ML Gold Corp.

  • ISIN: CA60689H1047
  • Land: .

Nachricht vom 08.11.2018 | 14:31

ML Gold Extends Copper Mineralization in Open-Ended Tana Zone at Stars Property and Intercepts 0.3% Cu, 0.36% CuEq over 73 Metres

DGAP-News: ML Gold Corp. / Key word(s): Miscellaneous

08.11.2018 / 14:31
The issuer is solely responsible for the content of this announcement.


Vancouver, British Columbia--(Newsfile Corp. - November 8, 2018) - ML Gold Corp. (TSXV: MLG) (FSE: XOVN) ('ML Gold' or the 'Company') is pleased to report that it has extended the open-ended mineralization at the Tana Zone on its Stars Project in central BC, Canada. Vein-hosted and disseminated copper mineralization has been intersected in Holes 11, 12 and 13 (DD18SS011-013) which were drilled as 100 metre step-out holes from the previously reported hole 10. Additional assays from holes 14, 15 and 16 (DDSS18014-016) are currently being processed.

Highlights:

  • Hole 13 intersected 0.3% Copper and 0.36% Copper Equivalent over 73 meters
  • A broad zone of mineralization within Hole 13 starts from surface includes 182 metres at 0.2% Copper and 0.25% Copper Equivalent (CuEq)
  • All three holes intersected copper mineralization associated with a network of porphyry intrusions
  • Mineralization at the Tana Zone comes to surface and remains open along strike and to depth
  • Follow up holes target extensions of mineralized feldspar porphyry
  • Additional assays from further step-out holes are pending

The Stars Property 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 open-pit mine development.

Tana Zone

The Tana Zone is located on the eastern flank of the large 5-kilometre-long magnetic ring anomaly centred within ML Gold's Stars Property. The zone of copper mineralization occurs within and adjacent to a magnetic low and remains open to depth and along strike.

Copper mineralization has been directly related to feldspar porphyry intrusions with zones of increased potassic alteration typically making up the central portions of the mineralized intervals. Observations of the potassic alteration indicate that the mineralization is 'leaking' from a larger source. These observations include high grade potassic breccias cemented with chalcopyrite (copper).

The main rock units present are altered feldspar-phyric porphyry intrusions cutting hornfelsed and silicified Hazelton Group volcanic rocks. The newly discovered porphyry unit has now been observed in six separate drill hole at the Tana Zone. ML Gold Geologists have noted many similarities to the Huckleberry deposit in regards to the lithology and mineralization styles.

Hole 11 (DD18-SS011) - Hole 11 was drilled 100-metres east of the previously reported Hole 10, which intersected 405 metres of copper in a steeply-dipping mineralized zone. Hole 11 intersected similar volcanics with intercalated porphyry intrusions resulting in two separate mineralized intervals (91 metres @ 0.25 CuEq from 75.29 to 166.73 metres; and 106 metres @ 0.22% CuEq from 218.54 to 325.22 metres). Hole 11 successfully identified the eastern extension of the Tana Zone along a km-scale linear magnetic low feature. The Tana Zone remains open in multiple directions.

Hole 12 (DD18-SS012) - Hole 12 cut two separate intervals of copper mineralization (21 metres @ 0.17% CuEq from 47.85 to 69.19 metres; and 40 metres @ 0.19% CuEq from 105.77 to 145.39 metres). Hole 12 intersected pervasive phyllic, Quartz-Sericite-Pyrite 'QSP' alteration representing high-level alteration of a porphyry system. Hole 12 was drilled 100 meters southwest of the Hole 10 and was also successful in intersecting mineralized feldspar porphyry intrusives cutting hornfelsed and silicified volcanics.

Hole 13 (DD18-SS013) - Hole 13 cut a large interval of copper mineralization with numerous higher grade sub-intervals (73 metres @ 0.30% CuEq from 54.25 to 127.41 metres; within 183 metres @ 0.25% CuEq from 8.53 to 191.41 metres). Hole 13 intersected abundant disseminated and vein hosted copper mineralization contained within and proximal feldspar porphyry intrusions cutting pervasively silicified and hornfelsed volcanic rocks of the Hazelton Group. Hole 13 was drilled steeply from the same collar location as Hole 12 in the opposite direction to test the mineralization below the extensive QSP alteration observed in Hole 12.

New Tana Zone Drilling - Significant Intercepts

Hole IDFrom (m)To (m)Interval (m)Cu (%)Mo (%)Ag (g/t)Au (g/t)CuEq (%)
DD18SS0138.53191.41182.880.200.00510.8000.0370.25
including54.25127.4173.160.300.00881.1100.0300.36
and including75.2990.8315.540.390.01871.4560.0430.52
including103.02112.179.150.450.00331.6130.0490.49









DD18SS01175.29166.7391.440.190.00670.7030.0380.25
and218.54325.22106.680.180.00280.6600.0350.22









DD18SS012 47.8569.1921.340.150.0030.5350.0130.17
and105.77145.3939.620.160.00550.6810.0130.19

 

(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

The Tana Zone remains open along strike and at depth where additional drilling is being planned to test this theory. A larger drill will be needed to fully test the depth potential at the Tana Zone.

Table 2 Tana Zone Collar Information

Hole IDAssaysUTM 83EUTM 83NElevationAzimuthDipLength (m)
DD18-SS011Reported6139986010782873208°-60°453.24
DD18-SS012Reported6138466010724847208°-60°306.93
DD18-SS013Reported613846601072484728°-80°401.73

 

Maps

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/5509/40944_a2314117c4d989ac_001.jpg

Figure 1: Plan Map of Tana Zone Area Drilling at Stars Project

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/5509/40944_a2314117c4d989ac_001full.jpg

Additional maps are available on the Stars Project page at www.mlgoldcorp.com

Stars Property

The Stars property is host to multiple zones of copper mineralization with roughly 90% of the property remaining untested under glacial till cover. The property covers a large (~5km diameter) magnetic ring feature interpreted as a hornfelsed volcanic contact surrounding a monzonitic to dioritic intrusion centred within the project area. Later hydrothermal fluids and mineralized porphyry intrusions cut through the large monzo-diorite intrusion and surrounding volcanics. This secondary alteration and emplacement resulted in variable magnetic destruction of the hornfels volcanic rocks and possible increased magnetic susceptibility of intrusive rocks. Several primary geophysical targets remain to be tested on the property.

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).

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.

For additional information please visit the Company's website at www.mlgoldcorp.com. You may also email info@mlgoldcorp.com or call investor relations at (604) 669-2279.

ML GOLD CORP.
'Adrian Smith'
Adrian Smith
President

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.

Click on, or paste the following link into your web browser, to view the associated documents http://www.newsfilecorp.com/release/40944


08.11.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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