Angus Gold (TSXV: GUS; US-OTC: ANGVF) reported Tuesday the discovery of a new high-grade zone featuring a result of 7 grams gold per tonne over 12.4 metres, its best gold intercept to date at its Golden Sky project in northern Ontario.
That intercept, from 156.4 metres depth in hole GS24-136 included 21.7 gram gold over 3.3 metres from its recently completed winter drilling program at Dorset. The hole was drilled along the most western section of the Dorset zone but outside the historic resource area.
“This high-grade discovery on the Dorset trend is a remarkable achievement for our exploration team,” Angus CEO Breanne Beh said. “This new zone remains completely open to the west, and at depth, and confirms the tremendous potential at Golden Sky to make additional gold discoveries, at higher grades, within this vastly underexplored area.”
The discovery appears to have revealed a new style of mineralization with quartz-veining and numerous instances of visible gold. Previous gold mineralization at Dorset occurred in areas of broad, disseminated material with strong altered zones that lack significant veining. The potential new zone is open for about 2 km. Additional drilling is planned for further evaluation.
The Dorset target is part of Angus Gold’s Golden Sky project 50 km west of the town of Wawa, Ont. It has a historic (non-compliant) indicated resource containing 40,000 oz. of gold in 780,000 tonnes grading 1.4 grams gold and an inferred resource of 180,000 oz. in 4.8 million tonnes grading 1.2 gram gold.
Angus Gold shares traded at 59¢ on Tuesday afternoon, valuing the company at $32.3 million. Its shares traded in a 52-week range of 43¢ and 90¢.
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