South Atlantic Gold Announces Completion of 75% Earn-in on the Pedra Branca Project, Brazil. Maiden Resource Imminent
Kelowna, British Columbia – TheNewswire - June 10, 2021 - SOUTH ATLANTIC GOLD INC. (TSXV:SAO) (OTC:JLRRF) (“South Atlantic” or the “Company”) is pleased to announce that it’s 75 percent (“%”) earn-in on the Pedra Branca Project, located 280 kilometers (“km”) southwest of Fortaleza, Ceará State, Brazil has been completed. An audit of the US$1 million in exploration expenditures by South Atlantic from its Phase 1 exploration program has been completed and Jaguar has accepted the results which completes the earn-in requirements for the 75% interest.
Douglas Meirelles, CEO stated, “The 75% earn-in we just completed represents the first significant hurdle at Pedra Branca. We anticipate publishing the National Instrument (“NI”) 43-101-compliant technical report with a maiden resource in the next few weeks. The publication of the maiden resource report will also allow the company to earn-in 100% of the Pedra Branca project and will also highlight the Phase II exploration program at Pedra Branca.”
The Phase 2 Exploration Program details are outlined in the “Technical Report, Geology, Mineralization and Exploration of the Pedra Branca Gold Project, Ceará State, Northeastern Brazil” dated August 21, 2020. The details of the Phase 2 program include further RC drilling, higher density, and deeper diamond drilling, updating geological and structural models, an additional updated resource estimation, and further community engagement.
The company will complete the required government processes to transfer the Pedra Branca asset to South Atlantic Gold’s subsidiary in Brazil.
About South Atlantic Gold
South Atlantic Gold is an exploration company engaged in acquiring and advancing mineral properties located in the Americas. The Company’s principal BC asset is the wholly-owned 4,056-hectare Big Kidd property, located near Aspen Grove, BC. Our Brazilian flagship asset is our option to acquire the Pedra Branca project, located 280 km southwest of Fortaleza, Ceara State, Brazil. South Atlantic Gold is focused on creating value for its shareholders by engaging in the development and acquisition of high-quality mineral assets located in stable and mining friendly jurisdictions. South Atlantic Gold’s is based in Kelowna, British Columbia, and is listed on the TSX-V under the symbol “SAO.
ON BEHALF OF THE BOARD
Douglas Meirelles, President and CEO
For more information regarding this news release, please contact:
Anne Hite, Vice President, Investor Relations
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This news release contains statements that constitute "forward-looking Information", as such term is used in applicable Canadian securities laws. Such forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking information. Forward-looking information includes statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur.
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