VANCOUVER, BRITISH COLUMBIA–(Marketwired – June 27, 2017) – ML Gold Corp. (TSX VENTURE:MLG)(FRANKFURT:XOVN.F) (“ML Gold” or the “Company”) reports results from an additional 4 holes of the phase I drill program at its wholly owned Palmetto Gold Project in Nevada, where a first ever gold resource is being calculated. Drilling by ML Gold has seen a high success ratio with almost all holes encountering significant mineralization, resulting in the extension of known zones well beyond historically identified limits. Mineralization in the Northwest and Discovery Zones remains open along strike, west and east, and at depth.
Further drilling in the Northwest Zone stepped out an additional 50 metres from ML Gold’s previously reported holes and returned a wide mineralized intercept outlining a thick consistently mineralized horizon which remains open to the east and west. Drill hole PAL-17R10, the most western hole to date in the Northwest Zone reports 21.3 metres of 0.93 grams per tonne (“gpt”) gold, including 7.6 metres grading 2.26 gpt. This gold mineralization is disseminated within the sediments and is likely related to a high grade feeder/breccia zone.
Additional drilling in the Discovery Zone ended in high grade gold mineralization with drill hole PAL-17R13 ending in 6.1 metres of 1.82 gpt at 237 metres (end of hole or “EOH”) below surface, leaving the zone open to depth. This highlights the depth potential and need for the phase II drilling program to further test the depth extent of mineralization. Drilling also confirms consistent gold mineralization surrounding the intense breccia and stock work zones that form the higher grade core(s) of mineralization. Past metallurgical studies conducted by previous operators on the Discovery Zone show that the material is amenable to heap leaching. Further metallurgical studies will be carried out as part of the phase II drilling program following the completion of the maiden resource estimate and 43-101 technical report on the Palmetto Gold Project.
The table below outlines the results from four additional holes at ML Gold’s Palmetto Gold Project in Nevada.
| Northwest Zone | |||||||
| Hole ID | Azimuth | Dip | From (m) | To (m) | Interval (m) | Gold (g/t) | Silver (g/t) |
| PAL-17R07 | 10 | -60 | 182.9 | 196.6 | 15.2 | 0.3 | 8.08 |
| incl. | 182.9 | 185.9 | 3 | 0.82 | 22.13 | ||
| PAL-17R10 | 0 | -65 | 111.3 | 141.7 | 30.5 | 0.7 | 5.21 |
| incl. | 111.3 | 132.6 | 21.3 | 0.93 | 7.06 | ||
| incl. | 120.4 | 128 | 7.6 | 2.26 | 14.7 | ||
| 175.3 | 190.5 | 15.2 | 0.2 | 2.59 | |||
| Discovery Zone | |||||||
| Hole ID | Azimuth | Dip | From (m) | To (m) | Interval (m) | Gold (g/t) | Silver (g/t) |
| PAL-17R11 | 0 | -85 | 100.6 | 108.2 | 7.6 | 0.23 | 8.03 |
| 123.4 | 137.2 | 13.8 | 0.24 | 4.87 | |||
| PAL-17R13 | 0 | -90 | 138.7 | 143.3 | 4.6 | 0.34 | 1.49 |
| 166.1 | 208.8 | 42.7 | 0.3 | 7.88 | |||
| incl. | 179.8 | 199.6 | 19.8 | 0.45 | 14.64 | ||
| incl. | 189 | 192 | 3 | 1.26 | 5.88 | ||
| 222.5 | 237.7(EOH) | 15.2 | 0.85 | 2.09 | |||
| incl. | 231.6 | 237.7(EOH) | 6.1 | 1.82 | 2.98 | ||
Based on the highly successful phase I drilling program, ML Gold anticipates a phase II program to expand the existing zones and locate additional zones. Phase II will focus on areas north and northwest of the Discovery and Northwest zones along the Palmetto Gold Trend. As this trend is primarily under cover, the Northwest Zone was interpreted and discovered through structural analysis and detailed structural mapping. Similarly, new zones have been identified within the trend and warrant drilling in the phase II program.
Adrian Smith, President of ML Gold comments “We are grateful to everyone involved in this project and their hard work and support which has enabled us to rapidly advance the project to a resource stage. We look forward to seeing a large initial resource that will propel ML Gold into the phase II program, expanding and building the global ounces within the newly developing Palmetto Gold Trend.”
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.
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.
ML GOLD CORP.
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.
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