Drilling At Dorado Indicating New Gold Zones

VANCOUVER - Angold Resources Ltd. has received further assay results from the Lajitas area at the Company's Dorado project in the Maricunga belt of Chile.

CEO, Adrian Rothwell, said, "These results are extremely compelling with newly defined zones of mineralization, gold in all drill holes to date, and further large step outs. As the synthesis and interpretation of Lajitas results is being compiled, we are also targeting at Lajitas South with a final program of geophysics prior to drilling. With gold mineralization at surface at Lajitas South, and further expansion at Lajitas, the Dorado project certainly has the potential to be a major deposit in the region."

Lajitas 2021 Drilling Highlights: 301 m at 0.71 g/t Au beginning at surface in hole DO-21-01; 110 m at 0.75 g/t Au beginning at 200 m in hole DO-21-02; 248 m at 0.75 g/t Au beginning at 168 m in hole DO-21-03; 84 m at 0.40 g/t Au beginning at 166 m in hole DO-21-04; and 196 m at 0.51 g/t Au beginning at 296 m in hole DO-21-07. Another Extension: Hole DO-21-07 extends mineralization 85 m NW and 130 m below historic drilling (hole LJ10027r) on the NE edge of the deposit, and stepped out 100 m NE of DO-21-01.

Results in Phase I demonstrate the higher grade potential of the deposit (68 m at 1.30 g/t Au beginning at 156 m in DO-21-01, and 74 m at 1.25 g/t beginning at 194 m in DO-21-03) with intercepts over 1 g/t Au in many holes. A new zone was discovered near the bottom of DO-21-02 (30 m at 1.24 g/t Au), which has extended the West Zone of mineralization at depth by approximately 80 m below historic drill hole SF01. Two new zones were intersected near the top of DO-21-02. Shorter intercepts identified new zones in holes DO-21-06 and DO-21-08, extending mineralization to the SSW. Extensive Mineralization: Gold mineralization at Lajitas has now been confirmed over a vertical extent of at least 450 m and beginning from surface, and between the East and West Zones.

Structural Interpretation Underway: Interpretation of 2021 drill results is being synthesized with historic results to determine future expansion targets.

Further Drilling Scheduled: The Company is planning a significant second drill program for later in 2021.  Infrastructure remains at site for further 2021 drilling.

Undrilled Targets Remain: Lajitas South results show a previously unrecognized mineralized system approximately 1.2 x 2.2 km, a factor larger than Lajitas with grades at surface of up to 0.63 g/t Au. The recently identified Lajitas South target features multiple overlapping anomalies consistent with other major deposits in the Maricunga Belt and will be drilled later in 2021.

Hole DO-21-07, which aimed to test the depth potential below hole DO-21-03, returned 196 m at 0.51 g/t Au and included 28 m at 1.04 g/t Au. Consistently high grades (up to 4.06 g/t Au (over 2 m)) were experienced in this initial Phase I of test drilling. These include grades over 1 g/t Au in multiple long intercepts of up to 74 m in oxide material. New zones have been identified and mineralization remains open to the NE, SW and at depth. A total of 4,255 m of drilling has been completed and holes 8 and 9 are pending assay.

Mineralization in DO-21-07 demonstrates depth potential for at least 130 m below DO-21-01 along a strike length of over 200 m and is open at depth.

Phase 1 drilling has confirmed that Lajitas is a porphyry gold/epithermal gold deposit typical of major deposits in the Maricunga Belt. Drilling has confirmed that gold is hosted in banded quartz-magnetite veins and epithermal-type quartz veins in a hydrothermal breccia surrounding a diorite porphyry. Mineralization is strongly fracture controlled, located adjacent to a prominent triple intersection between faults that strike NNE, NNW, and ENE.  As discussed in the previous press release (ANGOLD DRILLS 248 METERS AT 0.75 G/T IN STEP-OUT HOLE AT DORADO on May 25), the presence of two distinct types of gold-bearing mineralization in the Lajitas deposit expands the scope of exploration on the project, providing multiple deposit types to target.

Drilling has expanded the previously drilled deposit and indicates potential for a Maricunga type pipe-like deposit with excellent depth potential. At this stage, the deposit is more than 600 meters wide and 450 m deep. Drilling has expanded the depth potential from the average 300-m depth of drilling to about 450 m, and the deposit is open at depth.

The Lajitas hydrothermal system is vertically and horizontally zoned with deeper gold-bearing vein mineralization occurring with biotite-magnetite alteration overprinted by chlorite-illite and grading outward to illite-kaolinite-smectite clay alteration. Shallowest alteration is characterized by alunite-kaolinite-quartz with local gypsum veinlets. These alteration types are typical of other Maricunga deposits in the region, and the zoning indicates additional potential at depth, similar to many surrounding deposits. The alteration patterns also provide important vectors for other, larger exploration targets on the project; combined with the recognition of mineralization hosted in hydrothermal breccias at NNW-NNE structural intersections, they provide powerful guides to mineralization.

Drill results have provided the geologic understanding required to effectively target drilling on numerous geologic, geochemical, and geophysical targets on the project with similar signatures and settings to Lajitas, indicating impressive potential for gold mineralization. Interpretation and drill targeting is underway for these additional expansion opportunities.