Angus Gold Inc. announce assay results from the twelve (12) holes drilled during the Summer and Fall 2022 drill program at the Golden Sky Project in Wawa, Ontario. The twelve holes were drilled within the BIF exploration area to further delineate the new gold horizon, originally intersected during the 2021 drilling campaign, as well as test two targets in other areas of the BIF. All of the holes were successful in intersecting gold mineralization and have now identified a gold horizon of approximately 800 metres strike-length and up to 104 metres wide.

In addition, gold mineralization was successfully intersected in the two holes testing other stratigraphic sections of the BIF, suggesting there is considerable exploration upside outside of the new gold zone. These results continue to indicate strong potential for the area to host significant BIF-hosted gold mineralization similar to that seen at the large, high-grade deposits of Musselwhite (Newmont), Meadowbank (Agnico-Eagle) and Back River (Sabina) in Ontario and Nunavut. The 2022 drilling program on the BIF was designed to test the lateral extent and continuity of the gold horizon first intersected during the 2021 drilling program.

Ten holes (10) were drilled along the geophysical trend hosting the 2021 holes (GS21-14 and GS21-15) and verified the lateral continuity of the mineralization. Drilling also confirmed that the gold system continues at depth. In addition, two holes were drilled on a parallel geophysical trend and successful in identifying new gold zones.

All holes drilled along strike from GS21-14 and GS21-15 intersected gold mineralization and have been successful in defining continuity between the two original holes while also extending the gold zone to the east and west. This gold horizon has now been defined for approximately 800 metres of strike length. Notable intersections are listed in the table below.

Of particular interest are the results from hole GS22-26, 0.8 g/t Au over 104.3 metres, including 1.0 g/t Au over 29.0 metres, 2.3 g/t Au over 7.9 metres and 5.3 g/t Au over 1.0 metres, that has been drilled 65 metres beneath GS21-14. The gold intercept has increased from 60 metres (GS21-14) to 100 metres in thickness indicating the potential for the zone to improve at depth. he mineralization in the gold zone is associated with disseminated and stringer pyrrhotite and pyrite within a sheared and folded oxide facies iron formation.

The gold zones are thick and are consistently mineralized throughout the intervals. Each hole typically has a high-grade intercept, which is associated with the contact between oxide facies iron formation and chert facies iron formation. Angus is currently investigating the potential stratigraphic and structural controls to better target high-grade mineralization during the 2023 drilling campaign.

These controls can also be used to identify exploration drilling targets on the parallel geophysical trends within the BIF exploration area. Drill holes GS22-27 and GS22-28 were drilled on a geophysical trend parallel to the gold zone. Results from these two holes intersected shallow, gold intercepts that warrant follow-up work and indicate the potential for parallel gold zones to be present within the BIF exploration area.

Expansion of ground geophysical coverage of the BIF exploration area in 2022 has generated a significant number of new exploration targets along 7 kilometres of strike length.