(TheNewswire)
Kelowna, British Columbia – TheNewswire- May 6, 2022 - SOUTH ATLANTIC GOLD INC.(TSXV:SAO) (“ South Atlantic” or the“ Company” ) announces the completion of thetrenching program of the Phase II exploration program at its PedraBranca project, located in Cear á state,northeastern Brazil. The trenching program assayed over 200mineralized intersections, including the highest grading intersectionat surface identified so far with 3 meters (“m”) grading 38 gramsper tonne (“g/t”) gold (“Au”) .
The Relatório Final de Pesquisa (“RFP”) report was submitted tothe Agencia Nacional de Minera çã o (“ANM”),the Brazilian mining agency, on time and in compliance with thedeadline as set by Brazilian mining regulations. In addition, thenorthern portion of the drone geophysical magnetic survey (newsrelease dated April 8, 2022 and located here ) is on-going and theresults of this study should identify exploration targets to supportthe exploration strategies with the goal of continuously addingmineral resources.
Douglas Meirelles , CEO stated, “The Company has successfully completed all trenches forthe Phase II exploration program at Pedra Branca. The results havearrived and are being reported as we work to consolidate the data. Wehave now completed a major milestone and have filed all the finalrequired exploration reports with ANM and expect that these 15tenements will be approved for the next phases in the process and willbe converted from exploration into mining concessions. As shown withthe Phase I exploration program, we continue to achieve our objectiveson time and on budget.”
Trenching Program for ANM Final ExplorationReport
The required exploration schedule included a detailed trenchingprogram that outlined 48 trenches totaling 9,880 meters and minimalsupportive RC drilling for each tenement. The program was successfulin extending the current known mineralized trends south in the PedraBranca tenement package and supported the previously defined MineralResources report (RFP) filed with the Brazilian miningagency, ANM. This work had the objective to convert 15 of thetenements that comprise the Pedra Branca project from exploration tomining concession tenements. The map below highlights the best trenchintercepts from the Phase II trenching.
Trench results are listed in the following table:
Highlights of Trenching Results from Phase IITrenching Program
Trenches (TR) and Reverse Circulation (RC) Drilling Ore Intercepts | |||||||
>= 0.4 g/t Au | Id | Type | Intercepts | From | To | Target | ANM Process |
PBTR047 | TR | 3 m @ 32.63 g/t Au incl. 1 m @ 96.04 g/t Au | 21 | 23 | Barra Nova | 801.059/2011 | |
PBTR048 | TR | 1 m @ 1.58 g/t Au | 139 | 140 | Barra Nova | 801.059/2011 | |
PBTR106 | TR | 8 m @ 0.94 g/t Au incl. 2 m @ 3.3 g/t Au | 12 | 20 | Cachoeirinha | 801.054/2011 | |
PBTR108 | TR | 6 m @ 0.78 g/t Au incl. 2 m @ 1.75 g/t Au | 176 | 182 | Cachoeirinha | 801.054/2011 | |
PBTR098 | TR | 2 m @ 0.59 g/t Au | 18 | 20 | Moquem Norte | 800.605/2012 | |
PBTR098 | TR | 2 m @ 0.54 g/t Au | 350 | 352 | Moquem Norte | 800.605/2012 | |
PBTR096 | TR | 2 m @ 0.47 g/t Au | 118 | 120 | Moquem Norte | 800.605/2012 | |
PBTR097 | TR | 2 m @ 0.45 g/t Au | 114 | 116 | Moquem Norte | 800.605/2012 | |
PBTR099 | TR | 2 m @ 0.41 g/t Au | 246 | 248 | Moquem Norte | 800.605/2012 | |
PBTR105 | TR | 2 m @ 0.475 g/t Au | 104 | 106 | Cachoeirinha | 801.054/2011 | |
>= 0.1 g/t Au | Id | Intercepts | From | To | Target | ANM Process | |
PBTR108 | TR | 8 m @ 0.16 g/t Au incl. 2 m @ 0.38 g/t Au | 94 | 102 | Cachoeirinha | 801.054/2011 | |
PBTR108 | TR | 8 m @ 0.18 g/t Au incl. 2 m @ 0.29 g/t Au | 62 | 70 | Cachoeirinha | 801.054/2011 | |
PBTR121 | TR | 16 m @ 0.11 g/t Au incl. 4 m @ 0.302 g/t Au | 150 | 166 | Mundo Novo | 801.049/2011 | |
PBTR095 | TR | 8 m @ 0.17 g/t Au incl. 2 m @ 0.28 g/t Au | 102 | 110 | Moquem Norte | 800.605/2012 | |
PBTR094 | TR | 4 m @ 0.22 g/t Au | 202 | 206 | Moquem Norte | 800.605/2012 | |
PBTR105 | TR | 4 m @ 0.23 g/t Au | 92 | 96 | Cachoeirinha | 801.054/2011 | |
PBTR126 | TR | 2 m @ 0.17 g/t Au | 44 | 46 | Dedezinho | 800.602/2012 | |
PBTR115 | TR | 8 m @ 0.17 g/t Au | 78 | 86 | Barra Nova | 801.054/2011 | |
PBTR120 | TR | 2 m @ 0.15 g/t Au | 240 | 242 | Mundo Novo | 801.049/2011 | |
PBTR108 | TR | 2 m @ 0.12 g/t Au | 198 | 200 | Cachoeirinha | 801.054/2011 | |
PBTR095 | TR | 8 m @ 0.116 g/t Au | 134 | 138 | Moquem Norte | 800.605/2012 | |
PBTR105 | TR | 2 m @ 0.11 g/t Au | 78 | 80 | Cachoeirinha | 801.054/2011 | |
PBTR106 | TR | 8 m @ 0.105 g/t Au | 32 | 36 | Cachoeirinha | 801.054/2011 | |
PBTR108 | TR | 8 m @ 0.11 g/t Au | 148 | 156 | Cachoeirinha | 801.054/2011 | |
PBTR095 | TR | 2 m @ 0.1 g/t Au | 150 | 152 | Moquem Norte | 800.605/2012 |
The current status of the tenements of Pedra Branca canbe seen on the graphic below. We have successfully submitted the finalexploration report of 15 tenements and are advancing it to a PEA stagewithin ANM (“Agencia Nacional de Mineração”) as required bylocal legislation. We have also identified high grade results andseveral continuously mineralized samples over the entire south portionof the Pedra Branca asset as seen on the table of trench assayresults.
Map of Tenement License Status
Drone Geophysical Survey Update
The next milestone in the Phase II program will be toconclude the airborne geophysical magnetic survey (drone survey). Themagnetic survey results will be compiled with the assay results toprovide a more comprehensive database and will be reported accordinglywith all new assay results that will be received, including previouspending assay results from Phase I exploration program. Although therainy weather has presented a constant challenge to the drone surveyteam, results are expected still within May 2022, and thesegeophysical results will be paramount in defining the proper Phase IIIexploration program strategy for Pedra Branca.
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.
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 the development and acquisitionof high-quality mineral assets located in stable and mining-friendlyjurisdictions. South Atlantic Gold is based in Kelowna, BritishColumbia, and is listed on the TSX-V under the symbol“SAO”.
ON BEHALF OF THE BOARD
Douglas Meirelles, President and CEO
For more information regarding this news release,please contact:
Anne Hite, Vice President, Investor Relations
T: 250-762-5777
Email: ir@southatlanticgold.com
Cautionary Note Regarding Forward-LookingInformation
This news release contains statements that constitute"forward-looking Information", as suchterm is used in applicable Canadian securities laws . Such forward-looking information involves known andunknown risks, uncertainties and other factors that may cause theCompany’s actual results, performance or achievements, ordevelopments in the industry to differ materially from the anticipatedresults, performance or achievements expressed or implied by suchforward-looking information. Forward-looking information includesstatements that are not historical facts and are generally, but notalways, 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 the forward-lookinginformation contained in this news release is reasonable based oninformation available on the date hereof, by its natureforward-looking information involves assumptions and known and unknownrisks, uncertainties and other factors which may cause our actualresults, level of activity, performance or achievements, or otherfuture events, to be materially different from any future results,performance or achievements expressed or implied by suchforward-looking information. There can be noassurance that the Fundamental Acquisition will be completed asproposed or at all.
Examples of such assumptions, risks and uncertaintiesinclude, without limitation, assumptions, risks and uncertaintiesassociated with general economic conditions; the Covid-19 pandemic;adverse industry events; the receipt of required regulatory approvalsand the timing of such approvals; that the Company maintains goodrelationships with the communities in which it operates or proposes tooperate, future legislative and regulatory developments in the miningsector; the Company’s ability to access sufficient capital frominternal and external sources, and/or inability to access sufficientcapital on favorable terms; mining industry and markets in Canada andgenerally; the ability of the Company to implement its businessstrategies; competition; the risk that any ofthe assumptions prove not to be valid or reliable, which could resultin delays, 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 .
THE FORWARD-LOOKING INFORMATION CONTAINED IN THISNEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATEOF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCHDATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKINGINFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHERDATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATETHIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED INACCORDANCE WITH APPLICABLE LAWS.
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