Angold Resources Resumes Trading, Targets District-Scale Uranium Exploration in Saskatchewan’s Athabasca Basin
Angold Resources Resumes Trading, Targets District-Scale Uranium Exploration in
Saskatchewan’s Athabasca Basin
Vancouver, British Columbia - January 16, 2024 - Angold Resources Ltd. (TSXV: AAU) (OTC PINK: AAUGF)
(FSE: 13L0) ("Angold" or the "Company") is pleased to announce its shares resumed trading at the opening
of the market on January 15, 2024. This follows the Company’s recently announced definitive agreement
(the “Transaction”) to acquire 1443904 B.C. Ltd. Upon closing of the Transaction, the Company will secure
options on three highly prospective, permitted, drill-ready projects in Saskatchewan’s Uranium City area
from Fortune Bay Corp (“Fortune Bay”) and Standard Uranium Ltd. (“Standard Uranium”). Additionally,
the company is awaiting approval to change its name to Aero Energy Limited (“Aero Energy”).
Overview
• District-Scale Opportunity: Following the Transaction and name change, Aero Energy will outright
own or have options on 250,000 acres of consolidated mineral rights along the frontier
northwestern edge of the Athabasca Basin (see figures here).
• Shortcut To Shallow Drill-Ready Targets: Since 2020, property vendors Fortune Bay and Standard
Uranium have invested $7.6M in exploration, including first -pass drilling, revealing multiple
uranium-fertile EM-conductor corridors and ten new uranium occurrences between 2 0 and 150
m below surface poised for immediate exploration.
• New Exploration Focus: The Properties are significantly underexplored for basement- style
mineralization, a deposit type that has only seriously emerged in the last decade, examples of
which include NexGen Energy’s Arrow Deposit (TSX:NXE) and Fission Uranium’s Triple R Deposit
(TSX:FCU).
Property Highlights
• Murmac Property - Multiple Targets Developing: The Armbruster Corridor on the Murmac
Property hosts a high -grade boulder that assayed 8.82% U 3O8, located near naturally occurring
radioactive springs measuring between 3,000 and 15,000 counts per second*, underscoring the
potential for high-grade, basement-hosted mineralization.
• Strike Property - Discovery Concept Confirmed: The L Corridor on the Strike Property hosts the
Tena uranium showing, with 1,000 tons mined in the 1950s at grades between 0.6 and 3.5% U3O81,
and where recent work shows exploration signatures consistent with Athabasca Basin-associated
high-grade mineralization.
• Sun Dog Property - History of Production: The Sun Dog Property hosts the Gunnar Mine, at one
time the world's largest uranium producer, yielding 18M lbs of U 3O8 from 1953 to 1981 2,3, with
recent drilling identifying one new uranium occurrence along with extensive hydrothermal
alteration.
• Additional Exploration Upside: Collectively the Saskatchewan uranium properties are host to a
preliminary cumulative EM-conductor corridor length exceeding 125 km where planned airborne
and ground geophysics is expected to generate additional corridors of interest.
*Counts per second measured via handheld RS-125 spectrometer
Galen McNamara, Interim CEO, commented, “Following exchange approval we look forward to closing
our acquisition of 1443904 B.C. Ltd. We are planning significant exploration in Saskatchewan in 2024.
Project vendors Fortune Bay and Standard Uranium are remaining on as project operators, which provides
a great advantage to all three companies. Both vendors have built extensive knowledge of the area and I
believe the collective team is poised for discovery. After closing of the Transaction and renaming of our
Company, Aero Energy will represent a rare and unique discovery opportunity in an emerging uranium
marketplace.”
District-Scale Uranium Exploration
Upon closing the Transaction, the Company will have a total of 250,000 acres of uranium -prospective
mineral rights situated along the northwestern margin of the Athabasca Basin in Saskatchewan. This
includes lands fully owned by the Company and those under option agreements (the “Owned Properties”
and the “Optioned Properties”, collectively, the “Properties”) with Fortune Bay Corp and Standard
Uranium Ltd (collectively, “Underlying Owners”).
The Optioned Properties
Since 2020, the Underlying Owners have invested approximately $7.6M in exploration activities on
the Optioned Properties. Exploration on the Optioned Properties has included geological mapping,
hand-held scintillometer prospecting, geochemical sampling, ground and airborne geophysical
surveys, and first-pass drilling. These Properties feature multiple permitted, drill -ready targets
where first-pass drilling efforts have intersected narrow zones of uranium mineralization and wide
zones of hydrothermal alteration. Shallow, elevated uranium in the drill core on the Optioned
Properties is associated with favourable brittle-deformed graphitic rocks and pathfinder elements
typical of high-g rade Athabasca Basin deposits. These results confirm that Athabasca Basin
Unconformity-style mineralizing systems have been active across all three Properties.
Sun Dog Property
The Sun Dog Property (“Sun Dog”) optioned from Standard Uranium covers an area of 48,443 acres in nine
mining claims and is host to the historic Gunnar uranium mine which produced approximately 18M lbs of
U3O8 between 1953 and 1981 3. Sun Dog also hosts historical uranium mineralization at surface ranging
between 0.1% and 3.58% U3O8. Standard Uranium has invested approximately $4M in exploration at Sun
Dog with work including a ground gravity survey, a UAV-b orne magnetic survey, field prospecting and
geochemical sampling. Additionally, from 2022 to 2023, 13 first-p ass holes were drilled which resulted
in the identification of a new uranium occurrence and broad zones of strong hydrothermal
alteration requiring follow-u p.
Sun Dog is under option to 1443904 B.C. Ltd from Standard Uranium. The option provides for the right to
acquire a 100% interest in Sun Dog from Standard for $650,000 in cash and $650,000 in share payments
payable in annual installments over a 2 -year period, and a $6,500,000 work commitment over a 3 -year
period. Following exercise of the Sun Dog Option, Standard will retain a 2% net smelter returns royalty,
which may be reduced to 1% for a $1,000,000 cash payment.
Murmac & Strike Properties
The Murmac Property (“Murmac”) optioned from Fortune Bay covers an area of 25,034 acres in seventeen
mining claims. Murmac is host to multiple historical surface uranium showings exceeding 1% U 3O8 and
grading as high as 25% U 3O84. Fortune Bay has invested approximately $2.1M in exploration at Murmac
having completed an aerial electromagnetic (“VTEM”™) survey, a ground gravity survey covering the
conductors identified by the VTEM survey, field prospecting, and geochemical sampling all in the lead up
to a 2022 maiden drill program totaling 15 holes. Anomalous uranium was intersected in six of the holes,
up to a maximum individual assay of 0.18% U 3O8. Follow-up and exploratory drilling are strongly
warranted at 33 target areas.
The Strike Property (“Strike”) optioned from Fortune Bay covers an area of 24,083 acres in four mining
claims. Strike is host to multiple historical surface uranium showings exceeding 1% U 3O8 and grading as
high as 27% U 3O85. In addition, historical small- scale mining was conducted at the Tena zone where
approximately 1,000 tons was mined in the 1950’s with reported grades of 0.6% to 3.5% U 3O81. Recent
work completed by Fortune Bay has identified geological and geochemical features supporting an
Unconformity-associated origin for Tena (i.e. not Beaverloge -style). Fortune Bay has invested
approximately $1.5M in exploration at Strike and in 2021 completed a ground gravity survey to augment
historical VTEM and geochemical surveys previously completed by Cameco. In 2022, nine drill holes were
completed by Fortune Bay, three of which intersected anomalous uranium mineralization up to a
maximum of 0.43% U3O8. Follow-up and exploratory drilling are strongly warranted at 12 target areas.
Strike and Murmac are under option to 1443904 B.C. Ltd from Fortune Bay. The option provides for the
right to acquire up to 70% in the Strike and Murmac properties from Fortune Bay in three stages for
$1,350,000 in cash and $2,150,000 in share payments payable in annual installments over a 3.5 -year
period. Additionally, the option includes a $6,000,000 work commitment over a 3 -year period. The
Murmac property is subject to an existing 2% net smelter returns royalty.
The Owned Properties
The Owned Properties were staked by the Company through proxies in September of 2023 and cover an
area of 152,530 acres in four claim blocks that have not yet been named. No exploration has yet been
completed by the Company on the Owned Properties, but pre liminary review of the Saskatchewan
provincial mineral assessment files shows that a number of undrilled EM conductors are present,
sometimes in close proximity to historical high-grade uranium showings at surface (>1% U3O8). Early work
will consist of historic data compilation followed by planned airborne and ground geophysics in the lead
up to drill targeting.
Transaction
Completion of the Transaction remains subject to a number of conditions, including receipt of any
required regulatory approvals and the delivery of customary closing documentation. The Transaction
cannot be completed until these conditions have been satisf ied, and there can be no assurance that the
Transaction will be completed in a timely fashion, or at all. For further information regarding the
Transaction, readers are encouraged to review the news release issued by the Company on December 22,
2023.
Qualified Person
The technical content of this news release has been reviewed and approved by Galen McNamara, P. Geo.,
the interim CEO of the Company and a qualified person as defined by National Instrument 43-101.
About Angold Resources Ltd.
Angold is an exploration and development company targeting large-scale mineral systems worldwide. The
Company's assets include projects in gold projects Chile and uranium projects Canada. The Dorado Project
in Chile features a major porphyry -gold system where drill results include 302 m at 0.71 g/t Au. The
Cordillera Project in Chile is strategically located between two multi- million ounce gold deposits and
features multiple gold exploration targets. The uranium projects in Canada are prospective for high-grade
uranium mineralization.
ON BEHALF OF THE BOARD OF DIRECTORS
"Galen McNamara"
Galen McNamara, Chairman and Interim CEO
778-716-7738
Further information on Angold can be found on the Company's website at www.angoldresources.com
and at www.sedarplus.ca, or by contacting the Company by email at [email protected]
References
1. Information obtained from Saskatchewan Mineral Deposit Index, occurrence number 151.
2. Gunnar Uranium Mine: From Cold War Darling to Ghost Town, L. Schramm, Saskatchewan
Research Council, 2018.
3. Geology and Genesis of Major World Hardrock Uranium Deposits, United States Geological
Survey, Open-File Report 81-166, 1981.
4. Historical geochemical results are sourced from the Saskatchewan Mineral Assessment Database
(SMAD) references 74N07-0310 and 74N07-0311.
5. Information obtained from Saskatchewan Mineral Deposit Index, occurrence number 1204.
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policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements: This news release contains forward-looking statements and forward-looking
information within the meaning of applicable securities laws. These statements relate to future events or
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