Sage Gold Delivers Second Shipment to Mill
Momentum Public Relations
Press Release: November 24, 2017
TORONTO, ONTARIO–(Marketwired – Nov. 24, 2017) – Sage Gold Inc. (“Sage Gold” or the “Company”) (TSX VENTURE:SGX) is pleased to announce that the Black Fox-Stock Mill has completed processing a second bulk shipment of mineralized material from the Clavos gold mine.
Similar to the first bulk sample mill run October 13th to 16th, 2017, the mineralized material is comprised primarily of remnant broken material recovered from the mine’s previous owners’ workings along with some new development rock. The first mill run yielded approximately 475 ounces of gold.
In addition, we are pleased to report that substantially all of the Clavos Mine complex has been connected to grid power which will enable increased progress in all areas, including dewatering, drilling and mining.
An exploration and definition drilling program continues with the purpose of updating and increasing the existing mineral resource estimate.
Nigel Lees, President and Chief Executive Officer of Sage Gold commented, “We were pleased with the results of the first shipment. While the second shipment is also comprised of primarily remnant mineralized material, we anticipate future shipments to encompass the existing plus additional work areas that have recently been dewatered and rehabilitated within the lower elevations of the mine.”
The Clavos Mine is located in Timmins, Ontario which one of the most prolific and active gold camps in Canada. The Timmins-Porcupine area has produced well over 100 million ounces of gold in more than a century. The Clavos mine is fully permitted for 700 tonnes a day production.
The operational plans disclosed in this news release have been reviewed and approved by Robert Ritchie P. Eng, who is a Qualified Person (“QP”) as defined in National Instrument 43-101 (“NI 43-101”).
Sage Gold currently plans to complete a Mineral Reserve Estimate and a Pre-Feasibility Study for the Clavos Gold Project in compliance with NI 43-101. In the event that a production decision is made that is not based on a Pre-Feasibility study of Mineral Reserves demonstrating economic and technical viability prepared in accordance with NI 43-101, readers are cautioned that there is increased uncertainty and higher risk of economic and technical failure associated with such production decisions.
About Sage Gold
Shares Outstanding 82,529,430
The Company is a mineral exploration and development company which has primary interests in near-term production and exploration properties in Ontario. Its main properties are the Clavos Gold property, 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} owned, in Timmins and the 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} owned Onaman property and other exploration properties in the Beardmore-Geraldton Gold Camp. Technical reports and information relating to the properties can be obtained from the System for Electronic Document Analysis and Retrieval (“SEDAR”) website at www.sedar.com and from the Company’s website at www.sagegoldinc.com.
CAUTIONARY STATEMENT: Neither the TSX Venture 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. This news release may contain forward looking information and the Company cautions readers that forward looking information is based on certain assumptions and risk factors that could cause actual results to differ materially from the expectations of the Company included in this news release. This news release includes certain “forward-looking statements”, which often, but not always, can be identified by the use of words such as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management’s expectations. Forward-looking statements include estimates and statements with respect to the Company’s future plans, objectives or goals, to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties.
Actual results relating to, among other things, results of exploration, metallurgical processing, project development, reclamation and capital costs of the Company’s mineral properties, and the Company’s financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as, but are not limited to: failure to identify mineral resources; failure to convert estimated mineral resources to reserves; the preliminary nature of metallurgical test results; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; political risks; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets, inflation, changes in exchange rates; fluctuations in commodity prices; delays in the development of projects; capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry; and those risks set out in the Company’s public documents filed on SEDAR. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company’s forward-looking statements. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Nigel Lees
President and CEO
416-204-3170
nlees@sagegoldinc.com
www.sagegoldinc.com
Sage Gold Receives Final Tranche of Clavos Financing
Sage Gold Receives Final Tranche of Clavos Financing
Momentum Public Relations
Press Release: July 27, 2017
TORONTO, ONTARIO–(Marketwired – July 27, 2017) – Sage Gold Inc. (“Sage” or the “Company”) (TSX VENTURE:SGX) has drawn down the third and final tranche of the gold prepayment facility from Cartesian Royalty Holdings Pte. Ltd. (“CRH“) to fund the ongoing re-opening of its Clavos gold project (“Clavos“) in Timmins, Ontario.
The third and final tranche draw down of $3.26 million was subject to certain conditions which have been fully satisfied. The CRH gold prepayment facility has provided $9.65 million to Sage, of which $7.22 million has now been received to fund the ongoing start-up and capital expenditures at Clavos.
Nigel Lees, President and CEO commented, “We are pleased to receive the final tranche of the gold prepayment financing. Our mine restart program is going well and the underground workings are in excellent condition. We are on time and on budget to ship to the mill for processing mineralized material in September.”
The historical underground workings include roughly 7 kilometres of underground development and extend down to the 300 metre level. Historical expenditures incurred by the previous operator and the Company prior to the restart of Clavos have exceeded $70.0 million.
Mine dewatering at Clavos commenced in the beginning of 2017 and is currently at the 225 metre level. The dewatering of the entire underground infrastructure is expected to be complete by the fourth quarter of this year. Currently, several stopes are available for mining above the 225 metre level. The Company is beginning to stockpile mineralized material extracted from the 150 metre East level using a combination of broken stope material that was left in place by the previous operator, and material developed through Sage’s ongoing definition drilling. An extensive definition drilling program has been underway since May 2017 and the exploration phase of the planned 9,300 metre underground drilling program will commence next month. The Company will provide a full operational update and initial drilling results on Clavos shortly.
Sage currently plans to complete a reserve estimate and a pre-feasibility study on Clavos. In the event that a production decision is made that is not based on a feasibility study of mineral reserves demonstrating economic and technical viability prepared in accordance with National Instrument 43-101, readers are cautioned that there is increased uncertainty and higher risk of economic and technical failure associated with such a production decision.
Robert Ritchie P.Eng., the General Manager of the Clavos Project, is a qualified person (“QP”) under National Instrument 43-101 and has reviewed and approves the technical content of this news release.
Shares for Debt
Sage further announces that it intends to complete a debt settlement transaction (the “Debt Settlement“) with certain creditors (“Creditors“), providing for the settlement of $94,544 through the issuance of an aggregate of 472,000 common shares of the Corporation (“Common Shares”) at a deemed issue price of $0.20 per Common Share. The Debt Settlement is subject to regulatory approval. The Corporation expects to complete the Debt Settlement shortly after such approval is obtained.
About Sage Gold
The Company is a mineral exploration and development company with primary interests in advanced exploration properties in Ontario. Its main properties are the 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}-owned Clavos Gold property in Timmins, the 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}-owned Onaman property, and other exploration properties in the Beardmore-Geraldton Gold Camp. Technical reports and information relating to the properties can be obtained from the System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedar.com and www.sagegoldinc.com.
CAUTIONARY STATEMENT: Neither the TSX Venture 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. This news release may contain forward looking information and the Company cautions readers that forward-looking information is based on certain assumptions and risk factors that could cause actual results to differ materially from the expectations of the Company included in this news release. This news release includes certain “forward-looking statements”, which often, but not always, can be identified by the use of words such as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management’s expectations. Forward-looking statements include estimates and statements with respect to the Company’s future plans, objectives or goals, to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, metallurgical processing, project development, reclamation and capital costs of the Company’s mineral properties, and the Company’s financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as, but are not limited to: failure to identify mineral resources; failure to convert estimated mineral resources to reserves; the preliminary nature of metallurgical test results; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; political risks; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets, inflation, changes in exchange rates; fluctuations in commodity prices; delays in the development of projects; capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry; and those risks set out in the Company’s public documents filed on SEDAR.
This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company’s forward-looking statements. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Shares outstanding: 76.6 million
CONTACT INFORMATION
-
Nigel Lees
President and CEO
416-204-3170
nlees@sagegoldinc.com
www.sagegoldinc.com
Gold is moving, so is this Company!
Gold is moving, so is this Company!
By Christopher Ecclestone
The mining industry has got itself a reputation in recent years for slowness, so a project that is moving rapidly towards a production date from a standing start, in less than a year, is impressive indeed. Such a stock is Sage Gold.
This rocket propulsion is a combination of a skilled management team steeped in mine operating experience combined with an “oven-ready” project that was built at heavy expense by St Andrew’s Goldfields and picked up by Sage’s management for a song. This is the mining industry equivalent of Plug-and-Play.
What Sage has…
The Clavos mine, located within the Timmins mining camp, was mined briefly between mid-2005 until August 2006 and again until May 2007 under the ownership of St Andrew’s Goldfields.
The Clavos property covers 2,540 hectares in total area with the property 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} owned by SGX. Clavos is 20kms from the Hoyle Pond mine, which has produced more than 2.4mn ozs since 1985 and is still in operation.
Historically, some $60 million was invested by St. Andrew Goldfields and Sage in the mine/project. The existing infrastructure in place, includes underground ramp access to the 300 metre level, underground levels developed every 25 metres, power to site, surface ventilation system and a water management system. The project has an existing mining permit valid up to 2019.
The Black Fox Mill – The Shortcut to Production
A key part of the strategy to minimize the capital spend at Clavos is the utilization of a nearby mill to process the ore from the mine. Clavos is located around 10 kilometres from the Primero Gold’s mill in Stock Township.
The Black Fox mill site is located at the past-producing Stock mine, 28 kilometres by road from the Black Fox mine site. The mill is a 2,500 tonnes per day carbon in leach (CIL) facility.
Like Clavos, the mill was previously owned by St. Andrew Goldfields (now Kirkland Lake Gold) during the 2005-2007 periods when St. Andrews was operating the Clavos mine. The current operating management of the mill was around when over 100,000 tonnes of Clavos ore was processed hence the familiarity of the mill operators with the Clavos material.
Sage Gold has signed a binding toll milling agreement with Primero over the flow of ore they expect to send to the mill, processing up to 200,000 tonnes per year for a total of 1.1 million tonnes over the estimated seven-year mine life of the Clavos Mine.
It’s worth noting that the mill is actually closer to Sage’s mine than it is to Primero’s. Also, the haul road between Clavos and the mill is owned jointly by Sage and Primero. The haul road is not part of the Provincial highway system and Sage will be able to use larger haul trucks between Clavos and the mill than would otherwise be permitted on the Provincial highways.
The modus operandi will be that rather than a continuous feed from Clavos the ore from the mine will be loaded underground and trucked directly to the mill. It shall be stockpiled there and then the mill will operate alternating between feed from Clavos and feed from Black Fox in 10,000 tonne batches.
Here’s the Plan
A mine production rate of 600 tonnes per day is optimum for the mineralized structures contained within the Clavos deposit. The mine is however permitted to 700tpd. The plan is to start with 40 tpd productions with cut & fill mining of the stopes. An incremental 40tpd per day will be added to production every thirty days until capacity is reached.
This tonnage would permit a life of mine of seven years to extract 70{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the outlined mineral resource estimated tonnage of Indicated 1,258,400 tonnes plus Inferred 796,000 tonnes.
In the Clavos mine plan, there is readily available 847,133 tonnes of the 1,148,900 tonnes to be extracted prior to having to extract the remaining 301,767 tonnes which includes removing the crown pillar. The remaining 30{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the Indicated and Inferred resource estimate was not included in the mineralized material extraction scheduling process.
A 23-month period to permit mine dewatering, mine rehabilitation, definition/delineation diamond drilling and pre-stope development scheduling is envisaged to achieve a full production rate of 600 tonnes per day, or 210,000 tonnes per year based on 350 operating days per year.
During this 23 month period, the following mineralized material will have been delivered to a custom milling facility for processing, and Clavos will have produced the gold.
Reasons to Invest
Sage Gold might be looked at as being St Andrews Goldfields Junior. Its main asset was developed by St Andrews at sizeable expense and now Sage Gold have picked it up for a mere fraction of the previously invested amount and are bringing it back to production.
Meanwhile Primero Mining had acquired up the Stock Mill complex (changing its name) from St Andrews and in a case of history repeating itself this mill (and the privately owned road connecting mine to mill) will be put back into operation to obviate the need for processing at site. Sage Gold is making the original vision of St Andrews into a functioning reality.
So how can a junior succeed where a well-known mid-tier could not? The secret we believe is a combination of a team that is heavy with skills from first tier players combined with restoring the previous synergies of the various assets and doing so with a strict approach to costs and efficiencies.
With dewatering moving ahead at a brisk pace, production should be initiated in the second half of 2017. With mining stocks having retreated from 2016 highs the old discriminator of producer versus developer/explorer comes back into play and the move by Sage Gold into production moves it into the most favoured category of mining stocks, those with cashflow.
We rate Sage Gold as a Long and are have upped our twelve-month share price target to CAD$0.94.
MacDonald Mines expands Wawa-Holdsworth Project: Acquires Contiguous Claims from Sage Gold
MacDonald Mines expands Wawa-Holdsworth Project: Acquires Contiguous Claims from Sage Gold
Momentum Public Relations
Press Release: July 4, 2017
TORONTO, ONTARIO–(Marketwired – July 4, 2017) – MacDonald Mines Exploration Ltd. (TSX VENTURE:BMK) (“MacDonald Mines”, the “Company”, or “BMK”) and Sage Gold Inc. (TSX VENTURE:SGX) (“Sage”) announce that they have signed a Letter of Intent for MacDonald Mines to purchase Sage’s 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} interest in the Soocana Claims, adjacent to the Holdsworth property, in the Esquega and Corbiere Townships of Northern Ontario (Figure 1).
Quentin Yarie, MacDonald’s President and CEO commented: “We have secured the remainder of the 99-year lease on the Soocana Claims. Work done on the claims in the 1930s and 40s uncovered several quartz veins with varying concentrations of gold, but not much exploration has been conducted there since. We have reason to believe that the Soocana Claims host an extension of the Oxide Sands on the adjacent Holdsworth property – the immediate gold target on our Wawa-Holdsworth Project.”
Nigel Lees, Sage’s President and CEO commented: “We are pleased to sign an agreement with MacDonald Mines on this property. We are focused on our Clavos Gold property in Timmins. The MacDonald team has the knowledge and expertise in the area to successfully develop the property. We look forward to being a partner as a shareholder and royalty holder.”
About the Soocana Claims
The Soocana Claims consist of a contiguous block of 12 claims that cover 437.3 acres. The claims are under a 99-year lease agreement with Josephine Forest Resources Ltd. that expires on July 31, 2039.
The Reed-Booth Showing (Figure 1) forms the largest gold showing recognized to date on the Soocana Claims. The mineralized system, discovered in 1933 by Reed & Booth (who thereafter founded the Soocana Mining Co.) is comprised of two veins, the largest one being named Vein #1. Vein #1 was traced over a strike length of 414 metres in the 1930s by surface mapping and diamond drilling. The best channel sample taken in the 1930s by the Soocana Mining Co. in that vein contains 23.6 g/t gold over 3 metres (OFR5798). Grab samples taken by the Ontario Geological Survey in 1981 and 1990 in the waste rock of the vein system also returned high gold content with an individual grab sample containing up to 124.49 g/t gold and 33.86 g/t silver (OFR5798).
The Golden Goose Shear Zone, where MacDonald Mines collected a grab sample that contains 5.36 g/t gold (see December 13, 2016 news release) is located 875 metres NNW of the Reed-Booth Showing and falls along Vein #1’s NNW strike.
To view Figure 1, please visit the following link: https://media3.marketwire.com/docs/bmk0704fig1.pdf.
Acquisition Terms
In consideration for the acquisition of the claims, MacDonald Mines will issue 4,000,000 units of its Class A common shares and warrants to Sage and issue a 1{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} NSR (net smelter return) royalty on the property. Closing is subject to TSX Venture Exchange approval and certain other customary closing conditions.
Wawa-Holdsworth Project Highlights
- Approximately 285 hectares, 20 kilometres northeast of the town of Wawa
- 18 fee simple absolute patented claims, includes surface and mining rights
- Neighbouring Argonaut’s Magino Gold Project & Richmont’s Island Gold Mine
- Numerous gold showings with diversified mineralization styles occurring in a 500 metres-wide deformation corridor
- Year-long road access and easy access to rail, road, electrical power, labour force and suppliers
Overview of the Wawa-Holdsworth Project
Historic work by previous operators defined three gold targets on the Wawa-Holdsworth Project:
- Greenstone-hosted quartz-carbonate vein deposit (Soocana Vein System);
- BIF-hosted gold deposits (gold-bearing pyrite zones in an Algoma-type iron formation);
- Gold-bearing Oxide Sands developed from the weathering of the auriferous Pyrite Zones.
MacDonald Mines is focusing its near-term exploration program on the Oxide Sands. These appear to extend for more than 2 kilometres on the property as corroborated by MacDonald’s recent airborne magnetics results (see June 1, 2017 News Release) and reach a depth of at least 8 metres.
Recent preliminary sampling of the Oxide Sands by MacDonald Mines returned an average grade of 5.45 g/t gold (seeMay 16, 2017 News Release).
Preliminary metallurgical testing conducted by previous operators on composite samples recovered, without crushing, between 69{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} and 98.7{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} gold. Earlier this year, MacDonald Mines initiated in depth metallurgical testing of the Oxide Sands to achieve the highest possible gold and silver recovery. Results are expected this Fall.
The soft and relatively unconsolidated Oxide Sands material can be extracted like an aggregate. The Company is working to better define the Oxide Sands as continues to prepare for their potential extraction.
Qualified Person
Quentin Yarie, P Geo. is the qualified person responsible for preparing, supervising and approving the scientific and technical content of this news release.
About MacDonald Mines Exploration Ltd.
MacDonald Mines Exploration Ltd. is a mineral exploration company headquartered in Toronto, Ontario focused on gold and silica exploration in Canada. The Company has built a portfolio of safe-jurisdiction, infrastructure-rich projects that demonstrate the greatest market potential for return. The Company is aggressively advancing its highly prospective Wawa-Holdsworth Project.
The Company’s common shares trade on the TSX Venture Exchange under the symbol “BMK”.
To learn more about MacDonald Mines, please visit www.macdonaldmines.com.
Cautionary Statement:
Neither TSX Venture 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.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. The foregoing information may contain forward-looking statements relating to the future performance of the Company. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially from the Company’s plans and expectations. These plans, expectations, risks and uncertainties are detailed herein and from time to time in the filings made by the Company with the TSX Venture Exchange and securities regulators. MacDonald Mines does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
MacDonald Mines Exploration Ltd.
Quentin Yarie
President & CEO
(416) 364-4986
qyarie@macdonaldmines.com
MacDonald Mines Exploration Ltd.
Mia Boiridy
Investor Relations
(416) 364-4986
mboiridy@macdonaldmines.com
www.macdonaldmines.com
Sage Gold Closes Oversold Non-Brokered Flow-Through Private Placement
Sage Gold Closes Oversold Non-Brokered Flow-Through Private Placement
Momentum Public Relations
Press Release: June 23, 2017
TORONTO, ONTARIO–(Marketwired – June 23, 2017) – Sage Gold Inc. (“Sage Gold” or the “Corporation”) (TSX VENTURE:SGX) is pleased to announce that further to its press release dated June 13, 2017, it has completed the closing of its non-brokered flow-through private placement (the “Offering“). The Offering consisted of the sale of 8,075,897 flow-through common shares of the Corporation, at $0.24 for gross proceeds of $1,938,216 million.
Securities issued pursuant to the Offering shall be subject to a four-month plus one day hold period commencing on the Closing Date under applicable Canadian securities laws. In connection with the Offering, finder’s fees of $90,944 was paid in cash and 378,934 compensation warrants were issued to certain eligible finders. Each compensation warrant entitles the holder to one common share at an exercise price of $0.30 per share for a period of 36 months following the closing date, whereupon the options will expire. The outstanding shares after this financing are 76,562,680 shares. The Corporation intends to use the net proceeds from the Offering to incur Canadian Exploration Expenses (CEE) on its properties.
About Sage Gold
The Company is a mineral exploration and development company which has primary interests in near-term production and exploration properties in Ontario. Its main properties are the 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Clavos Gold property (“Clavos Project“) in Timmins and the 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} owned Onaman property including the Lynx copper, gold, silver property and other exploration properties in the Beardmore-Geraldton Gold Camp.
Sage Gold currently plans to complete a reserve estimate and a prefeasibility study regarding the Clavos Project. In the event that a production decision is made that is not based on a feasibility study of mineral reserves demonstrating economic and technical viability prepared in accordance with National Instrument 43-101, readers are cautioned that there is increased uncertainty and higher risk of economic and technical failure associated with such production decisions.
Technical reports and information relating to the properties can be obtained from the System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedar.com and www.sagegoldinc.com.
CAUTIONARY STATEMENT
Neither the TSX Venture 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.
This news release may contain forward looking information and the Company cautions readers that forward-looking information is based on certain assumptions and risk factors that could cause actual results to differ materially from the expectations of the Company included in this news release. This news release includes certain “forward-looking statements”, which often, but not always, can be identified by the use of words such as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management’s expectations. Forward-looking statements include estimates and statements with respect to the Company’s future plans, objectives or goals, to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, metallurgical processing, project development, reclamation and capital costs of the Company’s mineral properties, and the Company’s financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as, but are not limited to: failure to identify mineral resources; failure to convert estimated mineral resources to reserves; the preliminary nature of metallurgical test results; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; political risks; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets, inflation, changes in exchange rates; fluctuations in commodity prices; delays in the development of projects; capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry; and those risks set out in the Company’s public documents filed on SEDAR. This list is not exhaustive of the factors that may affect any of the Company’s forward- looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company’s forward-looking statements. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
SGX Shares 76,562,680
Nigel Lees
President and CEO
416-204-3170
nlees@sagegoldinc.com
www.sagegoldinc.com
Sage Gold Announces Private Placement of Flow-Through Shares
Sage Gold Announces Private Placement of Flow-Through Shares
Momentum Public Relations
Press Release: June 13, 2017
TORONTO, ONTARIO–(Marketwired – June 13, 2017) – Sage Gold Inc. (“Sage Gold” or the “Corporation”) (TSX VENTURE:SGX) is pleased to announce that it intends to complete a non-brokered private placement (the “Offering”), subject to regulatory approval. The Offering will consist of the sale of 4.2 million common shares of the Corporation, on a Flow-Through share basis (“FT shares“) for gross proceeds of approximately $1.0 million. Eligible finders may receive in cash of up to 7{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} and compensation share purchase warrants of up to 7{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the Offering. Each share purchase warrant entitles the holder to purchase its holder to purchase one common share at an exercise price of $0.30 per share for a period of 36 months following the closing date, whereupon the warrants will expire.
The Corporation may at its discretion sell additional FT shares to raise additional proceeds of up to twenty-five per cent (25{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}) of the Offering.
Securities issued pursuant to the Offering shall be subject to a four-month hold period commencing on the Closing Date under applicable Canadian securities laws. The Corporation intends to use the net proceeds from the Offering to incur Canadian Exploration Expenses (CEE) on its Clavos and Onaman properties.
The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange and the securities regulatory authorities.
About Sage Gold
The Company is a mineral exploration and development company which has primary interests in near-term production and exploration properties in Ontario. Its main properties are the 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Clavos Gold property (“Clavos Project“) in Timmins and the 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} owned Onaman property including the Lynx copper, gold, silver property and other exploration properties in the Beardmore-Geraldton Gold Camp.
Sage Gold currently plans to complete a reserve estimate and a prefeasibility study regarding the Clavos Project. In the event that a production decision is made that is not based on a feasibility study of mineral reserves demonstrating economic and technical viability prepared in accordance with National Instrument 43-101, readers are cautioned that there is increased uncertainty and higher risk of economic and technical failure associated with such production decisions.
Technical reports and information relating to the properties can be obtained from the System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedar.com and www.sagegoldinc.com.
CAUTIONARY STATEMENT
Neither the TSX Venture 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.
This news release may contain forward looking information and the Company cautions readers that forward-looking information is based on certain assumptions and risk factors that could cause actual results to differ materially from the expectations of the Company included in this news release. This news release includes certain “forward-looking statements”, which often, but not always, can be identified by the use of words such as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management’s expectations. Forward-looking statements include estimates and statements with respect to the Company’s future plans, objectives or goals, to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, metallurgical processing, project development, reclamation and capital costs of the Company’s mineral properties, and the Company’s financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as, but are not limited to: failure to identify mineral resources; failure to convert estimated mineral resources to reserves; the preliminary nature of metallurgical test results; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; political risks; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets, inflation, changes in exchange rates; fluctuations in commodity prices; delays in the development of projects; capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry; and those risks set out in the Company’s public documents filed on SEDAR. This list is not exhaustive of the factors that may affect any of the Company’s forward- looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company’s forward-looking statements. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Shares 68,486,783
Nigel Lees
President and CEO
416-204-3170
nlees@sagegoldinc.com
www.sagegoldinc.com
Sage Gold (SGX:tsxv) Clavos Drill Results – New Gold Zone
Sage Gold Clavos Drill Results – New Gold Zone
Momentum Public Relations
Press Release: May 10, 2017
Sage Gold Inc. (TSX VENTURE:SGX) ‘Sage’ has completed the surface drilling program at its Clavos gold property located 32 kms east north east of Timmins, Ontario in the prolific East Timmins Gold Camp.
The drill program has yielded three important results; the continuity of gold mineralization across the gap between the main mine zone and the 960 zone, the discovery of a new gold zone (Sediment 2 zone CL 17-07 4.09g/t over 4.2 metres) 100 metres south of the existing sediment zone and the Footwall intersection in CL-17-08 of 5.15g/t over 3.9 metres. The intersection in hole CL-17-08 opens up approximately 300 metres of strike length of potential mineralization west of the western end of the 150m west level in the upper part of the existing mine workings.
DRILLING RESULTS
HOLE_ID | EASTING | NORTHING | ELEVATION | AZ | DIP | LENGTH | FROM | TO | ZONE | AVG GRADE |
TRUE WIDTH |
CL-17-01 | 514765 | 5384659 | 280 | 180 | -55 | 266 | 163.5 | 164.8 | CONTACT | 1.69 | 0.9 |
CL-17-01 | 174.5 | 177.3 | SEDIMENT 1 | 3.36 | 2.0 | ||||||
CL-17-02 | 514645 | 5384682 | 282 | 180 | -57 | 347 | 149 | 152.05 | FOOTWALL | 4.32 | 2.1 |
CL-17-02 | 228 | 229.8 | CONTACT | 16.76 | 1.3 | ||||||
CL-17-03 | 514585 | 5384669 | 278 | 180 | -59 | 386 | 181.6 | 182.6 | HANGINGWALL | 3.32 | 0.7 |
CL-17-03 | 197.4 | 199.4 | CONTACT | 4.93 | 1.4 | ||||||
CL-17-04 | 514705 | 5384454 | 274 | 360 | -62 | 284 | 191.4 | 192.4 | HANGINGWALL | 1.59 | 0.7 |
CL-17-05 | 514525 | 5384399 | 273 | 360 | -55 | 374 | 341.65 | 343.15 | SEDIMENT 1 | 3.12 | 1.1 |
CL-17-05 | 364.75 | 366.5 | CONTACT | 2.56 | 1.2 | ||||||
CL-17-06 | 514437 | 5384683 | 279 | 180 | -65 | 372 | 258 | 263.5 | CONTACT | 4.43 | 2.8 |
CL-17-07 | 514484 | 5384681 | 277 | 180 | -65 | 387 | 268 | 269 | CONTACT | 3.89 | 0.7 |
CL-17-07 | 375 | 381 | SEDIMENT 2 | 4.09 | 4.2 | ||||||
CL-17-08 | 512515 | 5384678 | 273 | 360 | -55 | 188 | 144 | 149.5 | FOOTWALL | 5.15 | 3.9 |
CL-17-09 | 512456 | 5384697 | 273 | 360 | -55 | 269 | 91 | 96.7 | CONTACT | 1.83 | 4.0 |
All drill intersections are based on calculated true widths
Nigel Lees, President and CEO commented: “The surface drill program has been successful in establishing a mineralized corridor from section 514425E, the ‘Main Zone’ to the western end of the 960 zone, the ‘Gap’, and in locating new mineralized intersections in holes CL-17-08 and CL-17-09 west of the 150 metre west level (mine elevation). The results of the eastern drilling now open up the possibility of driving further east off the 285 level (mine elevation) through mineralized material out to the 960 zone and potentially further east. It is interesting to note that Kinross (KC99-148) intersected 8.78g/t over 3.5 metres in the Contact zone roughly coincident with the Contact zone mineralization in CL-17-07. The “Sediment 2″ intersection in CL-17-07 represents the first significant mineralization in the new sediment zone. The Sediment 2 zone was encountered in CL17-01 and 02 with anomalous gold mineralization.”
The program consisted of 2,873 metres of surface diamond drilling involving 9 drill holes completed from January 23rd to April 7th. Seven holes were drilled east of the existing mine infrastructure and west of the 960 zone. Two holes were drilled west of the existing mine infrastructure.
The Contact Zone which demarcates the Pipestone Thrust Fault juxtaposing the Kidd-Munro Group ultramafics to the north and the Porcupine Group sediments to the south, has been intersected in four drill holes over a strike length of 330 metres.
The weighted average grade of the composite intervals vary from 16.76 g/t over 1.8 metres returned from drill hole CL-17-02 and 4.43 g/t over 4 metres returned from drill hole CL-17-06.
Hole Cl-17-07 has intersected a new “Sediment Zone” located 100 metres to the south of the Pipestone Thrust Fault returning 4.09 g/t over 6 metres.
Drill holes CL-17- 08 and 09 intersected significant mineralization at the Footwall Zone and Contact Zone establishing continuity along the 150 metre level (mine elevation).
The current program’s objective was to test a 340 metre gap between the existing underground infrastructure and the 960 Zone from section 514435E and 514765E. Seven holes targeted a shallow plunging flexure proximal to offsetting structures possibly controlling gold, arsenopyrite, pyrite quartz vein mineralization located in the altered ultramafics and porphyries flanking the Porcupine Group sediments demarked by the Pipestone Fault structure. A systematic drill hole spacing of 60 meters was employed to define the plunge orientation of some of the high-grade shoots located within the existing mine infrastructure.
These holes were also positioned between two major structures transecting the Pipestone Fault at 514300E and 514700E disrupting the horizontal continuity of four gold bearing zone. The orientation in plan view of these cross-cutting structures are at Az 330 and Az 055 identified by airborne magnetics. Both structures are now interpreted to be a high angle back thrust dipping to the east and low angle thrust fault dipping to the west evident on the recently completed grade / thickness longitudinal model.
Follow-up infill drilling at 30 metre spacing is warranted to define the extent of the Contact Zone Between sections 514300E and 514700E.
QA/QC Program Protocols
Sage Gold Inc. has implemented a rigorous QA/QC program using best practice principles which are being applied to the sampling/analysis of the drill core and complies with National Instrument 43-101 requirements for the Clavos property. The NQ core is delivered to the secure core shack facility on site by Crites Drilling personnel and/or Sage personnel. Prior to splitting, and core logging, all drill core is photographed. Core logging is focused on identifying the type and style of mineralization recording structure, lithology contacts, and alteration including quartz veining {92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} and total sulphide {92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}. Core splitting is done with a diamond core saw and 1/2 of the drill core is submitted to ALS Global Laboratories based in Timmins, an accredited laboratory for analysis. The remainder of the core is stored at the Clavos Mine Property. All samples are shipped in sealed rice bags with numbered security tags and transported in a company truck from the property to ALS Global Laboratories preparation lab in Timmins, ON.
Sage routinely inserts certified standards, blanks and field duplicate samples into the sample stream such that every 20 sample batch contains a blank and standard. The sample preparation procedures for drill core samples consist of crushing the samples to 70{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} minus 9 mesh (2mm), pulverizing a 500g sub-sample to 85{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} minus 200 mesh (75um), and analyzed by standard fire assay (FA) method using a 50 gram sample with AA finish and any samples assaying greater than 10 g/t Au are re-analyzed using a gravimetric finish. For mineralized zone intervals where visible gold is observed to be present, samples are submitted for analysis using the metallic screen method where the entire half core is crushed, pulped and screened to 100 mesh. The screen coarse and fine fractions are analyzed by fire assay (FA) method with a gravimetric finish and the total assay result is calculated.
The geotechnical content of this news release has been reviewed and approved by Sage’s consulting geologist, Peter Hubacheck, P. Geo, who is a Qualified Person (“QP”) as defined in National Instrument 43-101.
Sage currently plans to complete a reserve estimate and a prefeasibility study regarding the Clavos project. In the event that a production decision is made that is not based on a feasibility study of mineral reserves demonstrating economic and technical viability prepared in accordance with National Instrument 43-101, readers are cautioned that there is increased uncertainty and higher risk of economic and technical failure associated with such production decisions.
About Sage Gold
The Company is a mineral exploration and development company which has primary interests in near-term production and exploration properties in Ontario. Its main properties are the Clavos Gold property, 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} owned, in Timmins and the 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} owned Onaman property and other exploration properties in the Beardmore-Geraldton Gold Camp. Technical reports and information relating to the properties can be obtained from the System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedar.com and www.sagegoldinc.com.
Sage Gold Grade Thickness Model-High Grade Zones-Clavos
Sage Gold Grade Thickness Model-High Grade Zones-Clavos
TORONTO, ONTARIO–(Marketwired – May 3, 2017) – Sage Gold Inc. (the “Company”) (TSX VENTURE:SGX) has completed a Grade times Thickness model for the Clavos gold deposit located 32 kms east north east in the prolific East Timmins Gold Camp. The purpose of this analysis is to determine plunge trends for the higher grade gold mineralization within the Clavos gold system. An outcome of this work is that a number of high grade intersections are proximal to primary structures below the 300 metre level controlling the lens geometry. These uncut assays in these intersections were drilled by Kinross and previously reported by United Tex Sol Mines Inc. and include the following as reported in press releases:
KC 99-131- 94.6g/t over 9.6 metres uncut – (press release September 21, 1999)
KC 99-137- 61.59g/t over 3 metres uncut (press release November 17, 1999)
KC 99- 155W- 85.15g/t over 3.2 metres uncut (press release March 2, 2000)
These holes are assumed to be reported as drill core lengths.
The development of the grade thickness model as detailed below has led to a re-interpretation of the potential plunge directions and controls on the gold mineralization at Clavos. The majority of the higher grade composites occur below the 300 meter level below and adjacent to the mine infrastructure. The intersection of the high angle back thrust faults with the low angle imbricate thrust faults are within reach of drill stations on the 225, 285 and 300 levels. The model also provides vectors to potential new gold plunge directions higher in the Clavos deposit such as at the 100 metre east level. Underground definition drilling will commence on May 7th on the 100 metre east level. Further underground drilling will follow from the 225 level to fill in up plunge from KC99-137 and from the 285 and 300 levels to test up plunge from KC99-131 and 155W.
Nigel Lees, President and CEO commented, “This modeling will provide Sage with the analytical framework to more precisely target underground definition, exploration and resource drilling. The exercise of plotting grade times width across the Clavos deposit has yielded higher grade plunge trends that will potentially outline additional resources. We are looking forward to the commencement of our underground drill program and expect to be drilling these higher grade zones next month.”
Sage has recently completed a compilation of the surface and diamond drilling assay database focusing on the gold mineralization by computing composite weighted average grades over core lengths for the major gold zones specified in the 2012 NI 43-101 resource estimation report as well as sub-zones not included in this report. The drill database includes holes which have been previously disclosed by previous operators such as those quoted above and holes which are in the drill database. This data comprised 569 surface diamond drill holes for all of the Clavos area drilling totalling 126,894 m for an average drill hole length of 225 m. A total of 837 underground drill holes with a combined length of 64,225 m and an average length of 77 m were also provided. The Clavos area drilling spans a strike length of 3.3 km covered by 171 geological cross-sections spaced from 15 metres to 30 metres apart. A total of 30,836 surface drilling assays and 13,912 underground drilling assays.
GRADE / THICKNESS CALCULATIONS
Composite intervals were based on a minimum cut-off grade of 2.75 g/t over a minimum true width of 1.2 metres. Grade capping was set at 90 g/t affecting 29 assays. An allowance of 2 metres for internal dilution was employed factoring in the stockwork and replacement veining style of gold mineralization. True widths were calculated by applying a 30{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} correction factor to the assay core lengths.
A total of 499 grade (grams) / true width (m) composites were manually calculated from the surface drilling database. The composites having a grams x m product greater than 30 total 46.
A typical example of some of the high grade composites are the historic holes KC99-131, 155W, KC00-176 and 159 which were drilled by Kinross exploring the property in 1999 and 2000. Please note that drill holes KC99-131,137,155W as originally reported above have been cut to 90g/t and are reported as true widths.
The table below is a sampling of some of the higher grade composites.
TABLE: SELECTED COMPOSITES CUT TO 90 GRAMS
HOLE_ID | FROM | TO | GRADE (G) CUT 90 G |
TRUE WIDTH (M) | G X M | |||||
CL_KC99-131 | 341 | 350.6 | 30.5 | 7.38 | 225 | |||||
CL_KC00-176 | 327.2 | 333.95 | 34.78 | 5.19 | 181 | |||||
CL_KC00-159 | 298.5 | 306.5 | 24.26 | 6.15 | 149 | |||||
CL_KC99-137 | 409.13 | 411.13 | 30.83 | 2.31 | 71 | |||||
CL_KC99-155W | 650.8 | 655 | 17.91 | 3.23 | 58 |
A total of 515 grade (grams) / true width (m) composites were manually calculated from the underground drilling database. The composites having a grams x m product greater than 30 total 70. Refer to the Sage website – www.sagegoldinc.com – longitudinal plot of the grade thickness model.
MODELING PARAMETERS
Since the four major mineralized vein systems are stratabound in nature and located proximal to the steeply dipping Pipestone Thrust Fault, a longitudinal projection of the centroids of the composite intervals for each hole was projected to a vertical WEST/ EAST plane. The grade estimation parameters employed a search radius of 60 metres selecting 13 nearest grade composite by Inverse Distance Squared method in 3D, then plotting and contouring the values on a 2D longitudinal section where the drill holes pierce the section. The G X M product was contoured in colour ranges set at 5 to 8; 8 to 13; 13 to 21; 21 to 34; 34 to 55; 55 to 89; > 89.
INTERPRETATION
The grade / thickness geological model reveals six major structures cross-cutting the main mine stratigraphy and the Pipestone Thrust Fault. The orientation and arrangement of these structures also displays a remarkable symmetry with structural lineaments interpreted from airborne magnetics. In a regional context, four of these arcuate structures exhibit the habit of imbricate thrust faults facing to the southeast. They conform with right lateral strike-slip deformation during the later stages of the D2 deformation compressional juxtaposing the Kidd-Munro ultramafic assemblage with the Davidson-Tisdale felsic volcanics. The imbricate thrust faults have orientations varying from 55 degrees to 70 degrees and transect the grade / thickness model at shallow angles to the west. A conjugate series of four back thrust faults with orientations at Az 150 degrees steeply crosscut the longitudinal section facing to the east. These faults served as important fluid corridors enhancing gold enrichment processes.
The geological, modeling computations and interpretations of this news release has been reviewed and approved by Sage’s consulting geologist, Peter Hubacheck, P. Geo, who is a Qualified Person (“QP”) as defined in National Instrument 43-101. Len MacKenzie, P.Geo. guided the geologic modeling of the grade / thickness exercise.
About Sage Gold
The Company is a mineral exploration and development company which has primary interests in near-term production and exploration properties in Ontario. Its main properties are the Clavos Gold property, 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} owned, in Timmins and the 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} owned Onaman property and other exploration properties in the Beardmore-Geraldton Gold Camp. Technical reports and information relating to the properties can be obtained from the System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedar.com and www.sagegoldinc.com.
Sage currently plans to complete a reserve estimate and a pre-feasibility study on the Clavos property. In the event that a production decision is made that is not based on a feasibility study of mineral reserves demonstrating economic and technical viability prepared in accordance with National Instrument 43-101, readers are cautioned that there is increased uncertainty and higher risk of economic and technical failure associated with such a production decision.
CAUTIONARY STATEMENT: Neither the TSX Venture 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. This news release may contain forward looking information and the Company cautions readers that forward looking information is based on certain assumptions and risk factors that could cause actual results to differ materially from the expectations of the Company included in this news release. This news release includes certain “forward-looking statements”, which often, but not always, can be identified by the use of words such as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management’s expectations. Forward-looking statements include estimates and statements with respect to the Company’s future plans, objectives or goals, to the effect that the Company or management expects a stated condition or result to occur.
Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, metallurgical processing, project development, reclamation and capital costs of the Company’s mineral properties, and the Company’s financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as, but are not limited to: failure to identify mineral resources; failure to convert estimated mineral resources to reserves; the preliminary nature of metallurgical test results; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; political risks; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets, inflation, changes in exchange rates; fluctuations in commodity prices; delays in the development of projects; capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry; and those risks set out in the Company’s public documents filed on SEDAR. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company’s forward-looking statements. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Shares 68,486,783
CONTACT INFORMATION
Sage (SGX:tsxv) Commencing 9,200 Metre Clavos Drill Program
Sage Commencing 9,200 Metre Clavos Drill Program, Appoints New Director and Grants Options
Momentum Public Relations
Press Release: April 20, 2017
Sage Gold Inc. (the “Company”) (TSX VENTURE:SGX) is pleased to announce the commencement of an underground diamond drill program at its Clavos gold property located 32 kms east north east of Timmins, Ontario in the prolific East Timmins Gold Camp. The Company has awarded the drilling contract to Cabo Drilling Corp. and they are expected to mobilize from their Kirkland Lake base of operations during the fourth week of April.
The 9,200 metre program will consist of three phases of work outlined as follows: Phase 1: Stope Definition Drilling – 5,300 metres; Phase 2: Resource Upgrade Drilling – 2,400 metres; Phase 3: Exploration Drilling – 1,500 metres.
Stope Definition Drilling (Phase 1) will initially start on the 100 metre level East, then proceed to the 150 metre East level, the 150 metre West level and 175 metre level as the dewatering and rehabilitation work permits. This work will guide the planning of stopes for mining of the “Main Mine Trend” of the Clavos deposit hosting significant mineralization in the Contact, Hangingwall (HW), Footwall (FW) and Sediment Zones.
Resource Upgrade Drilling (Phase 2) and Exploration Drilling (Phase 3) are optimized from the 225 metre level and 285 metre levels respectively. These levels are expected to be serviced such that electric hydraulic diamond drills capable of drilling holes up to 400 metres deep can be mobilized by early summer. The prime target area for the Phase 3 drilling exists below the 300 metre level is supported by a grade/thickness geological model. This new model will be upgraded with results and interpretations from the 2017 surface drilling program and disclosed in a separate press release.
Nigel Lees, President and CEO commented, “We are making good progress dewatering and rehabilitating the underground workings at Clavos. Currently we have dewatered 140 metres and are on budget and on time. Drill results from the surface exploration program recently completed are expected shortly.”
The technical content of this news release has been reviewed and approved by Sage Gold’s consulting geologist, Peter Hubacheck, P.Geo, who is a Qualified Person (“QP”) as defined in National Instrument 43-101.
New Director
We are pleased to announce that Thomas Puppendahl has been appointed as a director of the Company as a nominee of Cartesian Royalty Holdings PTE Ltd. (CRH), a gold streaming & royalty investment company pursuant to the nomination right under the gold pre-payment agreement. Mr. Puppendahl is an investment professional with 25 years of experience in global capital markets as a portfolio manager, strategist, investment banker and analyst in London, India and Singapore. He has been focused on the gold and silver sector for more than 12 years, and is a co-founder of Singapore based CRH.
Options
The Company wishes to announce that it has granted options to acquire a total of 4.95 million shares to directors, management and consultants at 25 cents per share. The term is 5 years. Vesting will be on each anniversary date and will fully vest on the third anniversary of the grant date.
About Sage Gold
The Company is a mineral exploration and development company which has primary interests in near-term production and exploration properties in Ontario. Its main properties are the Clavos Gold property in Timmins and the Onaman polymetallic property. Technical reports and information relating to the properties can be obtained from the System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedar.com and www.sagegoldinc.com.
Sage currently plans to complete a reserve estimate and a pre-feasibility study on the Clavos property. In the event that a production decision is made that is not based on a feasibility study of mineral reserves demonstrating economic and technical viability prepared in accordance with National Instrument 43-101, readers are cautioned that there is increased uncertainty and higher risk of economic and technical failure associated with such a production decision.