Angus Gold acquires additional property at Golden Sky Project, Wawa

Angus Gold Inc. has entered into a purchase agreement with Argo Gold Inc, in which Angus will acquire the Macassa Creek, Mishi Lake and Abbie Lake Properties from Argo. The properties are immediately adjacent to the Company’s Golden Sky project in Wawa, and have seen limited exploration work. Historical results, however, show considerable potential for all three properties to host significant high-grade gold mineralization.

The Macassa Creek and Mishi Lake properties are located along the Mishibishu Deformation Zone and tie on to the western and eastern boundaries of Wesdome Gold Mines Ltd’s (“Wesdome”) Mishi Mine property. Numerous historical gold showings occur on both Macassa Creek and Mishi Lake with highlights including 3.2 g/t over 12.3 metres from historical surface trenching and high-grade samples of up to 61.6 g/t gold over 0.55 metres and 26.6 g/t gold over 0.5 metres.

Located approximately eight kilometres north of the Mishibishu Lake Deformation Zone, the Abbie Lake property hosts over 10 kilometres of strike length along the Iron Lake Deformation Zone. The Iron Lake shear is a regional structure that hosts numerous gold showings. Previous work on the Abbie Lake property has identified at least three significant quartz-vein hosted gold systems, returning grab samples of up to 39 g/t gold and drill intersections of up to 16.7 g/t gold over 1.3 metres. Gold has been identified over strike lengths of up to 650 metres along these gold systems.

As the properties are contiguous to the existing Golden Sky project, ongoing exploration programs will be expanded to include the new claims.  Following the acquisition of the Properties, Angus’ consolidated Golden Sky land package will stand at 234 square kilometres.

 

Under the terms of the Agreement, Argo will receive a cash payment of $100,000 and will be issued 800,000 common shares of Angus (“Common Shares”) at closing in exchange for 100% ownership in the Properties.

The acquisition of the Properties is subject to approval of the TSX Venture Exchange and the Canadian Securities Exchange. The Common Shares issuable in connection therewith will be subject to a statutory four month and a day hold period.

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. 

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