Angkor Resource Applies for New Copper - Gold Exploration Licence and Updates License Status
Grande Prairie, Alberta--(Newsfile Corp. - September 30, 2021) - Angkor Resources Corp. (TSXV: ANK) (OTC Pink: ANKOF) ("Angkor" or "the Company") announces verification for new mineral license status on Andong Meas and Oyadao North licenses, application for a new copper/gold 200-km2 license and cancellation of two previous licenses.
CEO Delayne Weeks describes licensing in Cambodia, "All the permitting was delayed due to restrictions with COVID over the past year. We made the best of that period to complete our review and assessment of our existing licenses and other new licenses for their potential to bring shareholder value in the near term."
After several months of study, the Company has also applied for a highly-prospective copper/gold license of 200 square kilometers in size as an additional new license.
The Company applied for new license status on two of its properties to provide an initial 3-year term and two additional renewal terms of two years each. At the same time, the Company cancelled renewals on Oyadao South and Banlung South. Weeks added, "We feel our other licences are far more prospective for minerals, will allow for better use of our resources, and this pivot is consistent with our strategic review."
During the past year and through COVID restrictions, the Cambodia exploration teams completed extensive exploration on Canada Wall, Gossan Hills, and Wild Boar prospects on the Andong Meas license and further Induced Polarization on the Oyadao North license. Identifying solid drill targets for the upcoming season was the goal of the exploration work. Processing of samples and analysis from the two licenses is ongoing now during the rainy season to finalize drill targets, with drilling to start in mid to late November at the end of rainy season.
During the past four months, the Company has also completed an extensive study on the third new license application area and already has identified drill targets there as well.
VP Exploration, Dennis Ouellette comments, "Andong Meas has provided several enticing results from both new and previous prospects. Both copper and gold results plus the 'cradle-to-grave' agreement with the local Indigenous Communities indicate the strong potential of the license. Oyadao North license sits directly north of the PS mine site making the southern part of the license a probable extension of the veins but additionally, Oyadao North has several prospects on the northern part of the license that require additional exploration. And the third license currently under application holds great potential, making the upcoming year exciting with advanced exploration and drilling plans."
Dennis Ouellette, B.Sc, P.Geo., is a member of The Association 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 the Company's VP Exploration on site and has approved the technical disclosure in this document.
ABOUT ANGKOR RESOURCES CORP.
Angkor Resources Corp. is a public company, listed on the TSX-Venture Exchange, and is a leading resource optimizer in SE Asia with multiple licenses Cambodia. In 2020, the company received approval and initiated negotiations of terms for the first onshore Production Sharing Contract (PSC) for Block VIII, a 7,300 square kilometre oil and gas license in Cambodia.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to the potential for gold and/or other minerals at any of the Company's properties, the prospective nature of any claims comprising the Company's property interests, the impact of general economic conditions, industry conditions, dependence upon regulatory approvals, uncertainty of sample results, timing and results of future exploration, and the availability of financing. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
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