Angkor Resources Corp. Acquires Andong Bor Copper License and Announces Strategic Alliance
GRANDE PRAIRIE, Sept. 6, 2022 - Angkor Resources Corp. (TSXV:ANK) and (OTC:ANKOF) ("Angkor" or "the Company") announces Angkor's application for a copper/gold license in western Cambodia has been approved and issued by the Cambodian Ministry of Mines and Energy. As well, a private Canadian company, CANbodia Copper Corp. (CCC) has aligned with Angkor to fund and develop the newly acquired Andong Bor license. The Andong Bor license, consisting of 100 square kilometers, had preliminary drilling completed several years ago under a different licensee, with strong copper and gold results. The license is due west of Ratanakiri province and straddles two provinces, Oddar Meanchey and Banteay Meanchey.
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VP Exploration, Dennis Ouellette, comments, "This is a drill ready target rather than grass roots exploration, which means we enter this project with a substantial amount of data and information. We know that one prospect, called Thmei North, is a copper porphyry; we now need to see how large and robust it is, plus explore other areas of the license." Ouellette continues, "Our plan is to complete the environmental and social impact assessment, do geochemistry and magnetic surveys, and then follow up with IP and drilling thereafter. It is always helpful to have an existing mineralized drill hole within the target area over which the IP survey will be conducted. Interpretation of the IP pseudo-sections is greatly improved".
The CCC management team brings to Cambodia experience from South America, United States, Canada, South-East Asia, Australia, and Mexico regarding copper projects and markets.
Highlights of the alliance include:
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CCC provides full project funding
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Angkor is the Operator on the license
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Joint consultation and best practices to be undertaken with all geological and work programs
CCC has a focused interest in copper and companion metal projects across the globe and is keen to advance the opportunity in Cambodia working with the Angkor team. CEO of CCC, Mr. Terry Lyons, commented on the project and the alliance with Angkor. "We are very pleased to be partnering with Angkor on this exciting project. Angkor brings a strong technical team and a depth of expertise in Cambodia which will be complemented by CCC's expertise in capital markets and the international copper business. Cambodia is in the process of developing a strong mineral sector and has enhanced its sector governance to welcome foreign investment. We see this project as an excellent opportunity to advance a drill ready series of targets based on previous drill results and other field work in a strongly mineralized area."
Referring to the project alliance, CEO of Angkor, Delayne Weeks comments, "Having an alliance with global expertise in the copper markets brings depth and strength not only to the Andong Bor license and companies involved, but to Cambodia's entire mineral sector. The country has developed solid mining laws and production processes and is attractive to foreign investment because it is secure, has a healthy GDP, and a keen young workforce. Western expertise in the extractive sector can help expedite modern innovative practices that have evolved over decades elsewhere but can be implemented immediately in Cambodia. "
The Environmental and Social Impact assessment has been commissioned to start immediately and will take several months to complete.
QUALIFIED PERSON
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 reviewed and approved the technical disclosure in this document.
ABOUT ANGKOR RESOURCES CORPORATION:
Angkor Resources Corp. is a public company, listed on the TSX-Venture Exchange, and is a leading resource optimizer with three mineral licenses and an active role in leading energy/oil and gas projects in Cambodia and carbon capture in Canada. In 2022, the company finalized an Onshore Production Sharing Contract (PSC) term for Block VIII, a 7,300 square kilometre oil and gas license in Cambodia.
ABOUT CANbodia Copper Corp.:
CANbodia Copper Corp. is a private Canadian registered company having dynamic executive leadership with expertise in many disciplines. To date, CCC has been funded by a core group of shareholders, inclusive of financial support from the Directors.
CONTACT:
Delayne Weeks, CEO
Telephone: +1 (780) 831-8722
Email: da@angkorgold.ca Website: http://www.angkorresources.ca
Please follow @AngkorResources on LinkedIn, Facebook, Twitter, Instagram and YouTube.
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, other minerals and/or oil and gas/energy-related projects 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