(TheNewswire)
Kelowna, British Columbia – TheNewswire - June 10, 2021 - SOUTHATLANTIC GOLD INC. (TSXV:SAO) (OTC:JLRRF) (“ South Atlantic” or the “ Company” ) is pleased to announce that it’s 75percent (“%”) earn-in on the Pedra Branca Project, located 280kilometers (“km”) southwest of Fortaleza, Ceará State, Brazil hasbeen completed. An audit of the US$1 million in explorationexpenditures by South Atlantic from its Phase 1 exploration programhas been completed and Jaguar has accepted the results which completesthe earn-in requirements for the 75% interest.
Douglas Meirelles , CEO stated, “The75% earn-in we just completed represents the first significant hurdleat Pedra Branca. We anticipate publishing the National Instrument(“NI”) 43-101-compliant technical report with a maiden resource inthe next few weeks. The publication of the maiden resource report willalso allow the company to earn-in 100% of the Pedra Branca project andwill also highlight the Phase II exploration program at PedraBranca.”
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The Phase 2 Exploration Program details are outlined inthe “Technical Report, Geology, Mineralization and Exploration ofthe Pedra Branca Gold Project, Ceará State, Northeastern Brazil”dated August 21, 2020. The details of the Phase 2 program includefurther RC drilling, higher density, and deeper diamond drilling,updating geological and structural models, an additional updatedresource estimation, and further community engagement.
The company will complete the required governmentprocesses to transfer the Pedra Branca asset to South AtlanticGold’s subsidiary in Brazil.
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
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 .
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