Angus Ventures Inc. is pleased to announce that it has entered into an asset purchase agreement, pursuant to which the Company will acquire the Ellen Creek Gold Property (“Ellen Creek”) held by a private individual (the “Vendor”). Ellen Creek is located 3 kilometres east of the Mishi open pit mine of Wesdome Gold Mines Ltd., a producing gold mine, and consists of 14 claims contiguous to the Golden Sky Project in Wawa, Ontario.
Angus has also entered into an asset purchase agreement with Metalcorp Limited, pursuant to which the Company will acquire the River Gold Property from Metalcorp. River Gold consists of 6 claims adjacent to the Golden Sky Project.
Under the terms of the Ellen Creek agreement, the Vendor will receive a cash payment of $1,000 and will be issued 22,000 common shares of Angus (“Common Shares”) in exchange for 100% ownership in Ellen Creek. The Vendor will maintain a 1% net smelter return royalty on production from Ellen Creek, 50% of which can be purchased by the Company for $500,000.
Under the terms of the River Gold agreement, Metalcorp will receive a cash payment of $20,000 and will be issued 100,000 Common Shares in exchange for 100% ownership in River Gold. Metalcorp will maintain a 2% net smelter return royalty on production from River Gold, 50% of which can be purchased by the Company for $1,000,000.
The acquisition of the River Gold and Ellen Creek Gold properties are subject to approval of the TSX Venture Exchange and the Common Shares issuable in connection therewith will be subject to a statutory four month and a day hold period.
The Golden Sky Project
The Golden Sky Project is located within the prolific Mishibishu Lake Greenstone Belt of Northern Ontario, an extension of the Greenstone Belt and host to the high-grade Eagle River Mine of Wesdome Gold Mines Ltd (“Wesdome”). The project 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 an historic estimated resource (using a 0.50 g Au/t 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, prepared 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 Ventures:
Angus Ventures is a Canadian gold exploration company focused on advancing the Golden Sky Project in Ontario. The 194-square-kilometres land package is located in north-central Ontario approximately 50 kilometres west of the town of Wawa and lies between Wesdome Gold Mines’ two producing mines.
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