13:16:21 EDT Fri 03 Jul 2020
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MAS Gold Corp
Symbol MAS
Shares Issued 49,838,763
Close 2020-06-24 C$ 0.115
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MAS Gold plans drilling at North Lake, Point, Greywacke

2020-06-25 11:23 ET - News Release

Mr. Ronald Netolitzky reports


MAS Gold Corp. has received the final results of a preliminary metallurgical testwork program, completed by Blue Coast Research Ltd., on composite samples from each of MAS Gold's North Lake and Point deposits, located in northeastern Saskatchewan, Canada.


- Preliminary metallurgy indicates potential processing compatibility of the mineralized material from the North Lake and Point deposits

- The processing compatibility potential allows MAS Gold to work towards identification of the resources that could support a central mill and mining hub concept

- Further exploration drilling of the North Lake, Point and Greywacke North deposits is planned for the fall of 2020

Ron Netolitzky, the President and CEO of MAS Gold stated: "Given the close proximity of our properties in the La Ronge Gold Belt, MAS Gold has been looking closely at the potential for a hub-and-spoke production approach focused on a central processing plant and mining complex at the North Lake bulk tonnage deposit, with plant feed augmented by higher grade concentrates or materials trucked from Greywacke North and other Preview North locations."

Mr. Netolitzky continued, "The results of our recent metallurgical testwork program indicate excellent potential compatibility between the materials from North Lake and Point, which is an important first technical step towards achieving the envisioned hub-and-spoke mine development."

The preliminary testwork program included chemical and physical characterization, grindability testwork, gravity, flotation and cyanidation testing on composite samples from both the North Lake and Point deposits. The results are summarized in MAS Gold's news releases dated November 12, 2019 and April 27, 2020. Metallurgical data for the Greywacke North deposit is provided in the June 8, 2016, NI 43-101 Technical Report and Resource Update, Greywacke Lake Project, that is available on SEDAR.

David Tupper, VP of Exploration, explained: "The positive flotation and cyanidation metallurgical recovery results indicate a very probable processing compatibility for mineralized material from both the North Lake and Point deposits. North Lake remains open for significant Mineral Resource expansion, while Point has the potential for the definition of a high-grade resource in close proximity to North Lake."

Further drilling of the North Lake, Point and Greywacke North deposits is at the planning stage for a 2020 fall program that can proceed after community consultation and permit approvals.

Update on the Ongoing La Ronge South Gold Joint Venture Dilution Progress

As reported on January 8th, 2020, MAS Gold has delivered to Golden Band Resources Inc. ("Golden Band") notice that Golden Band's joint venture interest has been diluted to a royalty position.

At the same time, MAS Gold also formally requested that Golden Band transfer its ownership interest in all the properties subject to the La Ronge South Gold Joint Venture ("LRSGJV") Agreement (the "Agreement") to MAS Gold. (for more information, please refer to MAS Gold's news release dated January 8, 2020).

As the next step in the formal process, MAS Gold announces that it is seeking a court-approved resolution regarding the LRSGJV. At the initial court date of June 22, 2020, an adjournment was granted to Golden Band by MAS Gold, establishing the new date for the proceedings as July 9, 2020.

MAS Gold feels confident that this will provide finality to the LRSGJV and confirm that the properties are now 100% owned by MAS Gold.

For a summary of the current status of the LRSGJV, please see news releases dated January 8, 2020 and September 23, 2019.

Qualified Persons

David Tupper, P. Geo. and Stephen Godden, C.Eng., FIMMM, an Independent Mining Consultant, are Qualified Persons within the context of National Instrument 43-101. They are both responsible for the preparation of this news release and have both read and approved its technical aspects.

About MAS Gold Corp.

MAS Gold Corp. ( TXS.V: MAS ) is a Canadian mineral exploration company focused on exploration projects in Saskatchewan, along the La Ronge Greenstone Belt . The road-accessible projects are located approximately 60 km west of the producing Seabee and Santoy gold mines that are operated by SSR Mining Inc.

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