Posted in | Mining Business

Angel Advances Acquisition of New Concession Area at Iguanacito Prospect

Angel Gold Corp. is pleased to announce that its Colombian subsidiary, Angel Gold S.A.S, has been notified by the Secretariat of Mines of the government of Antioquia, Colombia, that an area solicited by Angel for mineral concession on August 09, 2016, Application RH9-08001 (see the map below) has been determined to be free of preexisting mineral claims and concessions.

This is the second of three steps of the administrative process in perfecting a new mineral concession over the area. The remaining process is the issuance of the Concession Contract.

This new concession area, comprising 1,998.902 hectares is immediately south and contiguous with Angel's concession 6717. Angel's NW-SE trending drill-ready Iguanacito prospect has been mapped extending along strike into the new area, with the intrusive-hosted Iguanacito prospect having widened significantly and also joining with a wide north-south trending zone of intensely sericite-altered sediments at the 6717 southern concession boundary.

Geophysical surveys recently completed by the Company over the Iguanacito prospect overlapped the boundary with the new area and exhibited open chargeability and resistivity anomalies extending into the new area along strike from Iguanacito as well as extending into the flanking sediment package. Soil samples taken along the geophysical profiles show gold and silver anomalies coincident with the geophysical anomalies that are also open into the new area.

The advance in this new land acquisition significantly increases the prospective target area and opens up the potential central source of the three main alteration zones.

"We are pleased to have received this notification from the Secretariat of Mines of Antioquia," said Stella Frias, President and CEO of Angel Gold. "The application has been found to be free of conflicting titles. This is the second and most significant step in the process of obtaining the concession, and the most complex. The promptness shown by the Secretariat in processing our application is heartening and we hope the finalization of the process with the awarding of the Concession Contract with proceed rapidly as well."

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