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HIGHLIGHTS
- 1,826 meters (“m”)of RC drilling have been completed as of
10 January 2021 , resulting in over 1,300 samples. Assay results have been reported for293 samples to date. The completed program is estimated to consist of 5,800 samples from 5,300 m of drilling.- More than7,497 m of trenchinghas been completed to date, generating more than 3,483 samples and 2,662 assay results.
- Historicaldrilling validationhas been completed in the central area of the tenements at Queimadas and Coelhos targets.Laboratory assay results are pending.
- The Igrejinha target continues to be the main focus of the RC drilling program, withPB-RC-002 returning 1 m grading 5.9 grams per tonne (“g/t”)from 22 m depth, and PB-RC-003A intercepting3 m at 1.13 g/t Au from 5m depth. Trenches at Igrejinha, PB-TR-009 and PB-TR-006 returned6 m grading 7.19 g/t Au, and29 m grading 0.73g/t Au (Including 3m at 3.22g/t Au), respectively.
- Mapping and trenching at Bombeiro and Igrejinha has (as press released on
9 December 2020 ), located new discoveries of mineralization.
2020 REVIEW
The year 2020 was successful on several fronts, highlights of which included:
- The Company recruitednew management and technical teamsand appointed
Douglas Meirelles as CEO and President.- The Company furtherrevitalized its board of directorswith the appointment of
Bruce Higson-Smith (Chairman),Marc Leduc , andAntenor Silva .- The completion of the Pedra Branca Fundamental Acquisition and joint venture with Jaguar Mining Inc. led to there-branding of the company to
South Atlantic Gold further highlighting the Company’s focus on gold exploration in theAmericas .- The Company raised
$2M forEarn-In Expenditures and Working Capital .- Early exploration resulted in the identification ofnew mineralized occurrencesat Igrejinha and Bombeiro targets.
EARN-IN AGREEMENT UPDATE, PEDRA BRANCA PARTNERSHIP WITH JAGUAR MINING INC.
PEDRA BRANCA EXPLORATION PROGRAM UPDATE
The company continues to work toward the completion of the Phase I Exploration program at Pedra Branca which includes new drilling and validation of historical drillingas outlined by the recommendations in the N.I. 43-101 technical report for the Pedra Branca project dated
Exploration remains on budget at Pedra Branca. South Atlantic’s expectation is to use data collected from the current and previous exploration programs to release an NI 43-101 compliant resource estimate.Assay results have been slower than anticipated due to delays at the Brazilian assay laboratories due to the Covid-19 pandemic.
The results of the exploration program to date confirm the mineralization occurring along a highly deformed, folded, and sheared trend with N10E strike, 45SE dip, widths and thicknesses of 2 to 20 meters from the mineralized horizons at Igrejinha, Bombeiro, Condado and Mir-Coelho targets.An orthophoto topographical survey is currently underway.
IGREJINHA TARGET
The Igrejinha target has generated intersections of27m at 0.73g/t including 3m at 3.22g/t Au (Trench PBTR006)and10m at 3.99g/t Au including 1.0m@31.0g/t Au (Trench PBTR009)(Figure 1).
Two main mineralized trends have been identified including 188m of strike, dipping 45 degrees to the East, and is open in all directions at the Igrejinha target.
Click Image To View Full Size
(Figure 1)
Maiden RC drilling at Igrejinha intercepted2m at 5.9 g/t goldinPB-RC-002and3m at 1.13 g/t Au in PBRC003A.
Trenches at the Mir-Coelho target intercepted 13m of 4.45 g/t Au (including 1m at 55.84 g/t Au). This target was drilled in the past by Jaguar Mining Inc. Re-assays of historical drilling are under laboratory analysis. Further RC drilling will be scheduled once assay results are received.
PEDRA BRANCA LICENSES & PERMITS UPDATE
Of the 24 tenements, the main targets including Coelhos, Queimadas and Mirador are under mining concession process and are expected to go into an environmental impact study towards the latter part of 2021. The licenses and permits are valid, and the Company is in continuous communication with ANM to ensure that all of the licenses are properly maintained and updated in a timely manner.
QA/QC PROCEDURES
All samples were analyzed at either SGS GEOSOL Laboratórios Ltda in
Gold analysis is carried out using fire assay comprising three stages: Fusion, Cupellation and Analysis.
Samples with a gold fire assay equal to or higher than 10.0 g/t Au are re-analyzed by a screen-metallic method. Base metal assays are first determined by ICP-OES (Inductive Coupled Plasma-Optical Emission Spectroscopy). Analyses of ore elements that exceed the method's upper limits are re-analyzed by appropriate ore-grade methods.
About
ON BEHALF OF THE BOARD
For more information regarding this news release, please contact:
T: 250-762-5777
Email: ir@southatlanticgold.com
Qualified Person
The scientific and technical information that forms the basis for parts of this press release was reviewed and approved by Marcelo Antonio Batelochi (
Cautionary Note Regarding Forward-Looking Information
This news release contains statements that constitute "forward-looking Information",as such term is used in applicable Canadian securities laws. Such forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking information. Forward-looking information includes 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 or conditions "will," "would," "may," "could" or "should" occur.
Although the Company believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by its nature forward-looking information involves assumptions and known and unknown risks, uncertainties and other factors which may cause our actual results, level of activity, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.There can be no assurance that the Fundamental Acquisition will be completed as proposed or at all.
Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with general economic conditions; the Covid-19 pandemic; adverse industry events; the receipt of required regulatory approvals and the timing of such approvals; that the Company maintains good relationships with the communities in which it operates or proposes to operate, future legislative and regulatory developments in the mining sector; the Company’s ability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; mining industry and markets in
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANYOTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
Neither the
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