TORONTO, ONTARIO--(Marketwired - Feb. 8, 2017) - Sage Gold Inc. (the "Company") (TSX
VENTURE:SGX) is pleased to announce the commencement of a drilling program at Sage's Onaman property in northwestern
Ontario. This program is being carried out simultaneously with that underway on the Clavos gold property in Timmins announced on
January 19, 2017.
With a history of episodic exploration activity dating back several decades, the Onaman property hosts numerous historical
mineralized zones and occurrences that have been partly delineated to date. Hosted in a sequence of hydrothermally altered
and tectonized mafic through felsic volcanics and derived volcaniclastics, the Onaman property displays the main features of a
typical volcanogenic massive sulphide ("VMS") system, and is consequently considered to host significant exploration
potential. Sage will complete a preliminary program comprising 1,000 meters, drilled into the historical Headway
zinc-silver-lead±gold deposit.
As discussed in the Company's recent Onaman news release, a reassessment of the Lynx deposit - the historical focus of Sage's
exploration efforts on the property, has established that it is a "footwall feeder zone" of the type typically found underlying
VMS deposits. The fact that the Headway lies immediately above it where the main mineralized body in a VMS system is
typically found renders this historical mineralized zone significant from an exploration perspective.
Nigel Lees, President and CEO, commented: "The Headway and Lynx deposits, hosting a combination of base and precious
metals between them, are two important parts of the as yet incomplete Onaman story. This current drilling program will help
to further unravel it. It nicely compliments Sage's ongoing drilling program at the company's Clavos gold deposit where two
holes have been completed between the main mine trend and the 960 zone."
The juxtaposition of the Lynx deposit in the underlying footwall mafic volcanics, and the Headway deposit in the overlying
mixed volcanic sequence (named the "In Between Zone" or "IBZ"), is suggestive of the typical mineralogical zoning seen in VMS
systems where copper-dominant mineralization is found lower in the system and zinc-dominant mineralization is found in the upper
parts of the system. Both deposits feature a hydrothermal alteration assemblage typical of VMS systems. Whereas both
the Lynx and Headway are limited in size and grade to the extent that they have been drilled, to date, the exploration potential
of the immediate area given the juxtaposition of these features is considered to be significant.
As a first step toward vectoring in on previously untested targets in this area, Sage is drilling a number of holes into the
Headway deposit at and near holes drilled by Headvue Mines in 1951. Historical drilling over a strike lengthy approaching 1
kilometre intersected numerous, mostly narrow intervals of zinc-silver-lead±gold mineralization - up to a few meters wide and
ranging mostly in the single digits for zinc and lead and up to and exceeding 100 g/t silver, along with wider intervals up to
and exceeding ten meters or more of lower grade zinc-silver-lead±gold mineralization averaging in one-tenth the grade
range. Sage geologists believe that this zone may be near a zone of focused hydrothermal discharge and associated metal
concentration, and that the lithological, alteration, mineralogical and geochemical data derived from detailed analyses of fresh
drill core may provide critical clues enabling them to vector in on previously undetected VMS targets in the immediate area.
The Company will provide additional information and updates regarding its progress at the Onaman and Clavos properties on a
timely basis.
The technical content of this news release has been reviewed and approved by Sage's consulting geologist, Avrom E. Howard,
MSc, PGeo, who is a Qualified Person ("QP") as defined in National Instrument 43-101.
About Sage Gold
The Company is a mineral exploration and development company which has primary interests in near-term production and
exploration properties in Ontario. Its main properties are the Clavos Gold property, 100% owned, in Timmins and the 100% owned
Onaman property and other exploration properties in the Beardmore-Geraldton Gold Camp. Technical reports and information relating
to the properties can be obtained from the System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedar.com and www.sagegoldinc.com.
CAUTIONARY STATEMENT: Neither the 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 may
contain forward looking information and the Company cautions readers that forward looking information is based on certain
assumptions and risk factors that could cause actual results to differ materially from the expectations of the Company included
in this news release. This news release includes certain "forward-looking statements", which often, but not always, can be
identified by the use of words such as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or
"plan". These statements are based on information currently available to the Company and the Company provides no assurance that
actual results will meet management's expectations. Forward-looking statements include estimates and statements with respect to
the Company's future plans, objectives or goals, to the effect that the Company or management expects a stated condition or
result to occur.
Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they
involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, metallurgical
processing, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial
condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as,
but are not limited to: failure to identify mineral resources; failure to convert estimated mineral resources to reserves; the
preliminary nature of metallurgical test results; delays in obtaining or failures to obtain required governmental, environmental
or other project approvals; political risks; 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. This list
is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should
be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. 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.