Angus Gold Inc. announced the third and final set of assay results from its 2022 drill program at the Golden Sky Project in Wawa, Ontario. Results from fifteen (15) holes were successful in confirming the extension of the strike length of the Dorset Gold Zone 450 metres to the west. Hole GS-22-31 which intersected 1.4 g/t Au over 12.6 metres including 2.9 g/t Au over 3.0 metres, and GS-22-32 which intersected 3.1 g/t Au over 4.5 metres including 5.3 g/t Au over 1.5 metres, were drilled as a fence from north to south, 450 metres west of the historic Dorset resource.

These holes were testing a newly interpreted structural model of the Dorset Gold Zone and were successful in identifying its potential western extension. This western extension in combination with the eastern extension extends the strike length of the Dorset Gold Zone by almost one kilometre. Angus is in the process of working to define the full strike length of the gold mineralized system at Dorset that lies within the Mishi Creek Deformation Zone (“MCDZ”), including infill drilling between the new step out holes and the historic resource.

The MCDZ can be traced for at least seven kilometres within the Golden Sky project. Holes GS-22-57 and GS-22-58 were both drilled within Dorset Gold Zone and were planned to target higher grade material. Hole GS-22-57 was successful in intersecting a thick interval of gold mineralization of 1.5 g/t Au over 22.0 metres including a high-grade interval of 3.4 g/t over 5.1 metres, and has improved the results from adjacent holes used to calculate the 2007 resource.

Similarly, GS-22-58 has returned an interval of 2.6 g/t Au over 10.0 metres within a broader mineralized zone of 1.7 g/t Au over 17.0 metres has also improved the results from adjacent holes. The Dorset Gold Zone contains a historic estimated resource (using a 0.50 g/t Au cut-off) of an indicated resource of 40,000 ounces grading 1.4 g/t Au, and an inferred resource of 180,000 ounces grading 1.2 g/t Au. The ongoing drill program at Golden Sky focuses on two target areas within the property: the Dorset Gold Zone, which hosts a gold resource and the BIF Zone, new gold zone discovery in a large banded iron formation.

The 2022 drill program at the Dorset Gold Zone was designed to test exploration targets to the east and west of the historic resource using newly interpreted structural offsets that suggest the Au-mineralizing system has a longer strike length than had previously been defined. Angus' high-definition magnetics survey, flown in 2020, in addition to grab samples collected during the Angus field programs were used to select drill targets for the 2022 step-out drill program. The last resource calculated on the Dorset Gold Zone was completed in 2007.

The following is a summary of drill placement and assay results for completion of the 2022 Golden Sky Project exploration program. Holes GS-22-31 and GS-22-32 were drilled as a fence over a coincident IP geophysical anomaly and an outcrop sample collected in 2020 that assayed 7.75 g/t Au. Results from these holes were used to plan the recently completed 2023 Dorset drilling program and to lay the groundwork for a future resource update.

Hole GS-22-48 was drilled 425 metres east of the historic Dorset resource. The mineralized zone was intersected near surface and will be used in conjunction with the previously released GS-22-47 to vector follow-up drilling, along strike, to the east of the Dorset Gold Zone. Holes GS-22-51 and GS-22-53 were Angus' first exploration holes drilled within the Marten Zone, a deformation zone that is subparallel to the Dorset Zone, located approximately 900 metres to the south-east.

Holes GS-22-57 and GS-22-58 were drilled within the Dorset Gold Zone resource area. The holes were designed to test high-grade ore shoots. Both holes were successful in improving upon results in the adjacent drill holes that were used to calculate the 2007 Dorset resource and have provided important information regarding the orientation of high-grade mineralization within the Dorset Gold Zone.

The 100%-owned Golden Sky Project is located within the Mishibishu Lake Greenstone Belt of Northern Ontario, which is host to the high-grade Eagle River and the Mishi open-pit gold mines of Wesdome Gold Mines Ltd. (“Wesdome”). The Company's 234-square-kilometres land package is located approximately 50 kilometres west of the town of Wawa and is situated immediately between the two Wesdome mines. The project is host to the near-surface Dorset Gold Zone, which contains a historic estimated resource (using a 0.50 g/t Au cut-off) consisting of an indicated resource of 40,000 ounces of gold (780,000 tonnes grading 1.4 g/t Au), and an inferred resource of 180,000 ounces of gold (4,760,000 tonnes grading 1.2 g/t Au).

For greater details on the Golden Sky Project, please refer to the NI 43-101 technical report for the Golden Sky Project entitled, “NI 43-101 Technical Report Wawa Property Ontario, Canada” dated February 18, 2020, and available on the Company's SEDAR profile.