TORONTO, Oct. 15, 2018 (GLOBE NEWSWIRE) -- Avidian Gold Corp. (TSXV:AVG) (the “Corporation” or “Avidian”) is pleased to report results from the first of three drill holes at the Copper King prospect from its ongoing drill program at the 100% owned Golden Zone project in Alaska. 

Exploration Highlights

  • Hole CK18-01 intersected 9.1 metres (m) grading 8.71 grams/tonne (g/t) Au, 80.8 g/t Ag and 3.57% Cu from 3.9 m to 13.0 m.  
     
  • 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.
     
  • Trench (T18-05) located approximately 750 m to the south of CK18-01 and oriented perpendicular to the stratigraphy encountered 3.0 m grading 16.08 g/t Au, 50.6 g/t Ag and 0.78% Cu.

Within a 200 m vicinity of the Copper King prospect, Avidian collected surface rock grab samples that graded:

  • 1.44 g/t Au, 87.5 g/t Ag and 3.29% Cu in a conglomeratic unit;
  • 1.51 g/t Au, 67.0 g/t Ag and 1.05% Cu in siltstones;
  • 6.86 g/t Au, 192 g/t Ag and 9.65% Cu in siltstones, and;
  • 4.8 g/t Au, 106 g/t Ag and 1.41% Cu in a quartz-eye granite stockwork.

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 & CEO stated: “The initial high grading gold and copper results we are seeing at the Copper King to Long Creek area are very encouraging and support our model that the near surface mineralization has been introduced by deeper intrusive events. We plan to use this knowledge to aid in vectoring toward the interpreted intrusive systems that we believe are responsible for the mineralizing events over this large area”.

Copper King Prospect

Avidian drilled hole CK18-01 adjacent to a historical hole CK-94-2 that returned 7.62 m grading 4.84 g/t Au, 76.7 g/t Ag and 3.52% Cu with the dual objectives of 1): verifying this historical intersection and 2):  obtaining information that would help Avidian vector towards a possible intrusive event believed to be responsible for the mineralized fluids that resulted in this mineralization. Hole CK18-01 is also adjacent to the northern flank of an IP/CSAMT resistivity high feature that correlates with a magnetic low.  

Historical hole CK94-2 ended in gold and copper mineralization at a shallow depth of approximately 60 m.  Avidian’s hole CK18-01 intersected semi-massive sulphide mineralization at the top of the hole that returned the 9.1 m grading 8.71 g/t Au, 80.8 g/t Ag and 3.57% Cu.

This mineralization is interpreted to be skarn type. The hole encountered anomalous copper and gold values further down-hole, including 34.5 m of 0.22 g/t Au and 0.16% Cu.  This mineralization occurs as sulphides (pyrite, chalcopyrite) within quartz ± calcite veinlets and is disseminated within siltstone and sandstone. The mineralization is relevant as it demonstrates that the mineralizing system is active over a large area at Copper King.

Copper King Trenching Program

Four trenches were excavated proximal to hole CK18-01 (see Figure 1). Trench T18-09, sampling surface material subparallel to the trace of CK18-01, returned an intersection of 30.0 m grading 2.24 g/t Au, 67.2 g/t Ag and 2.79% Cu in similar skarn-type mineralization.

Trench T18-10, located behind CK18-01, returned 27.0 m grading 0.12 g/t Au, 4.9 g/t Ag and 0.20% Cu. Nearby trench T18-14 returned of 9.0 m grading 0.53 g/t Au, 8.8 g/t Ag and 0.22% Cu. Trench T18-11, located 200 m away, returned 21.0 m grading 0.13 g/t Au, 13.1 g/t Ag and 0.45% Cu disseminated in a conglomerate.  Trench’s T18-06 and T18-08 did not reach bedrock. 

The mineralization encountered in T18-05, 3 m grading 16.08 g/t Au, 50.6 g/t Ag and 0.78% Cu, is located on the southern flank of an impedance phase high and is located within a conglomeratic unit.  Its location on the edge of the CSMAT impedance phase data, continues to support the intrusion related gold system model, and its location 750 m from the high-grade Copper King mineralization attests to the size of the mineralizing system.  

Multiple intrusive-related events are interpreted to be the source of the mineralized fluids that have introduced gold and copper mineralization into surrounding sedimentary rocks. Overlying sediments are also characterized by abundant high temperature hornfels alteration minerals.

Two other drill holes, CK18-2 and CK18-3 were also drilled in the vicinity of CK18-1 and are also testing the sedimentary package of rocks to assist in the vectoring of the intrusive source responsible for the mineralization in this prospect area.   Assay results for these holes are pending.  The location of the Copper King holes is shown in Figure 1.  Drill hole LC18-03 was stopped short due to drilling logistical difficulties and will be re-entered and drilled at a later date.

The following table outlines highlight assays from hole CK-18-01.

HoleFrom
(m)
To
(m)
Length
(m)
Grade
(Au g/t)
Grade
(Ag g/t)
Grade
(% Cu)
       
CK18-01
(Az 120; Dip -60º)
      
 3.913.09.18.7180.033.57
incl.3.95.51.620.9861.352.60
and7.013.06.07.60104.704.64
 76.5111.034.50.223.80.16
incl.87.898.510.70.338.70.18
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.  Hole CK18-01 was drilled to a core length of 245.5 m.

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 37.1 g/t Au and copper ranged from below detection to a high of 6.84%.

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.

FOR ADDITIONAL INFORMATION PLEASE CONTACT
Nick Tintor, President and CEO
Mobile: 416 953 4244
Office:   416 987 0855
Email: ntintor@avidiangold.com

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.

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.”

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/21a9b233-907b-4562-aa82-6cad313f4859