South Atlantic Gold Announces Completion of 75% Earn-in on the Pedra Branca Project, Brazil. Maiden Resource Imminent.
TSX-V: SAO
South Atlantic Gold Announces Completion of
75% Earn-in on the Pedra Branca Project, Brazil. Maiden Resource Imminent.
Kelowna, British Columbia, June 10, 2 021 - SOUTH ATLANTIC GOLD INC. (TSX-V: S AO) (“South Atlantic”
or the “Company”) is pleased to announce that it’s 75 percent (“%”) earn-in on the Pedra Branca Project,
located 280 kilometers (“km”) southwest of Fortaleza, Ceará State, Brazil has been completed. An audit
of the US$1 million in exploration expenditures by Sout h Atlantic from its Phase 1 exploration program
has been completed and Jaguar has accepted the results which completes the earn -in requirements for
the 75% interest.
Douglas Meirelles, CEO stated, “The 75% earn-in we just completed represents the first significant hurdle
at Pedra Branca. We anticipate publishing the National Instrument (“NI”) 43 -101-compliant technical
report with a maiden resource in the next few weeks. The publication of the maiden resource report will
also allow the company to earn-in 100% of the Pedra Branca project and will also highlight the Phase II
exploration program at Pedra Branca.”
Upcoming Catalysts
The Phase 2 Exploration Program details are outlined in the “Technical Report, Geology, Mineralization
and Exploration of the Pedra Branca Gold Project, Ceará State, Northeastern Brazil” dated August 21,
2020. The details of the Phase 2 program include further RC drilling, higher density, and deeper diamond
drilling, updating geological and structural models, an additional updated resource estimation, and further
community engagement.
The company will complete the required government processes to transfer the Pedra Branca asset to
South Atlantic Gold’s subsidiary in Brazil.
About South Atlantic Gold
South Atlantic Gold is an exploration company engaged in acquiring and advancing mineral properties
located in the Americas. The Company’s principal BC asset is the wholly -owned 4,056-hectare Big Kidd
property, located near Aspen Grove, BC. Our Brazilian flagship asset is our option to acquire the Pedra
Branca project, located 280 km southwest of Fortaleza, Ceara 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’s 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
T: 250-762-5777
Email: [email protected]
TSX-V: SAO
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