Angus Gold Inc. (TSX-V: GUS |
OTC: ANGVF)
(“
Angus” or the “
Company”) is
pleased to announce assay results from its 2022 drill program at
the Golden Sky Project in Wawa, Ontario. Results from eight (8)
holes were successful in confirming the extension of the strike
length of the Dorset Gold Zone 500 metres to the east. Hole
GS-22-047 intersected 1.3 g/t over 52.0 metres including 4.1 g/t
over 12.0 metres, was drilled in a NE-direction, oblique to
mineralization, approximately 500 metres east of the Dorset Gold
resource. The drill hole was testing a newly interpreted structural
model of the Dorset Gold Zone and was successful in identifying its
potential eastern extension. The hole will be used to guide ongoing
exploration drilling to define the full strike length of the
Au-mineralizing system at the Dorset Gold Zone. Hole GS-22-040,
drilled at the eastern margin of the Dorset Gold Zone, was also
successful in intersecting a thick interval of gold mineralization
and returned an intercept of 1.5 g/t Au over 24.0 metres including
a high-grade interval of 6.1 g/t over 2.0 metres. The hole was
designed to test the potential orientation of high-grade ore shoots
within the currently defined Dorset Gold Zone, similar to that seen
at the nearby Eagle River Mine of Wesdome Gold Mines. Assays from
an additional 15 exploration holes that were designed to further
test the potential for strike length extension to the east and west
of the Dorset Gold Zone are still pending. Drilling on the Dorset
Gold Zone has resumed for the winter 2023 season. The Dorset Gold
Zone contains a historic estimated resource (using a 0.50 g/t Au
cut-off) consisting of an indicated resource of 40,000 ounces
grading 1.4 g/t Au, and an inferred resource of 180,000 ounces
grading 1.2 g/t Au.
Steve Burleton, Chief Executive Officer of
Angus, states: “The results from this round of drilling on the
Dorset Gold Zone are exceptional and indicate the potential to
significantly increase our historic gold resources on the Dorset
Gold Zone. We are seeing thick intersections of higher-grade gold
mineralization that are substantially above resource grade, which
suggests the potential for higher grade ore shoots like those seen
in the Eagle River Mine approximately five (5) kilometres to the
south of Dorset, along a parallel shear. Based on the results to
date, we have already mobilized a drill to the Dorset area and will
begin a program of resource expansion drilling to continue through
2023. With more results coming in, we are confident that the Dorset
resource will continue to grow and improve. We are also busy
advancing other areas of the project including our BIF gold
discoveries and the new Splay Zone to the south of the BIF
property. We continue to ramp-up our exploration efforts on the
Golden Sky project and look forward to even more success this
year.”
The ongoing 20,000-metre drill program focuses
on two target areas within the property: the Dorset Gold Zone,
which hosts a historical gold resource and the Banded Iron
Formation (“BIF”) Zone, a large area of banded iron formation, and
the current focus of Angus’ newest gold zone discovery.
Figure 1: Surface Map – Dorset Gold Trend new
drilling, Golden Sky Project Location Map
Selected drill results from holes at the Dorset
Gold trend are as follows:
Hole Number |
From (m) |
To (m) |
Length (m) |
Gold (g/t) |
Area |
GS-22-31 |
assays pending |
Dorset West Exploration |
GS-22-32 |
assays pending |
Dorset West Exploration |
GS-22-33 |
205.7 |
206.7 |
1.0 |
0.6 |
Dorset West Exploration |
GS-22-35 |
40.7 |
41.7 |
1.0 |
2.0 |
Dorset East Exploration |
GS-22-35 |
49.0 |
51.0 |
2.0 |
2.0 |
GS-22-35 |
150.5 |
154.5 |
4.0 |
1.0 |
including |
150.5 |
151.5 |
1.0 |
2.2 |
GS-22-36 |
150.0 |
155.0 |
5.0 |
1.0 |
Dorset East Exploration |
including |
153.0 |
155.0 |
2.0 |
1.5 |
GS-22-37 |
assays pending |
Dorset East Exploration |
GS-22-38 |
assays pending |
Dorset |
GS-22-39 |
assays pending |
Dorset |
GS-22-40 |
105.0 |
129.0 |
24.0 |
1.5 |
Dorset |
including |
112.0 |
125.0 |
13.0 |
2.4 |
including |
122.0 |
124.0 |
2.0 |
6.1 |
GS-22-41 |
assays pending |
Dorset East Exploration |
GS-22-42 |
91.00 |
92.50 |
1.5 |
0.7 |
Dorset West Exploration |
GS-22-43 |
114.00 |
115.50 |
1.5 |
1.1 |
Dorset East Exploration |
GS-22-44 |
assays pending |
Dorset West Exploration |
GS-22-45 |
assays pending |
Dorset East Exploration |
GS-22-47 |
152.5 |
204.5 |
52.0 |
1.3 |
Dorset East Exploration |
including |
154.5 |
173.5 |
19.0 |
2.7 |
including |
157.5 |
169.5 |
12.0 |
4.1 |
including |
164.5 |
166.5 |
2.0 |
8.4 |
GS-22-48 |
assays pending |
Dorset East Exploration |
GS-22-50 |
assays pending |
Dorset East Exploration |
GS-22-51 |
assays pending |
Marten Zone |
GS-22-53 |
assays pending |
Marten Zone |
GS-22-54 |
93.00 |
94.00 |
1.0 |
1.8 |
Dorset |
GS-22-54 |
114.50 |
116.00 |
1.5 |
0.8 |
GS-22-56 |
assays pending |
Dorset |
GS-22-57 |
assays pending |
Dorset |
GS-22-58 |
assays pending |
Dorset |
(1) Assay results presented over core length.
Additional drilling will be necessary to constrain the true width
of the mineralized envelope of the gold system.
The 2023 drill program at the Dorset Gold Zone
was designed to test exploration targets to the east and west of
the historic resource using newly interpreted structural offsets.
It was hypothesized that the Au-mineralizing system had a longer
strike length than had previously been defined. Angus’
high-definition magnetics survey, flown in 2020, in addition to
grab samples collected during the Angus field programs were used to
select drill targets for the 2023 step-out drill program. The last
resource calculated on the Dorset Gold Zone was completed in 2007
and is non-NI43-101 compliant. Holes GS22-035 and GS22-036 were
drilled close to the edge of the historic resource’s block model
and were successful at intersecting Dorset-style mineralization.
These two holes were used as vectors to plan a large-scale step-our
hole, hole GS22-047. Assays from another 15 exploration holes, most
of which were drilled with the goal of extending strike length of
the Au-mineralizing system are pending. Results from these holes
will be used to refine the 2023 Dorset drilling program to include
a resource expansion drilling program for a future mineral resource
update.
Hole GS-22-040 was drilled at the margin of the
historic Dorset Gold Zone resource area. The hole was drilled in
NE-direction, oblique to mineralization, to confirm results from
2007 while also testing potential orientations of high-grade ore
shoots. Hole GS-22-040 was successful in confirming results from
historic drilling and has provided important information regarding
the presence and orientation of high-grade mineralization within
the Dorset Gold Zone.
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 PersonThe 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”) and Chief Geologist for the
Company.
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.
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/7b9ba53f-8e69-405c-9e8c-0cbc6407f735
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