TORONTO, March 10, 2020 (GLOBE NEWSWIRE) -- Angus Ventures Inc. (TSX-V: GUS) (“Angus” or the “Company”) is pleased to announce the filing of a technical report for the Golden Sky Project in Wawa, Ontario, (the “Report“) entitled, “NI 43-101 Technical Report for the Wawa Property, Ontario, Canada”. The Report dated February 18th, 2020 was prepared in accordance with National Instrument 43-101 - Standards for Disclosure for Mineral Projects ("NI 43-101"). The Report is available for review on SEDAR (www.sedar.com) and was prepared by Michael Kilbourne, P.Geo. who is a "Qualified Person" as such term is defined in NI 43-101.
Patrick Langlois, CEO of Angus, states, “The technical report highlights the significant exploration upside of our recently acquired land package in Wawa and we look forward to commencing the 2020 work programs in the near future, which will include drilling on a number of high priority targets.”
The property that is subject to the Report (the “Golden Sky Project”) is located within the prolific Mishibishu Lake Greenstone Belt of Northern Ontario, an extension of the Abitibi Greenstone Belt, and host to the high-grade Eagle River Mine of Wesdome Gold Mines Ltd (“Wesdome”). The Golden Sky 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 Golden Sky Project hosts the near-surface Dorset Gold Zone, which contains an historic estimated resource (using a 0.50 g Au/t 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).
Table 1: Historic Estimate of the Dorset Zone
| Dorset – Indicated Resource | Dorset – Inferred Resource | |||||
| Tonnes | Grade Au (g/t) | Ounces Gold | Cut-off Au (g/t) | Tonnes | Grade Au (g/t) | Ounces Gold |
| 780,000 | 1.42 | 40,000 | 0.50 | 4,760,000 | 1.19 | 180,000 |
| 540,000 | 1.71 | 30,000 | 1.00 | 2,580,000 | 1.58 | 130,000 |
| 290,000 | 2.12 | 20,000 | 1.50 | 1,180,000 | 2.00 | 80,000 |
The Company considers the historic estimate to be relevant and reliable given that it was prepared under NI 43-101 standards and there has been no further work or historic estimates completed since that time. The Company is not treating the historic estimate as current as a Qualified Person has not completed sufficient work to classify the historic estimate as current, although it is believed that minimal work would be required by a Qualified Person to verify and upgrade the historic estimate to current.
Resource Estimation Methodology and Parameters
The methodology and parameters used in the historic resource estimate is taken from “Summary Geological Report on the Dorset Property, Sault Ste. Marie Mining Division Ontario prepared for MetalCORP Limited and Trelawney Resources Inc AFRI 20000003796” by G. Carvey P. Geo and G. Giroux, P. Eng. of OreQuest Consultants Ltd and dated December 12, 2007.
Qualified Person
The scientific and technical content of this press release has been reviewed, prepared 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").
About Angus Ventures:
Angus Ventures Inc. is a Canadian gold exploration company focused on the acquisition, exploration and development of mineral properties.
For more information, please contact:
Patrick Langlois
President and Chief Executive Officer
Angus Ventures Inc.
info@angusgoldinc.com
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: 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.