Angus Gold Completes 100% Earn-in of the Mishi property from IAMGOLD, Golden Sky project, Wawa
28 January 2023 - 12:32PM
Angus Gold Inc. (TSX-V: GUS |
OTC: ANGVF)
(“
Angus” or the “
Company”) is
pleased to announce it has completed all the earn-in obligations
and exercised its option to acquire 100% interest in the Mishi
Property (the “
Mishi Option Agreement”) from
IAMGOLD Corporation (“
IAMGOLD”) (TSX: IMG), part
of the Golden Sky Project (see February 5, 2020 news release).
Under the amended terms of the Mishi Option Agreement
dated January 24, 2023, Angus shall issue 700,000 shares to
IAMGOLD, subject to the receipt of all regulatory approvals
including the approval of the TSX Venture Exchange. The common
shares issued have a statutory hold period of four months and one
day from the date of issuance.
Figure 1: Golden Sky Project, Wawa, Ontario –
Geology Map
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. 15.8% and New Gold Inc.
(TSX: NGD) 9.7%, 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.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/f479f494-62c2-4e02-b88b-92c5095c9eb2
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