Angus Gold Intersects Near-Surface, High-Grade Gold on the Dorset Zone, with intervals of up to 5.4 g/t Au over 9.0 metres, Golden Sky Project, Wawa

Highlights:

  • Preliminary results from the first phase drill program confirm the potential for high-grade gold mineralization on the historically under-explored Dorset Deformation Zone
  • Hole GS-21-02 returned one of the best intercepts to date; confirms high-grade potential of the Dorset Gold Zone with a thick interval of 5.4 g/t Au over 9 metres within a broader mineralized zone of 3.3 g/t Au over 22.6 metres at 48.5 metres vertical depth
  • Hole GS-21-03 returned another impressive interval of 2.3 g/t Au over 12 metres at shallow depths (26 metres vertical depth)
  • Hole GS-21-07 confirmed expansion potential of the Dorset Zone with a 100-metre step out hole returning highlights of 1.6 g/t Au over 5.5 metres and 1.9 g/t over 3 metres
  • Additional geophysical surveys and follow-up drilling to start in winter 2022

TORONTO, Nov. 23, 2021 (GLOBE NEWSWIRE) — Angus Gold Inc. (TSX-V: GUS | OTC: ANGVF) (“Angus” or the “Company”) is pleased to announce the first set of assay results from its ongoing drill program at the Golden Sky Project in Wawa, Ontario. Results from twelve (12) holes totalling 2,295 metres from the 20,000-metre drilling program were successful in confirming high-grade mineralization and have shown the potential for the expansion on the Dorset Deformation Zone. Holes GS21-01 to -04 intersected thick intervals of gold mineralization and returned some of the best grades to date, including a high-grade interval of 5.4 g/t over 9.0 metres in hole GS21-02. Mineralization shows potential to support both high-grade open pit and underground mining. The drill program was also successful in extending the Dorset Zone 100 metres to the East in step-out hole GS21-07, which returned up to 1.6 g/t over 5.5 metres.

Results from an additional four (4) drill holes, totalling 908 metres, drilled on new gold targets within the Banded Iron Formation (“BIF”) Zone are still pending from the Fall 2021 drilling program. An additional 23 exploration targets remain to be drill tested within the current geophysical grid on the Dorset Deformation Zone. Further induced polarization (“IP”) surveys are also planned for early 2022 to expand coverage across the entire strike length of the Dorset Trend. Drilling is expected to re-start immediately following the completion of the IP survey.

Steve Burleton, Chief Executive Officer of Angus, states: “These results from the Company’s first drilling program on the Golden Sky Project are highly encouraging and show potential for the Dorset Zone to host significant open pit and underground gold resources. One of our main goals was to test for high-grade gold structures similar to those seen at Eagle River and hole GS-21-02 was successful in returning the thickest and highest-grade gold intersection drilled on the Dorset Zone to date. Our next phase of drilling will follow up on these results to better define the orientation of the potential high-grade structures and continue expanding the limits of the gold mineralization. Golden Sky has returned some very impressive results from Dorset and we are looking forward to advancing our exploration programs on Dorset Deformation Zone, the BIF Zone and the numerous targets that have been identified in our regional geochemical programs. 2022 is shaping up to be a very active year for Angus.”

The ongoing 20,000-metre drill program focuses on two target areas within the property: the Dorset Deformation Zone, which hosts 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. Regional exploration programs have also been running concurrently with the drilling and are identifying numerous areas for detailed follow-up in 2022.

Selected drill results from holes GS-21-01 to GS-21-12 at the Golden Sky drilling program are, as follows:

Hole Number From (m) To (m) Length (m) Gold (g/t) Zone
GS-21-01 29.0 39.9 10.9 2.2 Dorset Deformation Zone
including 30.0 31.0 1.0 10.9 Dorset Deformation Zone
  48.5 53.5 5.0 2.4 Dorset Deformation Zone
GS-21-02 48.5 71.1 22.6 3.3 Dorset Deformation Zone
including 54.5 63.5 9.0 5.4 Dorset Deformation Zone
GS-21-03 16.0 44.0 28.0 1.4 Dorset Deformation Zone
including 26.0 38.0 12.0 2.3 Dorset Deformation Zone
GS-21-04 74.0 82.0 8.0 1.7 Dorset Deformation Zone
including 80.0 81.0 1.0 5.2 Dorset Deformation Zone
GS-21-07 20.5 22.5 2.0 1.8 Dorset Deformation Zone
  59.0 64.5 5.5 1.6 Dorset Deformation Zone
including 60.0 63.0 3.0 2.6 Dorset Deformation Zone
  71.5 74.5 3.0 1.9 Dorset Deformation Zone
including 71.5 73.5 2.0 2.6 Dorset Deformation Zone

(1) All the new analytical results reported in this release and in this table, are presented in core length and uncut. True width is estimated between 65 to 95 % of core length.

Figure 1: Surface Map – Dorset Gold Trend new drilling, Golden Sky Project Location Map
https://www.globenewswire.com/NewsRoom/AttachmentNg/0a51d588-adca-41a0-adc6-28e6b02a48c9

The first phase of drilling was designed to test for higher grade mineralized structures within the Dorset gold resource, extensions of the gold system to the east and new targets surrounding the Dorset trend. The first four holes were planned within the existing Dorset resource to test for higher-grade gold zones and structure. GS21-01 intersected significant gold mineralization at the eastern end of the Dorset Zone and provided valuable information on the structure of the shear zone in this area. Holes GS21-02 to -04 tested the Dorset Zone at its western extent in an area of historic high-grade surface samples and were successful in identifying thick zones of higher-grade mineralization to a depth of approximately 80 metres. Holes GS21-05, -06, -08, -09 and -10 tested a selection of new geophysical targets to the north and south of the Dorset Zone with no significant results. Hole GS21-07 was a 100-metre step-out hole to the east, along strike, of the Dorset Zone, and was successful in intersecting significant gold mineralization within the Dorset Shear. Holes GS21 -11 and -12 were drilled to test new targets associated with a felsic intrusive to the northeast of the Dorset Zone. Anomalous gold was identified in Hole 12 and warrants further investigation.

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 234-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 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 Burleton
Chief Executive Officer and Director

INQUIRIES:
Email: [email protected]
Company 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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