09:38 AM EDT, 07/30/2024 (MT Newswires) -- Angus Gold ( ANGVF ) , which lost nearly 8% yesterday, on Tuesday announced assay results from the first five exploration holes that were completed on the BIF Gold Zone as part of its summer 2024 drill program at the Golden Sky Project in Wawa, Ontario.

According to the company, the results from the initial holes are better than holes drilled in previous years with longer intercepts of > 2.0 g/t Au mineralization.

The 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 (B2 Gold) in Ontario and Nunavut," the company said.

"As drilling on the BIF continues, we are also very excited to return to the Dorset Gold Zone during the month of August, and follow-up on our high-grade intercept of 7.0 g/t Au over 12.4 metres," said CEO Breanne Beh. "In addition, prospecting and mapping work is underway on two brand new exploration areas at the Golden Sky project, Abbey Lake and Mishi West."

Golden Sky Project is located within the Mishibishu Lake Greenstone Belt of Northern Ontario, which is host to Wesdome's (WDO.TO) high-grade Eagle River and the Mishi open-pit gold mines.

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