GUS Angus Gold Inc

Angus Gold Inc. (TSX-V: GUS | OTC: ANGVF) (“Angus” or the “Company”) is pleased to announce assay results from the first four (4) exploration holes that were completed on the BIF Gold Zone as part of its August 2024 drill program at the Golden Sky Project in Wawa, Ontario.

Highlights:

• The main focus of the 2024 drill program was to improve both our understanding of the size of the BIF Gold Zone and the geometry of higher-grade ore shoots at depth.
• Down-plunge drilling results at the BIF Gold Zone indicate the mineralized system is thick and continuous:
  • Hole GS24-157 returned 111.0 metres of mineralization grading 1.0 g/t Au, including 5.4 g/t Au over 3.0 metres and 6.0 g/t Au over 1.8 metres.
• All down-plunge drilling results provided useful information for interpreting the preferred orientation of higher-grade ore shoots at depth to improve future targeting.
• New gold mineralization intersected at 270 metres true depth:
  • Hole GS24-156 returned 9.6 metres of mineralization grading 1.1 g/t Au, indicating the system has significant depth potential.
• Additional BIF Gold Zone drilling results expected in the coming weeks.

Breanne Beh, Chief Executive Officer of Angus, states: “We are very pleased with the results so far from our 2024 BIF drilling program, with additional results expected in the coming weeks. These four holes were designed specifically to improve our understanding of the size and geometry of the mineralization at the BIF Gold Zone. The results of GS-24-157 are incredibly encouraging as we were able to gain a better understanding of just how large this BIF-hosted gold system could potentially be. Within the mineralized intervals we had over a dozen high-grade samples between 2 and 8 g/t Au, confirming the potential for higher-grade shoots. We are currently modeling these results in 3D to identify preferred orientations of the high-grade mineralization. In addition, the discovery of another zone of mineralization at depth in GS-24-156 is very encouraging as it indicates the continued exploration potential of the 6.0 kilometres of banded iron formation present on the Golden Sky property. BIF-hosted gold deposits are extremely complex, however, we have made significant progress over a relatively short period of time. These current results were successful in providing the information we need to advance our model another step forward and will allow us to plan our next drill program to begin defining the high-grade zones.”  

The 2024 drilling program on the BIF was designed to test new hypotheses regarding the structural controls on the gold mineralization. The four (4) drill holes published in this press release were designed with the intention of understanding the size of the low-grade envelope of gold mineralization in the BIF Gold Zone in addition to, improving the understanding of the geometry of the apparent high-grade ore shoots plunging within. All four holes returned numerous intersections of > 2.0 g/t Au material within a broad envelope of low-grade gold mineralization. This information is now being used to help improve the modelling of what were thought to be repeated high-grade ore shoots. Hole GS-24-157 was most successful at defining the extents of the gold system with two separate intersections of gold mineralization grading 1.0 g/t Au, one of 12.0 metres and the second of 111.0 metres, including a dozen high-grade intercepts >2.0 g/t Au. With these results we can begin to visualize how large the BIF Gold Zone system is. The thickness and continuity of the results continue to indicate strong potential for the area to host significant BIF-hosted gold mineralization.

In addition, hole GS-24-156 was successful at intersecting a new zone of gold mineralization grading 0.8 g/t Au over 16.9 metres, including 2.3 g/t Au over 1.0 metres and 2.4 g/t Au over 1.0 metres, at 270 metres true depth. This is the deepest hole that has been drilled on Angus’ BIF Gold Zone to date and indicates the continued potential for new zones of mineralization to be discovered.

Similar to GS-24-157, holes GS-24-154, GS-24-155 and GS-24-156 returned a pattern of repeating > 2.0 g/t Au intersections within a broad envelope of lower-grade Au mineralization. These initial results are encouraging and indicate the potential for repeated or stacked ore shoots within the large mineralized system. Notable intersections are listed in the table below.

Selected drill results from the 4 holes at the Golden Sky drilling program are, as follows:  

Hole Number	From (m)	To (m)	Length (m)	Au g/t	Area
GS-24-154	10.9	14.0	3.1	1.6	BIF
including	12.8	14.0	1.2	2.8
GS-24-154	77.6	78.6	1.0	2.3
GS-24-154	85.5	130.0	44.5	0.7
including	98.0	99.0	1.0	3.7
including	100.0	101.0	1.0	2.5
including	103.0	104.0	1.0	2.9
including	118.0	119.0	1.0	2.3
including	122.0	123.0	1.0	2.5
including	125.0	126.0	1.0	2.1
GS-24-154	146.0	147.0	1.0	3.6
GS-24-154	158.0	166.0	8.0	1.1
GS-24-155	97.5	143.0	45.5	0.8	BIF
including	99.0	100.9	1.9	2.0
including	106.5	111.0	4.5	1.2
including	114.0	121.0	7.0	1.0
including	126.0	131.0	5.0	1.5
GS-24-155	158.0	162.0	4.0	2.0
GS-24-156	12.8	21.6	8.8	1.7	BIF
including	15.2	20.1	4.9	2.9
GS-24-156	82.1	89.0	6.9	1.0
including	87.0	88.0	1.0	2.9
GS-24-156	123.0	144.0	21.0	0.9
including	123.0	127.0	4.0	2.0
including	132.0	136.0	4.0	1.3
including	141.0	142.0	1.0	2.3
GS-24-156	269.0	285.9	16.9	0.8
including	276.3	285.9	9.6	1.1
including	278.0	279.0	1.0	2.3
including	283.9	284.9	1.0	2.4
GS-24-157	50.0	62.0	12.0	1.0	BIF
including	55.7	56.4	0.7	5.5
including	60.0	61.0	1.0	2.4
GS-24-157	107.0	218.0	111.0	1.0
including	108.0	109.0	1.0	2.6
including	112.0	113.0	1.0	2.3
including	115.0	116.0	1.0	2.7
including	131.0	133.0	2.0	3.8
including	139.0	141.0	2.0	4.7
including	145.5	147.0	1.5	3.9
including	158.0	160.0	2.0	2.9
including	173.0	174.0	1.0	2.8
including	179.0	182.0	3.0	5.4
including	185.0	186.0	1.0	2.4
including	202.0	203.8	1.8	6.0
including	215.4	218.0	2.6	2.6

(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 – BIF new drilling, Golden Sky Airborne Magnetics Map        

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 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 ongoing drill program on the 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 near-surface 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 historic estimated resource (using a 0.50 g/t Au cut-off) consists 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 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.

Quality ControlDuring the last drilling program, assay samples were taken from the NQ core by sawing the drill core in half, with one-half sent to a certified commercial laboratory and the other half retained for future reference. A strict QA/QC program was applied to all samples; which includes insertion of mineralized standards and blank samples for each batch of 20 samples. The gold analyses were completed by fire-assayed with an atomic absorption finish on 50 grams of materials. Repeats were carried out by fire-assay followed by gravimetric testing on each sample containing 3.0 g/t gold or more.

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 BehPresident and Chief Executive Officer

INQUIRIES:Email: info@angusgold.comPhone: 647-259-1790Company Website: www.angusgold.com

TSXV: GUS | USOTC: ANGVF

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. 

Forward-Looking Statements

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.

An image accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0c968e7d-83e1-4ac1-a1fd-b55a9cb7a16a