Angus Gold Makes New Gold Discovery on Golden Sky Project

Angus Gold has announced assay results from nine (9) drill holes, totaling 2,148 metres, completed during the winter 2024 drilling program on the Eagle River Splay Area on its 100%-owned Golden Sky Project in Wawa, Ontario. The Eagle River Splay Area is located between Angus’ newly discovered Banded Iron Formation Gold Zone to the north and the high-grade Eagle River gold mine of Wesdome Gold Mines Ltd. to the south. This new exploration area covers an offshoot, or splay, of the Eagle River Deformation Zone which is host to Wesdome’s Eagle River mine.

Breanne Beh, Chief Executive Officer of Angus, states: “The new gold discovery in the Eagle River Splay area is extremely encouraging. The mineralized system hosts significant widths and gold grades in a previously untested area of the Golden Sky project, just 2 kilometres from the Eagle River Mine. This is our second new discovery and our third confirmed gold system on the project and validates our belief in the tremendous exploration potential of this very underexplored part of the Wawa District. We plan to continue accelerating our work on the three gold systems, Dorset, BIF and Eagle River Splay, as well as progress new areas where we see similar potential for discovery. Angus is still in the early stages of exploration on Golden Sky and, in addition to the three gold trends, there are numerous targets that are being advanced to drill-readiness. With two new discoveries and a third high-grade discovery within the Dorset gold trend, it is our firm belief that the Golden Sky project is becoming one of the most prolific new gold projects in Ontario.”

The winter drill program on the Eagle River Splay deformation zone was focused on testing geophysical anomalies that coincided with favourable geologic settings, similar to those observed at the Eagle River Mine and the Falcon Zone. Drillhole GS-24-135 tested a moderately chargeable IP anomaly along an interpreted contact between felsic and mafic volcanic rocks. The drillhole intersected three zones of gold mineralization between 120 metres and 210 metres depth (down hole). The best intersection was 2.0 g/t Au over 5.4 metres, including 4.5 g/t Au over 1.2 metres and including 3.2 g/t Au over 1.5 metres. Hole GS-24-135 was drilled 700m east of, and along the same chargeability anomaly, as Hole GS-23-100 (48.7 g/t Au over 1.5 metres) and suggests potential for significant strike length in this new system.

Selected drill results from the 9 holes at the Golden Sky drilling program are, as follows:

The winter drill program at the Eagle River Splay exploration area was focused on testing a number of high priority targets represented by geophysical anomalies that were associated with geologic contacts of differing volcanic rocks and diorite units entrained within the deformation zone. Drill holes GS-24-127, GS-24-131, GS-24-132 and GS-24-135 were arranged in a fence to transect the Eagle River Splay deformation zone. Hole GS-24-135 was successful in intersecting gold mineralization associated with intervals of strong shear, alteration, and numerous, thin quartz veins with pyrite, pyrrhotite and local chalcopyrite mineralization. The surrounding holes, GS-24-127, GS-24-131 and GS-24-132, did not return any assay results of interest. GS-24-137 tested a moderately chargeable IP trend, west of the previously mentioned fence of drillholes, and did not return any results of interest. GS-24-139 tested the same chargeable IP trend associated with GS-23-100 and GS-24-135 but likely collared too far north to intersect the zone of mineralization. GS-24-138, GS-24-140 and GS-21-141 were drilled proximal to GS-23-100 and did not return any results of interest. Numerous targets remain to be tested, in addition to the follow-up work on the new gold zone.

To date, the drill programs at the Golden Sky project have been focused on the Dorset Gold Zone, which hosts a historic NI 43-101 compliant gold resource, and the BIF Gold Zone, a new discovery made by Angus in a large banded iron formation. The Eagle River Splay exploration drill program is the first time the Company has drill tested new regional exploration targets on the Golden Sky property since their initial drill program on the BIF Gold Zone in 2021.

Figure 1: Surface Map – Angus Gold’s Eagle River Splay Exploration Area, Golden Sky Project

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