(TheNewswire)
Kelowna, BritishColumbia – TheNewswire - May 26, 2021 - SOUTH ATLANTIC GOLD INC. (TSXV:SAO) (OTC:JLRRF) (“ South Atlantic” or the “ Company” ) is pleased toannounce it has received additional positive assay results from itsPhase I exploration program at the Mirador Target, within its PedraBranca Project area, located 280 kilometers (“km”) southwest ofFortaleza, Ceará State, Brazil.
Douglas Meirelles , CEO stated, “Weare pleased with the results being reported today. Our Phase 1 programfocused primarily on the core targets, but towards the end of theprogram, we also explored the extensions of the trends, towardssoutheast (“SE”) of Pedra Branca and other tenements that hadlittle to no historical work, as part of the schedule required tomaintain the permits and licenses. The results that we are currentlyreceiving were surprising and suggest that mineralization is extendedand continuous within the Mirador Target.”
The new assay results from the Mirador Target confirmthe lateral extension of mineralization at NW Mirador and confirm thecontinuity of ore at SE Mirador. (Click HERE to see map).
Highlights include ( seeAnnex 1 for full table of results ) :
-
- Reverse Circulation (“RC”) drill hole PBRC099intersected 3 meters (“m”)grading 1.91 grams per tonne (“g/t”) gold(“Au”), including 1 m grading 4.72 g/t Au, from 7 m depth
- RC drill hole PBRC106 intersected 4 m grading 1.69 g/t Au , including 2 m grading 2.65 g/t Au, from 20 m depth
- RC drill hole PBRC106 intersected 8 m grading 0.89 g/t Au , including 3 m grading 1.84 g/t Au, from 37 m depth
- RC drill hole PBRC108 intersected 2 m grading 6.17 g/t Au , including 1 m grading 5.94 g/t Au, from 17 m depth
- PBRC108 also intersected 6 m grading 1.52 g/t Au ,including 1 m grading 3.03 g/t Au, from 25 m depth
The results that continue to arrive from the laboratoryare being inserted into the geological section of the technicalreport, and are being used to gain greater understanding of thecontrols on mineralization at the Pedra Branca Project. As the companycontinues into Phase 2 of the exploration program, the newconsolidated database continues to be updated and is assisting in theformulation of the subsequent exploration and development activities.It is important to note that all the assay results are the result of aUS$1 million Phase 1 exploration program with RC drilling thataveraged at most 60 m in depth. Historically, the higher-grademineralization is found at deeper intersects.
South Atlantic is working, in conjunction with JaguarMining Inc., on the review of geological data and the financial auditas required by our contractual obligations for the Company’s earn-inrights to the Pedra Branca Project. The release of the maiden resourceand National Instrument (“NI”) 43-101 technical report for PedraBranca is anticipated for the second quarter of 2021.
QA/QC PROCEDURES
The assays follow Quality Assurance/Quality Control(QA/QC) procedures that included the insertion of standards, blanksand duplicate samples, sent to the lab along with the samples.
All samples were analyzed at either SGS GEOSOL Laboratórios Ltda inMinas Gerais, Brazil, or ALS Brasil Limitada in Minas Gerais, Brazil. Both contracted laboratories follow the same proceduresfor sample preparation and chemical analysis, described below. In thelaboratory, each ±2 kg sample is recorded, dried for 8 to 12 hours,crushed to 70% <2mm (-10 #) split to obtain approximately 250g andthe 250g sub-samples are pulverized to P 85 74 microns (-200 #).
Gold analysis is carried out using fire assaycomprising three stages: Fusion, Cupellation and Analysis.
Samples with a gold fire assay equal to or higher than10.0 g/t Au are re-analyzed by a screen-metallic method. Base metalassays are first determined by ICP-OES (Inductive CoupledPlasma-Optical Emission Spectroscopy). Analyses of ore elements thatexceed the method's upper limits are re-analyzed by appropriateore-grade methods.
About South Atlantic Gold
South Atlantic Gold is an exploration company engagedin acquiring and advancing mineral properties located in the Americas.The Company’s principal BC asset is the wholly-owned 4,056-hectareBig Kidd property, located near Aspen Grove, BC. Our Brazilianflagship asset is our option to acquire the Pedra Branca project,located 280 km southwest of Fortaleza, Ceara State, Brazil. SouthAtlantic Gold is focused on creating value for its shareholders byengaging in the development and acquisition of high-quality mineralassets located in stable and mining friendly jurisdictions. SouthAtlantic Gold’s is based in Kelowna, British Columbia, and is listedon the TSX-V under the symbol “SAO.
ON BEHALF OF THE BOARD
Douglas Meirelles, President and CEO
For more information regarding thisnews release, please contact:
Anne Hite, Vice President, Investor Relations
T: 250-762-5777
Email: ir@southatlanticgold.com
QualifiedPerson
The scientific and technicalinformation that forms the basis for parts of this press release wasreviewed and approved by Marcelo Antonio Batelochi (P.Geo.), MAUSIMM(CP), the Company’s Exploration Manager who is a Qualified Person"(QP") as defined by National Instrument 43-101.
Cautionary NoteRegarding Forward-Looking Information
This news release containsstatements that constitute "forward-lookingInformation", as suchterm is used in applicable Canadian securities laws . Such forward-looking informationinvolves known and unknown risks, uncertainties and other factors thatmay cause the Company’s actual results, performance or achievements,or developments in the industry to differ materially from theanticipated results, performance or achievements expressed or impliedby such forward-looking information. Forward-looking informationincludes statements that are not historical facts and are generally,but not always, identified by the words "expects,""plans," "anticipates," "believes,""intends," "estimates," "projects,""potential" and similar expressions, or that events orconditions "will," "would," "may,""could" or "should" occur.
Although the Company believes theforward-looking information contained in this news release isreasonable based on information available on the date hereof, by itsnature forward-looking information involves assumptions and known andunknown risks, uncertainties and other factors which may cause ouractual results, level of activity, performance or achievements, orother future events, to be materially different from any futureresults, performance or achievements expressed or implied by suchforward-looking information. There can be no assurance that the Fundamental Acquisition will becompleted as proposed or at all.
Examples of such assumptions, risksand uncertainties include, without limitation, assumptions, risks anduncertainties associated with general economic conditions; theCovid-19 pandemic; adverse industry events; the receipt of requiredregulatory approvals and the timing of such approvals; that theCompany maintains good relationships with the communities in which itoperates or proposes to operate, future legislative and regulatorydevelopments in the mining sector; the Company’s ability to accesssufficient capital from internal and external sources, and/orinability to access sufficient capital on favorable terms; miningindustry and markets in Canada and generally; the ability of theCompany to implement its business strategies; competition; the risk that any of theassumptions prove not to be valid or reliable, which could result indelays, or cessation in planned work, risks associated with theinterpretation of data, the geology, grade and continuity of mineraldeposits, the possibility that results will not be consistent with theCompany’s expectations, as well as other assumptions risks anduncertainties applicable to mineral exploration and developmentactivities and to the Company, including as set forth in theCompany’s public disclosure documents filed on the SEDAR website at www.sedar.com .
THEFORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTSTHE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASEAND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULDNOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULDNOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANYMAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANYPARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLELAWS.
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release .
Annex 1
New Results Table.
Hole Id | From | To | Au g/t | X Coord | Y Coord | Z Coord | Target |
PBRC093 | 31 | 32 | 0.562 | 379,843.273 | 9,393,169.887 | 589.509 | Mirador |
PBRC093 | 32 | 33 | 0.538 | 379,842.734 | 9,393,170.083 | 590.328 | Mirador |
PBRC094 | 25 | 26 | 0.656 | 379,821.525 | 9,393,171.895 | 584.383 | Mirador |
PBRC094 | 26 | 27 | 0.446 | 379,820.986 | 9,393,172.092 | 585.203 | Mirador |
PBRC095 | 29 | 30 | 0.582 | 379,841.358 | 9,393,119.851 | 587.388 | Mirador |
PBRC095 | 30 | 31 | 0.097 | 379,840.819 | 9,393,120.047 | 588.207 | Mirador |
PBRC095 | 31 | 32 | 0.043 | 379,840.280 | 9,393,120.244 | 589.026 | Mirador |
PBRC095 | 32 | 33 | 1.191 | 379,839.741 | 9,393,120.440 | 589.845 | Mirador |
PBRC096 | 5 | 6 | 4.3 | 379,819.627 | 9,393,120.627 | 567.791 | Mirador |
PBRC096 | 11 | 12 | 0.525 | 379,816.393 | 9,393,121.804 | 572.706 | Mirador |
PBRC096 | 12 | 13 | 0.683 | 379,815.854 | 9,393,122.000 | 573.525 | Mirador |
PBRC096 | 13 | 14 | 0.753 | 379,815.315 | 9,393,122.196 | 574.345 | Mirador |
PBRC096 | 14 | 15 | 0.503 | 379,814.776 | 9,393,122.393 | 575.164 | Mirador |
PBRC096 | 15 | 16 | 0.567 | 379,814.237 | 9,393,122.589 | 575.983 | Mirador |
PBRC096 | 16 | 17 | 0.625 | 379,813.698 | 9,393,122.785 | 576.802 | Mirador |
PBRC099 | 7 | 8 | 4.721 | 379,759.473 | 9,392,972.092 | 560.298 | Mirador |
PBRC099 | 8 | 9 | 0.754 | 379,758.934 | 9,392,972.288 | 561.117 | Mirador |
PBRC099 | 9 | 10 | 0.244 | 379,758.395 | 9,392,972.485 | 561.936 | Mirador |
PBRC100 | 1 | 2 | 0.413 | 379,807.612 | 9,393,027.793 | 559.123 | Mirador |
PBRC100 | 2 | 3 | 0.677 | 379,807.073 | 9,393,027.989 | 559.942 | Mirador |
PBRC100 | 7 | 8 | 0.31 | 379,804.378 | 9,393,028.970 | 564.038 | Mirador |
PBRC100 | 8 | 9 | 0.842 | 379,803.839 | 9,393,029.166 | 564.857 | Mirador |
PBRC100 | 9 | 10 | 0.26 | 379,803.300 | 9,393,029.363 | 565.676 | Mirador |
PBRC100 | 10 | 11 | 1.007 | 379,802.761 | 9,393,029.559 | 566.495 | Mirador |
PBRC100 | 11 | 12 | 0.374 | 379,802.222 | 9,393,029.755 | 567.314 | Mirador |
PBRC106 | 20 | 21 | 3.876 | 378,870.376 | 9,392,767.198 | 557.629 | Mirador |
PBRC106 | 21 | 22 | 1.421 | 378,869.936 | 9,392,767.567 | 558.448 | Mirador |
PBRC106 | 22 | 23 | 0.748 | 378,869.497 | 9,392,767.935 | 559.267 | Mirador |
PBRC106 | 23 | 24 | 0.73 | 378,869.057 | 9,392,768.304 | 560.086 | Mirador |
PBRC106 | 37 | 38 | 0.501 | 378,862.906 | 9,392,773.466 | 571.554 | Mirador |
PBRC106 | 38 | 39 | 0.114 | 378,862.467 | 9,392,773.834 | 572.373 | Mirador |
PBRC106 | 39 | 40 | 0.145 | 378,862.027 | 9,392,774.203 | 573.193 | Mirador |
PBRC106 | 40 | 41 | 3.047 | 378,861.588 | 9,392,774.572 | 574.012 | Mirador |
PBRC106 | 41 | 42 | 0.749 | 378,861.149 | 9,392,774.941 | 574.831 | Mirador |
PBRC106 | 42 | 43 | 1.728 | 378,860.709 | 9,392,775.309 | 575.650 | Mirador |
PBRC106 | 43 | 44 | 0.147 | 378,860.270 | 9,392,775.678 | 576.469 | Mirador |
PBRC106 | 44 | 45 | 0.646 | 378,859.830 | 9,392,776.047 | 577.288 | Mirador |
PBRC107 | 25 | 26 | 0.41 | 378,827.253 | 9,392,739.248 | 562.564 | Mirador |
PBRC107 | 26 | 27 | 0.592 | 378,826.813 | 9,392,739.616 | 563.384 | Mirador |
PBRC107 | 43 | 44 | 0.893 | 378,819.344 | 9,392,745.884 | 577.309 | Mirador |
PBRC107 | 44 | 45 | 0.078 | 378,818.904 | 9,392,746.253 | 578.128 | Mirador |
PBRC107 | 45 | 46 | 0.728 | 378,818.465 | 9,392,746.621 | 578.947 | Mirador |
PBRC108 | 17 | 18 | 3.347 | 378,761.596 | 9,392,729.794 | 559.419 | Mirador |
PBRC108 | 18 | 19 | 8.983 | 378,761.156 | 9,392,730.163 | 560.238 | Mirador |
PBRC108 | 25 | 26 | 5.939 | 378,758.081 | 9,392,732.744 | 565.972 | Mirador |
PBRC108 | 26 | 27 | 0.013 | 378,757.641 | 9,392,733.112 | 566.792 | Mirador |
PBRC108 | 27 | 28 | 0.141 | 378,757.202 | 9,392,733.481 | 567.611 | Mirador |
PBRC108 | 28 | 29 | 0.005 | 378,756.763 | 9,392,733.850 | 568.430 | Mirador |
PBRC108 | 29 | 30 | 0.005 | 378,756.323 | 9,392,734.218 | 569.249 | Mirador |
PBRC108 | 30 | 31 | 3.033 | 378,755.884 | 9,392,734.587 | 570.068 | Mirador |
PBRC114 | 7 | 8 | 0.844 | 379,086.185 | 9,392,986.143 | 557.102 | Mirador |
PBRC114 | 8 | 9 | 0.883 | 379,085.745 | 9,392,986.512 | 557.921 |
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