Angus Gold Inc. (TSX-V: GUS |
OTC: ANGVF)
(“
Angus” or the “
Company”) is
pleased to announce that it has completed the acquisition of a 100%
interest in six (6) mineral claims (the “
Acquisition
Claims”) that are contiguous and adjacent to the Golden
Sky Project located in Wawa, Ontario. The Company also announces
that it has recently staked an additional 49 mineral claims (the
“
Staked Claims”). The Golden Sky project is the
site of significant new gold discoveries in the banded iron
formation horizon (“BIF”) and is also host to a historic gold
resource in the Dorset Zone. The consolidated Golden Sky land
package now stands at 261 square kilometres.
Steve Burleton, Chief Executive Officer of
Angus, states: “We are delighted that we were able to continue
expanding the Golden Sky project, particularly after making the two
new gold discoveries in the BIF and drilling some of the best
results to-date at Dorset. Since we started our exploration program
at Golden Sky in early 2020, we are encouraged by the positive
results of this underexplored land package. We continue to believe
that this land package has great potential for more significant
discoveries and are very excited about our upcoming drill program.
As the claims are contiguous to the project, ongoing regional
exploration programs will include the new areas.”
The Acquisition Claims were acquired on an arm’s
length basis in consideration for a one-time cash payment of
$14,000, the issuance of 50,000 common shares of the Angus and the
grant of a 1.5% net smelter return royalty, 33.3% of which can be
purchased by the Company for $500,000.
Completion of the acquisition is subject to the
receipt of all regulatory approvals including the approval of the
TSX Venture Exchange. The common shares are subject to a statutory
four-month hold period.
Figure 1 – The Golden Sky Project Geology
Map
https://www.globenewswire.com/NewsRoom/AttachmentNg/f2d270d4-5401-4e06-a7ca-4e38fd6955cf
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 261-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 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.
Insiders currently own approximately 47% of the
Company and New Gold Inc. (TSX: NGD) approximately 9.9%, each based
on the number of issued and outstanding common shares.
On behalf of Angus Gold Inc.,
Steve BurletonChief Executive Officer and
Director
INQUIRIES:Email: info@angusgold.comCompany
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.
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