ML Gold Corp. (TSX-V: MLG) (“ML Gold” or the “Company”) is pleased to provide an update on the Palmetto Project, Esmeralda county, Nevada, USA.
During December, crews conducted preliminary rock sampling and geological mapping to confirm existing gold targets and begin preparation for a drilling program at Palmetto. In addition, a drilling permit application was submitted to the Bureau of Land Management (“BLM”) in anticipation of starting a 13 hole program in early March, 2017. The initial program will consist of 3 diamond drill (core) and 10 reverse circulation (RC) drill holes. The core holes will be used in a maiden resource calculation for the “Discovery” and “Northwest” zones by providing core samples to measure the physical rock properties and provide geological control. The remaining ten RC holes will aim to infill various locations within the existing discovery zone as well as expand both zones laterally and to depth.
ML Gold has completed digitizing all historic drilling information and other information into its 3D Micromine model. Snapshots of this model can be viewed on the Company’s website (www.mlgoldcorp.com/index.php/projects/palmetto). This modeling integrated the complete assay database with the geology and is providing new insight to the geological and structural controls on mineralization, providing an additional level of confidence to expand the currently known mineralized areas in the upcoming drilling program.
ML Gold is also pleased to report it has filed an additional 66 unpatented lode claims on adjoining ground at the Palmetto project. These additional claims cover possible extensions of the Discovery and Northwest zones and add several additional target areas to the project. Of significance is a past producing mercury mine occurring on the same structural trend as the Discovery and Northwest zones. This mercury mine could represent a high level expression of a significant epithermal system where the mercury zone would be “capping” or overlying a gold zone.
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 This email address is being protected from spambots. You need JavaScript enabled to view it. or call investor relations at (604) 669-2279.
ML GOLD CORP.
“Andrew Bowering”
Andrew Bowering
Chairman
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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.