Angus Gold Inc.
(TSX-V: GUS |
OTC:
ANGVF) (“
Angus” or the
“
Company”) is pleased to announce assay results
from the remaining four (4) holes of its 2021 drill program at the
Golden Sky Project in Wawa, Ontario. The four holes tested a
selected area within a large Banded Iron Formation (“BIF”) horizon
that extends for over 5 kilometres on the property. Two of the four
holes were successful in intersecting significant gold
mineralization at locations approximately 500 metres apart. These
zones represent the first reported drill discoveries in the BIF and
suggest strong potential for the area to host significant
BIF-hosted gold mineralization similar to that seen at the large,
high-grade deposits of Musselwhite (Newmont), Meadowbank
(Agnico-Eagle) and Back River (Sabina) in Ontario and Nunavut.
Holes GS21-14 and -15 intersected very thick and consistent zones
of gold mineralization characterized by higher-grade intervals
within a broader, lower-grade envelope. Hole GS21-14 intersected an
extensive zone of gold 61.3 metres wide and grading 0.94 g/t Au and
included higher-grade intervals of 25.6 metres grading 1.5 g/t
Au, 5.0m grading 2.4 g/t Au and 1.0 metre grading 8.9 g/t Au,
starting at a shallow vertical depth of approximately 120 metres.
Hole GS21-15, located approximately 500 metres west of Hole
GS21-14, also intersected a thick zone of mineralization and
returned 18.7 metres of 1.0 g/t Au, which included
higher-grade intervals of 3.0 metres of 2.6 g/t Au and 3.7 metres
of 1.7 g/t Au. Both intersections indicate that a robust gold
mineralizing system was active within the BIF and bodes well for
expanding current zones and discovering additional zones within the
largely unexplored horizon.
Steve Burleton, Chief Executive Officer of
Angus, states: “These results have exceeded our expectations for
our first drill program within a virtually unexplored target. To
hit impressive gold zones is highly encouraging and speaks to an
extensive gold-bearing hydrothermal system within the BIF. With
over 60 metres of consistently mineralized and altered iron
formation in Hole 14, we are dealing with a system that could host
significant gold resources. In addition, we have only tested a
small portion of the extensive BIF horizon within our property, so
we have tremendous potential to discover additional zones as we
expand our programs. BIF-hosted gold deposits make up many of
Canada’s largest gold deposits and we feel these results indicate
the high level of potential for this area to host a similar scale
of mineralization. With the success achieved in 2021 and the
encouraging results at both Dorset and now the BIF, we will be
pursuing an aggressive 2022 program to expand on these results and
test new targets both locally and regionally.”
The ongoing 20,000-metre drill program focuses
on two target areas within the property: the Dorset Deformation
Zone, which hosts a historical gold resource and the BIF Zone, a
large area of banded iron formation that has historically returned
high-grade gold assays in surface sampling. Regional exploration
programs have also been running concurrently with the drilling and
are identifying numerous areas for detailed follow-up in 2022.
Selected drill results from holes GS-21-13 to
GS-21-16 at the Golden Sky drilling program are, as follows:
Hole Number |
From (m) |
To (m) |
Length (m) |
Gold (g/t) |
Zone |
GS-21-14 |
148.7 |
210.0 |
61.3 |
0.94 |
Banded Iron Formation Zone |
including |
162.5 |
188.1 |
25.6 |
1.5 |
Banded Iron Formation Zone |
including |
168.4 |
173.4 |
5.0 |
2.4 |
Banded Iron Formation Zone |
including |
185.1 |
186.1 |
1.0 |
8.9 |
Banded Iron Formation Zone |
GS-21-15 |
210.5 |
229.2 |
18.7 |
1.0 |
Banded Iron Formation Zone |
including |
210.5 |
213.5 |
3.0 |
2.6 |
Banded Iron Formation Zone |
including |
225.5 |
229.2 |
3.7 |
1.7 |
Banded Iron Formation Zone |
(1) All the new analytical results reported in
this release and in this table, are presented in core length and
uncut. True width is estimated between 65 to 95 % of core
length.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/99b028ba-6646-4744-8eb3-49a8edc00f3d
The first phase of drilling on the BIF was
designed to test new, coincident geophysical and geochemical
targets for gold mineralization within this horizon. Up to now, no
recorded gold intersections had been reported from the BIF. Four
holes were drilled before weather delayed the program for the
remainder of the season (figure 1). GS21-13 was drilled to test
multiple geophysical anomalies and structural features across the
strike of the BIF horizon. Numerous sulphide mineralized intervals
were observed within both siliciclastic metasedimentary and oxide
iron formation units. Although no significant gold was reported
from these zones, the hole does provide valuable information on
structure and stratigraphy. Hole GS21-14 was designed to test a
coincident geophysical and geochemical anomaly identified in the
northern section of BIF and returned a large interval of
disseminated and stringer pyrrhotite and pyrite within a
garnet-bearing zone of altered oxide iron formation (figure 2). The
zone returned consistent gold results across a 61-metre-wide
interval. Hole GS21-15 was drilled approximately 500 metres west of
Hole 14, within the same stratigraphic level and also returned an
impressive interval of disseminated sulphide and alteration in a
garnet-bearing iron formation. It is unknown whether the zones in
14 and 15 are related, however, they do fall along the same
geophysical trend. Hole GS21-16 was drilled to test an oxide iron
formation further to the south and returned no significant gold
results. Dozens of targets remain to be tested within the area of
the current geophysical survey. Future exploration plans also
include the expansion of the geophysical survey to cover the entire
strike length of the BIF.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/47594b01-218b-4c4d-b104-fdcb3a303320
The Golden Sky Project
The 100%-owned Golden Sky Project is located
within the Mishibishu Lake Greenstone Belt of Northern Ontario,
which is host to the high-grade Eagle River and the Mishi open-pit
gold mines of Wesdome Gold Mines Ltd. (“Wesdome”). The Company’s
234-square-kilometres land package is located approximately
50 kilometres west of the town of Wawa and is situated
immediately between the two Wesdome mines. The project is host to
the near-surface Dorset Gold Zone, which contains a historic
estimated resource (using a 0.50 g/t Au cut-off) consisting of an
indicated resource of 40,000 ounces of gold (780,000 tonnes grading
1.4 g/t Au), and an inferred resource of 180,000 ounces of gold
(4,760,000 tonnes grading 1.2 g/t Au). For greater details on
the Golden Sky Project, please refer to the NI 43-101 technical
report for the Golden Sky Project entitled, “NI 43-101 Technical
Report Wawa Property Ontario, Canada” dated February 18, 2020, and
available on the Company’s SEDAR profile.
Qualified Person
The scientific and technical content of this
press release has been reviewed and approved by Breanne Beh, P.Geo,
who is an employee of the Company and a “Qualified Person” as
defined by National Instrument 43-101 - Standards of Disclosure for
Mineral Projects (“NI 43-101”).
About Angus Gold:Angus Gold
Inc. is a Canadian mineral exploration company focused on the
acquisition, exploration, and development of highly prospective
gold properties. The Company’s flagship project is the Golden Sky
Project in Wawa, Ontario.
Insiders currently own approximately 47% of the
Company and New Gold Inc. (TSX: NGD) approximately 9.9%, each based
on the number of issued and outstanding common shares.
On behalf of Angus Gold Inc.,
Steve BurletonChief Executive Officer and
Director
INQUIRIES:Email: info@angusgold.comCompany
Website: www.angusgold.com
TSXV: GUS | USOTC: ANGVF
Forward-Looking Statements
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accuracy of this release. This News Release includes certain
"forward-looking statements" which are not comprised of historical
facts. Forward-looking statements include estimates and statements
that describe the Company’s future plans, objectives or goals,
including words to the effect that the Company or management
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these statements are based on information currently available to
the Company, the Company provides no assurance that actual results
will meet management’s expectations. Risks, uncertainties and other
factors involved with forward-looking information could cause
actual events, results, performance, prospects and opportunities to
differ materially from those expressed or implied by such
forward-looking information. Forward-looking information in this
news release includes, but is not limited to, the Company’s
objectives, goals or future plans, statements, exploration results,
potential mineralization, the estimation of mineral resources,
exploration and mine development plans, timing of the commencement
of operations and estimates of market conditions. Factors that
could cause actual results to differ materially from such
forward-looking information include, but are not limited to: the
ability to anticipate and counteract the effects of COVID-19
pandemic on the business of the Company, including without
limitation the effects of COVID-19 on the capital markets,
commodity prices supply chain disruptions, restrictions on labour
and workplace attendance and local and international travel,
failure to receive requisite approvals in respect of the
transactions contemplated by the Agreement, failure to identify
mineral resources, failure to convert estimated mineral resources
to reserves, the inability to complete a feasibility study which
recommends a production decision, the preliminary nature of
metallurgical test results, delays in obtaining or failures to
obtain required governmental, environmental or other project
approvals, political risks, inability to fulfill the duty to
accommodate First Nations and other indigenous peoples,
uncertainties relating to the availability and costs of financing
needed in the future, changes in equity markets, inflation, changes
in exchange rates, fluctuations in commodity prices, delays in the
development of projects, capital and operating costs varying
significantly from estimates and the other risks involved in the
mineral exploration and development industry, and those risks set
out in the Company’s public documents filed on SEDAR. Although the
Company believes that the assumptions and factors used in preparing
the forward-looking information in this news release are
reasonable, undue reliance should not be placed on such
information, which only applies as of the date of this news
release, and no assurance can be given that such events will occur
in the disclosed time frames or at all. The Company disclaims any
intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, other than as required by law.
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