TORONTO, Oct. 01, 2018 (GLOBE NEWSWIRE) -- 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.

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 CONTACT
Nick Tintor, President and CEO
Mobile: 416 953 4244
Office: 416 987 0855
Email: [email protected]

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