TORONTO, Nov. 02, 2020 (GLOBE NEWSWIRE) -- Angus Gold Inc. (TSX-V: GUS | OTC: ANGVF) (“Angus” or the “Company”) is pleased to provide an update on its ongoing exploration program on the Company’s Golden Sky project near Wawa, Ontario. The Company has consolidated a 205-square-kilometre district-scale land package which lies between Wesdome Gold Mines’ two producing mines, Eagle River and Mishi.
The summer program was focussed on two high priority areas, the Dorset Gold Deposit and the Banded Iron Formation (“BIF”) Zone, which are both sites of historic gold discoveries. The Dorset Zone hosts a historic gold resource, while the BIF Zone has returned gold values of up to 14 g/t from outcrop but has seen very little follow-up exploration. Follow-up exploration programs, including ground geophysics, are now underway to generate targets for a drill program early in the new year.
Dorset Gold Deposit
On the Dorset Gold zone, summer field programs were successful in identifying high-grade gold mineralization, in outcrop, over a strike length of approximately two (2) kilometres west and along strike of the Dorset Gold Zone, and an additional one (1) kilometre east of Dorset. Structural modeling of the Dorset Zone, and the gold occurrences found along strike, suggest that the mineralization may contain steeply plunging “shoots” that could host higher-grade gold. Delineating these potential shoots will be the focus of first phase drilling programs. Results of the summer work confirmed the significant exploration potential along the shear zone hosting the Dorset gold deposit and work has now begun on geophysical and soil geochemical programs covering the full four (4) kilometre extent of the mineralized trend identified this summer. Drilling is expected to commence in the first half of 2021.
BIF Zone
Summer programs were also successful in confirming high-grade gold mineralization at the second target area approximately three (3) kilometres southwest of the Dorset deposit in the BIF Zone. Canadian BIF-hosted gold deposits are an attractive exploration target and are typified by large, high-grade gold mines such as Musselwhite, Meadowbank-Meliadine and Lupin, and projects like Back River. Very little historical work has been completed in the area of the Golden Sky BIF Zone and the high-grade gold occurrences make this a priority target given the significant number of gold occurrences in the BIF and the well developed gold systems identified in the surrounding greenstone. Geophysical and geochemical surveys have commenced over the areas identified in the summer program in preparation for drill programs to commence in 2021.
Regional
During the 2020 exploration season, the Company has also completed regional airborne geophysical and LIDAR surveys covering the entire Golden Sky project. These surveys have identified a number of new target areas outside of Dorset and BIF which will require follow-up in 2021. We are very encouraged by the number and quality of the gold targets, some of which are associated with historical gold occurrences, and will be expanding our exploration programs in the coming year to include a number of these new areas.
The Golden Sky Project
The 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 Gold Mines Ltd (“Wesdome”). The project 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 is a Canadian gold exploration company with a 205-square-kilometres land package located in north-central Ontario approximately 50 kilometres west of the town of Wawa and lies between Wesdome Gold Mines’ two producing mines.
ON BEHALF OF THE BOARD OF DIRECTORS
Andrey Shamis
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 Transaction, 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.