Avidian Gold Corp. (TSXV:AVG) (the “Corporation”
or “Avidian”) is pleased to report the results from its mapping and
sampling program at the 100% owned Golden Zone project,
Alaska. Highlights include:
- Gold mineralization grading > 1 g/t Au can be traced along a
trend of 8 km long.
- Surface sampling and trenching uncovered numerous high-grade
gold occurrences of > 4 g/t Au to > 25 g/t
Au plus Ag ± base metals; such as a 11.0 g/t Au,
2,550 g/t Ag, 0.24% Cu, 14.3% Pb and 2.54%
Zn from a grab sample.
- The discovery of a new mineralized breccia located
approximately 500 m west of the known “Breccia Pipe Deposit”.
Grab samples from this new discovery have gold and silver values
that range from 15 ppb Au to 14.64 g/t Au and 0.6
g/t Ag to 355 g/t Ag. This new discovery
referred to as “Breccia Pipe West” is proximal to a 1.5 km long
feldspar-biotite porphyry.
- Quartz veined sediments immediately adjacent to a quartz
stockwork granite returned 4.8 g/t Au, 106 g/t Ag
and 1.41% Cu from a grab sample.
- Polymetallic mineralization in conglomerates is a
mineralization style that has not previously been explored, but for
which there appears to be significant potential as a number of
conglomeratic units have been mapped on the property with sample
results such as 1.51 g/t Au, 67.0 g/t Ag and
1.05% Cu (grab sample) and 6.1 m of 13.8
g/t Au, 34.4 g/t Ag and 0.85% Cu
(historical trench).
- Known mineralization on the property is proximal to intrusive
bodies, analogous to what is observed in many of the large gold
deposits within the Tintina Gold Belt.
The Golden Zone property lies within the gold endowed Tintina
Belt, is located 320 km north of Anchorage, Alaska and is accessed
by a 16 km road west of the main transportation route between
Anchorage and Fairbanks. The property is comprised of a 2,960
acre Uplands Mining Lease with an expiry date of 2050, surrounded
by 92 State of Alaska claims totaling 11,600 acres and a nearby,
non-contiguous, 40-acre Mill Site Lease.
Mineralization styles on the property are directly associated
with Intrusive Gold Related Systems with numerous polymetallic,
gold-dominated mineral showings contained within three northeast
trending fault-bounded belts or corridors, named from northwest to
southeast, the Golden Zone, Long Creek and Silver Dikes
corridors. The mineral showings are generally hosted within
north to northeast trending sedimentary units of intermixed
siltstone/sandstone/conglomerates that are often offset by
west/northwest trending structures. These cross-structures, evident
from the airborne magnetic survey map, likely provided the conduits
for the fluids responsible for much of the mineralization in the
sedimentary units.
All the known mineralization on the property is spatially
associated with Cretaceous age intrusive rocks that have been
identified through mapping and or airborne/ground geophysics. The
intrusive bodies on the property range from equigranular to
porphyritic intrusives such as monzodiorite in the northern portion
of the property to more quartz porphyritic granites towards the
southern portion of the property.
The nature of the gold-bearing showings on the property are
variable and include the dominant mineralized deposit styles
associated with Intrusive Gold Related Systems such as: 1) shallow
level style mineralization: breccias, quartz-arsenopyrite-sulphide
veins, stockwork/disseminated veins, shear zone mineralization; 2)
peripheral style mineralization: skarn, precious/base metal veins
and shear zone mineralization, and: 3) intrusion hosted
mineralization: sheeted veins and stockwork vein systems.
The 2017 work program included historical data compilation,
geological mapping and prospecting, trenching, rock and soil
sampling, 43 line km of IP surveying and 2,578 m of diamond
drilling. The geophysical and drilling results will be
reported in separate press releases.
It should be noted that, due to their selective nature, assay
results from grab samples reported in this press release may not be
representative of the mineralization hosted on the
property.
Surface Sampling Program Results
The 2017 surface sampling program was comprised of 175 trench
samples, 752 surface grab samples and 155 soil samples. These
results combined with the 2016 Avidian sampling program (257 grab
samples) along with historical sample results (1,435 surface grabs,
18,000 trench and drill hole samples) define an 8 km strike length
of gold mineralization grading > 1 g/t Au within the northeast
trending Golden Zone and Long Creek corridors. Within these
corridors there are numerous high-grade gold occurrences of
> 4 g/t Au to > 25 g/t Au
plus Ag ± base metal mineralization (see Figure 1).
Mineralization within the Golden Zone Corridor can be traced in
excess of 5 km in strike length (Riverside mineral occurrence to
south of the Breccia Pipe deposit and remains underexplored further
to the southwest) and contains some of the highest gold values on
the property, such as 177.5 g/t Au from a 0.3 m
wide quartz-arsenopyrite vein and 1.49 m of 34.6 g/t
Au from a historical channel sample. Approximately
1.5 km southwest of the Riverside occurrence there is a hornblende
porphyry body over which anomalous gold (>25 ppb with a high
value of 156 ppb Au) and As (>100 ppb with a high value of 1,035
ppm As) results were obtained from the 2017 soil sampling
program. A northeast striking zone 150 m wide by 600 m long,
open to the northeast, can be defined using a threshold of 0.5
standard deviation above the mean. This area will require
further follow up as gold mineralization on the property is
generally associated with As anomalism and this area is completely
unexplored.
The Golden Zone Corridor sampling program also resulted in the
discovery of a new mineralized breccia, referred to as “Breccia
Pipe West”. It is located approximately 500 m west of the
known Breccia Pipe deposit that contains a NI 43-101 Indicated gold
resource of 267,400 ounces and an Inferred gold resource of 35,900
ounces. Mineralized grab samples from this new discovery
returned values ranging from 15 ppb Au to
14.64 g/t Au and 0.6 g/t Ag to 355 g/t
Ag, plus base metals outlined over an area of 200 m by 50
m and proximal to a 1.5 km long feldspar-biotite porphyry.
This proximity to a porphyry is considered highly relevant as the
main Breccia Pipe deposit is confined to a plug-like monzodiorite
porphyry, which is known to be mineralized, some of which falls
into the existing 2016 mineral resource.
The Long Creek Corridor, located east of the Golden Zone
Corridor, hosts the Copper King, Long Creek and South Long Creek
occurrences. These occurrences contain gold as well as some of the
strongest copper mineralization found on the property. The
mineralization in these occurrences collectively can be traced in
excess of 2 km long and remains under-explored to the northeast and
southwest (see Figure 1).
At the Copper King prospect mapping indicates the mineralization
is proximal to a quartz eye porphyritic granite (exposed over 200 m
in strike length). The gold/base metal mineralization occurs
as:
- semi-massive sulphide in a skarn, such as found within a
historical trench grading 13.72 m of 7.01 g/t Au, 94.1 g/t
Ag and 4.0% Cu and intersected in a
historical drill hole that returned 7.62 m @ 4.94 g/t Au,
76.7 g/t Ag and 3.52% Cu;
- disseminated chalcopyrite and molybdenite in a quartz eye
porphyritic granite;
- mineralization proximal to a quartz stockwork granite that
returned 4.8 g/t Au, 106 g/t Ag and 1.41%
Cu from a grab sample;
- disseminated chalcopyrite in a conglomeratic unit (grab sample
of 1.51 g/t Au, 67.0 g/t Ag and 1.05%
Cu);
- chalcopyrite associated with a mafic dike (grab sample of
1.44 g/t Au, 87.5 g/t Ag and 3.29%
Cu); and
- chalcopyrite stringers in siltstones (6.1 m of
1.09 g/t Au, 9.17 g/t Ag and 0.36%
Cu in a historical drill hole).
Limited
work has been conducted on the Long Creek and South Long Creek
occurrences but known mineralization is impressive with a number of
high grade gold, silver and base metal showings. The
mineralization at Long Creek is exposed along a river cut that runs
perpendicular to the strike of the geology (intermixed sedimentary
units) with high grade mineralized grab samples and historical
trenches exposed along a strike length of at least 200 m. An
example at the Long Creek occurrence includes 6.1
m of 13.8 g/t Au, 34.4 g/t Ag and
0.85% Cu from a trench in mineralized
conglomerate. This exposure is located approximately 1 km
south of the conglomeratic unit(s) noted above at the Copper King
showing.
At the South Long Creek 11.0 g/t Au, 2,550 g/t Ag, 0.24%
Cu, 14.3% Pb and 2.54% Zn was obtained
from a grab sample of an arsenopyrite-quartz-carbonate vein.
This mineralization is proximal to quartz eye porphyritic granite
dikes.
Exploration programs in 2018 will focus on expanding the
identified areas of interest (see Figure 1) followed by drilling of
priority targets.
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 and Reno facilities 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 47.3 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."
Historical assays mentioned herein have been verified through a
review of assay certificates and field data, but may have not
necessarily been resampled by the Corporation. Further detailed
information on the Golden Zone property along with historical
references and those that have been resampled and verified by an
independent QP can be found in the Technical report dated August
17, 2017 prepared by Leon McGarry, B.Sc., P.Geo and Ian D.
Trinder, M.Sc., P.Geo (the “Technical Report”) that has been posted
on SEDAR. It should be noted that, due to their selective
nature, assay results from grab samples may not be representative
of the mineralization hosted on the property.
About Avidian Gold
The Corporation is an exploration and development company whose
primary business interest is in four advanced gold properties
located in the USA: the Golden Zone and Amanita properties,
situated in south–central Alaska, and the Jungo and Dome Hill
properties located in Nevada, each held 100% by the
Corporation. The Golden Zone property hosts a NI 43-101
(2017) 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). The deposit is exposed on
surface and is open at depth and along strike. Avidian also
holds a 100% interest in the Strickland massive sulphide property
located in Newfoundland, Canada. Reference to Indicated and
Inferred gold resource provided above has been obtained from the
Technical Report.
Further details on the Corporation and the individual projects
can be found on the Corporation’s website at
www.avidiangold.com.
ON BEHALF OF THE BOARD
Dino Titaro, President & CEOTel. +1 (647) 283 7600
The TSX Venture Exchange nor its Regulations Service Provider
(as that term is defined in the policies of the TSX Venture
Exchange) does not accept responsibility for the adequacy or
accuracy of this news release.
Forward-Looking Statements: This press release
includes certain statements that may be deemed "forward- looking
statements". Forward-looking statements are frequently
characterized by words such as “plan”, “expect”, “project”,
“intend”, “believe”, “anticipate”, “estimate”, and other similar
words, or statements that certain events or conditions “may” or
“will” occur. All statements in this release, other than statements
of historical facts, that address future exploration drilling,
exploration activities and events or developments that the
Corporation expects, are forward-looking statements. Although the
Corporation believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance and actual
results or developments may differ materially from those in
forward-looking statements. Factors that could cause actual results
to differ materially from those in forward- looking statements
include market prices, exploitation and exploration successes,
continued availability of capital and financing, and general
economic, market or business conditions. There can be no assurance
that forward-looking statements will prove to be accurate, as
results and future events could differ materially from those
anticipated statements. The Corporation undertakes no obligation to
update forward-looking statements if circumstances or management’s
estimates or opinions should change. The reader is cautioned not to
place undue reliance on forward-looking statements.
Figure 1 accompanying this press release is available
at http://www.globenewswire.com/NewsRoom/AttachmentNg/8b777c30-1326-4793-90b4-250ca6fc52e1
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