Angus Gold Inc. (TSX-V: GUS |
OTC: ANGVF)
(“
Angus” or the “
Company”) is
pleased to announce the first set of assay results from its 2023
drill program at the Golden Sky Project in Wawa, Ontario. Results
from seven (7) holes were successful at intersecting Dorset style
Au mineralization between the Dorset Zone resource area and the
2022 holes GS-22-31 and GS-22-32, which were drilled 450 meters to
the west. Mineralization generally consists of thick intervals of
resource-grade (1.2g/t Au), and above, material containing zones of
higher-grade gold. Highlights of the drilling results include 1.5
g/t Au over 4.0 metres (GS-23-59); 2.5 g/t Au over 5.7 metres
including 9.1 g/t Au over 1.3 metres (GS-23-62); and 1.4 g/t Au
over 23.5 metres, including 8.4 g/t Au over 3.0 metres
(GS-23-79). The seven holes were drilled as infill holes at
50-metre to 100-metre spacings and were to target the continuity of
the Dorset West extension as well as confirming the newly
interpreted structural model of the Dorset Gold Zone.
Steve Burleton, Chief Executive Officer of
Angus, states: “We are very pleased with the initial results from
the winter 2023 drilling program. Our key objectives at Dorset are
to expand the current resource, to the east and west, while also
defining high-grade gold zones that occur along the entire strike
length. This set of results from Dorset West infill drilling
demonstrates our success in both, with the potential for a
450-metre increase in resource strike length and delineation of
additional high-grade mineralization within the structure. The
results serve as a strong starting point for the continued work
planned at the Dorset Trend leading up to an eventual resource
update. We are currently preparing for the summer 2023 drilling
program that will commence early June and encompasses both Dorset
and BIF target drilling. With the recent equity financing
completed, we are well positioned to not only continue our
aggressive work plans but also to accelerate and expand our
programs.”
The Dorset Gold Zone contains a historic
estimated indicated resource (using a 0.50 g/t Au cut-off) of
40,000 ounces grading 1.4 g/t Au, and an inferred resource of
180,000 ounces grading 1.2 g/t Au over a strike length of
approximately 750 metres. This western extension, in combination
with the eastern extension (see news release dated February 1st,
2023), can likely more than double the potential strike length of
the Dorset Gold Zone, adding almost one kilometre. The Company’s
2023 winter drilling program was the first phase of work aimed at
defining the continuity of the gold mineralized system at Dorset,
which is located within the Mishi Creek Deformation Zone ("MCDZ").
The MCDZ is traceable for at least 7 kilometers within the Golden
Sky project. The results from the remaining 2023 winter drill
program are expected to be available in the coming weeks. The 2023
winter drill program was focused on testing the continuity of the
eastern and western strike extensions of the Dorset Zone while also
targeting high-grade material within the Dorset resource. In
addition, Angus began preliminary drilling on the Marten Zone, a
shear zone with historic mineralization sub-parallel to the Dorset
Zone, within the MCDZ. The remaining results will be focused on the
Dorset East extension, the main Dorset Resource Zone and the Marten
Zone.
The ongoing drill program at Golden Sky focuses
on two target areas within the property: the Dorset Gold Zone which
hosts a gold resource; and the BIF Zone a new gold zone discovery
in a large, banded iron formation.
Selected drill results from the 7 holes at the
Golden Sky drilling program are, as follows:
Hole Number |
From (m) |
To (m) |
Length (m) |
Au g/t |
Area |
GS-23-059 |
58.2 |
59.1 |
0.9 |
1.3 |
Dorset West |
GS-23-059 |
59.9 |
60.8 |
0.9 |
1.3 |
GS-23-059 |
192.4 |
195.3 |
2.9 |
1.1 |
including |
192.4 |
193.3 |
0.9 |
2.1 |
GS-23-059 |
210.0 |
214.0 |
4.0 |
1.5 |
including |
210.0 |
211.0 |
1.0 |
3.1 |
GS-23-059 |
237.0 |
243.0 |
6.0 |
0.9 |
including |
239.0 |
240.0 |
1.0 |
2.8 |
GS-23-060 |
21.30 |
22.00 |
0.7 |
1.3 |
Dorset West |
GS-23-060 |
60.00 |
61.00 |
1.0 |
1.3 |
GS-23-060 |
191.0 |
196.3 |
5.3 |
0.7 |
GS-23-060 |
213.70 |
214.60 |
0.9 |
2.3 |
GS-23-060 |
235.00 |
236.00 |
1.0 |
1.8 |
GS-23-061 |
3.7 |
9.0 |
5.3 |
0.5 |
Dorset West |
GS-23-061 |
137.0 |
144.0 |
7.0 |
0.5 |
GS-23-062 |
23.4 |
24.5 |
1.1 |
1.0 |
Dorset West |
GS-23-062 |
85.6 |
91.3 |
5.7 |
2.5 |
including |
86.70 |
88.00 |
1.3 |
9.1 |
GS-23-062 |
90.10 |
91.30 |
1.2 |
1.8 |
GS-23-063 |
65.7 |
69.7 |
4.0 |
0.5 |
Dorset West |
GS-23-064 |
185.6 |
186.6 |
1.0 |
0.5 |
Dorset West |
GS-23-079 |
14.5 |
16.5 |
2.0 |
0.4 |
Dorset West |
GS-23-079 |
88.0 |
89.5 |
1.5 |
2.0 |
GS-23-079 |
117.5 |
119.0 |
1.5 |
1.6 |
GS-23-079 |
138.5 |
162.0 |
23.5 |
1.4 |
including |
138.5 |
141.5 |
3.0 |
8.4 |
including |
138.5 |
139.5 |
1.0 |
24.8 |
including |
147.0 |
162.0 |
15.0 |
0.5 |
including |
153.0 |
155.0 |
2.0 |
1.5 |
(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.
Figure 1: Surface Map – Dorset Gold Trend new
drilling, Golden Sky Project Location
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.
Clarification on Company’s $6.45 million
private placementFurther to the Company’s press release
dated April 27, 2023 the Company wishes to clarify some of the
details of its $6.45 million oversubscribed non-brokered private
placement. The Company confirms that a 3.0% cash finder’s fee was
paid to certain brokers, for total finder’s fees of $4,320 paid in
connection with this financing.
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/8e666aaf-d040-4236-9ae9-34e649419f8f
Angus Gold (TSXV:GUS)
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から 5 2023 まで 5 2024