ML Gold Corp. (TSX-V: MLG; FSE: XOVN.F) (“ML Gold” or the “Company”) is pleased to announce the purchase of private undocumented and un-modeled Induced Polarization (IP) data which has resulted in the discovery of a massive new chargeability target on the Later Gold-Copper Project in central British Columbia. This newly discovered anomaly forms a large donut shape over 1.9 kilometres (km) across and matches the geophysical signature of several existing world class porphyry deposits including Mt Milligan 55km to the southeast (2.2 Billion lbs Copper and 5.7 Million ounces gold) and the Batu Hijau mine in Indonesia (10.5 Billion pounds copper and 12 Million ounces gold). Geophysical footprint comparisons are available on the ML Gold website, www.mlgoldcorp.com.
ML Gold interprets the new donut chargeability target to represent a phyllic to propylitic pyrite rich (highly chargeable) halo around the margin of a porphyry center, similar to Mt. Milligan and others. As a result, the Company acquired a 100% interest in the Aplite Creek Prospect on the easternmost flank of the target. Drilling at the Aplite Creek Prospect, close to the new target area, indicates that copper and gold mineralization is related to porphyry dykes that occur on the outer margin of what could be a massive porphyry copper-gold system further west (AH 90-1 including 187 metres with 0.053% copper, and AH 90-4 including 6m with 6.4 grams per tonne gold, 0.098% copper, Assessment Report 20943).
ML Gold has also acquired additional ground to the north of the target, bringing the total Later Project land package to 6,684 hectares in 24 contiguous mineral claims. This additional ground allows ML Gold to control this 6 by 7 kilometre area of highly anomalous chargeability.
Adrian Smith, P.Geo and President of ML Gold states “The donut anomaly represents an exciting new drill target for the upcoming field season. We are encouraged by the validation of the drill hole vectoring model which indicated the large hydrothermal system encountered in previous drilling was on the flank of something much more significant to the north. This model directly resulted in the discovery and purchase of undocumented private data that had been lost due to British Petroleum’s move out of BC in 1991 when the newly elected NDP government threatened the development of mineral projects in BC. The use of drilling as a vectoring tool is on the frontier of mineral exploration in BC, and is resulting in more and more new discoveries under cover.”
The Later property is located within the prolific Quesnel Terrane in Central BC, consists of 24 mineral claims covering approximately 6,684 hectares, is accessible by vehicle year round and lies within 50 km of hydroelectric power and railway. ML Gold can earn up to a 70% interest in the Property over a five year period by completing certain work commitments and making certain cash and share payments to Pacific Empire Minerals Corp. over the term of the option.
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.
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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.