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TORONTO, Feb. 26, 2019 (GLOBE NEWSWIRE) -- Sandy Lake Gold Inc. (“Sandy Lake” or the “Company”) (SLAU.V) announces the staking of an additional 315 Mining Claim Cells contiguous with the existing district scale land package for an aggregate total of approximately 51,000 ha. / 126,000 acres.
The additional claims extend over an area of 6,122 hectares, and cover a magnetic Formation with coincident VTEM chargeability anomalies; located on the southern boundary of the Company’s contiguous 60 km. east-west claim package.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/82db8240-f8d3-41d7-b0e0-d08df6a80548
The Company is also pleased to announce the appointment of Gord McKinnon to its Technical Advisory Board to assist Sandy Lake Gold’s management team in the evaluation and advancement of our gold exploration project in North West Ontario.
Mr. McKinnon graduated with an Honours Bachelor degree in Management and Organizational Studies from the University of Western Ontario in 2006. He currently serves as President, CEO and a Director of Canadian Orebodies Inc. Mr. McKinnon was a co-founder of Mineral Streams Inc., a private mineral royalty company that was recently sold to AuRico Metals Inc. He was previously Manager of Corporate Development with Baltic Resources Inc., a company which was acquired for over $70 million.
Patrick Sheridan, CEO of Sandy Lake Gold, commented: "We are fortunate to have Gord agree to join our Advisory Board. He brings Northern Ontario exploration experience that will enhance the management team in advancing our exploration programs.
About Sandy Lake Gold Inc.
Sandy Lake Gold Inc. is a Toronto based mineral exploration company focused on the exploration and development of the Sandy Lake Gold project in Canada and proposed to acquire the Aremu - Oko and Peters Mine properties in Guyana.
The Sandy Lake gold project comprises an approximate 51,000 hectares of mineral claim units in the underexplored Sandy Lake Archean Greenstone Belt in Northwestern Ontario. In 2014, a limited drill program in the western part of the Sandy Lake claim package returned high grade gold intercepts of 12.86 Au g/t over 6.85 meters and 12.17 Au g/t over 6.2 meters (see press release of Goldeye Exploration Ltd. dated April 9, 2014 available at SEDAR.com).
The Aremu – Oko and Peters Mine properties are 2 of the 4 past producing historical mines in Guyana. The properties total approximately 25,888 acres and are located in the Cuyuni-Mazarumi Region (Region 7) of north-central Guyana in the Guiana Shield.
All scientific and technical information in this press release has been prepared under the supervision of Dan Noone (Director of Sandy Lake), a “qualified person” within the meaning of National Instrument 43-101. Mr. Noone (B.Sc Geology, MBA) is a member of the Australian Institute of Geoscientists.
For further information please contact:
Executive Chairman & CEO
Forward Looking Statements
This news release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “may”, “might”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify forward-looking information and/or statements. Forward-looking statements and/or information are based on a number of material factors, expectations and/or assumptions of Sandy Lake which have been used to develop such statements and/or information but which may prove to be incorrect. Although Sandy Lake believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements as Sandy Lake can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding, among other things: receipt of all applicable regulatory and shareholder approvals to complete the Acquisition; results from planned exploration and drilling activities; future plans for operational expenditures; the accuracy of the interpretations of exploration and drilling activity results; availability of financing (including with respect to the Private Placement) to fund current and future plans and expenditures; the impact of increasing competition; the general stability of the economic and political environment in which Sandy Lake has property interests; the general continuance of current industry conditions; aboriginal matters; the timely receipt of any required regulatory approvals; the ability of Sandy Lake to obtain qualified staff, equipment and/or services in a timely and cost efficient manner; the ability of the operator of each project in which Sandy Lake has property interests to operate in a safe, efficient and/or effective manner and to fulfill its respective obligations and current plans; future commodity prices; currency, exchange and/or interest rates; and the regulatory framework regarding royalties, taxes and/or environmental matters in the jurisdictions in which Sandy Lake has property interests. The forward-looking information and statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such information and/or statements, including the assumptions made in respect thereof, involve known and unknown risks, uncertainties and other factors that may cause actual results and/or events to differ materially from those anticipated in such forward-looking information and/or statements including, without limitation: risks associated with the uncertainty of exploration results and estimates, currency fluctuations, the uncertainty of conducting operations under a foreign regime, exploration risk, the uncertainty of obtaining all applicable regulatory approvals, the availability of labour and/or equipment, the fluctuating prices of commodities, the availability of financing and dependence on the management personnel of the Corporation, other participants in the property areas and/or certain other risks detailed from time-to-time in Sandy Lake’s public disclosure documents (including, without limitation, those risks identified in this news release and Sandy Lake’s current management’s discussion and analysis). Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Corporation does not undertake any obligations to publicly update and/or revise any of the included forward-looking statements, whether as a result of additional information, future events and/or otherwise, except as may be required by applicable securities laws.
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