ANK:CC - Sand and Gold Project Advances Malaguit River Philippines
(TheNewswire)
GRANDE PRAIRIE, AB - TheNewswire - April 12, 2022 - Angkor Resources Corp.(TSXV:ANK ) ( OTC:ANKOF) (“Angkor” or “the Company”) reports its site visit to joint operating venture forenvironmental cleanup, sand dredging and alluvial gold recovery inPhilippines with Angkor’s subsidiary Philippines EnvironmentalRecovery Inc. (PERI) by VP Exploration for Angkor, DennisOuellette.
With travel restrictions reduced, Angkor’s QP, DennisOuellette and Geotech, Tony Cruz visited the sand and gold project innorthern Paracale district in the Philippines for assessment andreview of the advancements of the project. This project involvesremoving sand from a 5-kilometer stretch of the Malaguit River. Angkor and PERI have a joint operating agreement with KSA Quarryingand Aggregate Supply Ltd. (KSA) on the Malaguit River, Paracale, BicolRegion, Camarines Norte, Philippine that allows any proceeds from sandand alluvial gold recovery to pass to Angkor’s subsidiary PERI, andKSA.
As part of its review, Dennis Ouellette describes:“The Malaguit river cuts across the southern extent of a significantepithermal gold vein cluster. Being a tidal river, the free goldintroduced to the river by erosion has ample opportunity to benaturally concentrated along channels. PERI’s dredging operationswill have the ability to quantify the potential gold recovery of thistidal portion of the river.
The project has the potential for long-term sandcontracts for large reclamation and construction projects, both as abase sand, and a construction sand. PERI, as part of its obligation,is refurbishing the original site so it has a larger stockpile areaand implementing access to fresh water that can be used to wash thesand, which then qualifies it for construction sand and generates ahigher per cubic meter sale price.”
“Strong tidal changes repeatedly sluice the gold insand with each changing tide”, explains Ouellette. “The effect isintensified by the existence of channels on the river bottom. Theriver averages about 200 meters in width. Numerous islands in theriver present the opportunity for the creation of point bar placerconcentrations after the rainy season each year. The rainy season alsoprovides new gold material into the river with the natural erosion ofthe steep banks which contain multiple small gold bearing veins in thestockwork. “
“Along the river, three open pit operations were inthe hills along the north bank. There is also a small underground goldmine immediately across the river from the project’s sand processingarea, Ouellette expanded. “As part of the site review, we look atthe local artisanal practices that although very rustic andunsophisticated, indicate the presence of alluvial gold. “
Ouellette continues, “While the project will be theonly officially sanctioned operations along the five-kilometer sectionof the river, there are at least a dozen artisanal, small scalesuction dredge operations along this portion of the river. The natureof the artisanal mining means that there is not official governmentaccounting of the quantity of gold already recovered by the suctiondredgers. The artisanal dredgers (shown below) process alluvial goldon the river using sluice boxes and divers below the crafts. “
The Company sees no interference with the artisanaldredgers as they also act as exploratory ‘scouts’ across the largeriver area.
Rebuilding and refurbishment of the original site,which KSA completed just prior to COVID in February 2020, and prior tothe joint venture with Angkor Resources through PERI is currentlyunderway. As significant deterioration occurred during the dormantperiod that extended over the two-year closure caused by the pandemic,PERI funds significant rebuilding on shore.
The Company and KSA plan to have the upgraded sandprocessing facility operational by June of 2022.
QUALIFIED PERSON
Dennis Ouellette, B.Sc, P.Geo., is a member of TheAssociation of Professional Engineers and Geoscientists of Alberta(APEGA #104257) and a Qualified Person as defined by National Instrument 43-101 (“NI 43-101”). He is theCompany’s VP Exploration on site and has reviewed and approved thetechnical disclosure in this document.
ABOUT ANGKOR RESOURCES CORP.
Angkor Resources Corp. is a public company, listed onthe TSX-Venture Exchange, and is a leading resource optimizer inCambodia with multiple licenses in NE quadrant of the country. In2020, the company received approval and initiated negotiations onProduction Sharing Contract (PSC) terms for Block VIII, a 7,300 squarekilometre oil and gas license in Cambodia.
CONTACT:
Delayne Weeks, CEO
Telephone: +1 (780) 831-8722
Email: da@angkorgold.ca
Website: http://www.angkorresources.ca orfollow us on Twitter @AngkorResources
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release.
Certain information set forth in this news release maycontain forward-looking statements that involve substantial known andunknown risks and uncertainties. These forward-looking statements aresubject to numerous risks and uncertainties, certain of which arebeyond the control of the Company, including, but not limited to thepotential for gold and/or other minerals at any of the Company’sproperties, the prospective nature of any claims comprising the Company’s property interests, the impact ofgeneral economic conditions, industry conditions, dependence uponregulatory approvals, uncertainty of sample results, timing andresults o f future exploration, and the availability offinancing . Readers are cautioned that the assumptions used in the preparationof such information, although considered reasonable at the time ofpreparation, may prove to be imprecise and, as such, undue relianceshould not be placed on forward-looking statements.
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