Sage Commencing 9,200 Metre Clavos Drill Program, Appoints New Director and Grants Options
TORONTO, ONTARIO--(Marketwired - 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.
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.
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.
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.