ML Gold Corp. (TSX-V: MLG; FSE: XOVN.F) (“ML Gold” or the “Company”) reports it has entered into a binding letter of intent (the “Letter of Intent”) with Accend Capital Corporation (“Accend”), a capital pool company listed on the TSX Venture Exchange (TSXV: ADP.H). The Letter of Intent provides for Accend to acquire (the “Transaction”) 100% of the Company’s Block 103 iron ore property (“Block 103” or the “Property”).
The Block 103 Property comprises a series of mineral licenses, located in the Labrador Trough, Newfoundland and Labrador, approximately 30 kilometres northwest of the mining town of Schefferville, Quebec. Block 103 was subject to extensive exploration and geological work by the Company from 2011 to 2013, including 28,000 metres of drilling in 115 drill holes.
In consideration for the sale of Block 103, the Company will receive a series of cash payments and share issuances from Accend as follows:
| Closing: | A cash payment of $200,000 and the issuance of 12,000,000 common shares of Accend (the “Consideration Shares”). | |
| Two-year Anniversary of Closing: | A cash payment of $800,000 (the Company will be entitled to receive 10% of the gross proceeds of any financing completed by Accend following closing of the Transaction as a credit towards this payment). | |
| Completion of Pre-Feasibility Study on the Property: | A cash payment of $5,000,000, or at the election of Accend an equivalent value of common shares of Accend. | |
| Completion of Bankable Feasibility Study on the Property: | A cash payment of $15,000,000 or, at the election of Accend, an equivalent value of common shares of Accend. |
The Consideration Shares will be subject to the terms of a voluntary pooling arrangement made in accordance with the policies of the TSX Venture Exchange (the “Exchange”). In addition, the Consideration Shares will be subject to a four-month hold period from the date of their issue.
Adrian Smith, President of ML Gold commented, “This sale monetises ML Gold’s interest in the Block 103 Property while continuing to benefit from exposure to the iron ore space as significant shareholders, further capitalizing on the advancement and development of the project. This allows ML Gold to focus on our Palmetto Gold Project in Nevada and our Later and Aspen Copper Gold Projects in British Columbia.”
The Letter of Intent calls on the parties to enter into a definitive agreement and provides for a due diligence period ending May 31, 2017. The Transaction is expected to act as Accend’s “Qualifying Transaction” as that term is defined in the policies of the Exchange.
The Transaction and associated transactions are subject to regulatory approval including the approval of the Exchange.
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
ML GOLD CORP.
“Andrew Bowering”
Andrew Bowering
Chairman
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 including gold, 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.
ML Gold Corp. (TSX-V: MLG; FSE: XOVN.F) (“ML Gold” or the “Company”) reports it has commenced exploration on three projects: drilling at the Palmetto Gold Project in Nevada, USA and Geophysical Surveying at the Aspen and Later Copper-gold Projects in British Columbia.
Geophysics at Aspen and Later
ML Gold crews have recently commenced ground based Induced Polarization (“IP”) geophysics over the Aspen and Later Properties in Central British Columbia. To date, the IP crew has completed 9.6 line kilometres (km) covering two separate magnetic anomalies on the Aspen South claim block. Preliminary results indicate the discovery of a new porphyry target approximately 1.1 kilometres wide buried under approximately 50 metres of cover. This new target is typified by a coincident high chargeability, high resistivity anomaly and occurs off the southeastern margin of one of two distinct large ovoid intrusions in the Nechako Plateau area. These massive intrusions are thought to be responsible for the mineralizing events in the region such as New Gold Inc’s 9.5 million ounce Blackwater gold deposit. The discovery of this new anomaly under cover results from follow-up on discrete magnetic anomalies with highly elevated silver in soils (up to 4.3 grams per tonne silver in soil).
At the Later Copper-Gold Project, the geophysics crew is conducting a deep sensing IP survey over the massive donut shaped chargeability anomaly originally identified by ML Gold in the unmodelled IP data acquired earlier this year (see ML Gold news of January 19, 2017). This central donut anomaly is approximately 1.9 kilometres across and occurs within a roughly 6 by 7 kilometre area of anomalous chargeability. The current IP survey will allow deeper imaging within the donut, greatly increasing the targeting ability for the anticipated drilling program later this year. ML Gold interprets the donut chargeability target to represent a pyrite rich (highly chargeable) halo around the margin of a porphyry center, similar to the near-by 2.2 Billion lbs Copper and 5.7 Million ounce gold Mt. Milligan mine, and others. Previous drilling on the outer margin of the donut anomaly indicates that copper and gold mineralization identified (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) is related to porphyry dykes possibly stemming from a massive porphyry copper-gold system somewhere in the centre of the halo.
Drilling at Palmetto
ML Gold is pleased to provide an update on the Palmetto Project in Esmeralda County within Nevada’s Walker Lane mineral belt. Currently two drills are operating on the Palmetto Project: a Core drill, and a Reverse Circulation (“RC”) drill. To date, the Core drill is advancing its second hole within the Discovery Zone where it has intersected at least one interval over several feet with fine visible gold. The RC drill has completed its first two holes and has encountered several zones with quartz veining visible in the chips. The RC drill is currently testing the intersection of the Discovery Zone and the rhyolite dome feature thought to be related to the gold mineralizing event. Samples are being logged and processed on site and are currently being prepared for shipping to the ALS Minerals Lab in Reno, Nevada for assaying. Initial inspection of the core is encouraging and the Company anticipates a quick turnaround time for all samples.
The drilling program at the Palmetto project is permitted to include 13 holes; however, two additional holes have been added to the planned program and are awaiting approval from the BLM office under a modified permit application. Once the drilling program is completed ML Gold will begin the process of completing a first ever resource estimate on the Palmetto property.
ML Gold project videos can be viewed on the Company’s website under the Projects tabs the following the links (www.mlgoldcorp.com/index.php/projects/palmetto) & (www.mlgoldcorp.com/index.php/projects/later) and clicking on the video.
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
ML GOLD CORP.
“Andrew Bowering”
Andrew Bowering
Chairman
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.
ML Gold Corp. (TSX-V: MLG; FSE: XOVN.F) (“ML Gold” or the “Company”) reports it has contracted Boart Longyear to conduct the reverse circulation (“RC”) and core drilling program at the Palmetto Gold Project in Esmeralda County, Nevada. Drilling is expected to begin within the next few days. ML Gold is fully financed to complete the 2017 drilling program which will include the preparation of a NI 43-101 compliant technical report and first ever resource estimate for the Palmetto Project.
Over the past few weeks ML Gold geologists have prepared drill sites and conducted field work including rock sampling at Palmetto to aid in exploration and expansionary drill targeting for the current drilling program. Select results from a limited rock sampling program taken from the eastern extension of the Discovery Zone, on the southern margin of a rhyolite dome, produced samples of 3.7 and 2.1 grams per tonne gold.
These samples came from composites of quartz vein grab samples (over one kilogram) from outcrop and sub-crop on the flank of the dome. These and other elevated samples suggest that the mineralization continues further east from the discovery zone, and is not restricted to the fault zone known to host the high grade mineralization. This further confirms the robust epithermal gold system has a wide spread mineralized envelope, is likely much larger than previously thought and extends into multiple host rock lithologies leaving potential for additional discoveries on the property.
Andrew Bowering, Chairman of ML Gold comments “ML Gold is excited to see the drills arrive on site in Nevada and take another step towards increasing shareholder value by generating the first ever resource on the Palmetto property. This NI 43-101 compliant estimate will allow the market to realize what we already know are real gold ounces in the ground at Palmetto.”
The Company also reports the granting of 2,000,000 stock options (the “Options”) to certain officers, directors, consultants and employees of the Company. The Options have a term of 5 years and are exercisable at a price of $0.22 per common share. The Options are subject to the acceptance of the TSX Venture Exchange.
ML Gold project videos, such as the Palmetto, can be viewed on the Company’s website under the Projects tab at the following the link: (www.mlgoldcorp.com/index.php/projects/palmetto)
Adrian Smith, P.Geo., is the qualified person for the Company as that term is defined in National Instrument 43-101, and has supervised the technical information presented within this news release.
ABOUT ML GOLD CORP.
ML Gold Corp. is a Canadian listed Company, focused on creating shareholder value through discoveries and strategic development of mineral properties in Canada and the United States.
For additional information please visit the Company’s website at www.mlgoldcorp.com. You may also email
ML GOLD CORP.
“Andrew Bowering”
Andrew Bowering
Chairman
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure, currency risks including the exchange rate of US$ 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.
ML Gold Corp. (TSX-V: MLG; FSE: XOVN.F) (“ML Gold” or the “Company”) reports that it has received a positive decision on its application for drilling from 13 different locations at the Palmetto Gold Project in Esmeralda County, Nevada. The drilling permit will be finalized once the reclamation bond has been posted at the Bureau of Land Management (BLM) in Reno, NV. ML Gold anticipates beginning this drilling program in early March. The program is aimed to confirm and expand existing mineralized zones at the Palmetto Project, and will allow the Company to produce a first ever resource estimate on the property.
The Company also announces that it has retained WSP Canada Inc. (WSP) to complete the maiden resource estimate and technical report on the Palmetto Project. As a Canadian multinational, WSP is one of the world’s leading engineering consulting firms. WSP has a comprehensive and skilled team that can determine the sustainability of investment opportunities and related assets for the Mining and Resource Industry. Their experienced multidisciplinary team of professionals can determine the engineering, geology, mining, infrastructure, transportation, financial, and operational sustainability of the targeted asset. WSP has been providing engineering services to the mining industry for over 20 years, in challenging environmental, temporal, and political conditions.
Andrew Bowering, Chairman of ML Gold comments “In today’s fast moving markets ML Gold is moving quickly, implementing a thorough QA/QC and geotechnical program in tandem with drilling enabling a smooth transition into a resource estimate. We are excited about the upcoming drilling program and remain focused on building real ounces in one of the world’s top mining districts.”
ML Gold has worked with a visual graphics team to produce an overview video for the Palmetto Project. This video can be viewed on the Company’s website under the Projects tab for the Palmetto Project or by following the link (www.mlgoldcorp.com/index.php/projects/palmetto) and clicking on the video.
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
ML GOLD CORP.
“Andrew Bowering”
Andrew Bowering
Chairman
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.