Angus Gold Inc. (
TSX-V: GUS |
OTC: ANGVF)
(“
Angus” or the “
Company”) is
pleased to report that it has mobilized a second drill rig at its
100%-owned Golden Sky Project located in Wawa, Ontario. The second
rig has been mobilized to the Dorset Deformation Zone and is
following up on the high-grade gold mineralization intersected in
2021 and will also test multiple high-priority gold targets with
significant potential for new discoveries along the deformation
zone. The first rig will continue drilling on the Banded Iron
Formation (“BIF”) targets in order to further define the two new
gold discoveries announced earlier this year and test new targets
along its seven-kilometre strike length within the property.
Steve Burleton, Chief Executive Officer of
Angus, states: “We continue to be encouraged by the results being
seen from Golden Sky and are excited to be accelerating our
drilling programs. With a strong treasury of over $6 million,
following our recent financing, we have the ability to advance the
project more quickly in order to realize the significant value we
see in Wawa. By expanding our drilling capacity, we will be able to
move both Dorset and the BIF targets forward simultaneously while
still generating new targets from our regional exploration work
that will form part of the next drill programs. The work we are
doing now has further strengthened our belief in the potential of
the Wawa property and we look forward to increasing our exploration
efforts through 2022 and 2023.”
The Company received results from seven (7)
exploration holes from the Q1-2022 drilling program, where
approximately 1,500 metres were drilled on the Dorset Deformation
Zone. The goal of the winter drill program was to test the
orientations of potential high-grade ore shoots at depth, along the
fringes of the Dorset resource. Deeper sections of the Dorset zone
are best drilled during the winter due to surface topography. All
seven exploration holes returned anomalous gold zones grading
between 0.6 and 4.3 g/t Au over 0.7 to 21 metres associated with
finely disseminated pyrite and arsenopyrite within the Dorset
deformation zone. The results are encouraging and will assist in
the follow-up program that begins this month to better delineate
mineralized structures.
Selected drill results from holes GS-22-17 to
GS-21-23 at the Golden Sky drilling program are, as follows:
Hole Number |
From (m) |
To (m) |
Length (m) |
Gold (g/t) |
Zone / Resource |
GS-22-17 |
217.5 |
238.5 |
21.0 |
0.6 |
Dorset Deformation Zone |
including |
228.0 |
231.2 |
3.2 |
1.9 |
Dorset Deformation Zone |
GS-22-18 |
73.9 |
79.0 |
5.1 |
1.6 |
Dorset Deformation Zone |
including |
75.7 |
77.4 |
1.7 |
3.5 |
Dorset Deformation Zone |
GS-22-19 |
124.0 |
126.5 |
2.5 |
1.0 |
Dorset Deformation Zone |
GS-22-19 |
129.0 |
130.8 |
1.8 |
1.2 |
Dorset Deformation Zone |
GS-22-20 |
269.5 |
275.3 |
5.8 |
1.2 |
Dorset Deformation Zone |
GS-22-20 |
332.8 |
337.0 |
4.2 |
1.1 |
Dorset Deformation Zone |
including |
333.8 |
334.8 |
1.0 |
3.0 |
Dorset Deformation Zone |
GS-22-21 |
145.0 |
146.5 |
1.5 |
0.9 |
Dorset Deformation Zone |
GS-22-22 |
198.0 |
201.0 |
3.0 |
1.0 |
Dorset Deformation Zone |
GS-22-22 |
205.0 |
207.0 |
2.0 |
1.8 |
Dorset Deformation Zone |
GS-22-23 |
56.8 |
64.0 |
7.2 |
0.8 |
Dorset Deformation Zone |
including |
57.3 |
59.5 |
2.2 |
1.7 |
Dorset Deformation Zone |
GS-22-23 |
70.0 |
74.6 |
4.6 |
1.2 |
Dorset Deformation Zone |
including |
72.7 |
73.4 |
0.7 |
4.3 |
Dorset Deformation 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.
Figure 1: Surface Map – Dorset Gold
Trend new drilling, Golden Sky Project Location Map
https://www.globenewswire.com/NewsRoom/AttachmentNg/83c862ae-19b2-449e-9f2d-6fa1c7f96359
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.
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 41.2%, Delbrook Capital Advisors Inc. 16.0% 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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