Angus Gold Inc. (TSX-V: GUS |
OTC: ANGVF)
(“
Angus” or the “
Company”) is
pleased to announce assay results from fourteen (14) holes drilled
during the Summer 2023 drill program on its 100%-owned Golden Sky
Project in Wawa, Ontario. The fourteen holes were drilled within
the BIF exploration area to confirm continuity of the new gold
horizon, originally intersected during the 2021 drilling campaign,
and test parallel geophysical trends. All the infill holes
intersected the gold horizon and returned thick, consistent zones
of mineralization. In addition, the summer 2023 drill
program was successful at extending the strike length over which
the BIF gold zone is defined, to a total of 1.0 kilometre. These
results continue to indicate strong potential for the area to host
significant BIF-hosted gold mineralization similar to
that seen at the large, high-grade deposits of Musselwhite
(Newmont), Meadowbank (Agnico-Eagle) and Back River (B2 Gold) in
Ontario and Nunavut.
Breanne Beh, Chief Executive Officer of Angus,
states: “We are extremely pleased with the results from our latest
drill program. In addition to expanding the gold zone along a one
kilometre strike-length, we have also demonstrated remarkable
continuity in this extensive mineralized system. Most importantly,
drilling continues to return thick intersections of gold which will
facilitate potential resource growth. We are also seeing zones of
higher-grade material within the system that could change the
complexion of this deposit, and which will be the target of the
next phase of drilling on this zone. To be able to delineate this
scale of mineralization with only 22 drill holes, to date, speaks
to how robust this system is and the incredible potential that
remains. We look forward to providing additional updates on our
summer program over the next few weeks as we prepare for our fall
drilling program, which will focus on new, high-priority gold
targets north of Wesdome’s Eagle River Mine.”
The 2023 drilling program on the BIF was
designed to begin infill drilling between the 2022 drill holes
which, in many cases were spaced at greater than 200 metres.
Additional holes were planned to test for continued strike
extension of the zone and lastly, parallel geophysical trends were
to be tested to explore for new gold zones. Seven (7) of the
fourteen holes published in this press release were infill holes,
drilled along the geophysical trend hosting the BIF gold zone, and
were successful at intersecting thick, continuous zones of gold
mineralization. Two (2) of the fourteen holes were planned to test
the western strike extension of the BIF gold zone, as it approached
a large structural break. One (1) hole was planned to test the
eastern strike extension. Lastly, four (4) holes, GS23-085,
GS23-087, GS23-091 and GS23-092 tested parallel geophysical trends
within the BIF system and intersected low-grade gold
mineralization.
Holes GS23-080, GS23-081, GS23-082, GS23-084,
GS23-088, GS23-089 and GS23-090 were drilled as infill holes along
the BIF gold horizon to begin to define the zone with tighter
spacing. There remains over 500 metres of strike length in which
drillhole spacing is greater than 100 metres and in many cases,
there is a singular hole on a section. Increasing the density of
drilling along the structure has been a focus for Angus as the team
works to understand the BIF gold horizon. Notable intersections are
listed in the table below. Of particular interest are the results
from hole GS23-080, 1.0 g/t Au over 61.3 metres, including 1.3 g/t
Au over 42.1 metres, 6.6 g/t Au over 1.0 metre and 2.1 g/t Au
over 11.0 metres. GS23-080 was drilled at a -45° dip and the gold
mineralization is located approximately 50 metres below
surface.
Holes GS23-084 and GS23-086 were planned to test
the western extension of the BIF gold horizon as it approached a
large NE-striking structural break. GS23-086 intersected a wide,
low-grade zone of Au mineralization that extended the strike length
of the zone by approximately 55 metres. These results will be used
to predict the offset of the gold horizon as future drill programs
step westward across the structural break. GS23-094 was planned 150
metres east of the last 2022 drill hole with the hopes of
continuing to extend BIF gold horizon eastwards. The results
from GS23-094, 0.9 g/t Au over
31.1 metres, including 1.3 g/t Au over 15.5 metres, confirm that
the zone is still completely open to the east. With the results of
these two drill holes, the BIF gold horizon is now defined for a
total of 1.0 kilometre of strike length and is open to the east,
west and at depth.
Figure 1: Surface Map – BIF new drilling, Golden
Sky Airborne Magnetics Map
The mineralization in the gold zone is
associated with disseminated and stringer pyrrhotite and pyrite
within a sheared, silica-flooded zone of the banded iron formation.
The gold zones are thick and are consistently mineralized
throughout the intervals. Each hole typically has a high-grade
intercept, which tends to be spatially associated with the contacts
of the shear zone. Angus is currently investigating the potential
stratigraphic and structural controls to better target high-grade
mineralization in the BIF gold zone. These controls can also be
used to identify exploration drilling targets on the parallel
geophysical trends within the BIF exploration area.
Drill holes GS23-085, GS23-087, GS23-091 and
GS23-092 were drilled on geophysical trends parallel to the gold
zone. The low-grade results from these holes, in addition to two
holes completed during the 2022 BIF drilling campaign, indicate
there is gold mineralization elsewhere in the BIF system and
continue to fuel the exploration efforts to find a parallel gold
horizon.
Selected drill results from the 2023 BIF holes at
the Golden Sky drilling program are, as follows:
Hole Number |
From (m) |
To (m) |
Length (m) |
Au g/t |
Area |
GS-23-080 |
51.9 |
113.2 |
61.3 |
1.0 |
BIF |
including |
51.9 |
94.0 |
42.1 |
1.3 |
including |
57.0 |
61.0 |
4.0 |
1.3 |
including |
63.0 |
64.0 |
1.0 |
6.6 |
including |
79.0 |
90.0 |
11.0 |
2.1 |
GS-23-081 |
42.9 |
81.5 |
38.6 |
0.7 |
BIF |
GS-23-082 |
58.0 |
75.0 |
17.0 |
0.7 |
BIF |
including |
58.0 |
66.0 |
8.0 |
1.0 |
GS-23-082 |
93.3 |
96.3 |
3.0 |
2.2 |
GS-23-083 |
70.0 |
73.0 |
3.0 |
2.3 |
BIF |
GS-23-083 |
77.0 |
81.0 |
4.0 |
1.4 |
GS-23-083 |
120.5 |
151.0 |
30.5 |
0.8 |
including |
124.00 |
125.00 |
1.0 |
4.6 |
including |
135.0 |
137.0 |
2.0 |
1.5 |
including |
142.0 |
145.0 |
3.0 |
2.6 |
GS-23-086 |
138.0 |
141.0 |
3.0 |
1.2 |
BIF |
GS-23-086 |
180.8 |
195.8 |
15.0 |
0.6 |
including |
193.8 |
195.8 |
2.0 |
1.2 |
GS-23-088 |
103.0 |
108.1 |
5.1 |
1.2 |
BIF |
including |
103.0 |
105.0 |
2.0 |
2.7 |
GS-23-088 |
135.0 |
136.0 |
1.0 |
8.4 |
GS-23-089 |
66.8 |
103.3 |
36.5 |
0.8 |
BIF |
including |
67.5 |
69.5 |
2 |
1.7 |
including |
77.5 |
78.5 |
1 |
7.2 |
including |
77.5 |
80.5 |
3 |
4.2 |
GS-23-090 |
12 |
25 |
13 |
1.1 |
BIF |
including |
17 |
22 |
5 |
2.2 |
GS-23-094 |
117.3 |
148.4 |
31.1 |
0.9 |
BIF |
including |
132.9 |
148.4 |
15.5 |
1.3 |
including |
134.4 |
137 |
2.6 |
2.4 |
including |
141.8 |
142.8 |
1 |
4.3 |
(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 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
280-square-kilometre 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 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 36.8%, Delbrook Capital Advisors Inc. 16.4% and New Gold Inc.
9.9%, each based on the current issued and outstanding common
shares of the Company on a non-diluted basis.
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
Forward-Looking Statements
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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/c14cadd2-441b-42f0-9e4b-70f5e1e21cac
Grafico Azioni Angus Gold (TSXV:GUS)
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Da Ago 2024 a Set 2024
Grafico Azioni Angus Gold (TSXV:GUS)
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