(TheNewswire)
Kelowna, British Columbia – TheNewswire - March 9, 2022 - SOUTH ATLANTIC GOLD INC.(TSXV:SAO) (“ SouthAtlantic” or the “ Company” ) announces that the Phase II Exploration programis proceeding well and early results demonstrated a high-grade sampleof 96.04 grams per tonne (“g/t”) gold (“Au”) over 1 meter(“m”) at the Barra Nova target. This assay result (which wasre-assayed), among others highlighted below, are confirmingmineralization along 40 kilometers (“km”) of the regional strikelength, and to the south of the initial Pedra Branca resource.
Douglas Meirelles , CEO stated, “We planned Phase II on the basisof two main goals, being the first goal to maintain the tenements ingood standing with the Brazilian Mining Agency (“ANM”). I am happywith the progress we have made so far and expect that all due reportsto the ANM will be delivered on time. The second goal is to identifymore areas of interest and continuous mineralization in the southernportion of the tenement areas. So far, we have identified encouragingearly trench results that demonstrate bedrock mineralization along thetargeted structure, extending the mineralized trend beyond the areasof the current resource. In conjunction with the current trenchingprogram and part of the Phase II, we are quoting an airbornegeophysical program over the strike extensions of the knownmineralization that will further highlight, rank, and prioritize thetargets of the Pedra Branca asset.”
Exploration Activities
The Phase II exploration program has commenced and its trenchingprogram consists of 47 trenches representing a total of 9,880 m. Thesetrenches are part of the entire program, which seeks to systematicallyprove the mineralized extensions of the current trends along thesouthern areas of the Pedra Branca tenement package.
To date, the company reports the following highlighted results,averaging 20 km south and along the trend of the current resource atCoelhos-Quemadas. Refer to Annex Map here :
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At the Barra Nova target, the following trench results wereintercepted:
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3 m grading 32.63 g/t Au including 1m grading 96.04 g/t Au and 1 m grading 1.58 g/t Au
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At the Cachoeirinha target, the following trench results wereintercepted
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8 m grading 0.94 g/t Au including 2 mgrading 3.3 g/t Au
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2 m grading 0.47 g/t Au
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8 m grading 0.59 g/t Au including 2 mgrading 1.75 g/t Au
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At the Muquem Norte target, the following trench results wereintercepted including
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2 m grading 0.59 g/t Au
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2 m grading 0.54 g/t Au
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Over 200 samples have had positive results above our threshold of 50parts per billion (“ppb”) or 0.05 g/t Au. This indicates that allthe tenements we explored so far are demonstrating the potential ofthe continuous mineralization in the known trends. Detailed resultscan be seen on the website here .
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.
Re-Assay Result
The original high-grade sample that triggered the re-assay was takenfrom the PB-TR-047 trench located within the Barra Nova target from 20to 21 meters along the trench (sample number 7133). Because thissample was so much greater than previous samples, a nugget effectand/or free gold was suspected. The re-analysis divides the sampleinto two granulometric fractions, one greater than 150 microns and theother smaller than 150 microns. The test is conducted with a large,one kilogram (“kg”) sample using a metallic screen to divide thesample into the sizes to be assayed. The purpose of this process is toprovide sample heterogeneity to minimize the nugget effect.
Duplicate | ||||
Screen | Mass | Gold | ||
g | % | g/t | Content % | |
> 150 microns | 30.82 | 3.3% | 1982.96 | 46.8% |
< 150 microns | 891.68 | 96.7% | 78.02 | 53.2% |
Global (Calc) | 922.5 | 141.66 |
This result confirms the high grade of the duplicate and illustratesthat approximately 46.8 percent (“%”) of the gold content isassociated with 3.33% of the mass of the duplicate. Provided futurestudies are conducted, there is the possibility of using gravimetricrecovery in this area of the Pedra Branca project.
About South Atlantic Gold
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 .
Annex
Summary of Key Intercepts at PedraBranca Project
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