- Mistango to Commence 28-hole Drill Program at Omega Gold Project in Kirkland Lake, Ontario
- Omega hosts an NI 43-101 compliant gold resource with 220,000 oz indicated at 1.39 g/t and 365,000 oz inferred at 2.42 g/t. The project is situated in the prolific Kirkland Lake gold district and was a past producer of 215,000 oz of gold.
- Jamie Spratt steps down to pursue a new role in mining equity research.
- Mistango maintains a solid balance sheet with $3.7 million in cash, ensuring the drill program is fully funded, and the Company is poised for further growth.
Toronto, Ontario--(Newsfile Corp. - September 10, 2024) - Mistango River Resources Inc. (CSE: MIS) ("Mistango" or the "Company") is pleased to announce the mobilization of a 28-hole drill program at its Omega Gold Project in Kirkland Lake, Ontario, along with a leadership transition at the Company.
Omega Drill Program to Commence Mid-September
A 28-hole drill program focused on expanding Omega's near-surface mineralization will commence in mid-September. at the southwest zone of the Company's Omega project. Phase 1 of the 2024 drill program will consist of six drill holes totaling approximately 500 m testing the southwest strike of known mineralization. Phases 2 and 3 of the drill program will follow up on Phase 1 results. Phase 2 drilling will test the previously defined mineralization's southwest and northeast strike extensions. Phase 3 drilling will focus on further follow-up testing of southwest zone mineralization along strike and at depth.
In addition to delineating the main trend of mineralization defined by previous drilling, the program will also test potential parallel structures indicated from certain historic intercepts. Mistango expects to complete and release drill results from the program in Q4 2024.
Omega Detailed Drill Program Video
For a detailed overview of Omega's drill program, please see the video 'Not all ounces are Created Equal' with Mistango's Chairman Stephen Stewart.
Leadership Transition
The Company announces that CEO Jamie Spratt has resigned to pursue an opportunity in mining equity research at a Canadian brokerage firm.
"We are grateful to Jamie for his leadership and wish him the best in his future endeavors. Mistango remains committed to advancing the high-grade Omega Project and looks forward to the results from the upcoming drill program. With $3.7 million in cash, Mistango is well-positioned to advance its portfolio and pursue accretive acquisitions," stated Stephen Stewart, Chairman.
About Omega Gold Project
Omega has an NI 43-101 compliant gold resource of 220,000 ounces indicated at 1.39 g/t and 365,000 ounces inferred at 2.42 g/t (Webster and Pitman, 2013; AMC Mining Consultants (Canada) Ltd.). The project was a past producer of an estimated 215,000 oz of gold at a grade of 5.4 g/t. The site's historic infrastructure includes two historic shafts. The Company is evaluating all of its resource and exploration data on Omega to grow its considerable resource base.
Omega is in the prolific Kirkland Lake gold district 30km east of Kirkland Lake, 3km east of Larder Lake, and adjacent to the past-producing Kerr Addison mine. Omega is accessible by provincial highway and local service roads and has readily available power from the provincial grid.
QP Statement
The technical information in this news release has been reviewed and approved by Charles Beaudry, P.Geo., Director of Mistango and a Qualified Person as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
About Mistango River Resources Inc.
Mistango is a Canadian-based exploration company with a 100% interest in two prospective properties in Kirkland Lake, Ontario. The Omega Property is surrounded by MAG Silver's Larder Lake property and on trend from the Kerr Addison mine that historically produced 12 million ounces. The Kirkland West property is contiguous with Agnico Eagle's operating Macassa mine, and exploration conducted on the property has shown that major structures, including the Amalgamated and Main Breaks, converge with the Cadillac-Larder Lake Break on the Kirkland West property. The Company is exploring at its Goldie project, 50km west of Thunder Bay, within the Shebandowan Greenstone Belt.
For further information, please contact us:
Mistango River Resources
Stephen Stewart, Chairman
416-644-1657
sstewart@oregroup.ca
Forward-Looking Statements
Neither the Canadian Securities Exchange nor its Regulation Services Provider accept responsibility for the adequacy or accuracy of this release. Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Mistango assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Mistango. Additional information identifying risks and uncertainties is contained in filings by Mistango with Canadian securities regulators, which filings are available under Mistango profile at www.sedarplus.ca.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/222662
SOURCE: Mistango River Resources Inc.
