TORONTO, July 12, 2021 (GLOBE NEWSWIRE) -- Angus Gold Inc. (TSX-V: GUS | OTC: ANGVF) (“Angus” or the “Company”) is pleased to announce the commencement of drilling at its 100%-owned Golden Sky Project (the “Project”) located in Wawa, Ontario. The Project is immediately adjacent to the Eagle River Mine of Wesdome Gold Mines Ltd (“Wesdome”) in Wawa. The 20,000-metre drill program will focus on two target areas within the property: the Dorset Deformation Zone, which is host to 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 but has seen very little follow-up exploration. Drill targets were generated through a high-power induced polarisation (“IP”) ground geophysical survey completed in the past few months, which were subsequently prioritized by a follow-up surface geochemical program. The key areas to be tested during the first phase of drilling include the historical Dorset Resource, new targets to the east and west of the historical resource and the highly prospective gold anomalies within the BIF Zone.
The Company received the necessary drill permits in June 2021 and subsequently engaged Major Drilling Group International. The 20,000 metres of drilling is expected to be completed over the next 12 to 15 months. The most recent drilling program on the Project was conducted between 2005 - 2007 by Trelawney Resources Inc., which was acquired by IAMGOLD Corporation in 2012.
Steve Burleton, Chief Executive Officer of Angus, states: “We are pleased to have received the first drill permit for the Golden Sky Project. This is an exciting moment for the Company and its shareholders. Results from our first geophysical and geochemical programs are extremely encouraging. This project is situated between two gold mines in an area that is crisscrossed by numerous gold structures. We see tremendous exploration potential on this property. Concurrent with the drilling, we will also be expanding our geochemical and geophysical programs to cover more of the structures identified.”
Please visit www.angusgold.com for additional information on the Project and Company.
The Wawa Gold Camp
The Wawa gold mining camp is the host of multiple gold deposits and producing gold mines, most notably the Island Gold Mine of Alamos Gold Inc. and Eagle River Mine of Wesdome Gold Mines Ltd.
Figure 1: Golden Sky Project Location Map
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The Golden Sky Project
The 100%-owned Golden Sky Project is located within the Mishibishu Lake Greenstone Belt of Northern Ontario, an extension of the Greenstone Belt and host to the high-grade Eagle River Gold Mine of Wesdome. The 234-square-kilometres land package is located approximately 50 kilometres west of the town of Wawa and is situated immediately between the Eagle River underground mine and the Mishi open pit mine of Wesdome. 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 for the Wawa Proper 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 Gabrielle Hosein, 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 49% 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 Burleton
Chief Executive Officer and Director
INQUIRIES:
Email: info@angusgold.com
Company 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.
