ANGKOR Gold Corp is accelerating exploration of its Cambodian prospects with a second drill rig employed. The company has completed first phase drilling on its China Wall copper porphyry prospect in the Andong Meas tenement and drilling is now under way at the Pheap Vein prospect at the Katieng project on Banlung North tenement and at Craig’s Vein prospect in the Otray project area of Oyadao South tenement.
Expansion of the drill program is funded by a new joint venture agreement with North American investors who have together invested an aggregate of Can$1.428 million in exchange for which they will collectively receive a 5% joint venture interest in Angkor’s current Cambodian prospects.
Some 4% of the 5% JV interest is held by investors who are at arm’s length to Angkor, with the remaining 1% held by parties related to Angkor. Angkor retains the option to buy back this option at a future date. The funds invested will be used to fund drilling and advanced exploration on several targeted areas of four different licences.
The agreement was facilitated through Tohui Beishan Property Group Holding Limited relinquishing a third of its option to acquire 15% of the shares of Angkor’s subsidiary, Angkor Gold Cambodia Co Ltd (AGC). Tohui still retains the option to acquire 10% of the shares of AGC.
The Pheap Vein gold prospect is centred on artisanal workings on a 120 metre strike, narrow epithermal vein in siltstones from which some spectacular values and visible gold specimens have been returned. These include 60.2 grams/tonne gold and 51 grams/tonne silver, 36.0 grams/tonne gold and 37.5 grams/tonne silver, 33.2 grams/tonne gold and 81.1 grams/tonne silver, and 34.7 grams/tonne gold and 48.3 grams/tonne silver.
At least eight other narrow gold-bearing vein features have artisanal workings on them in the Katieng and Okalla area, and drilling is intended to test the continuity of both grade and structure. Five similar narrow veins which constituted the Border prospect were extensively drilled before this was sold by Angkor in 2011 for US$2.4 million.
Significant geological and alteration mapping by short-wave infrared spectroscopy and by field examination, geochemical sampling and geophysics have been invested in the Otray area since 2012. Termite mound geochemistry showed a repeated high concentration of pannable gold and coincident copper-lead-zinc anomalies from XRF analyses.
Subsequent surface mapping and grab sampling have confirmed the presence of a mineralized breccia body with significant gold values and minor visible copper mineralization.