CEO.CA Chairman's Briefing

TORONTO, Nov. 06, 2024 (GLOBE NEWSWIRE) -- Angus Gold Inc. (TSX-V: GUS | OTC: ANGVF) (“Angus” or the “Company”) is pleased to announce assay results from nine (9) exploration holes that were completed on the Dorset Zone as part of its 2024 Summer drilling program at the Golden Sky Project in Wawa, Ontario. Drilling was targeting the western extension of the Dorset Gold Zone, where Angus previously intersected a new zone of high-grade gold, including 7.0 g/t Au over 12.4 metres in Hole GS-24-136, approximately 500 metres to the west of the historical Dorset resource (see News Release of May 7, 2024).

Highlights:

• Successful initial step-out drilling results on the Dorset West extension area begin to define a new zone of high-grade gold mineralization in the Dorset Deformation Zone:
  • 9.8 metres of mineralization grading 2.3 g/t Au, including 2.1 metres of 8.2 g/t Au in Hole GS24-167
  • 5.0 metres of mineralization grading 2.2 g/t Au, including 3.0 metres of 3.5 g/t Au, Au in Hole GS24-162;
• Fall drill program underway on the Dorset West extension area with results expected in early 2025.
• Remaining Summer 2024 assays from the BIF Zone expected in the coming weeks.
• Fully funded 2025 exploration budget with C$8.0 million in treasury.

Breanne Beh, Chief Executive Officer of Angus, states: “We are extremely pleased with these initial successful step-out results for our Dorset West extension area. We now have multiple intersection points in our new high-grade Dorset West zone, which allows us to better understand the trend and orientation of the veins hosting the gold mineralization. We are currently drilling an additional 2,000m in this area to test the newly interpreted shear that hosts the high-grade gold mineralization. As we gear up for a large Winter drill program, the Dorset West mineralized corridor, which is still open for over 2km along strike, will be a prime area of focus.”

The goal of the Dorset West summer drill program was to complete a systematic grid of drill holes surrounding the high-grade intercept of 7.0 g/t Au over 12.4 metres in Hole GS-24-136. Nine (9) holes were completed, seven (7) of which returned intersections with gold mineralization. The most notable intercepts were in GS-24-167 and GS-24-162. GS-24-167, a 25m step-out to the east of GS-24-136, returned 9.8 metres grading 2.3 g/t Au including 2.1 metres of 8.2 g/t Au. GS-24-162, a 25m step-out beneath GS-24-136, returned 5.0 metres grading 2.2 g/t Au including 3.0 metres grading 3.5 g/t Au. The gold mineralization in both of these holes was hosted in quartz veins within a metasedimentary rock package, the same geologic setting as the mineralization in GS-24-136. In addition, the results from these holes show that gold mineralization is associated with a newly defined shear zone which is now thought to be striking to the west-northwest instead of the previously interpreted east-west trend.

Selected drill results from the 9 holes at the Golden Sky drilling program are, as follows:

(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.

With the completion of the fall 2024 drilling program, on the Dorset West extension area, Angus will have drilled approximately 16,000 metres in 2024, the Company’s largest drill program to date. Planning is underway for the winter drill program which, will consist of two drill rigs and test targets along the Dorset West mineralized structural corridor in addition to the Dorset Gold Zone, the Eagle River Splay exploration area and the Feather River exploration area.

Figure 1: Golden Sky Property Map

Figure 2: Dorset West Summer 2024 Drill Results Map

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 Wesdome’s high-grade Eagle River and the Mishi open-pit gold mines. The Company’s 290-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 ongoing drill program on the Golden Sky Project is focused on the Dorset Gold Zone, which hosts a historic gold resource; the BIF Zone, a new gold zone discovery in a large banded iron formation; as well as the Eagle River Splay deformation zone, which shows potential for another extensive gold system. Angus’ drill programs on the near-surface Dorset Gold Zone have been successful at extending the strike length of the previously modelled zone from 750 metres to 1.7 kilometres. The Dorset Gold Zone historic estimated resource (using a 0.50 g/t Au cut-off) consists 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 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.

Quality Control
During the last drilling program, assay samples were taken from the NQ core by sawing the drill core in half, with one-half sent to a certified commercial laboratory and the other half retained for future reference. A strict QA/QC program was applied to all samples; which includes insertion of mineralized standards and blank samples for each batch of 20 samples. The gold analyses were completed by fire-assay with an atomic absorption finish on 50 grams of materials. Repeats were carried out by fire-assay followed by gravimetric testing on each sample containing 3.0 g/t gold or more.

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. 

On behalf of Angus Gold Inc.,

Breanne Beh
President and Chief Executive Officer

INQUIRIES:
Lindsay Dunlop, Vice President Investor Relations
Email: info@angusgold.com
Phone: 647-259-1790
Company Website: www.angusgold.com

TSXV: GUS | USOTC: ANGVF

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.

Forward-Looking Statements

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.

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/2e38ade9-019d-401d-b2eb-4eb7d2f2d2bf

https://www.globenewswire.com/NewsRoom/AttachmentNg/a147f26e-fc8c-464a-9e62-2fc7b7d61910

Figure 1: Golden Sky Property Map

Figure 1: Golden Sky Property Map

Figure 2: Dorset West Summer 2024 Drill Results Map

Figure 2: Dorset West Summer 2024 Drill Results Map