Angus Gold Inc. (TSX-V: GUS |
OTC: ANGVF)
(“
Angus” or the “
Company”) is
pleased to announce the first set of assay results from its ongoing
drill program at the Golden Sky Project in Wawa, Ontario. Results
from twelve (12) holes totalling 2,295 metres from the 20,000-metre
drilling program were successful in confirming high-grade
mineralization and have shown the potential for the expansion on
the Dorset Deformation Zone. Holes GS21-01 to -04 intersected thick
intervals of gold mineralization and returned some of the best
grades to date, including a high-grade interval of 5.4 g/t over 9.0
metres in hole GS21-02. Mineralization shows potential to support
both high-grade open pit and underground mining. The drill program
was also successful in extending the Dorset Zone 100 metres to the
East in step-out hole GS21-07, which returned up to 1.6 g/t over
5.5 metres.
Results from an additional four (4) drill holes,
totalling 908 metres, drilled on new gold targets within the Banded
Iron Formation (“BIF”) Zone are still pending from the Fall 2021
drilling program. An additional 23 exploration targets remain to be
drill tested within the current geophysical grid on the Dorset
Deformation Zone. Further induced polarization (“IP”) surveys are
also planned for early 2022 to expand coverage across the entire
strike length of the Dorset Trend. Drilling is expected to re-start
immediately following the completion of the IP survey.
Steve Burleton, Chief Executive Officer of
Angus, states: “These results from the Company’s first drilling
program on the Golden Sky Project are highly encouraging and show
potential for the Dorset Zone to host significant open pit and
underground gold resources. One of our main goals was to test for
high-grade gold structures similar to those seen at Eagle River and
hole GS-21-02 was successful in returning the thickest and
highest-grade gold intersection drilled on the Dorset Zone to date.
Our next phase of drilling will follow up on these results to
better define the orientation of the potential high-grade
structures and continue expanding the limits of the gold
mineralization. Golden Sky has returned some very impressive
results from Dorset and we are looking forward to advancing our
exploration programs on Dorset Deformation Zone, the BIF Zone and
the numerous targets that have been identified in our regional
geochemical programs. 2022 is shaping up to be a very active year
for Angus.”
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-21-01 to
GS-21-12 at the Golden Sky drilling program are, as follows:
Hole Number |
From (m) |
To (m) |
Length (m) |
Gold (g/t) |
Zone |
GS-21-01 |
29.0 |
39.9 |
10.9 |
2.2 |
Dorset Deformation Zone |
including |
30.0 |
31.0 |
1.0 |
10.9 |
Dorset Deformation Zone |
|
48.5 |
53.5 |
5.0 |
2.4 |
Dorset Deformation Zone |
GS-21-02 |
48.5 |
71.1 |
22.6 |
3.3 |
Dorset Deformation Zone |
including |
54.5 |
63.5 |
9.0 |
5.4 |
Dorset Deformation Zone |
GS-21-03 |
16.0 |
44.0 |
28.0 |
1.4 |
Dorset Deformation Zone |
including |
26.0 |
38.0 |
12.0 |
2.3 |
Dorset Deformation Zone |
GS-21-04 |
74.0 |
82.0 |
8.0 |
1.7 |
Dorset Deformation Zone |
including |
80.0 |
81.0 |
1.0 |
5.2 |
Dorset Deformation Zone |
GS-21-07 |
20.5 |
22.5 |
2.0 |
1.8 |
Dorset Deformation Zone |
|
59.0 |
64.5 |
5.5 |
1.6 |
Dorset Deformation Zone |
including |
60.0 |
63.0 |
3.0 |
2.6 |
Dorset Deformation Zone |
|
71.5 |
74.5 |
3.0 |
1.9 |
Dorset Deformation Zone |
including |
71.5 |
73.5 |
2.0 |
2.6 |
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
Maphttps://www.globenewswire.com/NewsRoom/AttachmentNg/0a51d588-adca-41a0-adc6-28e6b02a48c9
The first phase of drilling was designed to test
for higher grade mineralized structures within the Dorset gold
resource, extensions of the gold system to the east and new targets
surrounding the Dorset trend. The first four holes were planned
within the existing Dorset resource to test for higher-grade gold
zones and structure. GS21-01 intersected significant gold
mineralization at the eastern end of the Dorset Zone and provided
valuable information on the structure of the shear zone in this
area. Holes GS21-02 to -04 tested the Dorset Zone at its western
extent in an area of historic high-grade surface samples and were
successful in identifying thick zones of higher-grade
mineralization to a depth of approximately 80 metres. Holes
GS21-05, -06, -08, -09 and -10 tested a selection of new
geophysical targets to the north and south of the Dorset Zone with
no significant results. Hole GS21-07 was a 100-metre step-out hole
to the east, along strike, of the Dorset Zone, and was successful
in intersecting significant gold mineralization within the Dorset
Shear. Holes GS21 -11 and -12 were drilled to test new targets
associated with a felsic intrusive to the northeast of the Dorset
Zone. Anomalous gold was identified in Hole 12 and warrants further
investigation.
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 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
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.
Angus Gold (TSXV:GUS)
Historical Stock Chart
From Mar 2024 to Apr 2024
Angus Gold (TSXV:GUS)
Historical Stock Chart
From Apr 2023 to Apr 2024