| Rapidly advancing Company’s South Cariboo District Gold Project Karus Gold Corp (“Karus Gold” or the “Company”) is pleased to announce that is has completed the first phase of drilling at its Gold Creek project (“Gold Creek”) and has commenced drilling at its FG Gold project (“FG Gold”) in the South Cariboo Gold District in British Columbia (Figure 1). A total of 1,374.6 meters (“m”) in five diamond drill holes were completed at Gold Creek between mid-June and early July. The Gold Creek drill program was designed to confirm the orientation of high-grade gold mineralization in the Camp Zone where past drilling has intersected 5.5 grams per tonne (“g/t “) gold over 9 m at a depth of 16 m down hole in GC17-034 and 7.6 g/t gold over 8.8 m at a depth of 136.3 m down hole in GC17-035. Karus Gold CEO Andrew Kaip comments, “Gold Creek Phase 1 drill program was a success with all five holes intersecting broad zones of mineralization at the target depth. Assays for the five drill holes are now in the lab and we expect to begin reporting assay results in the September/October timeframe.” Based on this drill program we are confident that high-grade at the Camp Zone strikes northwest and dips approximately 70 degrees to the northeast (Figure 2). The Camp Zone has been traced through wide-spaced drilling for 870 m along strike and to a depth of 280 m below surface. The Company is planning a Phase 2 drill program at Gold Creek with the aim of expanding the dimensions of high-grade gold mineralization at the Camp Zone. Following completion of the Gold Creek Phase 1 drill program, the diamond drill was mobilized to FG Gold. A second diamond drill rig was mobilized to FG Gold in mid-July and a third diamond drill rig arrived earlier this week. To date, close to 1,000 m of the planned 15,000 m drill program for FG Gold has been completed. The focus of the 2021 drill program will be to demonstrate continuity of gold mineralization along strike and further down dip to expand the overall footprint of gold mineralization at FG Gold (Figure 3). Drilling will initially focus on confirming the continuity of gold mineralization along the newly discovered Corridor 1 with two drills currently set up adjacent to drill holes FG20- 382 and FG20-383, which encountered broad widths of gold mineralization cored by highgrade gold intervals including: FG-20-382 intersected 42.2 m of 2.0 g/t gold at 122.8 m downhole, including 10 m of 5.5 g/t gold at 124 m downhole. FG-20-383, drilled on the same section line, confirms the continuity of gold mineralization identified in hole FG-20-382, returning 48.2 m of 2.0 g/t gold at 127.6 m downhole, including 4.5 m of 7.7 g/t gold at 150 m downhole. Listing Update In conjunction with the previously announced $10 million private placement announced on July 7, 2021, which is expected to close mid-August 2021, Karus Gold will submit an updated listing application to the TSX Venture Exchange. The Company expects the listing approval process will be concluded in September/October 2021, depending on regulatory timelines. |
| About Karus Gold Corp. Karus Gold is 100% owner of the 1,000 km2 South Caribou Gold District that includes the drill-stage FG Gold and Gold Creek projects in British Columbia. Karus Gold is supported by strategic investors Eric Sprott; and insiders, together with the management and Board, own approximately 59% of the basic shares outstanding. Further information on Karus Gold and its assets can be found on the Company’s website at www.karusgold.com and at www.sedar.com, or by contacting us as info@karusgold.com or by telephone at (888) 455-7620. On behalf of Karus Gold ”Andrew Kaip” Chief Executive Officer (647) 515-7858 Investor Relations Kin Communications (604) 684-6730 KAR@kincommunications.com Follow us on social media:    |
