Kelowna, British Columbia, June 28, 2022 – SOUTH ATLANTIC GOLD INC. (TSX-V: SAO) (“South Atlantic” or the “Company”) announces the continuance of consolidation and interpretation of the geological and geophysical data at the Pedra Branca project located in Ceará State, northeastern Brazil. A new updated map illustrates an anomaly resulting from the geophysical magnetic survey alongside 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 of the Pedra Branca project is quickly growing as the consolidation and interpretation of the exploration works continues. The mineralization of a continuous trend is evident. As highlighted in the June 13, 2022 news release (click here to view), new compelling targets were discovered and this work will form the basis for the next phase of exploration over the Mineral Resource area, that remains open in all directions including at depth.
Mr. Meirelles continued, “Moving forward, we will finalize consolidation of the recent exploration results in order to better understand the structural controls on gold mineralization, which will enable us to prioritize the best targets for future drilling. This approach is effective on a district-scale asset such as Pedra Branca which extends for 60km covering an area greater than 45,000 hectares.”
Completed Geophysics Work
The high-resolution geophysics flown over areas of known mineralization presents a unique magnetic signature which extends beyond the limits of the current resource defined by drilling completed to date. Integration of his new data with prior geological information will now allow further refinement and prioritization of targets along the full extent of the controlling structural trend which traverses South Atlantic’s tenement package.
New Strike Length
The strike length for the mineralized trend over the resource and main target areas has continued to grow and now stands at14 kilometers of strike length.Additionally, exploration conducted in both Phase I and II included drilling with an average depth of approximately 40 meters, hence the trend is not only open laterally and throughout its extension but open at depth. The map below also highlights an area with no exploration work in conjunction with the 33 highest grade intercepts that have been released in previous news releases but have not, until now, been exhibited on a map with the geophysical magnetic results.
Qualified Person’s Statement
The scientific and technical information that forms the basis for parts of this news release was reviewed and approved by Marcelo Antonio Batelochi (P.Geo.), MAUSIMM (CP), the Company’s Exploration Manager who is a Qualified Person as defined by NI 43-101.
South Atlantic Gold is an exploration company engaged in acquiring and advancing mineral properties located in the Americas. Our flagship asset is the 100%-owned Pedra Branca project, located 280 km southwest of Fortaleza, Ceará State, Brazil. South Atlantic Gold is focused on creating value for its shareholders by engaging in the development and acquisition of high-quality mineral assets located in stable and mining-friendly jurisdictions. South Atlantic Gold is based in Kelowna, British Columbia, 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
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 Canada and generally; the ability of the Company to implement its business strategies; competition; the risk that any of the assumptions prove not to be valid or reliable, which could result in delays, or cessation in planned work, risks associated with the interpretation of data, the geology, grade and continuity of mineral deposits, the possibility that results will not be consistent with the Company’s expectations, as well as other assumptions risks and uncertainties applicable to mineral exploration and development activities and to the Company, including as set forth in the Company’s public disclosure documents filed on the SEDAR website at www.sedar.com.
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 ANY OTHER 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 TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.