ML Gold Corp. (TSX-V: MLG; FSE: XOVN.F) (“ML Gold” or the “Company”) reports it has completed 15 holes in its phase I drill program at the Palmetto Gold Project in Nevada. The primary purpose of the program is to confirm and expand the extensive drilling database currently being modelled, together with the new drilling, to calculate a maiden gold resource at Palmetto.
ML Gold also reports that the internal review and QA/QC procedures in place at the Palmetto Gold Project identified errors in a batch of samples that were previously reported by the assay lab to the Company. This triggered re-analysis of hole PAL-17R01 and backlogged additional samples.
As a result of the reanalysis, a new zone over 21.3 metres (m) at 1.25 grams per tonne (g/t) gold has been identified. This new zone occurs beneath the previously reported interval of 27.4 m at 1.1 g/t and effectively expands the total mineralized interval to 68.6 m at 0.87 g/t (see table below). Hole PAL-1701 was successful in showing that the Discovery zone is still open to depth by intersecting 68.6m of 0.87 g/t gold.
| Hole ID | Azimuth | Dip | From (m) | To (m) | Interval (m) | Gold (g/t) | Silver (g/t) |
| Discovery Zone (Depth extension) | |||||||
| PAL-17R01 | 0 | -85 | 184.4 | 253.0 | 68.6 | 0.87 | 1.32 |
| incl. | 184.4 | 185.9 | 1.5 | 1.45 | 0.90 | ||
| incl. | 195.1 | 222.5 | 27.4 | 1.10 | 1.63 | ||
| incl. | 211.8 | 219.5 | 7.6 | 3.56 | 3.07 | ||
| incl. | 231.6 | 253.0 | 21.3 | 1.25 | 1.43 | ||
| incl. | 240.8 | 243.8 | 3.1 | 8.26 | 6.58 | ||
Andrew Bowering, Chairman of ML Gold comments “Observations from the initial drilling suggest there is a large new area of gold and silver mineralization trending northwest toward an old mercury mine on the property, indicating that more zones could be on this new trend. With the potential for several zones on the property, Palmetto is starting to look very similar to the North Bullfrog deposits currently being operated by Corvus Gold Inc, 150km southwest along the same Walker Lane mineral belt.”
Quality Assurance/Quality Control
Sample preparation and analyses for this program were completed at ALS Minerals Lab in Reno Nevada. Gold was determined by 30g Fire Assay with Atomic Absorption Spectrophotometry (AAS) finish. Other elements were determined by Ultra Trace Aqua Regia digestion with Inductively Coupled Plasma Mass Spectrometry (ICP-MS) finish.
A comprehensive quality assurance/quality control program including duplicate samples, blanks and standards form part of ML Gold’s sampling protocol in addition to the laboratory's own quality assurance program. The field program was supervised by ML Gold staff and contractors and the technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101, and reviewed by Adrian Smith, Director, and a Qualified Person as that term is defined in NI 43-101.
ML Gold Corp. has an option to acquire a 100% right, title and interest to the Palmetto project (see news release dated October 18, 2016). The Palmetto Project is located in Esmeralda County, Nevada, within the southern portion of the Walker Lane Gold Trend.
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”) is pleased to provide an update on the Palmetto Gold Project in Nevada, USA, and the renamed Pinnacle Reef Copper-Gold Project (formerly called the Later) in British Columbia.
At the Palmetto Project:
The phase I drilling program is continuing with 13 drill holes completed to date and another two holes recently added to the program. The primary purpose of the program is to confirm and expand the 3D model being used to calculate a maiden gold resource at Palmetto.
ML Gold’s team is on-site, logging, preparing and shipping drill samples to Reno, Nevada for initial analysis before being sent to Vancouver, Canada, for the final multi-element analysis. To date ML Gold has received and released assay results for one complete hole of the program, see Company release dated May 4, 2017. Additional results are pending.
Based on gold mineralization in quartz veining observed in the recent RC holes (PAL-17R07 & PAL-1708) within the Northwest Zone, the Company sees potential to focus on this quickly expanding area in a phase II program. The Northwest Zone has been overlooked in the past due to a focus on the high grades within the Discovery Zone. There is significant potential to expand the Northwest Zone as it remains open both east and west, and appears to be widening to the west. Contingent on the NI 43-101 technical report and concurrent resource estimate being conducted, the Company will fully evaluate the phase II program which could begin as early as September 2017.
At the Pinnacle Reef Project (formerly the Later):
In January, 2017, ML Gold identified a large (2 kilometre wide) donut shaped Induced Polarization “IP” anomaly representative of a pyritic halo on the Pinnacle Reef Project in North central British Columbia (previously reported in News Release dated January 19, 2017). To follow up, the Company implemented a deep sensing IP program in early April, 2017 to search for a source or “feeder zone” for the mineralization observed on the margin of the anomaly. This most recent survey has identified a “pipe like” conductive structure going to the bottom of the IP survey limits (approximately 700 metres deep) located in the southern portion of the “donut”.
The new deep sensing IP survey confirms that the widely dispersed near surface high chargeability donut is related to a single deep seeded structure, and clearly identifies a central area of anomalous chargeability which was not previously known. Since highly mineralized rocks are often related to increased fracture permeability (clay minerals and stockwork veins) with higher water content, it is likely that the conductivity anomaly at the centre of the large chargeability halo could be representing a massive porphyry pipe approximately 500 metres wide. It is also possible, based on the geometry of the chargeability distribution, that the anomalous copper-gold mineralization encountered in historic drilling and as previously released (News release January 19, 2017), is a distal expression of a high grade copper-gold core that has never been tested due to glacial till surface cover. A 3D image of the inverted IP data showing the target area and location of aforementioned historic drilling is available at www.mlgoldcorp.com/index.php/projects/pinnacle-reef.
The Pinnacle Reef 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, President of ML Gold commented, “We are pleased to see the Palmetto Project advancing as planned, and are on track to produce the first ever resource estimate on the Property. We are equally thrilled to see strong geophysical evidence at Pinnacle Reef, supporting previous interpretations and narrowing down what has become the best porphyry target I have seen in BC.”
The Company also reports that Martin Burian has resigned as the CFO of the Company. Brian Morrison, a current director, has been appointed the new CFO.
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 will not be selling its 100% interest in the Block 103 iron ore property (“Block 103” or the “Property”) to Accend Capital Corporation (“Accend”), a capital pool company listed on the TSX Venture Exchange (TSXV: ADP.H) as stated in a news release dated April 18, 2017.
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. The Block 103 Property has a NI 43-101 Inferred Iron Ore Resource of 7.2 billion tonnes at 29.2% total iron (“TFe”) and 18.9% magnetic iron (“magFe”).
Adrian Smith, President of ML Gold stated: “Block 103 is a world class asset and given the recent market conditions of the iron ore market, management believes it is best kept within ML Gold until its full value can be realized by shareholders.”
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 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”) is pleased to provide an update on the Palmetto Gold Project in Esmeralda County, Nevada, within the Walker Lane mineral belt, where one core and one reverse circulation (RC) drill are operating to produce a maiden gold resource being conducted by engineering firm WSP Canada Inc.
To date, RC holes 1 through 4 have been processed and sent to ALS Minerals lab in Reno, Nevada for assaying. These holes are a combination of exploratory step-out and infill holes aimed to grow the resource estimate being completed following the drill program. ML Gold has received assay results for the first complete RC hole (PAL-17R01), and highlighted results are as follows:
| Hole ID | Easting | Northing | Azimuth | Dip | From (m) |
To (m) |
Interval (m) | Gold (g/t) | Silver (g/t) |
| UTM NAD 83 Z11 | |||||||||
| PAL-17R01 | 392515 | 4189508 | 0 | -75 | 195.1 | 222.5 | 27.4 | 1.10 | 1.63 |
| including | 211.8 | 219.5 | 7.62 | 3.56 | 3.07 | ||||
This intersection in PAL-17R01 targeted an area down dip from the Discovery Zone’s 3D computer generated mineralized shell, and did not twin any previously known intersections. This intersection, which includes 90 feet of greater that one gram material, extends the mineralization from within 40 metres (m) of bedrock surface to now at least 220 metres total depth. This hole confirms the mineralization is open to depth and will allow the 3D computer model to expand the volume of mineralized rock resulting in additional ounces in the resource estimate moving forward.
At present, the RC drill is on its 8th hole, an unplanned location in the Northwest Zone, not part of the original planned program, but added to test beneath an approximately 10 foot intercept of quartz veining with noted visible gold in the 7th RC hole. The intersection in hole 7 represents the first reported visible gold in the Northwest Zone, approximately 500 metres northwest of the Discovery Zone.
Concurrently, the core drill has completed its third hole of a program designed to confirm the geology, mineralization and physical rock properties for the anticipated resource estimate. Following the last update (see Company news dated April 6, 2017), the second core hole was drilled to a final depth of 1,111 feet within the Discovery Zone and ended in mineralization after intersecting two additional zones below any previously known mineralized intercepts identified in the historic drilling. This further indicates that drilling in the Discovery Zone system has not found the “bottom” and asserts that the zones have to be tested even deeper. Logging and processing of the second core hole has been completed and samples are in transit to the ALS Minerals lab in Reno, Nevada. Visible gold was identified in at least one part of this hole.
Adrian Smith, President of ML Gold commented, “We are extremely pleased with the initial results in the first RC hole beneath the Discovery Zone. The hole suggests that robust gold mineralization continues to depth. Although awaiting assay information, the recently identified intersection containing visible gold in the Northwest Zone should further strengthen the multi-zone potential. We now have two adjacent gold systems on the property, it’s very exciting, and we are anxiously awaiting results.”
Quality Assurance/Quality Control
Sample preparation and analyses for this program were completed at ALS Minerals Lab in Reno Nevada. Gold was determined by 30g Fire Assay with Atomic Absorption Spectrophotometry (AAS) finish. Other elements were determined by Ultra Trace Aqua Regia digestion with Inductively Coupled Plasma Mass Spectrometry (ICP-MS) finish.
A comprehensive quality assurance/quality control program including duplicate samples, blanks and standards form part of ML Gold’s sampling protocol in addition to the laboratory's own quality assurance program. The field program was supervised by ML Gold staff and contractors and the technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101, and reviewed by Adrian Smith, Director, and a Qualified Person as that term is defined in NI 43-101.
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.