Angus Gold Acquires Additional Property at the Golden Sky Project, Wawa
TORONTO, April 7, 2022 – 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 key mineral claims (the “Acquisition Claims”) that are contiguous and adjacent to the Golden Sky Project located near Wawa, Ontario. The Golden Sky project, situated between Wesdome Gold Mines’ Eagle River and past-producing Mishi Pit mines, is the site of significant new gold discoveries in the banded iron formation horizon (“BIF”) and also hosts an historic gold resource in the Dorset Zone. The consolidated Golden Sky land package now stands at 267 square kilometres. Steve Burleton, Chief Executive Officer of Angus, states: “We are extremely pleased with the success Angus has achieved in not only building a district scale project in one of Ontario’s most active mining areas, but also making new gold discoveries within its consolidated land package. This success has justified an expansion of our exploration plans and we are implementing more geophysical and geochemical programs to support our growing 2022 drill programs. The claims we have just acquired are key claims along the Mishi gold trend and will be included in this year’s regional exploration.” Angus acquired the acquisition claims on an arm’s length basis in consideration for a one-time cash payment of $8,000, the issuance of 40,000 common shares of the Company, and the grant of a 1.25% net smelter return royalty, 60.0% of which can be purchased by Angus for $750,000. 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.
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 267-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.
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.,
Chief Executive Officer and Director
Company Website: www.angusgold.com
TSXV: GUS | USOTC: ANGVF
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