(TheNewswire)
Kelowna, British Columbia – TheNewswire - June 28, 2022 - SOUTH ATLANTIC GOLD INC. (TSXV:SAO) (“ South Atlantic” or the“ Company” ) announces thecontinuance of consolidation and interpretation of the geological andgeophysical data at the Pedra Branca project located in Cear á State, northeastern Brazil. A new updated mapillustrates an anomaly resulting from the geophysical magnetic surveyalongside with the 33 top intercepts to date from Phases I and II(click here to view map).
Douglas Meirelles , CEO stated, “The potential size and scale ofthe Pedra Branca project is quickly growing as the consolidation andinterpretation of the exploration works continues. The mineralizationof a continuous trend is evident. As highlighted in the June 13, 2022news release (click here to view),new compelling targets were discovered and this work will form thebasis for the next phase of exploration over the Mineral Resourcearea, that remains open in all directions including at depth.
Mr. Meirelles continued , “Movingforward, we will finalize consolidation of the recent explorationresults in order to better understand the structural controls on goldmineralization, which will enable us to prioritize the best targetsfor future drilling. This approach is effective on a district-scaleasset such as Pedra Branca which extends for 60km covering an areagreater than 45,000 hectares.”
Completed Geophysics Work
The high-resolution geophysics flown over areas of knownmineralization presents a unique magnetic signature which extendsbeyond the limits of the current resource defined by drillingcompleted to date. Integration of his new data with prior geologicalinformation will now allow further refinement and prioritization oftargets along the full extent of the controlling structural trendwhich traverses South Atlantic’s tenement package.
New Strike Length
The strike length for the mineralized trend over the resource and maintarget areas has continued to grow and now stands at 14 kilometers ofstrike length. Additionally, exploration conducted in both Phase I andII included drilling with an average depth of approximately 40 meters,hence the trend is not only open laterally and throughout itsextension but open at depth .The map below also highlights an area with no exploration work inconjunction with the 33 highest gradeintercepts that have been released in previous news releasesbut have not, until now, been exhibited on a map with the geophysicalmagnetic results.
Qualified Person’s Statement
The scientific and technical information that forms thebasis for parts of this news release was reviewed and approved byMarcelo Antonio Batelochi (P.Geo.), MAUSIMM (CP), the Company’sExploration Manager who is a Qualified Person as defined by NI43-101.
South Atlantic Gold is an exploration company engagedin acquiring and advancing mineral properties located in the Americas.Our flagship asset is the 100%-owned Pedra Branca project, located 280km southwest of Fortaleza, Ceará State, Brazil. South Atlantic Goldis focused on creating value for its shareholders by engaging in thedevelopment and acquisition of high-quality mineral assets located instable and mining-friendly jurisdictions. South Atlantic Gold is basedin Kelowna, British Columbia, and is listed on the TSX-V under thesymbol “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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