VANCOUVER, BRITISH COLUMBIA–(Marketwired – June 1, 2017) – ML Gold Corp. (TSX VENTURE:MLG)(FRANKFURT: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.
ML GOLD CORP.
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.
