Angus Gold Inc., a Canadian mineral exploration company, announced the acquisition of a 100% interest in major mineral claims (“Acquisition Claims”) that are continuous and neighboring the Golden Sky Project near Wawa, Ontario.
The Golden Sky project, which is located between Wesdome Gold Mines’ Eagle River and the former-producing Mishi Pit mines, has seen substantial new gold discoveries in the banded iron formation horizon (“BIF”) as well as a historic gold resource in the Dorset Zone. The total land package for Golden Sky has increased to 267 km2.
We are extremely pleased with the success Angus has achieved in not only building a district scale project in one of Ontario’s most active mining areas, but also making new gold discoveries within its consolidated land package. This success has justified an expansion of our exploration plans and we are implementing more geophysical and geochemical programs to support our growing 2022 drill programs.
Steve Burleton, Chief Executive Officer, Angus Gold Inc.
Steve Burleton adds, “The claims we have just acquired are key claims along the Mishi gold trend and will be included in this year’s regional exploration.”
The acquisition claims were acquired on an arm’s length basis in exchange for a one-time cash payment of $8,000, the grant of a 1.25% net smelter return royalty, and the issuance of 40,000 common shares of the Company, of which Angus can purchase 60.0% for $750,000.
The acquisition is conditional on receiving all regulatory approvals, including the TSX Venture Exchange’s approval. The common shares are subject to a four-month hold period, as required by law.
The Golden Sky Project
The wholly-owned Golden Sky Project is situated in Northern Ontario’s Mishibishu Lake Greenstone Belt, which is home to Wesdome Gold Mines Ltd.’s (“Wesdome”) high-grade Eagle River and Mishi open-pit gold mines. The Company’s 267 km2 land package is positioned 50 km west of Wawa, directly between the two Wesdome mines.
The Dorset Gold Zone is located near the surface and has a historic estimated resource (using a 0.50 g/t Au cut-off) of 40,000 ounces of gold (780,000 tons grading 1.4 g/t Au) and 180,000 ounces of gold (4,760,000 tons grading 1.2 g/t Au).