Saskatoon, May 3, 2021 – MAS Gold Corp (“ MAS Gold ” or the “ Company ”) is pleased to announce the commencement of a Preliminary Economic Assessment (“ PEA ”) for its proposed operation of the Greywacke Integrated Gold Project and North Lake in the La Ronge gold belt in Saskatchewan.
The PEA, scheduled for release in the third quarter of the 2021 schedule, will include updated mineral resource estimates, in accordance with NI 43-101, for the Greywacke North and North Lake deposits. Updates will incorporate recently completed 2021 definition drill results, which will be released in due course.
“ Subject to a positive PEA report, MAS Gold will begin working towards its main objectives, the first being to begin underground development at Greywacke North and increase the definition of mineral resources for underground mining and gravity separation treatment, ” explains the CEO of MAS Gold. Jim Engdahl.
“ The future potential production of the Greywacke North deposit, and any excess positive cash flow it may generate, could then help meet the second development goal of a model star mining operation centered on the North deposit. Lake, while maintaining minimal stock dilution to the company and its shareholders. In the meantime, MAS Gold continues to progress towards an aggregate mineral resource base of 1,000,000 ounces of gold.
The Company engaged Stephen Godden, C.Eng., FIMMM, an independent mining consultant, to lead and manage a team of independent consultants and to complete the PEA technical report. He has over 40 years of experience in the mining industry, covering medium to large scale surface operations and numerous underground mining methods in small conventional / artisanal operations to large mechanized multiple shaft mines.
David Tupper, P. Geo. and Stephen Godden, C.Eng. FIMMM, are Qualified Persons under National Instrument 43-101. They are both responsible for the preparation of this press release; they both read and approved its technical aspects.
About MAS Gold Corp.
MAS Gold is a Canadian mining exploration company specializing in exploration projects in the future La Ronge gold belt in Saskatchewan. MAS Gold operates four properties in the gold belt, totaling 33,843 hectares (83,628 acres): Greywacke Lake; Overview North; Elizabeth Lake; and Henry Lake, which span a total of approximately 60 kilometers of the geologically prospective domains of La Ronge, Kisseynew and Glennie which include the La Ronge gold belt.
MAS Gold’s holdings include the Greywacke North, North Lake and Point gold deposits and the historically drilling-defined volcanic copper-silver massive sulphide deposit Elizabeth Lake.
The Greywacke North deposit, which hosts multiple high-grade strataboundary zones in gold, is estimated to be worth Indicated mineral resource of 255,500 t at 9.92 g / t Au for 81,500 ounces of gold, plus an inferred mineral resource of 59,000 t at 7.42 g / t Au for 14,100 ounces of gold, at a threshold grade of gold of 5.0 g / t Au (see the technical report of June 1, 2016).
The North Lake deposit located on the Preview-North property is estimated to contain an inferred mineral resource of 14,110,000 t grading 0.92 g / t Au for 417,000 ounces of gold (see technical report dated April 10, 2020).
MAS Gold Corp.
President and CEO
Caution regarding forward-looking information and statements:
The information contained in this press release contains forward-looking statements based on assumptions as of the date of this press release. These statements reflect the current estimates, beliefs, intentions and expectations of management. These are not guarantees of future performance. MAS Gold cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of important factors, many of which are beyond their control. These factors include, but are not limited to: risks and uncertainties associated with MAS Gold’s limited operating history, the need to comply with environmental and government regulations, the results of exploration programs on their projects, and risks and uncertainties. identified in each of their annual and interim financial reports. management statements and discussion and analysis. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required by applicable securities legislation, MAS Gold does not undertake to publicly update or revise forward-looking information.
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