Angus Gold Completes Property Acquisition from Argo Gold
Angus Gold Inc has completed the acquisition of the Macassa Creek, Mishi Lake and Abbie Lake Properties from Argo Gold Inc as announced on November 16.
Angus Gold Inc has completed the acquisition of the Macassa Creek, Mishi Lake and Abbie Lake Properties from Argo Gold Inc as announced on November 16. Under the terms of the purchase agreement, Argo received a cash payment of $100,000 and 800,000 common shares of Angus in exchange for 100% ownership in the Properties. The Common Shares issued to the Argo are subject to the statutory four months and a day hold period.
The Golden Sky Project is located within the Mishibishu Lake Greenstone Belt of Northern Ontario, an extension of the Greenstone Belt and host to the high-grade Eagle River Gold Mine of Wesdome Gold Mines Ltd. 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 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).
Angus Gold is a Canadian gold exploration company with a 234-square-kilometres land package located in north-central Ontario approximately 50 kilometres west of the town of Wawa and lies between Wesdome Gold Mines’ two producing mines.