Kelowna, British Columbia – TheNewswire – April 8, 2022 – SOUTH ATLANTIC GOLD INC. (TSXV:SAO) (“South Atlantic” or the “Company”) announces that it has engaged Stratus Aeronautics Inc. (Strata), with headquarters in British Columbia, Canada and offices in Brazil, to perform a high-resolution drone magnetic survey over the Pedra Branca Project located in Ceará State, Brazil.
The drone magnetic survey will be conducted over the Pedra Branca gold resource reported in the NI 43-101 technical report (dated March 16, 2021 found here) and extending 1-2 kilometers (“km”) laterally along the NI20E exploration trend. The objective is to use the magnetics to define a standard signature over areas of known mineralization to provide an additional guide for the exploration as well as possible additions to the magnetic survey. These magnetic signatures should help guide the proposed drilling campaign to potentially increase the inferred mineral resources in the second quarter of 2022.
Initially, the drone flight plan is scheduled to fly over two sectors:
First, the Coelhos-Queimadas and Igrejinha targets to the north. The plan will be focused on the creation of a pattern at Coelhos-Queimadas and to obtain a magnetic profile over the area encompassing both the Coelhos-Queimadas and Igrejinha targets.
Second, the southern Pedra Branca tenements using the same approach as above, over the Mirador and Mir-Coelho targets.
Initially a total of 508 km will be flown by Strata with line spacing of 50 meters (“m”). A map of the drone survey areas can be seen here.
Douglas Meirelles, CEO stated, “This drone magnetic survey is a significant step toward developing optimal exploration methodologies over the majority of the Troia Greenstone Belt controlled by South Atlantic. By defining the magnetic signature and the structural footprint over the current drilled resource, we can apply these parameters to design and select targeted extensions of the resource and prioritize new drill targets over several areas including the zones of anomalous mineralization discovered during the recent trenching program. We look forward to integrating these results into our current geological database and to systematically advance this project.”
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.
About South Atlantic Gold
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.
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