TORONTO, Dec. 04, 2024 (GLOBE NEWSWIRE) -- Angus Gold Inc. (TSX-V: GUS | OTC: ANGVF) (“Angus” or the “Company”) is pleased to announce assay results from the final seven (7) diamond drill holes that were completed on the banded iron formation (BIF) Gold Zone as part of its 2024 drill program at the Golden Sky Project in Wawa, Ontario.

Highlights:

• Infill drilling results at the BIF Gold Zone continue to return thick mineralized intervals, confirming continuity of the zone:
  • Hole GS24-148 returned 49.0 metres of mineralization grading 1.0 g/t Au, including 2.0 g/t Au over 8.6 metres and 2.4 g/t Au over 2.0 metres.
  • Hole GS24-159 returned 16.8 metres of 1.3 g/t Au, including 2.1 g/t Au over 6.0 metres
• Step-out drilling at the BIF Gold Zone has added 50 metres of strike length bringing the currently defined strike length to 1,050 metres:
  • Hole GS24-149 returned 8.6 g/t Au over 2.0 metres
• In 2024, a total of 16,700 metres were drilled on the Golden Sky project, the Company’s largest drill program to date.
• Drill results from the recently completed Dorset fall program, focused on the Dorset High-Grade Gold Zone, will be released as soon as they become available.
  

Breanne Beh, Chief Executive Officer of Angus, states: “We are very pleased with the consistency and thickness we are seeing within the mineralization along the BIF Gold trend. Our 2024 infill drilling program has achieved 100 metre-spacing along the entire length of the gold zone, which now stands at over one kilometre of strike. The tighter drill spacing will help with our ongoing interpretation of the higher-grade structures within the broader envelope of gold mineralization present in the BIF.   Our team has had a fantastic year, accomplishing all of the exploration goals we set, particularly with regard to identifying higher-grade gold. At the Dorset Zone, we made a potentially game-changing high-grade discovery at the western extent of the known mineralization, with over 2km of untested structure remaining to be drilled in 2025. At the BIF, our modified drill orientation resulted in higher-grade intersections of up to 7.7g/t Au, as we tested the structures interpreted from our 2023 programs. The success we have achieved in 2024 is a perfect springboard to launch an aggressive 2025 program targeting high-grades, resource expansion and new discoveries.”

The 2024 infill drilling program on the BIF was designed to reduce drill spacing along the trend from approximately 200 metres in some areas to 100 metres. Of the holes published in this press release, holes GS24-148 and GS24-159 were infill holes drilled along the BIF Gold trend. Hole GS24-148 returned 49.0 metres of mineralization grading 1.0 g/t Au, including 2.0 g/t Au over 8.6 metres and 2.4 g/t Au over 2.0 metres. Hole GS24-159 returned 16.8 metres of 1.3 g/t Au, including 2.1 g/t Au over 6.0 metres.

Hole GS24-149, which returned 8.6 g/t Au over 2.0 metres, was an expansion hole and was completed along the furthest east section that has been drilled to date and has extended the BIF gold trend to 1,050 metres.

Hole GS24-153 was the first exploration drill hole completed within the eastern extension of the BIF gold zone, across a large regional structure. The hole returned a thin intersection of anomalous Au and indicates follow-up work is warranted. Lastly, GS24-158 and GS24-160 were completed along a magnetic trend parallel to the known gold zone. Results returned a thin intersection of anomalous Au.

The 2024 drill program at the Golden Sky project is complete with a total of 16,700 metres having been drilled. This is the largest and most productive drill program that Angus has completed to date. The winter program will commence in early January and will be composed of two drill rigs testing targets at Dorset, the Eagle River Splay exploration area and the Feather River exploration area.

Selected drill results from the 7 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.

Figure 1: Surface Map – New BIF-hosted Gold Trend drilling, Golden Sky Airborne Magnetics Map.

Figure 2: Long Section – 2024 Drill Result Highlights for the BIF-Hosted Gold Zone.

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 President and CEO of 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-assayed 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/5da82429-0ce0-4e51-b8a7-1364ca17c054

https://www.globenewswire.com/NewsRoom/AttachmentNg/c9ec4d1d-f17c-4667-a06d-5e82a3656db9

Figure 1: Surface Map

New BIF-hosted Gold Trend drilling, Golden Sky Airborne Magnetics Map.

Figure 2: Long Section

2024 Drill Result Highlights for the BIF-Hosted Gold Zone.

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