South Atlantic Gold Announces Updates to Pedra Branca’s Permits and Licenses and Metallurgical Testing Results
TSX-V: SAO
South Atlantic Gold Announces Updates to Pedra Branca’s Permits and Licenses and
Metallurgical Testing Results
Kelowna, British Columbia, November 10, 2022 - SOUTH ATLANTIC GOLD INC. (TSX-V: SAO) (“South
Atlantic” or the “Company”) is pleased to announce that the Brazilian environmental agency for the state
of Ceará has commenced the evaluation process to license the Company’s operations. The Company has
also completed metallurgical testwork on the main ore zones of the Pedra Branca project as required by
the mining license process.
Highlights
• The environmental agency (SEMACE – Secretaria do Meio Ambiente do Ceará) review will provide
key guidance (“Termo de Referência”) for the environmental requirements specific to Pedra
Branca mining operations.
• The Company anticipates a request for an Environmental Impact study of the Queimadas target
tenement area (click here to view Map 1).
• As part of the National Mining Agency requirement, the Company concluded metallurgical testing
in the Queimadas project area, resulted in gold recoveries of 92.6% from direct cyanide leaching
(P80 @ 75 microns) and 63.8% from gravity-recoverable-gold (Falcon Gravity Concentrator) from
fresh rock, which also has visible pyrite and pyrrhotite.
• The company is now evaluating a path to a trial mining license ( “Guia de Utilização”) within its
tree main tenements that are part of the main ore zone and are under the mining concession
licensing stage (Queimadas, Igrejinha and Mirador).
Douglas Meirelles, President and CEO stated, “The excellent metallurgical results from the main ore zone
within the Queimadas tenement and the current status of the licensing process allows the Company the
option to pursue a small-scale production license for trial mining. It should be noted that a trial, small scale
mining license does not preclude the Company from continu ing the exploration activities in the entire
tenement, nor does it exclude us from transitioning from small-scale mining into a larger operation in the
future. We will continue to upd ate the market as we advance the steps with the government al agencies
and ultimately unlock the proposed government grants through our partnership agreement.”
TSX-V: SAO
MAP 1
Overview of the current inferred resource area and main project zone of operations and highlights
potential future exploration programs
TSX-V: SAO
Metallurgical Tests
The samples submitted for metallurgical testing were from both the oxide zone and from fresh rock, with
limitations to the size of the initial pit. These samples were tested for gold concentration via a Falcon
centrifuge to test gravity concentration followed by cyanide leaching. The tests were carried out on milling
product leaching, Falcon tailings leaching and intensive leaching from the gravitational separation step.
Tests were also made for BWi. (Bond Work Index) / Grinding Curve, which tests hardness and amenability
to grinding and crushing which resulted in a BW I of 19.2 kwh/tonne for the fresh r ock. In addition, the
samples were analyzed by Metallic Screen for higher accuracy.
Qualified Person’s Statement
The scientific and technical information of this news release was reviewed and approved by Marcelo
Antonio Batelochi (P.Geo.), MAUSIMM (CP), t he 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, Cear á 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 lo cated 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
T: 250-762-5777
Email: [email protected]
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 achi evements, 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,
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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 opera tes 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 t o 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 Vent ure 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 .