Avidian Discovers a New Gold Showing at the Golden Zone Project, Alaska with Gold Values up to 6.14 g/t and Stakes Additional Ground

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(TheNewswire)



 

Toronto, Ontario / TheNewswire / September 10, 2018: Avidian Gold Corp., (“Avidian” or the “Company”) (TSXV-AVG) is pleased to announce that it has discovered a new gold showing and has subsequently staked an additional 4,403 hectares (44 sq km) of ground immediately west, south and contiguous with its Golden Zone project, located 320 km north of Anchorage, Alaska.  

Highlights are as follows:

  • -Prospecting discovery of multiple sulphide-bearing gossan zones with gold values assaying up to 6.14 grams per tonne (g/t);

 
  • -Multiple vertical dipping gossan zones ranging in thickness from 0.5 to +3.0 metres (m) over a true width area of approximately 150 m across a moderately steep rock face that extends approximately 200 m in height from the top of the talus line to the top of the mountain peak (see Photo 1) and an additional 100 m to the valley floor from top of the talus line;

 
  • -The strike length of the surface exposure of this new zone extends into the mountain side and its apparent extension has been discovered on the other side of the mountain, for a strike length of approximately 450 m to 500 m;

 
  • -Sulphide mineralization includes disseminated to semi-massive pyrite with chalcopyrite and arsenopyrite within vertically dipping sediments (siltstones/sandstones), intruded by porphyritic dikes;

 
  • -A total of 23 grab samples(1) across the 150 m width of the gossan zone just above the talus line were collected with eight samples assaying greater than 0.95 g/t Au.  Additional sampling is being carried out.  Highlights from the gossans to date include:

 
  • -6.14 g/t Au

    -5.41 g/t Au

    -3.83 g/t Au

    -2.08 g/t Au

 

Samples from interbedded siltstone sediments range from 0.098 g/t Au to 0.965 g/t Au;

  1. (1)A complete list of sample assay results is listed in Table 1. 

 
  • -Staking of State of Alaska claims covering 4,403 hectares (44 sq km) as result of this new discovery with prospecting ongoing as well as additional sampling at the JJ Zone;

    -The new staking joined Avidian’s existing Golden Zone property with the Cohio property which it staked in 2016.  Cohio features three grab samples of 111.0 g/t Au, 15.0 g/t Au and 9.7 g/t Au, to go along with six samples that ran less than 0.25 g/t Au.

It should be noted that, due to their selective nature, assay results from grab samples may not be representative of the overall grade and extent of mineralization on the subject area.

Nick Tintor, President and CEO of Avidian, commented, “Our regional scale prospecting program which is still ongoing, has possibly generated a new discovery with significant gold results that underscores the high prospectivity and potential of the Golden Zone district, with mineralization now extending over 15 kilometres in length.  This program is just one component of Avidian’s current field program including 3,000 metres of drilling and 46.5 line kilometers of CSAMT geophysical surveying primarily in the Copper King-Long Creek target area which appears to be identifying another possible significant new discovery area(s) that is currently being evaluated by trenching and drilling.”

With the addition of the newly staked ground, Avidian now controls a district scale project that covers 10,534 hectares or 105 sq km of concessions providing several regional scale exploration targets in the central and southern portions of the project area for gold-copper mineralization associated with one or more intrusion related gold system.

All of this is in addition to the +260,000 ounces of Indicated gold resource at the Breccia Pipe Deposit (see About Avidian Gold Corp. below) that is located on the northern portion of the property, approximately 5 km northeast of the JJ Zone.

The mineralized occurrences on the project extends for well over 15 km in length.  A map of the Golden Zone project including the newly acquired concessions is shown below in Figure 1.

Golden Zone Background

The Golden Zone project lies within the gold-endowed Tintina Mineral Belt and is located 320 kilometres north of Anchorage, Alaska and is conveniently accessed by a 16-km road west of the main transportation highway between Anchorage and Fairbanks.

Gold mineralization on the property is found in breccias, veins and shear zones, skarns and other replacement styles of mineralization.  These all appear to be of igneous affiliation and are all spatially related to Cretaceous age intrusives.

For additional information on the Golden Zone project and the Company’s portfolio of projects, please visit Avidian’s website at www.avidiangold.com or see the Company’s profile at www.sedar.com.

QA/QC Statement

Sampling included insertion of certified standards and blanks into the stream of samples for chemical analysis. 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.

The technical information contained in this news release has been reviewed and approved by Dr. Tom Setterfield, P.Geo, Vice President – Exploration for 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 CONTACT

Nick Tintor, President and CEO

Mobile: 416 953 4244
Office:   416 987 0855
Email:
[email protected]

or

Dino Titaro, Director

Mobile: 647 283 7600

Email: [email protected]

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.

Photo of JJ Zone.

 


Click Image To View Full Size

 

Table 1:  Grab sample results from JJ Zone

------------------------------------------------------------------------------------------------ |SAMPLE |Au | Cu (ppm) |Description |  | | |(ppm)| | | | |----------------------------------------------------------------------------------------------| |  |  |  |  |  | |----------------------------------------------------------------------------------------------| |W212982|0.006|  |Minor pyrite |Rusty sandstone, talus | | | |  | | | | | |  | | | | | | 43 | | | |----------------------------------------------------------------------------------------------| |W212983|0.792|  |20% |Rusty gossan, talus | | | | 1,735|pyrite, | | | | | |1% | | | | | |chalcopyrite | | |----------------------------------------------------------------------------------------------| |W213085|0.452|  |10% |Rusty gossan, outcrop | | | |  |pyrite, | | | | |  |2% | | | | |609 |chalcopyrite | | |----------------------------------------------------------------------------------------------| |W213086|1.18 |  |5% pyrite or arsenopyrite|Rusty gossan, outcrop | | | |  | | | | | |  | | | | | |384 | | | |----------------------------------------------------------------------------------------------| |W213087|0.416|  |5% pyrite and pyrrhotite |Host sandstone | | | |  | | | | | |  | | | | | |118 | | | |----------------------------------------------------------------------------------------------| |W213088|6.14 |  |5-10% pyrite |Rusty gossan | | | |  | |with 2 cm | | | |  | |sulphide | | | |275 | |veining, | | | | | |outcrop | |----------------------------------------------------------------------------------------------| |W213089|0.098|  |  |Host sandstone, outcrop | | | |  | | | | | |  | | | | | |287 | | | |----------------------------------------------------------------------------------------------| |W213090|0.965|  |sulfides |Host sandstone, subcrop | | | |  | | | | | |  | | | | | |367 | | | |----------------------------------------------------------------------------------------------| |W213091|0.952|  |5-10% pyrite |Rusty gossan, outcrop | | | |  | | | | | |  | | | | | |375 | | | |----------------------------------------------------------------------------------------------| |W213092|0.268|  |10% sulfide |Rusty gossan, outcrop | | | |  | | | | | |  | | | | | |951 | | | |----------------------------------------------------------------------------------------------| |W213093|0.325|  |20% pyrite? |Rusty gossan, subcrop | | | |  | | | | | |  | | | | | |661 | | | |----------------------------------------------------------------------------------------------| |W213094|0.505|  |  |Rusty gossan, outcrop | | | | 1,240| | | |----------------------------------------------------------------------------------------------| |W213095|0.443|  |10% po, 5% py |Rusty gossan, subcrop | | | |  | | | | | |  | | | | | |725 | | | |----------------------------------------------------------------------------------------------| |W213096|0.262|  |5% aspy? |Rusty gossan, outcrop | | | |  | | | | | |  | | | | | |713 | | | |----------------------------------------------------------------------------------------------| |W213097|0.154|  |10% py, cpy, po |Host sandstone, outcrop | | | |  | | | | | |  | | | | | |192 | | | |----------------------------------------------------------------------------------------------| |W213098|0.091|  |5% aspy? |Rusty gossan, outcrop | | | |  | | | | | |  | | | | | |314 | | | |----------------------------------------------------------------------------------------------| |W213099|0.078|  |semi-massive po and py |Rusty gossan, subcrop | | | | 1,880| | | |----------------------------------------------------------------------------------------------| |W213101|0.834|  |aspy, sulfides |Rusty gossan, outcrop | | | |  | | | | | |  | | | | | |431 | | | |----------------------------------------------------------------------------------------------| |W213102|0.704|  |20% sulfide-cpy, py, po |Rusty gossan, subcrop | | | | 2,310| | | |----------------------------------------------------------------------------------------------| |W213103|1.295|  |aspy, py |Rusty gossan,1 m chip sample- outcrop | | | |  | | | | | |  | | | | | |368 | | | |----------------------------------------------------------------------------------------------| |W213104|5.41 |  |15% pyrite |Rusty gossan with 10 cm sulphide vein, outcrop | | | |  | | | | | |  | | | | | |227 | | | |----------------------------------------------------------------------------------------------| |W213105|3.83 |  |20-30% sulfide |Rusty gossan with 10 cm sulphide vein, outcrop | | | | 1,455| | | |----------------------------------------------------------------------------------------------| |W213106|2.08 |  |10% pyrite |Rusty gossan, outcrop | | | | 1,010| | | ------------------------------------------------------------------------------------------------  

It should be noted that, due to their selective nature, assay results from grab samples may not be representative of the overall grade and extent of mineralization on the subject area.

       

Figure 1: Property Outline


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