ML Gold Corp. (TSX-V: MLG) (“ML Gold” or the “Company”) is pleased to provide an update on the Company’s Palmetto Project, Esmeralda county, Nevada, USA. As part of the acquisition of the Palmetto Project, the Company took possession of: 1) all privately held hard copy: reports, drill logs, surveys, and other irreplaceable project records; 2) all historic geological, geophysical, and geochemical maps; 3) historic RC drill chips; 4) historic diamond drill core; 5) sample rejects; and 6) digital archive of all documents directly related to historical work on the property.
Immediately following receipt of the data the Company purchased MicroMine Intuitive Mining Solution Software and began building a 3D model. The 3D model gives a first-ever detailed view of the extent of the known mineralization (see for more info: http://www.mlgoldcorp.com/index.php/projects/palmetto). This model also gives the Company a significant advantage planning future drilling and exploration, potentially increasing the mineralization and possibly establishing a resource. Given the availability of all exploration records and the preservation of drill core and RC chips, ML Gold plans to produce a first-ever resource estimate on the project by re-confirming certain results from historic drilling. Discussions are currently underway with engineering firms to assist in these efforts.
Through initial modeling and data review, the Company has identified larger zones of mineralized rock surrounding the high grade conduits that were the primary focus of previous exploration. Some of the more significant historical drill holes, including intercepts recalculated using a lower cut-off grade, in the “Discovery Zone” are shown in Table 1 below. Inclusion of the lower grade material has the overall effect, when applied to the entire model, of generating a larger volume and subsequently more ounces of gold and silver in that volume. This new bulk tonnage model at the Palmetto Project is similar to the model used by Columbus Gold Corp. at their Eastside project 65 kilometres north-east.
Table 1: Significant Historical Drillhole Intercepts at the Palmetto Project, Discovery Zone
|Hole #||Interval||Length||Gold||Silver||Hole Type||Company|
|From (m)||To (m)||(m)||(g/t)||(g/t)|
|RMR-4 (recalc.)||120.4||207.3||86.9||30.4||148.3||RC||Romarco Minerals|
|RMR-14 (recalc.)||138.7||243.8||105.1||3.5||14.2||RC||Romarco Minerals|
|RPC-90-907 (recalc.)||122.3||155.4||33.1||20.5||63.3||Core||Phelps Dodge|
|RPR-89-14 (recalc.)||83.8||137.2||53.4||11.2||35||RC||Phelps Dodge|
|RPR-89-19 (recalc.)||134.1||138.7||4.6||31.6||394.7||RC||Phelps Dodge|
This information has been published on SEDAR by previous explorers and is reported for historical purpose only. The Company has not evaluated the historical exploration program for its compliance with NI 43-101. The drillholes listed above do not represent true widths and are only showing highlights from the historical database.
ML Gold is planning a RC and core drilling program for early 2017. The program will consist of confirmation drilling and step out expansion drilling to increase the extent of the known mineralization. The Company looks forward to expanding the known mineralized areas by focusing on areas open to depth and along strike in the Discovery and Northwest zones. In addition, management sees potential to discover new zones along the Northwest – Southeast regional structural corridor identified in regional airborne and ground geophysical surveys.
ML Gold Corp. has an option to acquire a 100% right, title and interest to the Palmetto Project. The project consists of 30 unpatented mining claims in Esmeralda County, Nevada, within the southern portion of the Walker Lane gold trend (see news release dated October 18, 2016).
The Company has granted of 200,000 stock options (the “Options”) to certain officers, directors, consultants and employees of the Company. The Options have a term of 5 years and are exercisable at a price of $0.15 per common share. The Options are subject to the acceptance of the TSX Venture Exchange.
Adrian Smith, P.Geo., is the qualified person for the Company as that term is defined in National Instrument 43-101, and has supervised the technical information presented within this news release.
ABOUT ML GOLD CORP.
ML Gold Corp. is a Canadian listed company, focused on creating shareholder value through discoveries and strategic development of mineral properties in Canada and the United States.
ML GOLD CORP.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure, currency risks including the exchange rate of US$ 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.