TORONTO, April 07, 2021 (GLOBE NEWSWIRE) -- Angus Gold Inc. (TSX-V:GUS) (OTCQB:ANGVF) (“Angus” or the “Company”) 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.
The scientific and technical content of this press release has been reviewed and approved by Gabrielle Hosein, 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 Gold:
Angus is a Canadian gold exploration company with a 234-square-kilometres land package located in north-central Ontario approximately 50 kilometres west of the town of Wawa and lies between Wesdome Gold Mines’ two producing mines.
On behalf of Angus Gold Inc.,
Patrick Langlois, Director
TSXV: GUS | OTCQB: ANGVF
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This News Release includes certain "forward-looking statements" which are not comprised of historical facts including statements regarding the use of proceeds. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to: the ability to anticipate and counteract the effects of COVID-19 pandemic on the business of the Company, including without limitation the effects of COVID-19 on the capital markets, commodity prices supply chain disruptions, restrictions on labour and workplace attendance and local and international travel, failure to receive requisite approvals in respect of the Transaction, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.