- Drilling inside the Banded Atomic number 26 Formation (“BIF”) exploration area has successfully
extended the gold mineralisation over 800 metres along strike, up to 104 metres wide and down to depths of 220 metres,
suggesting an all-encompassing golden system
Results confirm a robust gilded arrangement
with thick intervals of upwardly to:
- 104.3 metres of almost-continuous mineralization grading 0.8 g/t Au, including 7.9 metres of 2.3 g/t Au in Hole GS22-26;
- 49.0 metres of 1.0 grand/t Au, including 1.0 metre of vii.ii g/t Au in Hole GS22-49; and
- 45.v metres of 1.0 grand/t Au, including 11.0 metres of 2.0 g/t Au in Hole GS22-55
- BIF horizon extends for over vii kilometres of strike-length within the Golden Sky property, with most of the horizon yet unexplored
- A $200,000 grant was received from the Ontario Junior Exploration Program to fund the drilling program at the Golden Sky project
- Drill plan planned for 2023 to further delineate the new gold discoveries and exam new targets inside the BIF exploration area
TORONTO, Feb. 14, 2023 (GLOBE NEWSWIRE) —
Angus Gilt Inc.
ANGVF) (“Angus” or the “Company”) is pleased to denote analysis results from the twelve (12) holes drilled during the Summer and Fall 2022 drill program at the Gold Heaven Project in Wawa, Ontario. The twelve holes were drilled within the BIF exploration surface area to further delineate the new gold horizon, originally intersected during the 2021 drilling entrada, likewise every bit exam two targets in other areas of the BIF. All of the holes were successful in intersecting golden mineralization and have now identified a gold horizon of approximately 800 metres strike-length and up to 104 metres broad. In addition, gilded mineralization was successfully intersected in the two holes testing other stratigraphic sections of the BIF, suggesting at that place is considerable exploration upside outside of the new gold zone. These results continue to indicate strong potential for the surface area to host significant BIF-hosted gold mineralization similar to that seen at the large, high-grade deposits of Musselwhite (Newmont), Meadowbank (Agnico-Eagle) and Dorsum River (Sabina) in Ontario and Nunavut.
Steve Burleton, Main Executive Officeholder of Angus, states: “We are extremely encouraged past the results from our latest drill program. With but twelve drill holes we accept already defined a thick, robust aureate arrangement along a strike length of over 800 metres. It is very exciting for a project to exist showing this much hope at such an early phase. Within these intervals we are also seeing indications of higher-grade mineralization and we believe that this organization has the potential to host a earth-form aureate eolith similar the Musselwhite Mine in Ontario. Our central objectives for the BIF exploration in 2023 are to keep delineating the new gold discovery, vectoring towards high-form aureate mineralization, and identifying new gold zones throughout the 7-kilometre-wide target area. With a system this large, we have no doubt that there are more discoveries to be made and much more value to exist added.”
The 2022 drilling program on the BIF was designed to examination the lateral extent and continuity of the gilt horizon kickoff intersected during the 2021 drilling plan. Ten holes (10) were drilled along the geophysical trend hosting the 2021 holes (GS21-xiv and GS21-15) and verified the lateral continuity of the mineralization. Drilling also confirmed that the golden system continues at depth. In addition, two holes were drilled on a parallel geophysical trend and successful in identifying new gold zones.
All holes drilled along strike from GS21-14 and GS21-15 intersected aureate mineralization and have been successful in defining continuity betwixt the 2 original holes while also extending the gold zone to the due east and west. This gilt horizon has at present been divers for approximately 800 metres of strike length. Notable intersections are listed in the table below. Of particular involvement are the results from pigsty GS22-26, 0.viii m/t Au over 104.iii metres, including 1.0 g/t Au over 29.0 metres, 2.3 thousand/t Au over 7.ix metres and 5.three g/t Au over ane.0 metres, that has been drilled 65 metres beneath GS21-14. The gilt intercept has increased from 60 metres (GS21-14) to 100 metres in thickness indicating the potential for the zone to amend at depth.
Effigy one: Surface Map – BIF new drilling, Gilded Sky Airbone Magnetics Map
Selected drill results from the 2022 BIF holes at the Golden Sky drilling plan are, equally follows:
|Hole Number||From (one thousand)||To (k)||Length (m)||Au g/t||Zone|
|GS-22-24||66.0||67.0||1.0||ane.9||BIF Aureate Zone|
|GS-22-25||46.five||53.0||6.five||0.9||BIF Gold Zone|
|GS-22-26||142.7||247.0||104.3||0.eight||BIF Gold Zone|
|GS-22-27||54.5||58.6||iv.ane||1.nine||BIF – Parallel Trend|
|GS-22-28||39.0||xl.0||1.0||one.1||BIF – Parallel Trend|
|GS-22-29||27.2||28.three||i.1||6.7||BIF Aureate Zone|
|GS-22-30||4.3||35.2||30.ix||0.8||BIF Gilded Zone|
|GS-22-34||121.0||153.0||32.0||0.5||BIF Golden Zone|
|GS-22-46||56.0||78.0||22.0||ane.0||BIF Gold Zone|
|GS-22-49||44.0||93.0||49.0||ane.0||BIF Gold Zone|
|GS-22-52||28.seventy||thirty.20||1.5||i.eight||BIF Gold Zone|
|GS-22-55||82.5||128.0||45.5||1.0||BIF Gilt Zone|
Analysis results presented over core length. Additional drilling will be necessary to constrain the true width of the mineralized envelope of the gold system.
The mineralization in the gilded zone is associated with disseminated and stringer pyrrhotite and pyrite within a sheared and folded oxide facies iron germination. The gold zones are thick and are consistently mineralized throughout the intervals. Each hole typically has a loftier-grade intercept, which is associated with the contact between oxide facies fe formation and chert facies iron germination. Angus is currently investigating the potential stratigraphic and structural controls to better target high-form mineralization during the 2023 drilling campaign. These controls can likewise be used to identify exploration drilling targets on the parallel geophysical trends inside the BIF exploration surface area.
Drill holes GS22-27 and GS22-28 were drilled on a geophysical trend parallel to the gold zone. Results from these two holes intersected shallow, gold intercepts that warrant follow-up work and indicate the potential for parallel golden zones to be present inside the BIF exploration area. Expansion of ground geophysical coverage of the BIF exploration area in 2022 has generated a significant number of new exploration targets along 7 kilometres of strike length.
Ontario Inferior Exploration Program
The Company is besides pleased to announce that it was selected to receive a $200,000 grant from the Ontario Ministry of Northern Development of Mines, Natural Resources and Forestry’southward (“MNDM”) Ontario Inferior Exploration Program (“OJEP”) to further advance its Gilded Sky Project in Wawa. OJEP helps junior mining companies finance exploration projects. Angus was one of the few companies selected by OJEP to receive this grant. All the conditions were satisfied and an OJEP Funding Agreement was signed in November 2022. To acquire more about the program, please visit OJEP at the following link: https://www.ontario.ca/folio/ontario-junior-exploration-program#section-three
The Gold Sky Project
The 100%-endemic Golden Sky Projection is located within the Mishibishu Lake Greenstone Belt of Northern Ontario, which is host to the high-course Eagle River and the Mishi open-pit gold mines of Wesdome Gold Mines Ltd. (“Wesdome”). The Visitor’s 267-square-kilometre land parcel is located approximately fifty kilometres westward of the town of Wawa and is situated immediately between the 2 Wesdome mines. The project is host to the near-surface Dorset Aureate 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 thou/t Au), and an inferred resources of 180,000 ounces of gilded (4,760,000 tonnes grading i.2 g/t Au). For greater details on the Golden Sky Project, please refer to the NI 43-101 technical report for the Gold Sky Project entitled, “NI 43-101 Technical Study Wawa Belongings 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 Breanne Beh, P.Geo, who is a “Qualified Person”
as defined by National Musical instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”)
and Principal Geologist for the Company.
About Angus Gilded:
Angus Golden 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 Heaven Project in Wawa, Ontario. The Project is immediately adjacent to the Hawkeye River Mine of Wesdome Gilded Mines Ltd.
Directors and insiders currently approximately own 41.ii%, Delbrook Capital Advisors Inc. 15.8% and New Gold Inc. 9.7%, each based on the current issued and outstanding mutual shares of the Company on a non-diluted ground.
On behalf of Angus Gold Inc.,
Principal Executive Officer and Director
Email: [email protected]
Visitor Website: world wide web.angusgold.com
TSXV: GUS | USOTC: ANGVF
Neither TSX Venture Commutation nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Substitution) accepts responsibility for the capability 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 status or event to occur. Forrad-looking statements may be identified past such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address hereafter events and atmospheric condition, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Visitor provides no assurance that actual results will run into management’due south expectations. Risks, uncertainties and other factors involved with forward-looking data could cause actual events, results, functioning, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, simply is not limited to, the Company’s objectives, goals or futurity 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 crusade actual results to differ materially from such forrad-looking information include, only are not limited to: the ability to anticipate and counteract the effects of COVID-xix pandemic on the business of the Company, including without limitation the effects of COVID-19 on the upper-case letter 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 past the Agreement, failure to place mineral resources, failure to convert estimated mineral resources to reserves, the disability to complete a feasibility report which recommends a product decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, ecology or other projection approvals, political risks, inability to fulfill the duty to accommodate First Nations and other ethnic peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in substitution rates, fluctuations in article 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’southward 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 appointment of this news release, and no assurance can be given that such events will occur in the disclosed fourth dimension frames or at all. The Visitor disclaims whatsoever intention or obligation to update or revise any forrad-looking information, whether every bit a result of new data, future events or otherwise, other than as required by law.
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