TORONTO, March 26, 2018 (GLOBE NEWSWIRE) -- Avidian Gold Corp. (TSXV:AVG) (the “Corporation” or “Avidian”) is pleased to provide an overview and comments on the results of a 2017 Induced Polarization survey completed at its 100% owned Golden Zone project in Alaska. The results were reviewed in conjunction with historical geophysical data including airborne electromagnetic and magnetic data and Controlled Source Audio Magnetotellurics (“CSAMT”) results.

In 2017, a time domain Induced Polarization (“IP”) survey was completed on the Golden Zone project covering five areas: Riverside, Breccia Pipe Deposit area, Bunkhouse, Copper King and South Long Creek (see Figure 1), using a variety of array and dipole separations.  A total of 43 km of line was surveyed. This data was incorporated and compiled with a 1996 aerial geophysical survey that included total magnetics and five frequencies of electromagnetic (“EM”) data at 100 m line spacing plus a 1982 CSAMT survey.  The combined surveys delineated magnetic lows and resistive highs interpreted to represent intrusive events potentially related to the areas of known gold mineralization and to as yet undiscovered mineralization (see Figure 2). The airborne magnetic data also provided excellent insight into the structural trends on the property and highlighted the significance of structures in the known mineralized areas.  The results of these surveys along with field geological work led to the identification of many of the 2017 drill target areas as well as new areas that will require follow-up work during 2018.

Highlights from the geophysical review including the 2017 IP survey are:

1) Magnetic data indicates a strong NE-SW structural trend on the property with orthogonal cross cutting faults often in the area of known mineralization (see Figure 2).  It is believed the cross-cutting faults have provided the “plumbing system” to allow mineralized fluids to flow to surface, such as in the area of the known Breccia Pipe Deposit.

2) A prominent resistivity high identified in the 1982 CSAMT data suggests a intrusive event to the immediate northwest of the Breccia Pipe Deposit.  Known mineralization at the Breccia Pipe West, the Breccia Pipe Deposit, Bunkhouse and Mayflower areas are found along the eastern edge of this interpreted intrusive (see Figure 3).  The 1996 airborne EM and Avidian's 2017 mapping corroborate the presence of this major intrusion; further geophysical work is necessary to fully delineate it.

3) The 2017 IP survey was conducted on specific target areas that lie within the 8 km long trend over which gold mineralization grading > 1 g/t Au can be traced (see January 15, 2018 press release).  In each of the areas surveyed, polarization/resistivity anomalies have been identified in association with known mineralization.   With further expansion of the IP coverage it may be possible that line to line correlation will be established along the roughly 8 km strike length of known mineralization structurally bound by the Golden Zone and Long Creek Corridors.

4) In four of five areas surveyed (Riverside, Breccia Pipe Deposit, Bunkhouse and Copper King), pronounced chargeability anomalies were delineated over strike lengths in excess of 500 m. Given the proximity of these anomalies to known gold mineralization it is expected, pending further geologic follow up, that they will be drilled in 2018.

5) In the vicinity of the Breccia Pipe Deposit, the 2017 IP survey identified multiple anomalies sub paralleling the main NE-SW structural trend of the area. These anomalies fall on the outer edge of the CSAMT resistivity high that is interpreted to reflect an intrusive centre (see Figure 3). Drill testing of some of these anomalies in 2017 led to the intersection in hole GZ17-10 a core length of 21.6 m of 1.46 g/t Au in a previously unknown mineralized conglomeratic unit (see January 18, 2018 press release).  This stratigraphic unit represents a new substantial target on the property that has not been drill evaluated and is open in all directions.

6) It should be noted that additional mineralized conglomeratic units have been identified at the Long Creek occurrence, approximately 4 km to the south of hole GZ-17-10 where a historical trench (orientated in a NNW-SSE direction, perpendicular to the geologic units that trend in a NEE-SWW direction) uncovered a conglomeratic unit that retuned 6.1 m of 13.8 g/t Au, 34.4 g/t Ag and 0.85% Cu.  This conglomerate has never been evaluated on strike or drill tested. Mineralized conglomerate is also known at the Copper King prospect.  Conglomerates are common on the Golden Zone property and Avidian considers them to be a potential host for a style of deposit that has not previously been explored for.

7) The newly discovered “Breccia Pipe West” occurrence (grab sample of 14.64 g/t Au and 355 g/t Ag) located 500 m west of the known “Breccia Pipe Deposit” has a coincident NE-SW trending chargeability/resistivity anomaly that has not been drill tested.

8) In the Copper King and Long Creek mineral occurrence areas, the IP survey in combination with the historical airborne magnetic survey identified a number of magnetic low features interpreted to be shallow intrusives, adjacent to the known mineralization which have associated chargeability highs.  The IP results suggest that areas of known mineralization have potential to develop reasonable width and depth extent.  In addition to the many high-grade samples in the Copper King mineral occurrence (see January 15, 2018 press release) a grab sample adjacent to a quartz eye stockwork granite returned a value of 4.8 g/t Au, 106 g/t Ag and 1.4% Cu.   This sample is adjacent to an identified IP chargeability high.

9) At South Long Creek only one 2 km long reconnaissance line was completed as a test to determine how it relates to known mineralization. Multiple anomalies were identified, with the most significant anomaly coincident within the main area of known mineralization. A historical trench (orientated in a NW-SE direction, perpendicular to the geologic units that trend NE-SW) returned 3.0 m of 2.74 g/t Au and174.9 g/t Ag in the immediate area of the IP anomaly. Survey coverage will be extended in 2018.

The geophysical review in conjunction with the 2017 IP survey has identified multiple areas of geophysical significance within the 8 km long mineralized trend at Golden Zone.  In all cases the most prominent geophysical anomalies are coincident with known areas of mineralization. In addition, new geophysical anomalies that have yet to be sampled or evaluated have been identified in these known areas.   In all areas additional coverage (in-fill lines) and detailed geological work will be required to assist in prioritizing drill targets.

Background

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.

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

The technical information contained in this news release has been approved by Dr. Tom Setterfield, P.Geo., VP Exploration of Avidian who is a Qualified Persons as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects.”

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. 

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.

Further detailed information on the Golden Zone property 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.

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

James Polson, CEO

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.

For further information

James Polson, CEO
+852 9094 4751
[email protected]

or

Dino Titaro, President
+1 647 283 7600
[email protected]

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