South Atlantic Gold Updates Phase II Exploration Program: Trenching Program Completed and Mineralization Extends Throughout Pedra Branca Trend
TSX-V: SAO
South Atlantic Gold Updates Phase II Exploration Program:
Trenching Program Completed and Mineralization Extends Throughout Pedra Branca Trend
Kelowna, British Columbia, May 6, 2022 - SOUTH ATLANTIC GOLD INC. (TSX-V: SAO) (“South Atlantic”
or the “ Company”) announces the completion of the trench ing program of the Phase II exploration
program at its Pedra Branca project, located in Cear á state, northeastern Brazil. The trenching program
assayed over 200 mineralized intersections, including the highest grading intersection at surface identified
so far with 3 meters (“m”) grading 38 grams per tonne (“g/t”) gold (“Au”).
The Relatório Final de Pesquisa (“RFP”) report was submitted to the Agencia Nacional de Minera ção
(“ANM”), the Brazilian mining agency, on time and in compliance with the deadline as set by Brazilian
mining regulations. In addition, t he northern portion of the drone geophysical magnetic survey (news
release dated April 8, 2022 and located here) is on-going and the results of this study should identify
exploration targets to support the exploration strategies with the goal of continuously adding mineral
resources.
Douglas Meirelles, CEO stated, “The Company has successfully completed all trenches for the Phase II
exploration program at Pedra Branca. The results have arrived and are being reported as we work to
consolidate the data. We have now completed a major milestone and have filed all the final required
exploration reports with ANM and expect that these 15 tenements will be approved for the next phases in
the process and will be converted from exploration into mining concessions . As shown with the Phase I
exploration program, we continue to achieve our objectives on time and on budget.”
Trenching Program for ANM Final Exploration Report
The required exploration schedule included a detailed trenching program that outlined 48 trenches
totaling 9,880 meters and minimal supportive RC drilling for each tenement. The program was successful
in extending the current known mineralized trends south in the Pedra Branca tenement package and
supported the previously defined Mineral Resources report (RFP) filed with the Brazilian mining agency,
ANM. This work had the objective to convert 15 of the tenements that comprise the Pedra Branca project
from exploration to mining concession tenements. The map below highlights the best trench intercepts
from the Phase II trenching.
Trench results are listed in the following table:
TSX-V: SAO
Highlights of Trenching Results from Phase II Trenching Program
Trenches (TR) and Reverse Circulation (RC) Drilling Ore Intercepts
>= 0.4 g/t Au
Id Type Intercepts From To Target ANM Process
PBTR047 TR 3 m @ 32.63 g/t Au incl. 1 m @ 96.04 g/t Au 21 23 Barra Nova 801.059/2011
PBTR048 TR 1 m @ 1.58 g/t Au 139 140 Barra Nova 801.059/2011
PBTR106 TR 8 m @ 0.94 g/t Au incl. 2 m @ 3.3 g/t Au 12 20 Cachoeirinha 801.054/2011
PBTR108 TR 6 m @ 0.78 g/t Au incl. 2 m @ 1.75 g/t Au 176 182 Cachoeirinha 801.054/2011
PBTR098 TR 2 m @ 0.59 g/t Au 18 20 Moquem Norte 800.605/2012
PBTR098 TR 2 m @ 0.54 g/t Au 350 352 Moquem Norte 800.605/2012
PBTR096 TR 2 m @ 0.47 g/t Au 118 120 Moquem Norte 800.605/2012
PBTR097 TR 2 m @ 0.45 g/t Au 114 116 Moquem Norte 800.605/2012
PBTR099 TR 2 m @ 0.41 g/t Au 246 248 Moquem Norte 800.605/2012
PBTR105 TR 2 m @ 0.475 g/t Au 104 106 Cachoeirinha 801.054/2011
>= 0.1 g/t Au
Id Intercepts From To Target ANM Process
PBTR108 TR 8 m @ 0.16 g/t Au incl. 2 m @ 0.38 g/t Au 94 102 Cachoeirinha 801.054/2011
PBTR108 TR 8 m @ 0.18 g/t Au incl. 2 m @ 0.29 g/t Au 62 70 Cachoeirinha 801.054/2011
PBTR121 TR 16 m @ 0.11 g/t Au incl. 4 m @ 0.302 g/t Au 150 166 Mundo Novo 801.049/2011
PBTR095 TR 8 m @ 0.17 g/t Au incl. 2 m @ 0.28 g/t Au 102 110 Moquem Norte 800.605/2012
PBTR094 TR 4 m @ 0.22 g/t Au 202 206 Moquem Norte 800.605/2012
PBTR105 TR 4 m @ 0.23 g/t Au 92 96 Cachoeirinha 801.054/2011
PBTR126 TR 2 m @ 0.17 g/t Au 44 46 Dedezinho 800.602/2012
PBTR115 TR 8 m @ 0.17 g/t Au 78 86 Barra Nova 801.054/2011
PBTR120 TR 2 m @ 0.15 g/t Au 240 242 Mundo Novo 801.049/2011
PBTR108 TR 2 m @ 0.12 g/t Au 198 200 Cachoeirinha 801.054/2011
PBTR095 TR 8 m @ 0.116 g/t Au 134 138 Moquem Norte 800.605/2012
PBTR105 TR 2 m @ 0.11 g/t Au 78 80 Cachoeirinha 801.054/2011
PBTR106 TR 8 m @ 0.105 g/t Au 32 36 Cachoeirinha 801.054/2011
PBTR108 TR 8 m @ 0.11 g/t Au 148 156 Cachoeirinha 801.054/2011
PBTR095 TR 2 m @ 0.1 g/t Au 150 152 Moquem Norte 800.605/2012
The current status of the tenements of Pedra Branca can be seen on the graphic below . W e have
successfully submitted the final exploration report of 15 tenements and are advancing it to a PEA stage
within ANM (“Agencia Nacional de Mineração”) as required by local legislation . We have also identified
high grade results and several continuously mineralized samples over the entire south portion of the Pedra
Branca asset as seen on the table of trench assay results.
TSX-V: SAO
Map of Tenement License Status
Drone Geophysical Survey Update
The next milestone in the Phase II program will be to conclude the airborne geophysical magnetic survey
(drone survey). The magnetic survey results will be compiled with the assay results to provide a more
comprehensive database and will be reported accordingly with all new assay results that will be received,
including previous pending assay results from Phase I exploration program . Although the rainy weather
has presented a constant challenge to the drone survey team, results are expected still within May 2022,
and these geophysical results will be paramount in defining the proper Phase III exploration program
strategy for Pedra Branca.
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.
TSX-V: SAO
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 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
T: 250-762-5777
Email: [email protected]
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TSX-V: SAO
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