Angus Gold Inc. has appointed Steve Burleton as the new interim Chief Executive Officer of the Company, effective today. Mr. Burleton replaces Andrey Shamis, the current Chief Executive Officer who will be stepping down from that role and from the Board of Directors, effective immediately. The Company thanks Mr. Shamis for his valuable contributions and wishes him all the best in his future endeavours.
Steve is an experienced mining executive with significant experience in capital raising, corporate development and strategy. Most recently, he was President and Chief Executive Officer of GT Gold Corp. where he was responsible for bringing in Newmont Corporation as a strategic investor. Prior to this he was Vice President of Business Development at Richmont Mines which was acquired by Alamos Gold Inc. for US$770 million in 2017. He spent over 18 years in the Canadian investment banking industry, including positions of Managing Director of Investment Banking at Wellington West Capital Markets Inc. and at Scotia Capital Inc. Mr. Burleton is a CFA charterholder, has an MBA from York University and holds an ICD.D designation from the Rotman School of Management.
Exploration is currently underway on the Golden Sky project with both ground geophysical and geochemical programs in-progress. The surveys cover two of the project’s most advanced targets, the Dorset Gold zone and the Banded Iron Formation (“BIF”) gold zone, with both targeting high-grade gold mineralization in close proximity to the Eagle River Mine Complex of Wesdome Gold Mines Ltd. The current work is designed to identify gold targets for the upcoming summer drilling program expected to commence in June. The Company has contracted a 90-line kilometre high-resolution 3D induced polarisation (IP) survey and will prioritize anomalies using the surface geochemical data. Preliminary results are very encouraging with numerous anomalies already identified over the 25% of the grid that has been surveyed to-date.
The Company also announces that it has granted options to acquire a total of 200,000 common shares of the Company at the exercise price of $0.80 per share for a period of five years, subject to vesting requirements.
The Golden Sky Project
The Golden Sky Project is located within the Mishibishu Lake Greenstone Belt of Northern Ontario, an extension of the Greenstone Belt and host to the high-grade Eagle River Gold 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 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 for the Wawa Proper Ontario, Canada” dated February 18, 2020 and available on the Company’s SEDAR profile.