Sage Gold Inc.
TSX VENTURE : SGX

Sage Gold Inc.

March 12, 2009 08:30 ET

Sage Gold Exploration Update: Prospecting Results from the Beardmore-Geraldton Gold Camp

TORONTO, ONTARIO--(Marketwire - March 12, 2009) - Sage Gold Inc. (TSX VENTURE:SGX) -

Paint Lake Property

Sage has completed an extensive prospecting program on its optioned Paint Lake property in the Beardmore-Geraldton Gold Camp (BGGC). The Company has discovered two new zones of gold mineralization. One zone (SW zone) occurs 744 metres southwest of the stripped and sampled zone reported in the press release of August 25, 2008 (channel result 23.09 g Au/T over 0.4 metres). One grab sample from the Paint Lake Southwest Showing yielded 3.7 g Au/T Au. A second zone (SE zone) was discovered 640 metres southeast of the main stripped area. Grab samples from the Paint Lake Southeast Showing assaying greater than 1.0 g/t Au range from 1.1-2.4 g Au/T and average 1.7g Au/T. The mineralization is associated with quartz veins and silicified mafic tuffs.

Sage has completed an analysis of the historic drilling on the Paint Lake property. Metalore Resources drilled 34 holes between 1986 and 1989. The best results occur in the immediate area of the Sage stripping activity and include the following highlights:

550W-1 - 0.23m of 2.19 g Au/T, 0.50m of 2.40 g Au/t and 0.90m of 5.49 g Au/T

550W-2 - 0.3 m of 4.10 g Au/T and 1.2 m of 9.09 g Au/T

4W-2 - 1.5 m of 2.74 g Au/T, 0.25 m with 1.2 g Au/T and 0.43 m of 4.29 g Au/t

4W-3 - 0.5 m of 3.09 g Au/T and 0.6 m of 25.37 g Au/T.

2W-2 - 0.2 m of 12.68 g Au/T and 0.3 m of 2.40 g Au/T

The Paint Lake property is located contiguous to the western end of Ontex's Brookbank gold deposit which has 43-101 compliant inferred and indicated mineral resources. Ontex announced (12/18/08) a drill intersection of 85.9 g Au/T over 3.4 metres from drilling completed on the Brookbank deposit. Sage's new occurrence southwest of the original stripped area is 400 metres east of the property boundary and lies stratigraphically at the contact of the southern metavolcanics and the northern conglomerates within the Paint Lake shear zone. This structural and stratigraphic location is the host environment for both the Brookbank Gold deposit and Sage's original discovery on the Paint Lake property.

Sage intends to strip and channel sample the new zones in 2009.

King Solomon's Pillars Property

Sage has completed prospecting on the optioned Solomon's Pillars property. The Company has located two zones (North and South) of anomalous gold mineralization associated with quartz ankerite veining within oxide iron formation and associated metasediments. Grab samples from the King Solomon's Pillars northern showing assaying greater than 1.0 g Au/T range from 1.0-11.9 g Au/T and average 4.9 g Au/T. Grab samples from the King Solomon's Pillars southern showing assaying greater than 1 g Au/T range from 1.4-16.3 g Au/T and average 6.0 g Au/T.

Sage intends to trench and collect channel samples from the anomalous gold zones in 2009.

Headway - Onaman Property

Sage has completed surface prospecting and sampling of surface showings associated with the Headway Pb, Zn, Ag, Au zone. The 2008 sampling program yielded a number of high grade silver samples. Grab samples from a select group of 20 of the best samples yielded silver values ranging from 110-1050 g Ag/T (averaging 352.7 g Ag/T), gold values ranging from 0.1-3.9 g Au/T (averaging 1.0 g Au/T), Zn values ranging from 0.52-20.70 % (averaging 5.3 %) and Pb values ranging from 0.37-22.30 % (averaging 3.55 %). Cu values for these samples are generally less than 1 %.

The Headway zone is located approximately 250 metres northwest and stratigraphically above the Lynx zone on the Onaman property.

Assays reported in this news release were completed by ALS Chemex in Thunder Bay. Sample preparation was completed in the Thunder Bay facility of ALS Chemex and prepared samples were shipped to the ALS facility in Vancouver. The copper-silver-gold samples were assayed using induced coupled plasma (ICP) testing with a fire -assay finish for high grade precious metal samples and atomic absorption finish for high grade Cu, Zn and Pb samples.

The geotechnical content of this news release relating to the BGGC project has been reviewed by Peter Hubacheck, P.Geo. A.P.G.O., who is a qualified person as defined by NI 43-101.

SAGE is a mineral exploration and development company which has interests in exploration properties in Ontario, Nevada and Arizona. Its main properties are the Jacobus, Paint Lake, Solomon Pillars and Onaman properties in the Beardmore Geraldton Gold camp and the Kerrs property in Ontario. Technical reports relating to the properties can be obtained from the System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedar.com.

For all Sage Gold Inc. investor relations needs, investors are asked to visit the Sage Gold Inc. IR Hub at http://www.agoracom.com/IR/sagegold where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to sgx@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time.

This release was prepared by management of the Company who takes full responsibility for its contents.

Some statements contained in this release are forward-looking and, therefore, involve uncertainties or risks that could cause actual results to differ materially. Such forward-looking statements include comments regarding mining and milling operations, mineral resource statements and exploration program performance. Factors that could cause actual results to differ materially include metal price volatility, economic and political events affecting metal supply and demand, fluctuations in mineralization grade, geological, technical, mining or processing problems, exploration programs and future results of exploration programs, future profitability and production. The Company disclaims any obligation to update forward-looking statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Sage Gold Inc.
    Nigel Lees
    President and C.E.O.
    (416) 204-3170
    or
    Sage Gold Inc.
    Mike O'Brien
    Manager/Investor Relations
    (416) 204-3170
    (416) 260-2243 (FAX)
    Website: www.sagegoldinc.com