ML Gold Corp. (TSX-V: MLG; FSE: XOVN.F) (“ML Gold” or the “Company”) is pleased to announce that its ongoing drilling program at the Stars project has intersected over 400 metres of copper mineralization extending the entire length of Hole 10 (DD18-SS010), ending in mineralization at a final depth of 490m. The mineralization is characterized by variably silicified and potassic altered feldspar porphyry intrusions containing coarse and fine grained disseminations of chalcopyrite, in a steeply-dipping mineralized zone. Ongoing drilling continues to expand the known mineralization along strike and at depth. Additional holes have been completed adjacent to DD18-SS010 on a 100 metre spaced drill grid, with assays pending (see drill plan map, Figure 1).
ML Gold’s Stars project is ideally located 60km southwest of the resource town of Houston, B.C. The project site is low-elevation, gentle topography, and is accessible by all-season main line resource roads making it ideal for low-cost mine development.
- A new mineralized feldspar porphyry intrusion has been intersected for the first time in Hole 10 (see attached cross section, Figure 2).
- Consistent disseminated mineralization is observed in the porphyry intrusion. Mineralization also extends as vein-hosted chalcopyrite into the surrounding host rocks (ex. Hole 4 - 204 m @ 0.5% CuEq, proximal to porphyry intrusion).
- Hole 10 - 405.38 metres of 0.26% CuEq from 29.57 to 434.95 metres
- Including 188.97 metres of 0.33% CuEq from 178.92 to 367.89 metres
- Including 24.38 metres of 0.32% CuEq from 392.28 to 416.66 metres
- Including 79.25 metres of 0.40% CuEq from 203.30 to 282.55 metres
- Including 30.48 metres of 0.50% CuEq from 337.41 to 367.89 metres
- Increased potassic alteration is observed at depth in DD18-SS010 with coarse disseminated chalcopyrite indicating proximity to the mineralized potassic core of the system (see core detail photo, Figure 3).
- Rock units observed are potassic altered feldspar-phyric porphyry intrusion along with hornfelsed and silicified Hazelton Group volcanics.
- These units are synonymous to the nearby Huckleberry deposit, with similar observations of drill core made by ML Gold geologists.
- The zone remains open along strike and to depth.
Adrian Smith, President of ML Gold comments “We are very pleased with the extensive interval of mineralization in our drill core. Hole 10 marks the first time on the Stars project that we have seen large mineralized porphyritic intrusions, which is an exciting discovery on its own. With this new discovery of mineralized porphyry rock, we have shown our ability to follow vectors and find a broad zone of disseminated copper, as intersected in Hole 10. Observations by company geologists are consistent with the descriptions of mineralization and alteration at the Huckleberry deposit, which adds to the technical understanding of the system moving forward, and will allow us to rapidly advance the project.
Drilling at Stars is ongoing with the focus to follow the mineralized zone, and continue to verge toward a potentially higher grade ore zone. Additional drilling around Hole 10 has intersected similar porphyritic intrusions and we are excited for the receipt of the upcoming assay results.”
Zone 4 Area Renamed Tana Zone:
Hole 10 identified porphyry-style mineralization within and surrounding the newly identified unit to the south of the Zone 4 area. To accommodate this larger target area, the Company is electing to rename the Zone 4 area the “Tana Zone” which will now encompass the entire area around Hole 4 and the large magnetic low immediately to the south, east, and west.
|Table 1||DD18-SS010 Significant Intercepts|
|Drill Hole:||DD18-SS010||Zone:||Tana Zone|
|Length (m) :||489.81||Projection:||NAD83|
|Hole ID||From (m)||To (m)||Interval (m)1||Cu %||Mo %||Ag (g/t)||Au (ppb)||CuEq %2|
|(1) The intervals reported in these tables represent drill intercepts and insufficient data is available at this time to state the true thickness of the mineralized zone|
|(2) CuEq (Copper Equivalent) values are calculated using metal spot prices at market close on August 20th 2018|
|USD $2.70 / lb Cu, $11.80 / lb Mo, $14.75 / oz Ag, $1195 / oz Au|
|Table 2||Tana Zone Collar Information|
|Hole ID||Assays||UTM 83E||UTM 83N||Elevation||Azimuth||Dip||Length (m)|
Hole 10 was collared 50 metres (“m”) east of Hole 4 (DD18-SS004) which intersected 204 metres at 0.5% CuEq. Hole 10 drilled south perpendicular to Hole 4 and appears to have identified the mineralized intrusive, possibly related to the large chalcopyrite veins seen in in Hole 4, 50 meters west (see drill plan map, Figure 1).
Additional maps are available on the Stars Project page at www.mlgoldcorp.com.
Central Target Area:
The Company continues to explore within the 5km magnetic ring feature (“Central Target Area” or “CTA”). New drilling at the Tana Zone has confirmed the presence of a larger scale porphyritic stock greater than 200m in width, proximal to the CTA. Previous drilling in the CTA has intersected smaller mineralized porphyry dykes which cut the larger monzodiorite intrusion. These smaller scale dykes may provide important exploration vectors to find additional mineralized zones. The magnetic signature of the Tana Zone appears to extend westward into the kilometer-scale CTA. Follow up drill holes are currently being planned to test extension along strike into this area, which is covered by thick till overburden.
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.
Quality assurance/quality control procedures:
All drill core was logged, photographed, cut and sampled by ML Gold personnel. Prior to shipment to MS Analytical’s sample preparation facility in Langley, B.C., certified reference material standards and blanks were inserted at a ratio of approximately one in every 10 drill core samples. Base metal assays are determined by IMS-230 4-acid digestion with ICP-AES/MS finish method, which reports results as parts per million (ppm). All analyses that reach the overlimit of IMS-230 are reanalyzed with an ore-grade method. The analytical results are verified with the application of industry-standard quality control and quality assurance procedures. The gold assays are determined by FAS-111 fire assay method which reports results in parts per million (equivalent to grams per tonne). Any samples with a fire assay that report gold concentrations equal to or higher than 10.0 g/t Au are analyzed by metallic screen method (Au-SCR24).
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.
Figure 1: Cross-section View A – A’
Figure 2: Plan Map
Figure 3: Potassically altered feldspar porphyry with coarse grained chalcopyrite disseminations – Sampled 12.2m @ 0.48%Cu