2022 09 14 News Release - Warrants extended and exploration update
MLK Gold Ltd. (CSE: MLK) Extends and Re-Prices Warrants and provides update
on its flagship Caledonia Brook Gold Project in central Newfoundland
Versatile Time-Domain Electromagnetic (VTEM™ Plus) geophysical survey was designed to help expose
potential for favorable mineralization over 7,100 hectares across the Valentine Lake Shear Zone –
Northern Arm Fault structural corridor.
Till geochemistry and gold grain capture, in combination with soil and rock geochemistry identifies two
regions of the property having elevated potential for bedrock gold discoveries
September 14, 2022, 59 Payzant Dr., P.O. Box 657, Windsor, Nova Scotia, CANADA, B0N 2T0; MLK Gold
Ltd. (CSE:MLK) (“MLK Gold” or the “Company”) announces that following its last Board of Directors
meeting that it had agreed to extend 23, 724,285 warrants, that were due to expire on September 30,
2022, for a period of two years. In ad dition to setting a new expiry date to September 30, 2024, the
Directors also elected to reset the price of each warrant from its original $0.10 each to $0.07 each.
Insiders of the Issuer hold less than 10% of the warrants being amended.
The Board of Directors expects to undertake a new round of financing in late September. Use of proceeds
will be used for general operations and to follow up on several additional areas with anomalous
geochemical data in rocks, tills, and soils at the Caledonia Brook property.
MLK Gold’s immediate exploration focus is on the Viper Zone where the Company is close to drill- ready
on its Newfoundland and Labrador permit-approved targets.
The helicopter airborne Versatile Time-Domain Electromagnetic (“VTEM™ Plus, or “VTEM”) geophysical
survey over MLK Gold’s flagship, Caledonia Brook gold property was flown by Geotech Ltd. of Aura,
Ontario between February 27, and March 17, 2022 . The program was designed to acquire important
depth profile information that could be used to aug ment a 2004 F ugro Dighem(v) airborne geophysical
survey carried out for Rubicon Minerals Corp. MLK’s 2022 airborne VTEM survey, which overlaps part of
this earlier survey, was cut short after flying 62 1 kilometres of the planned 944 kilometres because of
windy weather conditions and consequential budget constraints. The survey data is being further
interrogated by a third-party geophysical expert. Results of this work is expected in October.
A glacial till sampling program to identify gold grains across a portion of the property corresponding to
the VTEMtm survey was completed by Overburden Drilling Management Limited ( “ODM”) from Ottawa,
ON, and MLK Gold, with subsequent geochemical analyses carried out on heavy mineral concentrates
(“HMC”) from each till sample. The concentrates were provided by ODM to Activation Laboratories Ltd.
(“ActLabs”) from Ancaster, ON where the analyses were completed. The maximum number of gold grains
separated from the till survey was 17 , with all being reshaped, however the next largest count was 14
grains of gold and 11 of these grains were pristine, suggesting a minimal displacement distance . The
highest gold assay reported in parts per billion (“ppb”) by ActL abs on the till HMC samples were , 3160,
2550, 2470, 2100, 1380, 1010, and 1000 ppb Au from samples CBT-21-017, 063, 058, 038, 072, 074, and
048, respectively. In terms of corresponding gold grain counts reported by ODM, these equate to the
following, 9, 1, 2, 1, 4, 17, and 4 grains, respectively. ActLabs reported 708 ppb for sample CBT-21-004
that recovered 14 gold grains. The data confirm that four of the ten named zones (from north to south:
Viper, Goose, Iceman, and Maverick Zones) have anomalous con centrations of gold. These zones also
show anomalous rock geochemistry (2388 ppb Au) and soil geochemistry (192 ppb Au).
Till sampling has not yet been completed on the southwesterly part of the property where anomalous soil
samples are present on the Slider Zone (132 ppb Au), Charlie Zone (115 ppb Au), and Cougar Zone (55 ppb
Au). The Slider Zone is the western extension of the Maverick Zone, and the Cougar Zone is the western
extension of the Charlie Zone.
Qualified Persons and 43-101 Disclosure
Paul Smith, P. Geo., President & CEO for the Company, is the designated Qualified Person for this news
release within the meaning of National Instrument 43 -101 (“NI 43-101”) and has reviewed and verified
that the technical information contained herein is accurate and approves of the written disclosure of
same.
About MLK Gold Ltd.
Founded in 2018, MLK Gold Ltd. is quickly emerging as one of Atlantic Canada's exciting resource
exploration companies offering exposure to gold and the strategic m etal representing a unique mix of
discovery and resource development potential. Invested in a portfolio of gold projects in mining and
mineral-rich Newfoundland, MLK’s plan is to capitalize on the province's ranking as one of the world’s top
10 mining jurisdictions and expand into a long-life, financially sound gold-mining company.
Additional information about the Company and its activities may be found on the Company’s website at
www.mlkgold.com and under the Company’s profile at www.sedar.com.
To view the Company’s promotional video, please click HERE: (https://www.mlkgold.com/).
For additional information or to arrange an interview, please contact:
William (Bill) Fleming
Executive Chairman, MLK Gold Ltd.
59 Payzant Drive
P.O. Box 657, Windsor
Nova Scotia, Canada, B0N 2T0
Phone: 902.448.0716
Email: [email protected]
Forward-Looking Statements
This news release contains certain forward-looking statements. Wherever possible, words such as
"may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict"
or "potential" or the negative or other variations of these words, or similar words or phrases, have been
used to identify these forward-looking statements. ,These statements reflect management's current
beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties, and assumptions. Many factors could
cause actual results, performance, or achievements to differ materially from the results discussed or
implied in the forward-looking statements. These factors should be considered carefully, and readers
should not place undue reliance on the forward-looking statements. Although the forward-looking
statements contained in this news release are based upon what management believes to be reasonable
assumptions, the Company cannot assure readers that actual results will be consistent with these
forward-looking statements. The Company assumes no obligation to update or revise them to reflect
new events or circumstances, except as required by law.