Angus Gold Intersects Significant Gold Mineralization in Infill and Expansion Drill Program on its Dorset Zone, including near-surface intervals of up to 11.0m of 2.6 g/t Au

Highlights:

• Infill results continue to confirm the presence of thick, consistent ore shoots with higher-grade Au mineralization along the 1.7 kilometres of newly defined strike length, including:
  • 11.0 metres of mineralization grading 2.6 g/t Au, including 3.0 metres of 4.4 g/t Au in Hole GS24-114;
  • 17.1 metres of 1.2 g/t Au, including 9.0 metres of 1.7 g/t Au in Hole GS24-118;
  • 10.6 metres of 2.7 g/t Au, including 7.1 metres of 3.6 g/t Au in Hole GS24-125
• Resource expansion holes drilled at depth and along strike confirm strongpotential for additional growth, including:
  • 10.2 metres of mineralization grading 1.0 g/t Au, including 3.0 metres of 2.7 g/t and including 5.2 metres of 2.3 g/t Au in Hole GS24-117;
  • 20.8 metres of 1.1 g/t Au, including 6.0 metres of 2.4 g/t Au in Hole GS24-128
• Additional assays are expected shortly for remaining Dorset Zone holes and Eagle River Splay Zone exploration holes completed as part of the winter 2024 drill program
• Summer drilling program on the BIF Gold Zone to commence mid-May
  

TORONTO, April 30, 2024 (GLOBE NEWSWIRE) -- Angus Gold Inc. (TSX-V: GUS | OTC: ANGVF) (“Angus” or the “Company”) is pleased to announce assay results from twenty-three (23) infill and resource expansion holes that were completed as part of its winter 2024 drill program at the Golden Sky Project in Wawa, Ontario. The majority of the drill holes are part of the infill program, designed to test for the presence of potential high-grade ore shoots within the historic Dorset gold resource. Also included in this release are the results from the first two resource expansion holes that have been received, one at depth and one located southeast of the deposit, also testing for higher-grade mineralization.

Breanne Beh, Chief Executive Officer of Angus, states: “We are extremely pleased with these results from the winter 2024 drilling program on the Dorset Zone. Our goal for 2024 is to target higher-grades on all of our known gold systems and these preliminary results at Dorset show we can follow higher-grade ore shoots consistently. This is a critical step in the evolution of Dorset, allowing us to model higher-grade zones and improve the attractiveness of this gold deposit. In addition to identifying higher-grades, we are also encouraged by the continued growth potential of Dorset, as demonstrated by the success of early results from this winter’s expansion drilling program. We have more than doubled the potential length of the resource since 2023 and we are still open along strike with more than five (5) kilometres of untested shear to explore. Results are pending on additional expansion holes from the winter program, which will be released as soon as they are ready.”

The results from infill holes GS24-114 and GS24-125 were particularly encouraging, intersecting 2.6 g/t Au over 11.0 metres, including 4.4 g/t Au over 3.0 metres and, 2.7 g/t Au over 10.6 metres, including 3.6 g/t Au over 7.1m, respectively. These holes confirmed Angus’ ability to target higher-grade material within the historic resource area using intersections of their newly modelled shear zones to identify the orientations of hypothesized ore shoots.

Resource expansion hole GS24-117 was planned as a 25 metres step-out hole at depth, targeting the extension of a hypothesized high-grade ore shoot and was successful at intersecting 10.2 metres of 1.0 g/t Au including 3.0 metres of 2.7 g/t and 5.2 metres of 2.3 g/t Au. There now remains 200 metres of this untested ore shoot between GS24-117 and MC-07-127, an isolated historic hole that intersected 2.14g/t Au over 15.1 metres at 410 metres true depth. This undrilled trend represents an area for Angus to significantly improve upon the historic resource calculation. GS24-128 was planned to the southeast of the Dorset resource area, along an untested section of a newly interpreted shear zone that controls high-grade mineralization within the Dorset Gold Zone. The hole was successful at intersecting 1.1 g/t Au over 20.8 metres, including 2.4 g/t Au over 6.0 metres.

Selected drill results from the 23 holes at the Golden Sky drilling program are, as follows:

(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 ongoing drill program on the Company’s 100%-owned Golden Sky Project is focused on the Dorset Gold Zone, which hosts a historic gold resource; the BIF Zone, a new gold zone discovery in a large banded iron formation; as well as the Eagle River Splay deformation zone, which shows potential for another extensive gold system. Angus’ drill programs on the Dorset Gold Zone have been successful at extending the strike length of the previously modelled zone from 750 metres to 1.7 kilometres.

The Dorset Gold Zone contains a historic estimated indicated resource (using a 0.50 g/t Au cut-off) of 40,000 ounces of gold grading 1.4 g/t Au, and an inferred resource of 180,000 ounces of gold grading 1.2 g/t Au. The Dorset Zone lies within the Mishi Creek Deformation Zone (“MCDZ”). The MCDZ can be traced for at least 7 kilometres within the Golden Sky project and has seen very little historic exploration along most of its strike length.

Figure 1: Surface Map – Dorset Gold Trend new drilling, Golden Sky Project Location Map.

Figure 2: Long section of the Dorset Gold Trend showing the ore-shoot orientation being used to target high-grade drill results.

The Golden Sky Project
The 100%-owned Golden Sky Project is located within the Mishibishu Lake Greenstone Belt of Northern Ontario, which is host Wesdome’s high-grade Eagle River and the Mishi open-pit gold mines. The Company’s 290-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”) 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.

On behalf of Angus Gold Inc.,

Breanne Beh
President and Chief Executive Officer

INQUIRIES:
Email: info@angusgold.com
Phone: 647-259-1790
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.

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/52b70c49-fe85-4e8d-9dab-5b9a8640906b

https://www.globenewswire.com/NewsRoom/AttachmentNg/c72f5c2c-e5fb-4c24-b797-80313d814295