Angus Gold Inc. (TSX-V: GUS |
OTC: ANGVF)
(“
Angus” or the “
Company”) is
pleased to announce that it has commenced summer drilling at its
100%-owned Golden Sky Project located in Wawa, Ontario. The ongoing
drill program will initially focus on the two most advanced target
areas within the property: the BIF Zone, a large area of banded
iron formation that is the site of two significant new gold
discoveries made in the 2021 drilling program and the Dorset
Deformation Zone, which hosts a historical gold resource with the
potential for high-grade mineralized ore shoots. Additional
exploration programs are also ongoing on new priority areas
identified during the regional work conducted last year and are
designed to generate new drill targets to be tested in the fall.
Steve Burleton, Chief Executive Officer of
Angus, states: “Given the fantastic results from the previous
year’s drill program, we are accelerating our program in 2022 to
advance our current gold zones as well as identify new
high-priority targets for future drill programs. The Golden Sky
project is highly under-explored, and our regional work continues
to identify additional structures, surface gold anomalies and
geology that have significant potential to generate new exploration
catalysts. In addition to the BIF and Dorset, we are currently
evaluating three new areas that we expect to bring to
drill-readiness before the end of the year. We are well financed to
accomplish all of the work needed to advance these targets and
crews are in the field now working towards these goals.”
Banded Iron Formation (“BIF”)The BIF horizon
extends for over 5 kilometres within the Angus property and is
located approximately 4 kilometres north of the Eagle River
Mine of Wesdome Gold. During the 2021 program, two of the four
drill holes were successful in intersecting significant gold
mineralization spaced approximately 500 metres apart
(https://www.angusgold.com/assets/pdf/2022.01-Angus-Gold---News-Release-drill-results-FINAL.pdf).
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
starting at a shallow vertical depth of 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. 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. Drill targets for the
current program were generated through a high-power induced
polarisation (“IP”) ground geophysical survey with
targets prioritized by a follow-up surface geochemical program. The
program generated multiple, highly prospective, gold anomalies
within the BIF Zone. The current geophysical and geochemical
coverage represents only a small portion of the BIF and the Company
expects to expand these surveys in 2022.
Dorset Deformation ZoneThe Dorset area hosts a
historical, low-grade, gold resource, however, within the drilling
areas of thick, higher-grade material were noted. The main
objective of the current program is to test for high-grade gold
structures similar to those seen at Eagle River Mine. Based on the
new modeling by Angus, drill hole GS-21-02 was successful in
returning the thickest and highest-grade gold intersection drilled
on the Dorset Zone to-date, confirming high-grade potential with an
interval of 5.4 g/t Au over 9 metres within a broader
mineralized zone of 3.3 g/t Au over 22.6 metres at 48.5 metres
vertical depth. Structural modeling is currently underway to
determine the controls on these higher-grade zones and will be used
to generate targets for the second phase of drilling. In addition,
geophysical surveys along the host structure, the Mishi Creek
Deformation Zone, have identified high-priority targets up to five
(5) kilometres to the west, along strike of the historical gold
resource and up to one (1) kilometre to the east, which are the
current limits of the survey. Management sees significant potential
for new discoveries along the deformation zone, some of which will
be tested during the 2022 drilling programs. In Q1-2022, the
Company completed approximately 1,500 metres of drilling on the
Dorset Deformation Zone and assays are still pending.
Golden Sky Project, Wawa,
Ontario
https://www.globenewswire.com/NewsRoom/AttachmentNg/8f2bad55-960c-4fd1-8279-43fdcc36f19e
Regional Exploration UpdateRegional exploration
programs have also been running concurrently with drilling and have
identified multiple targets for follow-up, including new
deformation zones, mineralized host rocks and untested regional
gold geochemical anomalies. In addition to work on the BIF and
Dorset, the following work program in 2022 is planned to upgrade
new targets: 1) a detailed structural study of the BIF and
Dorset zones is planned to identify controls on gold mineralization
and develop a model to drive expanded exploration programs; 2)
18-line kilometres of ground geophysics is planned over newly
identified exploration targets; 3) a high definition heliborne
magnetics survey is planned to complete the property-scale coverage
of the project on the newly acquired ground; 4) a regional mapping
and prospecting program is planned to identify new gold targets in
areas of geochemical and geological anomalies; and 5) geochemical
sampling surveys are also planned to cover the new ground acquired,
as well as prioritize new targets along strike of current
discoveries in the BIF, Dorset and untested surface showings in
other areas of the property.
Geology Map - Golden Sky Project, Wawa,
Ontario
https://www.globenewswire.com/NewsRoom/AttachmentNg/d9c88681-b105-4427-8031-905ff480ef4d
Please visit www.angusgold.com for
additional information on the Project and Company.
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
267-square-kilometre 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 PersonThe 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. The Project is immediately adjacent to
the Eagle River Mine of Wesdome Gold Mines Ltd.
Directors and insiders currently approximately
own 41.4%, Delbrook Capital Advisors Inc. 16.2% and New Gold Inc.
(TSX: NGD) 9.9%, each based on the current issued and outstanding
common shares of the Company on a non-diluted basis.
On behalf of Angus Gold Inc.,
Steve BurletonChief Executive Officer and
Director
INQUIRIES:Email: info@angusgold.comPhone:
647-259-1790Company Website: www.angusgold.com
TSXV: GUS | USOTC: ANGVF
Forward-Looking Statements
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. 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
expects a stated condition or result to occur. Forward-looking
statements may be identified by such terms as “believes”,
“anticipates”, “expects”, “estimates”, “may”, “could”, “would”,
“will”, or “plan”. Since forward-looking statements are based on
assumptions and address future events and conditions, by their very
nature they involve inherent risks and uncertainties. Although
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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