Wawa-news.com You can't hear the 'big picture'!
Angus Gold has completed the acquisition of a 100% interest in six (6) mineral claims (the “Acquisition Claims”) that are contiguous and adjacent to the Golden Sky Project located in Wawa, Ontario. The Company also announces that it has recently
staked an additional 49 mineral claims (the “Staked Claims”). The Golden Sky project is the site of significant new gold discoveries in the banded iron formation horizon (“BIF”) and is also host to a historic gold resource in the Dorset Zone. The consolidated Golden Sky land package now stands at 261 square kilometres.
Steve Burleton, Chief Executive Officer of Angus, states: “We are delighted that we were able to continue expanding the Golden Sky project, particularly after making the two new gold discoveries in the BIF and drilling some of the best results to-date at Dorset. Since we started our exploration program at Golden Sky in early 2020, we are encouraged by the positive results of this underexplored land package. We continue to believe that this land package has great potential for more significant discoveries and are very excited about our upcoming drill program. As the claims are contiguous to the project, ongoing regional exploration programs will include the new areas.”
The Acquisition Claims were acquired on an arm’s length basis in consideration for a one-time cash payment of $14,000, the issuance of 50,000 common shares of the Angus and the grant of a 1.5% net smelter return royalty, 33.3% of which can be purchased by the Company for $500,000.
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 261-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).
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