ML Gold Corp. (TSX-V: MLG) (“ML Gold” or the “Company”) is pleased to announce it has expanded the footprint of copper and molybdenum mineralization in its first drillhole of the spring program “Hole 7” (DD18SS007) testing into the new Central Target area. This hole confirms the presence of a large scale porphyry system and potentially significant molybdenum plus copper mineralization indicating a higher temperature setting within the Central Target area. A plan map with drilling, including the new Hole 7, is attached as Figure 1 below, and is also available on the Company’s website on the Stars project page (http://www.mlgoldcorp.com/index.php/projects/stars-property). Additionally the Company has released Hole 7 core pictures on the Stars project page showing copper and molybdenum mineralization, porphyry dikes, potassic alteration, and magnetite-chalcopyrite breccias down hole.
Hole 7 was drilled from the existing Pad 1 (DD17SS001 and DD17SS002) at 295 degrees and -45 dip. Hole 7 shows an increasing amount of molybdenum and potassic feldspar alteration. Molybdenum mineralization typically occurs within, or directly adjacent to, the higher temperature core of a porphyry system and is consistent with increased amounts of potassic feldspar alteration transitioning from pervasive secondary biotite alteration. The potassic feldspar alteration occurs as intense localized flooding and as halos around veins. Magnetite and chalcopyrite have been observed as matrix infill within breccias cutting the potassically altered wall rock. Separately centimeter scale porphyry dykes with cross-cutting quartz-magnetite(altered to hematite)-copper-molybdenum “B” style veins have been observed.
The Company is in the process of logging, sampling, and shipping the core samples to MS Analytical in Langley, BC for assaying. Results from the new drilling will be made available as soon as possible.
About the Stars Project
The Stars Project is an early stage copper-molybdenum-silver-gold porphyry project in central BC, approximately 40 kilometers southwest of Houston, BC. ML Gold has been aggressively exploring the Stars project for a Copper Porphyry system since it acquired the project in November, 2017 (see release November 22, 2017). Within the first few months of exploration ML Gold has successfully identified new high grade copper mineralization in Zone 4 (see release Feb 28, 2018), uncovered a 3 x 5 kilometre circular magnetic ring feature (contained within the Stars project boundary) encompassing numerous target areas, and expanded the footprint of copper porphyry mineralization, veining, and alteration under glacial cover.
The Stars property is ideally located within a flat lying, low relief area with a well-developed network of resource roads that provide the ability to access and operate on the property year-round. Major BC highways connect the nearby community of Houston, BC with regional exploration hubs such as Smithers and Prince George, and provide access to the deep water port in Kitimat where copper concentrates from other BC copper porphyry deposits are currently being shipped to smelters overseas.
Adrian Smith, President of ML Gold comments “Based on the early success of exploration under glacial cover at the Stars project, we plan to continue expanding on and identifying new higher grade zones within the broad scale copper porphyry system that has now been confirmed to exist on the property.”
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 company listed on the TSX Venture Exchange, 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.
Figure 1: Stars Project Drilling Plan Map over FVD Magnetics