4.98 metres 



AndeanGold Ltd. ("the Company" or "AndeanGold") is pleased to announce that it
has received the assay results for the latest five drill holes from the Phase I
infill drilling program (the "Program") on the Urumalqui Epithermal Vein (the
"Vein") at its advanced-stage Au-Ag Urumalqui exploration project (the
"Project") in Peru. The assay results are, as follows:




          DEPTH                                                             
          BELOW                     INT-   TRUE                             
        SURFACE       FROM     TO  ERVAL  WIDTH                      AG     
DRILL     (met-       (met-  (met-  (met-  (met-    AU     AG    EQUIVALENT 
HOLE       res)       res)   res)   res)   res)  (g/t)  (g/t)  (g/t)  (oz/t)
----------------------------------------------------------------------------
PGUR #01  86.77     103.90 108.80   4.90   3.92   3.42 184.45  355.45  11.43
                 INCLUDING                                                  
                    103.90 107.80   3.90   3.12   4.26 208.95  421.85  13.56
                                                                            
PGUR #2  146.74      161.3 168.12   6.82   3.78   3.03 189.21  340.93  10.96
                 INCLUDING                                                  
                    162.15 166.20   4.05   2.24   4.98 240.27  489.24  15.73
                                                                            
PGUR #3  146.03     165.25  170.4   5.15   3.42   1.96 183.66  281.83   9.06
                 INCLUDING                                                  
                    166.00 169.80   3.80   2.52   2.65 235.67  368.03  11.83
                                                                            
PGUR #4  129.91     142.50 155.10  12.60   7.48   0.35 321.23  338.88  10.90
                 INCLUDING                                                  
                    142.50 150.91   8.41   4.98   0.46 455.47  478.53  15.39
                                                                            
PGUR #5  177.85     185.20 193.75   8.55   3.80   0.28  95.78  109.90   3.53
                 INCLUDING                                                  
                    185.20 188.10   2.90   1.29   0.27 148.33  162.06   5.21
----------------------------------------------------------------------------
                                                                            
AG EQUIVALENT - Based on a silver to gold ratio of 50:1 and assuming 100%   
 metallurgical recoveries                                                   
oz/t - Troy ounces per metric tonne                                         



Mr. Anthony F. Ciali, President & CEO of AndeanGold states, "We are very pleased
with the latest assays from the Urumalqui infill drill program. The results
include some of the best intersected vein widths and Au and Ag grades reported
to date in the Program. In particular, PGUR #01 and #04 are the best overall
holes drilled to date in the Program, with intervals of: PGUR #01 - 1.56 metres
true width @ 7.56 g/t Au, 165.31 g/t Ag, 543.19 g/t AGE (17.47 oz/t) and PGUR
#04 - 2.66 metres true width @ 0.48 g/t Au, 541.67 g/t Ag, 565.79 g/t AGE (18.19
oz/t). The overall drilling performance is in line with the Company's
expectations, and the Program continues to proceed on schedule."


The latest holes were drilled along strike over an approximate 350 metre
interval to the west of the Company's previously announced six drill holes (See
news releases of May 13 and 24, 2011). PGUR #01 was the furthest western hole
planned in the Program along the 1,000 metre Vein strike being drilled.
Including Gitennes Exploration Inc.'s historic holes, drilled to the west, east
and between AndeanGold's eleven reported drill holes in the Program to date,
good continuity of mineralization has now been confirmed for approximately 550
metres of the 1,000 metre Vein strike. (See updated Urumalqui Vein Longitudinal
Section attached). 


The original Program envisaged up to 23 diamond core holes and up to 4,000
metres of drilling. The Company is now planning to drill up to 5,000 metres,
consisting of 29 diamond core holes, in order to provide additional infill
drilling in some key areas. To date, 23 holes have been completed for 3,637
metres, and all 23 completed holes have intersected the Urumalqui Vein as
predicted in cross sections prepared by the Company. The contract driller,
Explomin de Peru S.A.C. has achieved an average daily drilling rate of 75
metres, and core recoveries per hole have averaged 94% within the Vein and 97%
for the entire hole. Core samples for the first 17 completed holes have been
shipped to the Inspectorate Lab in Lima for assaying. 


The Program is focused on infill drilling to a depth of 200 meters so as to
provide a drill spacing of approximately 50 metres along the central and
southeastern segments of the Urumalqui Vein, which cover 1.0 kilometre of the
1.5 kilometre long Urumalqui Vein outcrop where the majority of the Project's
historical drilling was concentrated. This level of drilling density should be
sufficient for the preparation of a NI 43-101 resource estimate, which the
Company plans to commission upon completion, and subject to the results, of the
Program.


To view the Longitudinal Section included with this release, please click the
following link: http://media3.marketwire.com/docs/Urumalqui-AAU.pdf. 


Quality Assurance / Quality Control:

AndeanGold has in place a detailed QA/QC program consistent with Canadian
Securities Administrators National Instrument 43-101 and using best industry
practices. The program includes chain of custody of samples; standards and
blanks submitted to the independent Inspectorate Lab in Lima Peru with each
batch of samples, and a check assay program on a proportion of sample pulps with
a second independent laboratory. The results of the QA/QC program to date have
been satisfactory.


Dr. William F. Lindqvist, a director of the Company, is the Qualified Person in
compliance with National Instrument 43-101 with respect to this release. 


About AndeanGold Ltd.:

AndeanGold Ltd. is engaged in the acquisition, exploration and potential
development of primarily precious metals properties, principally in Peru and
Ecuador. The focus of the Company's exploration activities is presently in
advancing its Urumalqui Project, as well as pursuing mineral property
acquisitions, in Peru. In Ecuador, the Company's activities have been limited to
administrative and legal matters due to the Mining Mandate issued by the Ecuador
Constituent Assembly on April 18, 2008. In November 2009, President Correa
signed the Mining Regulations into law pursuant to the requirements of the new
Mines Law, which was passed in January 2009. This was the final legal precursor
to the re-initiation of exploration and mining development in Ecuador. The
Company has been issued new mining titles under the new Mines law to its three
key Ecuadorian projects and has filed the requisite documents with the Ministry
of Non-Renewable Natural Resources and Ministry of Environment in support of the
Company's request to renew exploration programs on its key projects in Ecuador.
The Company is actively working with government officials to achieve this end.


Please refer to AndeanGold's website at www.andeangoldltd.com for further
information on the Company's projects and activities.


On Behalf of the Board of Directors of

ANDEANGOLD LTD.

Anthony F. Ciali, President, CEO and Director

Angold Resources (TSXV:AAU)
Historical Stock Chart
From Jun 2024 to Jul 2024

Angold Resources (TSXV:AAU)
Historical Stock Chart
From Jul 2023 to Jul 2024