ML Gold Corp. (TSX-V: MLG) (“ML Gold” or the “Company”) is pleased to provide an update on all the 2017 Exploration Projects including the Palmetto Gold Project in Esmeralda county, Nevada, USA, Pinnacle Reef Copper Gold and Aspen Gold Projects in Central BC, and the Block 103 Iron Ore Project in Newfoundland and Labrador, Canada.
Palmetto Gold Project
Ground work began early in 2017 on the Palmetto project which included preliminary field examinations and target generation. Following the preliminary field work, a drilling program was initiated to complete a first ever resource calculation. ML Gold successfully completed this program in June and followed with the maiden resource of approximately 350,000 gold equivalent ounces (see release dated October 2, 2017). Presently, the Company is completing the technical report to accompany the resources.
ML Gold has just received a positive decision on its recent drill permit to conduct a second phase drill program at Palmetto. The phase two program is designed to grow the current resource where there is potential to add significant volumes of mineralized material, and to test parallel structures within the developing Palmetto Gold Trend.
Pinnacle Reef Copper Gold Project
2017 field work at the Pinnacle Reef project was undertaken in two phases from March through early September. The drilling was designed to test certain areas within the recently identified, highly anomalous, and widely dispersed chargeability anomalies. These anomalies were generated from the combination of new work completed by the Company in April and the purchase of historic data. From the combination of these initiatives the Company has amassed an area with highly anomalous chargeability covering approximately 6 by 7 kilometres.
2017 drilling focused on the southern portion of the "donut anomaly" where strong propylitic alteration exhibiting epidote and pyrite mineralization as vein fillings and disseminations existed. The easternmost hole of the five hole program encountered localized phyllic and potassic alteration with one notable zone of secondary biotite and chalcopyrite immediately west of the historical Aplite Creek occurrence (BC MINEFILE No 093N 085). This hole did not reach its target depth as it was unable to pass through a strong fault at ~200 metres. Only one partial hole was assayed and returned only negligible amounts of copper.
Mineralization encountered in the 2017 drilling appears to have strong structural correlation and may be “bleeding” from a larger system not yet detected by drilling. Strong chargeability anomalies remain untested in the northwest potion of the donut anomaly and will likely be followed up as a top priority for the 2018 field season.
Aspen Gold Project
Field work on the Aspen project was severely hindered during the 2017 field season by multiple forest fires in the region. Currently the company has drill permit applications under the review and consultation process designed to follow up on new Induced Polarization (“IP”) anomalies discovered by the Company during their spring/winter IP program completed in April. Additionally the Company recently acquired additional ground adjoining the Aspen claims. Updated maps can be viewed in the company’s updated presentation available on the Company’s website.
Block 103 Iron Ore
Earlier this year the company entered into a LOI (“Letter Of Intent”) driven by the resurgence of Iron Ore prices. Due to the fluctuating market conditions the deal was not completed and ML Gold elected to not renegotiate the terms on the purchase agreement (See news Dated April 18, 2017). The Company is currently evaluating its options for the Block 103 project.
Adrian Smith, P.Geo., is the qualified person for the Company as that term is defined in the 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.