Highlights:
- Second drill added to follow-up on high-grade gold mineralization and other high-priority gold targets along the Dorset Deformation Zone (“DDF”)
- New results from the Q1-2022 drilling program at Dorset returned anomalous gold zones from all seven holes drilled, including 0.6 g/t Au over 21 metres, 1.6 g/t Au over 5.1 metres and 1.2 g/t Au over 5.8 metres between surface and 300 metres depth
- Over 1500m of drilling completed at the ongoing drilling program on the Banded Iron Formation (“BIF”) target
- Regional programs in-progress evaluating multiple high-priority areas across the under-explored land package (267 km2)
- Fully funded exploration budget to complete its maiden 20,000 metre drill program
TORONTO, Aug. 23, 2022 (GLOBE NEWSWIRE) -- Angus Gold Inc. (TSX-V: GUS | OTC: ANGVF) (“Angus” or the “Company”) is pleased to report that it has mobilized a second drill rig at its 100%-owned Golden Sky Project located in Wawa, Ontario. The second rig has been mobilized to the Dorset Deformation Zone and is following up on the high-grade gold mineralization intersected in 2021 and will also test multiple high-priority gold targets with significant potential for new discoveries along the deformation zone. The first rig will continue drilling on the Banded Iron Formation (“BIF”) targets in order to further define the two new gold discoveries announced earlier this year and test new targets along its seven-kilometre strike length within the property.
Steve Burleton, Chief Executive Officer of Angus, states: “We continue to be encouraged by the results being seen from Golden Sky and are excited to be accelerating our drilling programs. With a strong treasury of over $6 million, following our recent financing, we have the ability to advance the project more quickly in order to realize the significant value we see in Wawa. By expanding our drilling capacity, we will be able to move both Dorset and the BIF targets forward simultaneously while still generating new targets from our regional exploration work that will form part of the next drill programs. The work we are doing now has further strengthened our belief in the potential of the Wawa property and we look forward to increasing our exploration efforts through 2022 and 2023.”
The Company received results from seven (7) exploration holes from the Q1-2022 drilling program, where approximately 1,500 metres were drilled on the Dorset Deformation Zone. The goal of the winter drill program was to test the orientations of potential high-grade ore shoots at depth, along the fringes of the Dorset resource. Deeper sections of the Dorset zone are best drilled during the winter due to surface topography. All seven exploration holes returned anomalous gold zones grading between 0.6 and 4.3 g/t Au over 0.7 to 21 metres associated with finely disseminated pyrite and arsenopyrite within the Dorset deformation zone. The results are encouraging and will assist in the follow-up program that begins this month to better delineate mineralized structures.
Selected drill results from holes GS-22-17 to GS-21-23 at the Golden Sky drilling program are, as follows:
| Hole Number | From (m) | To (m) | Length (m) | Gold (g/t) | Zone / Resource |
| GS-22-17 | 217.5 | 238.5 | 21.0 | 0.6 | Dorset Deformation Zone |
| including | 228.0 | 231.2 | 3.2 | 1.9 | Dorset Deformation Zone |
| GS-22-18 | 73.9 | 79.0 | 5.1 | 1.6 | Dorset Deformation Zone |
| including | 75.7 | 77.4 | 1.7 | 3.5 | Dorset Deformation Zone |
| GS-22-19 | 124.0 | 126.5 | 2.5 | 1.0 | Dorset Deformation Zone |
| GS-22-19 | 129.0 | 130.8 | 1.8 | 1.2 | Dorset Deformation Zone |
| GS-22-20 | 269.5 | 275.3 | 5.8 | 1.2 | Dorset Deformation Zone |
| GS-22-20 | 332.8 | 337.0 | 4.2 | 1.1 | Dorset Deformation Zone |
| including | 333.8 | 334.8 | 1.0 | 3.0 | Dorset Deformation Zone |
| GS-22-21 | 145.0 | 146.5 | 1.5 | 0.9 | Dorset Deformation Zone |
| GS-22-22 | 198.0 | 201.0 | 3.0 | 1.0 | Dorset Deformation Zone |
| GS-22-22 | 205.0 | 207.0 | 2.0 | 1.8 | Dorset Deformation Zone |
| GS-22-23 | 56.8 | 64.0 | 7.2 | 0.8 | Dorset Deformation Zone |
| including | 57.3 | 59.5 | 2.2 | 1.7 | Dorset Deformation Zone |
| GS-22-23 | 70.0 | 74.6 | 4.6 | 1.2 | Dorset Deformation Zone |
| including | 72.7 | 73.4 | 0.7 | 4.3 | Dorset Deformation Zone |
(1) All the new analytical results reported in this release and in this table, are presented in core length and uncut. True width is estimated between 65 to 95% of core length.
Figure 1: Surface Map – Dorset Gold Trend new drilling, Golden Sky Project Location Map
https://www.globenewswire.com/NewsRoom/AttachmentNg/83c862ae-19b2-449e-9f2d-6fa1c7f96359
Dorset Deformation Zone
The Dorset area hosts a historical, low-grade, gold resource, however, within the drilling areas of thick, higher-grade material were noted. The main objective of the current program is to test for high-grade gold structures similar to those seen at Eagle River Mine. Based on the new modeling by Angus, drill hole GS-21-02 was successful in returning the thickest and highest-grade gold intersection drilled on the Dorset Zone to-date, confirming high-grade potential with an interval of 5.4 g/t Au over 9 metres within a broader mineralized zone of 3.3 g/t Au over 22.6 metres at 48.5 metres vertical depth. Structural modeling is currently underway to determine the controls on these higher-grade zones and will be used to generate targets for the second phase of drilling. In addition, geophysical surveys along the host structure, the Mishi Creek Deformation Zone, have identified high-priority targets up to five (5) kilometres to the west, along strike of the historical gold resource and up to one (1) kilometre to the east, which are the current limits of the survey.
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 267-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 Person
The scientific and technical content of this press release has been reviewed and approved by Breanne Beh, P.Geo, who is an employee of the Company and a “Qualified Person” as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”).
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. 16.0% and New Gold Inc. (TSX: NGD) 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.,
Steve Burleton
Chief Executive Officer and Director
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.
