Angus Gold drills 1.4 g/t gold over 12.6 metres at Golden Sky, Ontario
Angus Gold Inc. [GUS-TSXV; ANGVF-OTC] reported the third and final set of assay results from its 2022 drill program at the Golden Sky project in Wawa, northern Ontario.
Results from 15 holes were successful in confirming the extension of the strike length of the Dorset gold zone 450 metres to the west. Hole GS-22-31, which intersected 1.4 g/t gold over 12.6 metres, including 2.9 g/t gold over 3.0 metres, and GS-22-32, which intersected 3.1 g/t gold over 4.5 metres, including 5.3 g/t gold over 1.5 metres, were drilled as a fence from north to south, 450 metres west of the historic Dorset resource.
These holes were testing a newly interpreted structural model of the Dorset gold zone and were successful in identifying its potential western extension. This western extension, in combination with the eastern extension, extends the strike length of the Dorset gold zone by almost 1 km.
Angus is in the process of working to define the full strike length of the gold mineralized system at Dorset that lies within the Mishi Creek deformation zone (MCDZ), including infill drilling between the new step-out holes and the historic resource. The MCDZ can be traced for at least 7 km within the Golden Sky project. Holes GS-22-57 and GS-22-58 were both drilled within Dorset gold zone and were planned to target higher-grade material. Hole GS-22-57 was successful in intersecting a thick interval of gold mineralization of 1.5 g/t gold over 22.0 metres, including a high-grade interval of 3.4 g/t over 5.1 metres, and has improved the results from adjacent holes used to calculate the 2007 resource.
Similarly, GS-22-58 returned an interval of 2.6 g/t gold over 10.0 metres within a broader mineralized zone of 1.7 g/t gold over 17.0 metres and has also improved the results from adjacent holes. The Dorset gold zone contains a historic estimated resource (using a 0.50 g/t gold cut-off) of an indicated resource of 40,000 ounces grading 1.4 g/t gold, and an inferred resource of 180,000 ounces grading 1.2 g/t gold.
Highlights: The 2022 drill program on the Dorset gold deposit was successful in doubling the strike length of gold mineralization outside of the historic resource area from 750 metres to 1.7 km.
Step-out drilling approximately 450 metres west of the Dorset zone resource area intersected significant gold mineralization grading up to 1.4 g/t gold over 12.6 metres, including 2.9 g/t gold over 3.0 metres, and 3.1 g/t gold over 4.5 metres, including 5.3 g/t gold over 1.5 metres. This follows previously released results which extended the Dorset zone an additional 500 metres to the east, with an intersection of 1.3 g/t gold over 52.0 metres, including 4.1 g/t gold over 12 metres.
Drilling within the Dorset gold zone resource area continues to confirm high-grade potential, returning 3.4 g/t gold over 5.1 metres within a broader mineralized zone of 1.5 g/t gold over 22.0 metres and 2.6 g/t gold over 10.0 metres within a broader mineralized zone of 1.7 g/t gold over 17.0 metres.
Also, the 2023 winter drilling program at Dorset has been completed. The program consisted of 4,500 metres in 22 holes and was focused on expanding the Dorset gold zone, delineating higher-grade mineralization and infilling between the historic mineral resource and the new East and West step-out discoveries.
Steve Burleton, CEO, stated: “The most recent results at Dorset are extremely encouraging for a number of reasons. In addition to increasing grade and continuity of the Dorset gold zone, we are showing the potential of more than doubling the existing strike length of the historic resource. Our work at Dorset is now focused on two things: continued delineation of the higher-grade material and infilling back from the two large step-out sections in advance of a potential resource update. Our goal is to advance the size and quality of Dorset to demonstrate the incredible potential we see on this structure. We have just completed our winter geophysical program and are in the process of defining numerous new drill targets to be tested in 2023.”
The continuing drill program at Golden Sky focuses on two target areas within the property: the Dorset gold zone, which hosts a gold resource, and the BIF zone, a new gold zone discovery.
The 2022 drill program at the Dorset gold zone was designed to test exploration targets to the east and west of the historic resource using newly interpreted structural offsets that suggest the Au-mineralizing system has a longer strike length than had previously been defined.
The 100%-owned Golden Sky project is located within the Mishibishu Lake greenstone belt of Northern Ontario. The 234 km2 land package is located approximately 50 km west of the town of Wawa and is situated 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 (4.76 million tonnes grading 1.2 g/t Au).
Directors and insiders currently approximately own 41.2%, Delbrook Capital Advisors Inc. owns 15.8% and New Gold Inc. [NGT-TSX] owns 9.7%, each based on the current issued and outstanding common shares of the company on a non-diluted basis.