Discovers Two New Gold Zones Highlights:
- Drilling within the Banded Iron Formation (“BIF”) has identified two thick gold zones at shallow depths representing the first ever reported drill discoveries
- Results confirm potential for a robust gold system within the BIF with intervals of up to 61.3 metres grading 0.94 g/t Au, including 25.6 metres of 1.5 g/t Au, 5.0 metres of 2.4 g/t Au and 1.0 metre of 8.9 g/t Au in Hole GS21-14 and a second zone returning 18.7 metres of 1.0 g/t Au, including 3.0 metres of 2.6 g/t Au and 3.7 metres of 1.7g/t Au in Hole GS21-15
- Gold zones are 500 metres apart and suggest an extensive gold system is active within the BIF
- Drill core assays of up to 8.9 g/t indicate potential for higher-grade material
- BIF horizon extends for over 5km of strike-length, with most still unexplored
- Drill program planned for 2022 to further delineate new discoveries as well as test numerous other targets
TORONTO, Jan. 24, 2022 (GLOBE NEWSWIRE) -- Angus Gold Inc. (TSX-V: GUS | OTC: ANGVF) (“Angus” or the “Company”) is pleased to announce assay results from the remaining four (4) holes of its 2021 drill program at the Golden Sky Project in Wawa, Ontario. The four holes tested a selected area within a large Banded Iron Formation (“BIF”) horizon that extends for over 5 kilometres on the property. Two of the four holes were successful in intersecting significant gold mineralization at locations approximately 500 metres apart. 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 and included higher-grade intervals of 25.6 metres grading 1.5 g/t Au, 5.0m grading 2.4 g/t Au and 1.0 metre grading 8.9 g/t Au, starting at a shallow vertical depth of approximately 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, which included higher-grade intervals of 3.0 metres of 2.6 g/t Au and 3.7 metres of 1.7 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.
Steve Burleton, Chief Executive Officer of Angus, states: “These results have exceeded our expectations for our first drill program within a virtually unexplored target. To hit impressive gold zones is highly encouraging and speaks to an extensive gold-bearing hydrothermal system within the BIF. With over 60 metres of consistently mineralized and altered iron formation in Hole 14, we are dealing with a system that could host significant gold resources. In addition, we have only tested a small portion of the extensive BIF horizon within our property, so we have tremendous potential to discover additional zones as we expand our programs. BIF-hosted gold deposits make up many of Canada’s largest gold deposits and we feel these results indicate the high level of potential for this area to host a similar scale of mineralization. With the success achieved in 2021 and the encouraging results at both Dorset and now the BIF, we will be pursuing an aggressive 2022 program to expand on these results and test new targets both locally and regionally.”
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.
https://www.globenewswire.com/news-release/2022/01/24/2371590/0/en/Angus-Gold-Discovers-Two-New-Gold-Zones-on-its-Golden-Sky-Project-Wawa-Intersects-Large-Gold-System.html