TORONTO, ON / ACCESSWIRE / August 26, 2021 /(“Avidian” or the “Company“) ( )(OTCQB:AVGDF) is pleased to provide an exploration update for its district scale (125.5 sq. km) Golden Zone Project in south-central Alaska. The property is strategically located midway between Anchorage and Fairbanks and only 10 km west of paved State Highway 3, the Alaska Railroad and the 345 kV Alaska Intertie power lines.
Drilling commenced on August 12, 2021 and to date the Company has achieved the following;
- Completed over 1,250 m of RC drilling from a 5,000 m drill program
- Extended mineralization by 200 m at the Mayflower Extension Zone (MEZ) which is still open at depth and along strike to the northeast
- Shipped the first batch of drill samples to ALS Global for analysis
- Completed 1,200 line km of drone magnetic survey
- Completed its reconnaissance mapping and sampling program over JJ-J4 and MJ targets
The mineralization encountered by the current RC drill program at the MEZ appears to be very similar to what was encountered in the 2017 and 2018 core holes, extending the mineralized zone to the northeast by 200 m, giving it a total strike length of approximately 600 m of new mineralization adjacent to the Breccia Pipe Deposit. The drill holes are shallow with vertical depths less than 150 m leaving the deposit open at depth and along strike to the northeast. The Breccia Pipe Deposit 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).
At the current pace of drilling the Golden Zone program is expected to be completed by mid-September. Once drilling wraps up at Golden Zone the plan is to mobilize the drill to Amanita to follow up on the near-surface oxide gold encountered in the 2020 core program and 2019 trenching program.
Avidian geologists have completed detailed field mapping, prospecting and sampling on select locations in order to follow up on previous reconnaissance mapping and sampling initiatives that yielded highly anomalous gold and copper results, (JJ-J4 and MJ discovery areas – grab samples of 5.17 g/t Au and 4.2 g/t Au plus 2.77% Cu and Silver Kitty discovery – grab sample of 12.5 g/t Au). New areas of sulphide mineralization were also noted and sampled. It should be noted that, due to their selective nature, assay results from grab samples noted above may not be representative of the overall grade and extent of mineralization on the subject areas.
The primary objective of the drill program is to follow up on MEZ mineralization which lies to the northeast of the Breccia Pipe deposit and is believed to have the highest potential to add ounces to the Breccia Pipe Deposit. Previous drilling by Avidian at the MEZ returned 21.6 m grading 1.46 g/t Au in a conglomeratic unit and 17.7 m grading 2.12 g/t Au in the same conglomerate unit on a 50-meter step out hole (see press release August 19, 2019).
Drilling will also focus on the Copper King prospect approximately 4 km to the south of the Breccia Pipe Deposit. The program is designed to follow up on a previous exploration campaign (see press release August 19, 2019) that yielded:
- 9.1 m grading 8.71 g/t Au, 80.8 g/t Ag and 3.57% Cu from 3.9 m to 13.0 m in drill hole CK18-01
- A surface trench (T18-09) located in the same vicinity as hole CK18-01 returned 30.0 m grading 2.24 g/t Au, 67.2 g/t Ag and 2.79% Cu
- 3.0 m grading 16.08 g/t Au, 50.6 g/t Ag and 0.78% Cu was encountered in a trench located 750 m south of the high-grade Copper King mineralization, which attests to the size of the mineralizing system in the Copper King/Long Creek area. This mineralization is located on the southern flank of a large CSAMT anomaly and is hosted in a conglomeratic unit.
Avidian brings a disciplined and veteran team of project managers together with a focus on advanced stage gold exploration projects in Alaska. Avidian’s Golden Zone project 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 and the Amanita NE gold properties which are both adjacent to Kinross Gold’s Fort Knox gold mine in Alaska, and the Jungo gold-copper property in Nevada. *Technical Report on the Golden Zone Property, August 17, 2017, L. McGarry P.Geo & I. Trinder P.Geo, A.C.A Howe International Ltd.
Avidian’s majority controlled High Tide Resources is a private corporation that is focused on, and committed to, the development of advanced-stage mineral projects in Canada using industry best practices combined with a strong social license from local communities. High Tide is earning a 100% interest the Labrador West Iron project located adjacent to IOC/Rio Tinto’s 23 mtpy Carol Lake Mine in Labrador City, Labrador and owns a 100% interest in the Lac Pegma Copper-Nickel-Cobalt deposit located 50 km southeast of Fermont, Quebec. High Tide is majority controlled by Avidian.
Further details on the Company and the individual projects, including the NI 43-101 Technical reports on the Golden Zone property and Labrador West Iron property can be found on the Company’s website at www.avidiangold.com.
The technical information contained in this news release has been approved by Steve Roebuck, P.Geo., President and CEO of Avidian, who is a Qualified Person as defined in ‘National Instrument 43-101, Standards of Disclosure for Mineral Projects.’
For further information, please contact:
President & CEO
Mobile: (905) 741-5458
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 news release.
This News Release includes certain ‘forward-looking statements’ which are not comprised of historical facts including statements regarding the use of proceeds. 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 foregoing, 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, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, 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. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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