TORONTO, May 14, 2018 (GLOBE NEWSWIRE) -- Sage Gold Inc. (“Sage Gold” or the “Company”) (TSX-V:SGX) is pleased to announce that the Company has completed its latest bulk sample mill run and fourth of 2018. Approximately 5,800 tonnes of mineralized material was shipped to the custom mill facility for processing. Production statistics including gold ounces produced, grade and mill recovery will not be known until the completion of a metallurgical reconciliation process with the custom mill facility and final refining of doré, expected to be shipped to the refiner this week.
This mineralized material was extracted from the following active work areas within the Clavos underground:
100 meter level (“mL”) West:
- Two independent work areas striking to the west within the Footwall (“FW”) and Hanging wall (“HW”) mineralized structures.
150 mL East:
- Two independent work areas striking to both the east and west within both the HW and FW mineralized structures.
175 mL East:
- Two independent work areas striking to the east within both the HW and FW mineralized structures.
175 Longhole (“LH”) Stope:
- Remnant mineralized material from an existing production work area. This material was sourced from an historic St Andrew Goldfields LH stope.
200 mL East:
- A work area striking to the east within the mineralized FW structure present.
The Company has produced a total of 1,064 ounces of gold in the first three mill runs in 2018.
The technical content disclosed in this news release has been reviewed and approved by Sage Gold’s consulting mining engineer Robert Ritchie, P. Eng., who is a Qualified Person as defined in National Instrument 43-101 (“NI 43-101").
The Company plans to complete a Mineral Resource and Mineral Reserve Estimate and a Pre-Feasibility study regarding the Clavos Project. In the event that a production decision is made that is not based on a Pre-Feasibility study of Mineral Reserves demonstrating economic and technical viability prepared in accordance with NI 43-101, readers are cautioned that there is increased uncertainty and higher risk of economic and technical failure associated with such production decisions.
About Sage Gold
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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, 100% owned, in Timmins and the 100% owned Onaman property and other exploration properties in the Beardmore-Geraldton Gold Camp. 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 from the Company’s website at www.sagegoldinc.com.
Nigel Lees, President and CEO
This news release was prepared by management of Sage Gold, which takes full responsibility for its contents as it relates to Sage Gold.
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.