Definition Of New Gold Zone At Dorset West

TORONTO - Angus Gold Inc. reported on nine (9) exploration holes that were completed on the Dorset Zone as part of its 2024 Summer drilling program at the Golden Sky Project in Wawa, Ontario. Drilling was targeting the western extension of the Dorset Gold Zone, where Angus previously intersected a new zone of high-grade gold, including 7.0 g/t Au over 12.4 metres in Hole GS-24-136, approximately 500 metres to the west of the historical Dorset resource.

Successful initial step-out drilling results on the Dorset West extension area begin to define a new zone of high-grade gold mineralization in the Dorset Deformation Zone: 1) 9.8 metres of mineralization grading 2.3 g/t Au, including 2.1 metres of 8.2 g/t Au in Hole GS24-167. 2) 5.0 metres of mineralization grading 2.2 g/t Au, including 3.0 metres of 3.5 g/t Au, Au in Hole GS24-162.

Fall drill program underway on the Dorset West extension area with results expected in early 2025. Remaining Summer 2024 assays from the BIF Zone expected. Fully funded 2025 exploration budget with C$8.0 million in treasury.

Breanne Beh, Chief Executive Officer, said, “We are extremely pleased with these initial successful step-out results for our Dorset West extension area. We now have multiple intersection points in our new high-grade Dorset West zone, which allows us to better understand the trend and orientation of the veins hosting the gold mineralization. We are currently drilling an additional 2,000m in this area to test the newly interpreted shear that hosts the high-grade gold mineralization. As we gear up for a large Winter drill program, the Dorset West mineralized corridor, which is still open for over 2km along strike, will be a prime area of focus.”

The goal of the Dorset West summer drill program was to complete a systematic grid of drill holes surrounding the high-grade intercept of 7.0 g/t Au over 12.4 metres in Hole GS-24-136. Nine (9) holes were completed, seven (7) of which returned intersections with gold mineralization. The most notable intercepts were in GS-24-167 and GS-24-162. GS-24-167, a 25m step-out to the east of GS-24-136, returned 9.8 metres grading 2.3 g/t Au including 2.1 metres of 8.2 g/t Au. GS-24-162, a 25m step-out beneath GS-24-136, returned 5.0 metres grading 2.2 g/t Au including 3.0 metres grading 3.5 g/t Au. The gold mineralization in both of these holes was hosted in quartz veins within a metasedimentary rock package, the same geologic setting as the mineralization in GS-24-136. In addition, the results from these holes show that gold mineralization is associated with a newly defined shear zone which is now thought to be striking to the west-northwest instead of the previously interpreted east-west trend.

The Golden Sky Project is located within the Mishibishu Lake Greenstone Belt of Northern Ontario, which is host to Wesdome’s high-grade Eagle River and the Mishi open-pit gold mines. The Company’s 290-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 ongoing drill program on the Golden Sky Project is focused on the Dorset Gold Zone, which hosts a historic gold resource; the BIF Zone, a new gold zone discovery in a large banded iron formation; as well as the Eagle River Splay deformation zone, which shows potential for another extensive gold system. Angus’ drill programs on the near-surface Dorset Gold Zone have been successful at extending the strike length of the previously modelled zone from 750 metres to 1.7 kilometres. The Dorset Gold Zone historic estimated resource (using a 0.50 g/t Au cut-off) consists 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 Wawa Property Ontario, Canada’.