Toronto, Ontario – March 14, 2022 – Mistango River Resources Inc. (“Mistango” or the “Company”) (MIS:CSE) is pleased to provide a corporate update, including results from the now complete Kirkland West drill program, the in-progress drill program on its Omega Gold project in the Kirkland Lake District, updates on Mistango’s strong $7.5 million cash position, its $60 million Joint Venture partnership with Agnico Eagle Mines Limited (“Agnico Eagle”; TSX:AEM) and strategic opportunities being considered.
Kirkland West Drilling Now Complete
Mistango has completed its 5,400 metres Phase 2 drill program that included seven drill holes. Kirkland West is adjacent and to the west of Agnico Eagle’s Macassa Mine and is thought to have western extensions of critical gold structures in the Kirkland Lake Gold Camp. Phase 2 results at Kirkland West and a map illustrating key sections can be viewed in Figure 1.
Significant Results on Kirkland West Gold Project
Drill Hole BAL21-024 intersected VG (visible gold) at 922.81 to 922.31 meters which returned a value of 86.2 g/T (metallic screen analysis) and intersected more gold mineralization at 1079.15 to 1080.12 meters with a grade of 5.65 g/T. Both results appear to be related to either the main break of the Larder Lake/Cadillac Fault zone or the Amalgamated Fault.
Drill hole BAL22-025 intercepted gold mineralization above the 86.2 g/T assay returned a 1.09 g/T assay from 716 to 717 meters, approximately 150 meters above BAL21-024.
Drill hole BAL21-021 intersected gold mineralization, which returned a value of 1.13 g/T over 3 meters from 225 to 228 meters, approximately 100 meters to the east of BAL21-024.
Omega Drilling is Ongoing
Mistango began drilling on its Omega Project on February 7 and has thus far completed 2,988 metres of a planned 5000 metre drill program and Mistango has submitted 1,482 samples for analysis. The Company notes that it has engaged a new assay laboratory for the Omega Project and has been advised it can expect results with a quicker turnaround time.
Agnico Eagle Joint Venture with Mistango
Mistango congratulates its new Joint Venture partner, Agnico Eagle, in completing its merger with Kirkland Lake Gold. Mistango has engaged with senior management at Agnico Eagle and confirms that the planned exploration spending for 2022 on Mistango’s properties is increased by 50% of 2021
The Company has implemented a quality assurance and control (“QA/QC”) program to ensure sampling and analysis of all exploration work is conducted in accordance with best practices. Samples are logged and sampled in a secure facility at the core shack at a CXS (Canadian Exploration Services Limited) facility in Larder Lake and under the supervision of Qualified Geologists. Drill core sample intervals range between 0.5 and 1.5 m length and are determined by mineralization, alteration, and lithological boundaries. NQ sized core is cut in half, with one half of the core being shipped to ALS Laboratory in Timmins or Swastika Laboratories in Swastika, Ontario. The other half is retained for future use. Assaying of the samples is done by a standard 30 gram fire assay technique with an Atomic Absorption (AA) finish and any sample greater than 10 gpt is reassayed with a metallic screen assay. Other QA/QC includes inserting certified reference standards, blanks, and duplicates every ten samples to validate laboratory results. All Phase 2 drill holes are complete and all assay, and material results have been returned and reported.
The technical information contained in this news release has been reviewed and approved by Antoine Schwartzmann P.Geo., who is 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 and development company focused on its Kirkland Lake West and Omega projects in the Kirkland Lake District of Ontario’s Abitibi Greenstone Belt. Mistango is listed on the Canadian Securities Exchange under the symbol MIS. Agnico Eagle Mines Limited (TSX:AEM) holds an option to acquire up to a 75% interest in Mistango’s Kirkland West and Omega projects (the “Projects”) in exchange for spending $60 million on the Projects.
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Neither Canadian Securities Exchange nor its Regulation Services Provider accepts 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.sedar.com.