Angus Ventures to Acquire Wawa Properties, Ontario
TORONTO, Dec. 27, 2019 (GLOBE NEWSWIRE) — Angus Ventures Inc. (TSX-V: GUS) (“Angus” or the “Company”) is pleased to announce that it has entered into an agreement with Talisker Gold Corp. (“Talisker”) pursuant to which it will acquire a 100% interest in the Wawa Properties of Talisker, including its option earn-in properties, for $600,000 in cash and the issuance of 4,000,000 common shares of Angus (the “Transaction”).
The Wawa Properties are located within the prolific Mishibishu Lake Greenstone Belt of Northern Ontario, which forms part of the Wawa Subprovince and is host to the high-grade Eagle River 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 property is host to the near-surface Dorset Gold Zone, which contains an historic estimated resource.The consolidated 100-square-kilometre property package in Wawa brings significant exploration upside for expansion of existing mineralization and new discoveries.Patrick Langlois, CEO of Angus, states, “The project follows a proven strategy of acquiring underexplored areas within producing belts and applying focussed exploration programs to unlock value. We have had success with this formula in the past and we look forward to beginning exploration in Q1 of 2020 on the Mishibishu Belt.” The Transaction
At closing, in a series of transactions, Angus will acquire the following interests (the “Project”):100% interest in 141 mining claims from Talisker totaling 22.9-square-kilometres.option to earn a 100% interest in 202 mining claims from IAMGOLD Corporation’s (“IAMGOLD”) Mishi Property, representing 37.9-square-kilometres. Angus may earn a 100% interest in the Mishi Property by spending an aggregate of $1,500,000 on exploration expenditures before September 25, 2023.option to earn a 100% interest mining in 188 mining claims from Exiro Minerals Corp. (“Exiro”) totaling 40.5-square-kilometres. Angus may earn a 100% interest in Exiro’s mineral claims by making cash payments of $20,000 and issuing $45,000 of Angus shares.The Project
The Project is located in the Mishibishu Lake Greenstone Belt of Northern Ontario (“MLGB”), an extension of the prolific Abitibi Greenstone Belt and host to the high-grade Eagle River Mine of Wesdome. The Project is situated in north-central Ontario approximately 50 kilometres west of the town of Wawa and hosts the Dorset Zone, which was discovered in 2006.Work in the area was stimulated by the discovery of the high-grade Eagle River Mine, which commenced production in 1995. However, most of the exploration work in the area of the Project claims was conducted between 2005 – 2007 and included airborne geophysical surveying, trenching, and the completion of 92 diamond drill holes, which resulted in the discovery of the Dorset Zone in 2006. Highlights from the drilling of the Dorset Zone included 47 intersections of at least 1.5 g/t Au that ranged in length from 1.0 metres to 19.1 metres. Results of this drilling were used to compile an historic resource estimate (using a 0.50 g Au/t cut-off) consisting of an indicated resource of 40,000 ounces of gold (780,000 tonnes grading 1.42 g/t Au), and an inferred resource of 180,000 ounces of gold (4,760,000 tonnes grading 1.19 g/t Au). The historic estimate was prepared by G. Cavey, P.Geo and Gary Giroux P.Eng in December 2007 in a technical report. Angus considers the historic estimate to be relevant and reliable given that it was prepared under NI 43-101 standards and there has been no further work or historic estimates completed since that time. Angus is not treating the historic estimate as current as a Qualified Person has not completed sufficient work to classify the historic estimate as current, although it is believed that minimal work would be required by a Qualified Person to verify and upgrade the historic estimate to current.SUMMARY OF THE DORSET HISTORIC MINERAL RESOURCE ESTIMATE* This historic resource estimate was independently prepared by Cavey and Giroux (2007) in accordance with National Instrument 43-101 dated December 2007.HIGHLIGHTS 2006-2007 DRILL PROGRAMS