Avidian Gold Corp. (TSXV:AVG) (the “Corporation”
or “Avidian”) is pleased to report results from the first four
drill holes at the Breccia Pipe Deposit and Mayflower Extension
Zone from its ongoing drill program at the 100% owned Golden Zone
project in Alaska.
Highlights include:
Breccia Pipe Deposit
- Hole GZ18-04 intersected 107.31 metres (m) grading 4.76
grams/tonne (g/t) Au down plunge and 21.59 m grading 1.66 g/t Au
including 3.60 m grading 5.53 g/t Au
Mayflower Extension
Zone
- Hole GZ18-02 intersected 5.74 m grading 3.72 g/t Au and 17.7 m
grading 2.12 g/t Au
- Hole GZ18-02 also intersected at the end of the hole 17.7 m
grading 1.03 g/t Au, including 3.0 m grading 2.6 g/t Au.
Avidian drilled hole GZ18-04 down the plunge of
the Breccia Pipe Deposit to test for mineralization within the
monzodiorite hosting the Breccia Pipe Deposit that is not included
in the current resource estimate and to infill the southwestern
margin of the pipe. This hole also tested for the continuation of
mineralization below the conceptual pit outline and possible root
mineralization to the pipe.
Avidian also drilled three core holes within the
Mayflower Extension Zone that marks a potential resource expansion
area peripheral to the Breccia Pipe Deposit. This drilling was
designed to follow up on the discovery of a previously unknown
mineralized conglomeratic unit intersected late in 2017 by drill
hole GZ17-10 and located approximately 300 m northeast of the
Breccia Pipe Deposit, which returned 21.6 m grading 1.46
g/t Au.
Nick Tintor, President & CEO stated: “We are
pleased with the initial results obtained from the Mayflower
Extension Zone drilling as it suggests excellent potential for
defining peripheral mineralization which could be added to the
resource at the Breccia Pipe Deposit. Hole GZ18-04 also indicates
potential for additional resources in the surrounding monzodiorite
that hosts the Breccia Pipe Deposit.”
The following table outlines highlight assays from the four core
holes.
Hole |
From(m) |
To(m) |
Length(m) |
Grade(Au g/t) |
Target |
|
|
|
|
|
|
GZ18-01 |
93.75 |
95.10 |
1.35 |
1.12 |
Mayflower Zone |
Az 142; Dip -48º |
110.34 |
112.0 |
1.66 |
1.91 |
|
|
156.57 |
158.07 |
1.5 |
0.96 |
|
|
215.15 |
217.03 |
1.88 |
0.80 |
|
|
234.70 |
235.48 |
0.78 |
2.7 |
|
|
347.57 |
350.07 |
2.50 |
1.20 |
|
|
404.0 |
405.0 |
1.0 |
1.23 |
|
|
407.78 |
409.0 |
1.22 |
5.69 |
|
|
|
|
|
|
|
GZ18-02 |
103.91 |
109.65 |
5.74 |
3.72 |
Mayflower Zone |
Az 135; Dip -50º |
incl: 107.3 |
108.45 |
1.15 |
14.25 |
|
|
125.2 |
142.9 |
17.7 |
2.12 |
|
|
280.35 |
282.35 |
2.0 |
2.21 |
|
|
340.3 |
358.0 (EOH) |
17.7 |
1.04 |
|
|
incl: 355.0 |
358.0 (EOH) |
3.0 |
2.6 |
|
|
|
|
|
|
|
GZ 18-03 |
184.5 |
186.3 |
1.8 |
1.61 |
Mayflower Zone |
Az 135; Dip -60º |
|
|
|
|
|
GZ 18-04 |
|
|
|
|
Breccia Pipe Deposit |
Az 058; Dip -48º |
71.12 |
92.71 |
21.59 |
1.66 |
Porphyry/Monzodiorite |
|
incl: 87.91 |
90.31 |
3.6 |
5.53 |
|
|
118.12 |
225.43 |
107.31 |
4.76 |
Sulphide Breccia |
|
234.18 |
235.36 |
1.18 |
6.49 |
|
|
379.44 |
385.29 |
5.85 |
3.00 |
|
All assays reported in this table are presented in core length
as at this time there is insufficient data with respect to the
orientation of the mineralized intersections to calculate true
widths. The Breccia Pipe deposit is steeply to moderately plunging
approximately 70 to 80 degrees to the northeast. Many of the
mineralized structures are currently interpreted to be steeply
dipping to the either the west or east, but further work will be
required to ascertain this
Breccia Pipe Deposit
Hole GZ18-04, (see Figure 1) which was drilled
down the plunge of the deposit, intersected 107.31 m
grading 4.76 g/t Au of dominantly sulphide breccia that
provides in-fill information to the overall Breccia Pipe Deposit in
which the sulphide breccia averages 3.17 g/t Au and the entire
deposit averages 1.99 g/t Au.
Importantly, hole GZ18-04 also intersected
21.59 m grading 1.66 g/t Au within the host
monzodiorite/porphyry which surrounds the main breccia-hosted gold
resources.
This intercept confirms there is gold
mineralization within the surrounding monzodiorite host rocks that
has potential to add to known gold resources within the conceptual
open pit. Additional drilling will be required to determine the
extent of this additional gold mineralization.
Mineralization was also encountered below the
presently defined deposit.
Avidian’s Breccia Pipe Deposit currently hosts a
NI 43-101 Indicated gold resource of 267,400 ounces (4,187,000
tonnes grading 1.99 g/t Au) plus an Inferred gold resource of
35,900 ounces (1,353,000 tonnes grading 0.83 g/t Au).
Mayflower Extension Zone
Drill holes GZ18-01 to GZ18-03 were drilled
within the Mayflower Extension Zone that is located approximately
300 m northeast of the Breccia Pipe Deposit, and were designed to
follow up mineralization intersected in Hole GZ17-10 that returned
21.6 m grading 1.46 g/t Au in a conglomeratic
unit.
Hole GZ18-02 was drilled 50 m southwest of hole
GZ17-10 and intersected 17.7 m grading 2.12 g/t Au
which represents the continuity of the mineralization from hole
GZ17-10. This hole also bottomed out in 17.7 m grading 1.04
g/t Au, including the last 3 m which returned 2.6 g/t Au,
indicating that this mineralization remains open at depth.
Logging of the bottom of GZ18-02, which remained
open at depth, noted 4% pyrrhotite with minor chalcopyrite in
calc-silicate conglomerate which represents the first time that
significant gold mineralization has been found associated with
pyrrhotite sulphide mineralization in the Golden Zone Breccia Pipe
Deposit area.
Hole GZ18-01 was drilled underneath hole GZ17-10
and returned several narrow intersections throughout the hole,
which suggests that the mineralization in GZ17-10 may be pinching
and swelling.
The Mayflower Extension Zone remains open for 300 m to the
southwest towards hole GZ17-05 that intersected 10.5 m
grading 1.54 g/t Au and is also open and untested to the
northeast
Copper King-Long Creek Target Area
As part of the 2018 drill program, Avidian has
also drilled three holes in the Copper King area with a fourth hole
in progress and two holes in the Long Creek area. Drill results are
pending and will be reported shortly.
Quality Control/Quality Assurance
Sampling included insertion of certified
standards and blanks into the stream of samples for chemical
analysis. Every tenth drill hole sample was a standard or a blank,
and every twentieth surface sample was a standard or a blank.
Samples were prepared at ALS Chemex’s laboratory in Fairbanks,
Alaska and shipped to their Vancouver facility for gold analysis by
fire assay and other elements by ICP analysis. ALS is a certified
and accredited laboratory service. Gold results varied from below
detection to a high of 69.5 g/t Au.
The technical information contained in this news
release has been approved by Dr. Tom Setterfield, P.Geo., Vice
President Exploration of Avidian, who is a Qualified Person as
defined in "National Instrument 43-101, Standards of Disclosure for
Mineral Projects."
About Avidian Gold Corp.
Avidian Gold brings a disciplined and veteran
team of project managers together with a regional scale advanced
stage gold-copper exploration portfolio in Alaska. Avidian’s Golden
Zone project also hosts a NI 43-101 Indicated gold resource of
267,400 ounces (4,187,000 tonnes at 1.99 g/t Au) plus an Inferred
gold resource of 35,900 ounces (1,353,000 tonnes at 0.83 g/t Au).
Additional projects include Amanita which is adjacent to Kinross
Gold’s Fort Knox gold mine in Alaska, Jungo and Dome Hill in Nevada
and Strickland in Newfoundland.
Avidian Gold is focused on and committed to the
development of advanced stage mineral projects throughout first
world mining friendly jurisdictions using industry best practices
combined with a strong social license from local communities.
Avidian Gold has 56,030,871 shares issued and outstanding.
Further information on the Golden Zone property
can be found in the NI-43-101 Technical Report dated August 17,
2017 prepared by Leon McGarry, B.Sc., P. Geo and Ian D. Trinder,
M.Sc., P. Geo that is available on SEDAR at www.sedar.com.
Forward Looking Statements
“This News Release includes certain
"forward-looking statements". 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 that describe the Company's future plans, objectives or
goals, including words to the effect that the Company or management
expects a stated condition or result to occur. Forward-looking
statements may be identified by such terms as "believes",
"anticipates", "expects", "estimates", "may", "could", "would",
"will", or "plan". 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,
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: changes in general
economic conditions and conditions in the financial markets;
changes in demand and prices for minerals; litigation, legislative,
environmental and other judicial, regulatory, political and
competitive developments; technological and operational
difficulties encountered in connection with the activities of the
Company; and other matters discussed in this news release. 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. The Company
does not undertake to update any forward-looking statement that may
be made from time to time by the Company or on its behalf, except
in accordance with applicable securities laws. This news release
does not constitute an offer of securities for sale in the United
States. The securities being offered have not been, nor will they
be, registered under the United States Securities Act of 1933, as
amended, and such securities may not be offered or sold within the
United States absent U.S. registration or an applicable exemption
from U.S. registration requirements.”
FOR ADDITIONAL INFORMATION PLEASE
CONTACTNick Tintor, President and CEOMobile: 416 953 4244
Office: 416 987 0855 Email: ntintor@avidiangold.com
An exploration update conference call
will be hosted by Red Cloud Klondike Strike Inc., Tuesday, October
2 at 2 PM EST. To join the call, please dial 1 866
236 8857, use password
‘Avidian’ and
follow the automated instructions.
Neither 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.
A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/1f920f46-28f3-4643-b615-091da74676d1
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