VANCOUVER, BRITISH COLUMBIA–(Marketwired – April 6, 2017) – ML Gold Corp. (TSX VENTURE:MLG)(FRANKFURT:XOVN.F) (“ML Gold” or the “Company”) reports it has commenced exploration on three projects: drilling at the Palmetto Gold Project in Nevada, USA and Geophysical Surveying at the Aspen and Later Copper-gold Projects in British Columbia.
Geophysics at Aspen and Later
ML Gold crews have recently commenced ground based Induced Polarization (“IP”) geophysics over the Aspen and Later Properties in Central British Columbia. To date, the IP crew has completed 9.6 line kilometres (km) covering two separate magnetic anomalies on the Aspen South claim block. Preliminary results indicate the discovery of a new porphyry target approximately 1.1 kilometres wide buried under approximately 50 metres of cover. This new target is typified by a coincident high chargeability, high resistivity anomaly and occurs off the southeastern margin of one of two distinct large ovoid intrusions in the Nechako Plateau area. These massive intrusions are thought to be responsible for the mineralizing events in the region such as New Gold Inc’s 9.5 million ounce Blackwater gold deposit. The discovery of this new anomaly under cover results from follow-up on discrete magnetic anomalies with highly elevated silver in soils (up to 4.3 grams per tonne silver in soil).
At the Later Copper-Gold Project, the geophysics crew is conducting a deep sensing IP survey over the massive donut shaped chargeability anomaly originally identified by ML Gold in the unmodelled IP data acquired earlier this year (see ML Gold news of January 19, 2017). This central donut anomaly is approximately 1.9 kilometres across and occurs within a roughly 6 by 7 kilometre area of anomalous chargeability. The current IP survey will allow deeper imaging within the donut, greatly increasing the targeting ability for the anticipated drilling program later this year. ML Gold interprets the donut chargeability target to represent a pyrite rich (highly chargeable) halo around the margin of a porphyry center, similar to the near-by 2.2 Billion lbs Copper and 5.7 Million ounce gold Mt. Milligan mine, and others. Previous drilling on the outer margin of the donut anomaly indicates that copper and gold mineralization identified (AH 90-1 including 187 metres with 0.053% copper, and AH 90-4 including 6m with 6.4 grams per tonne gold, 0.098% copper, Assessment Report 20943) is related to porphyry dykes possibly stemming from a massive porphyry copper-gold system somewhere in the centre of the halo.
Drilling at Palmetto
ML Gold is pleased to provide an update on the Palmetto Project in Esmeralda County within Nevada’s Walker Lane mineral belt. Currently two drills are operating on the Palmetto Project: a Core drill, and a Reverse Circulation (“RC”) drill. To date, the Core drill is advancing its second hole within the Discovery Zone where it has intersected at least one interval over several feet with fine visible gold. The RC drill has completed its first two holes and has encountered several zones with quartz veining visible in the chips. The RC drill is currently testing the intersection of the Discovery Zone and the rhyolite dome feature thought to be related to the gold mineralizing event. Samples are being logged and processed on site and are currently being prepared for shipping to the ALS Minerals Lab in Reno, Nevada for assaying. Initial inspection of the core is encouraging and the Company anticipates a quick turnaround time for all samples.
The drilling program at the Palmetto project is permitted to include 13 holes; however, two additional holes have been added to the planned program and are awaiting approval from the BLM office under a modified permit application. Once the drilling program is completed ML Gold will begin the process of completing a first ever resource estimate on the Palmetto property.
ML Gold project videos can be viewed on the Company’s website under the Projects tabs the following the links (www.mlgoldcorp.com/index.php/projects/palmetto) & (www.mlgoldcorp.com/index.php/projects/later) and clicking on the video.
Adrian Smith, P.Geo., is the qualified person for the Company as that term is defined in National Instrument 43-101, and has supervised the technical information presented within this news release.
ABOUT ML GOLD CORP.
ML Gold Corp. is a Canadian listed Company, focused on creating shareholder value through discoveries and strategic development of mineral properties in Canada and the United States.
For additional information please visit the Company’s website at www.mlgoldcorp.com.
ML GOLD CORP.
Andrew Bowering, Chairman
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This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure, currency risks including the exchange rate of US$ for CDN$, changes in exploration costs and government royalties or taxes in Canada, the United States or other jurisdictions and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.
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