TORONTO, July 12, 2021 (GLOBE NEWSWIRE) -- Angus Gold Inc. (TSX-V: GUS | OTC: ANGVF) (“Angus” or the “Company”) is pleased to announce the commencement of drilling at its 100%-owned Golden Sky Project (the “Project”) located in Wawa, Ontario. The Project is immediately adjacent to the Eagle River Mine of Wesdome Gold Mines Ltd (“Wesdome”) in Wawa. The 20,000-metre drill program will focus on two target areas within the property: the Dorset Deformation Zone, which is host to a historical gold resource and the BIF Zone, a large area of banded iron formation that has historically returned high-grade gold assays in surface sampling but has seen very little follow-up exploration. Drill targets were generated through a high-power induced polarisation (“IP”) ground geophysical survey completed in the past few months, which were subsequently prioritized by a follow-up surface geochemical program. The key areas to be tested during the first phase of drilling include the historical Dorset Resource, new targets to the east and west of the historical resource and the highly prospective gold anomalies within the BIF Zone.
The Company received the necessary drill permits in June 2021 and subsequently engaged Major Drilling Group International. The 20,000 metres of drilling is expected to be completed over the next 12 to 15 months. The most recent drilling program on the Project was conducted between 2005 - 2007 by Trelawney Resources Inc., which was acquired by IAMGOLD Corporation in 2012.
Steve Burleton, Chief Executive Officer of Angus, states: “We are pleased to have received the first drill permit for the Golden Sky Project. This is an exciting moment for the Company and its shareholders. Results from our first geophysical and geochemical programs are extremely encouraging. This project is situated between two gold mines in an area that is crisscrossed by numerous gold structures. We see tremendous exploration potential on this property. Concurrent with the drilling, we will also be expanding our geochemical and geophysical programs to cover more of the structures identified.”
Please visit www.angusgold.com for additional information on the Project and Company.
The Wawa Gold Camp
The Wawa gold mining camp is the host of multiple gold deposits and producing gold mines, most notably the Island Gold Mine of Alamos Gold Inc. and Eagle River Mine of Wesdome Gold Mines Ltd.
Figure 1: Golden Sky Project Location Map
The Golden Sky Project
The 100%-owned 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. The 234-square-kilometres land package 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.
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 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 49% 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.,
Chief Executive Officer and Director
Company Website: www.angusgold.com
TSXV: GUS | USOTC: ANGVF
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