Angold Resources Launches Strategic Review Process and Appoints Galen McNamara as Interim CEO
Vancouver, British Columbia--(Newsfile Corp. - December 15, 2022) - Angold Resources Ltd. (TSXV: AAU) (OTCQB: AAUGF) (FSE: 13L) ("Angold" or the "Company") is pleased to announce the appointment of the Company's Chairman, Galen McNamara, as Interim CEO effective immediately.
In addition, Angold has today initiated a process to evaluate potential strategic alternatives (the "Strategic Review") to maximize the value of the Company's strongly mineralized and highly prospective gold project portfolio. The Company's board of directors will lead the Strategic Review to evaluate a range of alternatives, which could include the sale of part or all the Company or its assets; a merger or other business combination with another party; the forming of a separate company to hold one or more of the Company's projects, or other strategic initiatives.
Galen McNamara, Chairman & Interim CEO, stated: "Angold holds a number of strongly mineralized and highly prospective gold projects in premier jurisdictions. We will continue to work closely with our major shareholders and the broader mining investment community to maximize value for all Angold shareholders."
Angold's Asset Portfolio
Dorado (Region III, Chile)
The 14,770 ha Dorado Project is situated in the Maricunga Gold Belt of Chile within the vicinity of major gold projects including Norte Abierto (50% Barrick / 50% Newmont), Lobo-Marte (Kinross) and Maricunga (Kinross), among others.
The project is host to a significant bulk tonnage style gold system which outcrops at surface named Lajitas. Since beginning work on the project in 2021, the Company has invested approximately $5.5M in exploration with drill hole highlights at the Lajitas zone that include:
DO-21-01: 302m at 0.71 g/t Au
DO-21-02: 110m at 0.75 g/t Au
DO-21-03: 248m at 0.75 g/t Au
The project is also host to a number of previously unrecognized and undrilled exploration targets, the most notable of which is located 1 km south of the Lajitas zone and called Lajitas South. This prospect represents a new discovery opportunity featuring the presence of mineralization at surface grading up to 0.63 g/t Au in banded quartz-magnetite veins. Lajitas South also hosts significant and large-scale zones of hydrothermal alteration at surface, a coincident circular magnetic anomaly, and rock textures akin to the upper levels of a telescoped porphyry-epithermal system.
Iron Butte (Nevada, USA)
The 2,227 ha Iron Butte Project is located 60 km south of Battle Mountain, NV and in the vicinity of major gold deposits owned by Nevada Gold Mines that include Cortez-Goldrush, Pipeline and Phoenix, among others.
Iron Butte is host to a bulk tonnage epithermal gold-silver system which outcrops at the Red Ridge zone. Extensive historical drilling completed by past operators between 1980 and 2009 has been compiled into a historic resource estimate of 606,186 ounces of gold at a grade of 0.62 g/t Au1.
Since beginning work on the project in 2021, the Company has invested approximately $3M in exploration where one drill hole at the Red Ridge zone intersected 0.81 g/t Au equivalent over 94.5 m beginning from surface (0.64 g/t Au and 14.3 g/t Ag).
Hope Butte (Oregon, USA)
The 2,312 ha Hope Butte Project is located in southeastern Oregon approximately 45 km north of Paramount Gold's Grassy Mountain deposit.
The project is host to an intact low-sulfidation epithermal gold system with grades commonly exceeding 1 g/t Au at surface. Highlights of drilling completed by past operators include2:
Hole 21-26: 72m at 1.23 g/t Au
Hole 21-28: 113m at 0.96 g/t Au
Hole 21-32: 4.6m at 35.6 g/t Au
Historic drilling averaged depths of only 120m and did not exceed 167m. Mineralization is hosted within a hydrothermal/structural zone that has a footprint measuring 3 km x 2 km, and likely continues under cover.
Cordillera (Region III, Chile)
The 1,680 ha Cordillera Project is also located in the Maricunga Gold Belt of Chile. It is strategically located 3 km north of the 21.3Moz Au, 5.3Blbs Cu Caspiche Deposit at the Norte Abierto Project (50% Barrick / 50% Newmont) and 7 km south of the 5.4Moz Au Maricunga Deposit (Kinross).
Angold has completed an initial geological mapping and sampling program at Cordillera with grab sample results including 11.95 g/t Au, 7.6 g/t Au and 5 g/t Au. The project remains underexplored and hosts several compelling exploration targets.
Uchi (Ontario, Canada)
The Uchi Project is located approximately 80 km east of Red Lake, Ontario in the Birch-Uchi Greenstone Belt. The project is adjacent to and along strike from two historic producers; the South Bay Cu-Zn-Ag mine and the Uchi Au mine.
To facilitate Mr. McNamara's appointment, Adrian Rothwell has made the difficult decision to resign as President, CEO and Director of the Company effective immediately. The Company wishes to thank Mr. Rothwell for his commitment and wishes him well in his future endeavours.
In connection with the Strategic Review, the board of directors of the Company has elected to postpone the annual general meeting of the Company. The Company will be applying to the British Columbia Registrar of Companies for an extension of the deadline to complete the meeting so that it can be held in 2023.
The technical content of this news release has been reviewed and approved by Galen McNamara, P. Geo., Interim CEO of the Company and a qualified person as defined by National Instrument 43-101.
About Angold Resources Ltd.
Angold is an exploration and development company targeting large-scale mineral systems in proven gold districts in Chile, Nevada, Oregon and Ontario.
ON BEHALF OF THE BOARD OF DIRECTORS
Galen McNamara, Chairman and Interim CEO
Further information on Angold can be found on the Company's website at www.angoldresources.com and at www.sedar.com, or by contacting the Company by email at firstname.lastname@example.org
Forward-Looking Statements: This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance and include expectations regarding completion of the Strategic Review. All statements other than statements of historical fact may be forward-looking statements or information. Forward-looking statements and information are often, but not always, identified by the use of words such as "appear", "seek", "anticipate", "plan", "continue", "estimate", "approximate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe", "would" and similar expressions. Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Accordingly, readers should not place undue reliance on the forward-looking statements, timelines and information contained in this news release. Forward-looking information are based on management of the parties' reasonable assumptions, estimates, expectations, analyses and opinions, which are based on such management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect.
The Company undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
1 Source: Cleath, R, December 15, 2010, calculated for the Red Ridge and North Zone using sectional ore boundaries using a 0.3 g/t Au cutoff. The resources for the Iron Butte Project are a historical estimate. A "qualified person" (as defined in NI 43-101) has not yet undertaken sufficient work to classify the historical estimate as current mineral resources and the Company is not treating the historical as current mineral resources. This estimate does not use the categories set out in sections 1.2 and 1.3 of NI 43-101 as defined by the Canadian Institute of Mining, Metallurgy and Petroleum (CIM). Drilling to date has not delineated the full extents of the mineralized zones nor has it tested the potential for sediment-hosted mineralization at depth. Significant data compilation, re-drilling, re-sampling and data verification may be required by a Qualified Person before the historic resources can be verified and upgraded to current resources.
2 Source of historical drill results: Hope Butte Project, Chevron Resources Company, 1989. Significant data compilation, re-drilling, re-sampling and data verification may be required by a Qualified Person before the historic drilling can be verified.
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