TORONTO, ON / ACCESSWIRE / July 27, 2020 / Avidian Gold Corp. ('Avidian' or the 'Company') (TSX-V:AVG) is pleased to announce that it has contracted Ruen Drilling Inc. to complete 2,000 to 3,000 metres of oriented NQ core drilling at the Amanita Property located 5 kilometres south and contiguous to Kinross Gold's (TSX:K) Fort Knox mine and proximal to Freegold Ventures Limited (TSX:FVL) Golden Summit project both in the Fairbanks Mining District, Alaska.
The drilling program is designed to a) test the strike and depth extent of the significant, 2019 trench results and b) further define the extent and continuity of the mineralization encountered in the historical RC drilling which lies to the SE of the mineralized trend delineated in 2019.
Steve Roebuck, President of Avidian states: 'The shallow, historical, RC drilling clearly demonstrates that we have a widespread gold-rich system and ultimately the 2020 program will provide insight into the resource potential in the immediate area of the known mineralization. It will also provide insight into structural controls on gold mineralization through the use of oriented core technology. At least one historical hole will be twinned to determine if the RC holes failed to recover the coarse-grained gold as suggested by blaster analysis results completed in the late 90's. The drill program will start by testing the significant trench results obtained in 2019 which are to the NW of the historical mineralization. A second objective of the drill program will be to test the on-strike extension of the zone defined in the 2019 trenching program. The interpreted extension to the SW of the 2019 trench results intersects both an interpreted intrusive (from magnetics) and a bismuth geochemical anomaly. Bismuth is commonly found in association with gold in this area.'
Gold mineralization identified on the Amanita property generally falls within the Tonsina Trend which is a fault bounded, 800-metre-wide, northeast trending structural corridor that can be traced along a strike length of approximately 4 km on the property (see Figure 1). This corridor trends directly into Kinross's Fort Knox open-pit mine which is also associated with this northeast striking, structural corridor. The 2019 trenching program tested a small portion of the mineralization within the Tonsina Trend. The trench program encountered oxide gold mineralization including: 94.5 m of 3.04 g/t Au, including 22.5 m of 11.51 g/t Au; and 27 m of 4.22 g/t Au, including 6 m of 4.70 g/t Au and 6 m of 13.85 g/t Au (see Jan. 7, 2020 Press Release and Figures 2 and 3 below).
The Tonsina Trend has been sparsely drilled with 39 historical reverse circulation holes, of which 30 intersected oxide mineralization, including 6 holes containing visible gold, with grades > 1.0 g/t Au such as: 13.72 m of 3.02 g/t Au, 10.67 m of 1.08 g/t Au, 12.19 m of 2.28 g/t Au, 4.57 m of 11.49 g/t Au, and 3.05 m of 14.04 g/t Au. Gold mineralization intersected in the drill holes was hosted in steeply dipping oxidized bodies contained within metamorphosed sediments proximal to intrusive Cretaceous age rocks (see press release Jan. 7, 2020). The historical drilling was designed to test a prominent gold geochemical anomaly that extends throughout the majority of the property. The drilling tested only a small portion of the geochemical anomaly with average vertical drill hole depth being less than 100 m. The 2020 drilling program will utilize oriented core technology in order to assist in tying together the mineralized zones and structures on the property.
Figure 1: Amanita Property - Trench Locations and Selected Historical Drill Hole Results
Figure 2: 2020 Drill Follow up Area
Figure 3: Plan View of Significant Trench Results and Mineralized Zones
About Avidian Gold Corp.
Avidian 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 the Amanita gold property which is adjacent to Kinross Gold's Fort Knox gold mine in Alaska and the Jungo gold/copper property in Nevada.
The information in respect of the Golden Zone project is adopted from the Technical Report on the Golden Zone Property, August 17, 2017, L. McGarry P.Geo & I. Trinder P.Geo, A.C.A Howe International Ltd (the 'Technical Report').
Avidian is the majority owner of High Tide Resources, a private company with an option on the Labrador West iron ore property and owns the base metal Strickland Property and the Black Raven gold property, all located in Newfoundland and Labrador, Canada.
Avidian 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. Further details on the Corporation and the individual projects, including the NI 43-101 Technical report on the Golden Zone property, can be found on the Corporation's website at www.avidiangold.com.
The technical information in this news release has been approved by Dr. Tom Setterfield, P.Geo and Vice-President of Avidian Gold, who is a Qualified Person as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
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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 news release.
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. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to: the ability to anticipate and counteract the effects of COVID-19 pandemic on the business of the Company, including without limitation the effects of COVID-19 on the capital markets, commodity prices supply chain disruptions, restrictions on labour and workplace attendance and local and international travel, failure to receive requisite approvals in respect of the Offering, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. 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 law.
SOURCE: Avidian Gold Corp.
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