Angus Gold drills 5.1 g/t gold over 8 metres at Golden Sky, Ontario

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Angus Gold Inc. [GUS-TSXV; ANGVF-OTC] reported assay results from the final 15 holes of its winter 2023 drill program at the 100%-owned Golden Sky project in Wawa, northern Ontario.

Nine of the 15 holes were drilled as infill holes at 25-metre spacing within the historic resource area and were planned to test for the potential of high-grade ore shoots within the Dorset Gold Zone based on a newly interpreted geologic model. Results from all nine holes were successful at intersecting Dorset style Au mineralization within the Dorset Zone resource area and in some areas has significantly improved upon the historic drilling results, including GS-23-73, which intersected 2.8 g/t gold over 16.0 metres, including 5.1 g/t gold over 8.0 metres, and GS-23-72, which returned an interval of 2.2 g/t gold over 16.0 metres, including 3.4 g/t gold over 6.0 metres and 5.6 g/t gold over 1.0 metre.

Additionally, three holes and one drillhole extension were completed on the Dorset East strike extension area with hole GS-23-77 intersecting 1.0 g/t gold over 10.0 metres. Results from the winter drilling continue to help delineate new areas of Dorset-style mineralization.

Steve Burleton, CEO, stated: “We are extremely pleased with the results from the winter 2023 drilling program. Our key objectives at the Dorset Zone continue to be strike extension and discovery of higher-grade zones within Dorset, and this program was successful on both counts. These results also demonstrate that we can improve upon the historic results from Dorset, which bodes well for future resource estimates. We are excited to begin our summer 2023 drilling program this week, which will see two drills focused on the BIF Gold Zone and some new regional exploration targets including the Splay Zone target to the south of the BIF. Our winter geophysical program was a tremendous success, generating numerous new targets in both the BIF and the Splay Zone. We now have almost full geophysical coverage across these areas and will begin the exciting task of making more gold discoveries. We look forward to the months ahead and will keep investors informed as results come in.”

The ongoing 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 in a large banded iron formation. The summer 2023 drilling program is scheduled to begin early June and will focus on the newly discovered BIF Zone while also testing parallel trends on the 6 km of strike length of banded iron formation present at the Golden Sky property. In addition, Angus will be drilling new exploration targets that have been generated outside of the Dorset and BIF Zones courtesy of the extensive ground geophysics program that was completed earlier this year.

The Dorset Gold Zone contains a historic estimated indicated resource (using a 0.50 g/t Au cut-off) of 40,000 ounces grading 1.4 g/t gold, and an inferred resource of 180,000 ounces grading 1.2 g/t gold. Angus’ 2023 winter drilling program was focused on testing strike length extension of the Dorset Zone while also targeting high-grade material within the historic resource area for a future resource update. The Dorset Zone lies within the Mishi Creek Deformation Zone (MCDZ). The MCDZ can be traced for at least 7 km within the Golden Sky project and is extremely under explored.

The company’s flagship project is the Golden Sky Project in Wawa, Ontario. The Project is immediately adjacent to the Eagle River Mine of Wesdome Gold Mines Ltd.

Directors and insiders currently approximately own 36.8%, Delbrook Capital Advisors Inc. 16.4% and New Gold Inc. 9.9%, each based on the current issued and outstanding common shares of the company on a non-diluted basis.

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