Angkor Resources Corp. (TSXV: ANK) (OTCQB: ANKOF) announced the results of a scientific study of drill core from the Thmei North target on its Andong Bor mineral exploration license in northwest Cambodia. The study, conducted by the Economic Geology Laboratory at Kyushu University in Fukuoka, Japan, together with the Institute of Technology of Cambodia in Phnom Penh, found that the alteration and mineralization at Thmei North display the characteristics of a porphyry copper-molybdenum system, the type of deposit that supplies most of the world’s copper, and indicate potential for a porphyry copper-molybdenum deposit.
The findings are consistent with the modified copper porphyry model the company is using to guide the Thmei North drill program, in which the best mineralization is found within potassic-altered sediments adjacent to feldspar porphyry diorite dikes. The study also identifies which parts of the system are most favorable for copper. It gives the exploration team a clearer guide for placing the remaining 1,700 meters of drilling planned in early 2027.
The study examined core from the Thmei North drill holes. Beneath approximately 35 meters of topsoil and weathered bedrock, the core passes through diorite and hornfels, both cut by several generations of veins. The researchers identified the minerals in and around each vein to determine the order in which the veins formed. They also measured fluid inclusions in quartz crystals, which reveal the temperature and salt content of the fluid that formed each vein. The study does not address the size or grade or economic viability of the Thmei North exploration target or any other target on the Andong Bor exploration license.
Three types of alteration are stacked one above the other at Thmei North. Potassic alteration at depth formed from the earliest and hottest fluids and is where most of the copper was deposited. Chlorite-serite alteration later altered part of the potassic zone, preserving the earlier copper and adding more. Phyllic alteration near the top formed from later, more acidic fluids that appear to have broken down the earlier copper minerals, and this zone appears to lack mineralization. The copper mineral is chalcopyrite, which occurs in veins in both the diorite and the hornfels, and is also disseminated through the diorite. Molybdenite occurs only in B-type veins within the potassic zone. The main copper-bearing veins, including a stockwork, formed at approximately 300 to 415 degrees C. The study found evidence that the fluids boiled as they rose and the pressure dropped, a process commonly associated with the deposition of metals in porphyry systems.
Dennis Ouellette, VP Exploration, commented, “This study supports what we have been seeing in the core. The copper is in the potassic and chlorite-sericite alteration, while the phyllic zone near the top appears to lack it. That tells us where to aim the next phase of drilling at Thmei North.”
The study’s conclusion that copper is concentrated in potassic-altered rock is consistent with assay results previously reported by the company from Thmei North drill core. Hole ABDDH16-005 returned a 108-meter interval from 282 to 390 meters of predominantly well mineralized potassic-altered mudstone, including a 21-meter interval of crowded porphyry diorite, with a copper equivalent grade of 0.53%. Hole ABDDH16-008 returned a 46-meter interval from 5 to 51 meters of sheeted porphyritic diorite dykes intruding mudstone, both potassic altered and well mineralized, with a copper equivalent grade of 0.51%. The two holes are 300 meters apart and were drilled within the Thmei North copper-in-soil anomaly.
The Andong Bor license is 100.28 square kilometers and straddles Oddar Meanchey and Banteay Meanchey provinces. Thmei North is a copper-in-soil anomaly of approximately one square kilometer, ranging from greater than 300 ppm to 2,100 ppm copper, on flat farmland, within the Loei Fold Belt, a belt of uplifted rocks running through Southeast Asia that hosts gold, skarn and porphyry-type deposits. Drilling completed in 2025 showed that the main structures controlling mineralization are north-northwest striking and steeply west dipping. The holes from drilling in 2026 at Thmei North are therefore being drilled to the east to better intersect the mineralized rocks.
The remaining 1,700 meters of the 2,800-meter Thmei North drill program will be drilled in early 2027, following the 1,099 meters completed in mid-July 2026. Holes will continue to be drilled to the east, and the study’s alteration model will be used to place them so they pass through the phyllic zone and test the potassic and chlorite-sericite zones at depth. Core from the first phase has been logged and sampled and is now sent for assay. Activity on Thmei South will continue in 2027.
The study was led by Sokvireak Say of Kyushu University and the Institute of Technology of Cambodia, with Kotaro Yonezu, Akira Imai and Akane Ito of Kyushu University, John C. Menzies of Cmi Capital Limited, and Reach Sam of Angkor Resources. The work continues the partnership between Angkor and the Institute of Technology of Cambodia and supports the company’s ongoing commitment to building Cambodia’s national capacity in geoscience alongside its exploration activities.
Dennis Ouellette, B.Sc., P.Geo., is a member of the Association of Professional Engineers and Geoscientists of Alberta and a Qualified Person as defined by National Instrument 43-101. He is the company’s VP Exploration on site and has reviewed and approved the technical disclosure in this document. The study is an academic research study and is not a technical report prepared under NI 43-101. The company has not established a mineral resource on the Andong Bor license. For more information, visit angkorresources.com.
