The publicly listed Canadian exploration and development company, which has multiple properties and exploration licences in Cambodia, reported that four new gold targets have been identified by its team around the outer rim of the previously discovered “Canada Wall” copper porphyry target.
“The anomalies appear to be similar to other structurally controlled gold occurrences identified on the Andong Meas and Oyadao North licences,” it added.
Chief Executive Officer Stephen Burega said: “Artisanal miners were recovering gold from creeks during this past rainy season, so the company sent out a crew to pan along two yet-to-be sampled creeks to test for gold. In addition, the banks of five creeks were soil-sampled to determine if the source of the gold could be discovered. We have high expectations, that we have, in fact, identified additional, significant gold targets” he said.
Vice-President of Exploration Dennis Ouellette added that the findings are very similar to what they have seen at other identified gold anomalies at the Oyadao North licence and elsewhere on the Andong Meas licence.
“These anomalies are structurally controlled epithermal gold occurrences. The benefit of this type of structure is typically their proximity to the surface, with possible high-grade ore shoots. These new areas will be examined immediately to determine the best methods of evaluating them to a drill-ready stage,” he said.
According to the company, their 100 percent-owned Andong Meas property, located 50 kilometres east of the Ratanakiri province capital Banlung, remains one of their most exciting tenements.
Andong Meas, which was acquired by Angkor Resources in 2012, has shown at least eight distinct prospective gold prospects within its 188 square kilometres, the company added.
The company initially reported finding high-grade samples of up to 70.7 grammes per tonne in August, with their latest findings prompting them to announce its operational strategy for further exploration in 2021.
That strategy will incorporate a series of work programmes that include drilling on the Andong Meas property to aid surface mapping, a 10 line kilometre induced polarisation survey, a ground magnetics survey, a minimum 1,000 metre diamond drill programme as well as a trenching/auger/pit programme, it said.
Ouellette added: “Following the recently announced “Wild Boar” surface results, that showed some spectacular numbers, we are keen to further explore this prospect which has several subparallel epithermal gold mineralised veins. I believe there is exceptional potential across the Andong Meas licence, given the long history of artisanal mining and visible gold found in pan concentrates that the… team has seen in the creek structures surrounding these two targets.”
Beyond the “well of gold”, the Koan Nheak, Banlung and Oyadao North & South Properties have shown the most promise according to results from the company’s exploration to date.
Angkor Resources Corp has been strengthening its mining exploration portfolio since becoming operational in Cambodia in 2009.
It has successfully closed a series of deals, worth in excess of $23 million, including a $3 million earn-in agreement with JOGMEC (Japan Oil, Gas and Metals National Corp), a $2.2 million earn-in with Emerald Resources, a $3.65 million earn-in with Hommy 5 Resources Inc and a $1.8 million sale plus a 2.0-7.5 percent net smelter return with Mesco Gold.
The company says that its business strategy focuses on exploration, project generation and selecting strong partners to advance each of its multiple prospects towards a sustainable, recurring revenue stream.
So far, Angkor Resources, the first North American publicly traded mineral exploration company active in the Kingdom, boasts some 983 square kilometres of mineral exploration land packages, five mineral and gold exploration licences as well as a 7,300 square kilometre oil concession and gas exploration licence.
Angkor Resources Corp is listed on the TSX-Venture Exchange.