Avidian Commences Drone Magnetic Survey and Helicopter LiDAR Survey at Amanita and Fish Creek Properties near Fairbanks, Alaska
Avidian Commences Drone Magnetic Survey and Helicopter LiDAR
Survey at Amanita and Fish Creek Properties near Fairbanks,
Alaska
TORONTO, Ontario , July 20, 2020 – Avidian Gold Corp. (“ Avidian” or the “ Company”)
(TSX-V: AVG) is pleased to announce that it has contracted Pioneer Exploration Consultants
Ltd. to fly drone mag netic and helicopter LiDAR surveys at the Amanita and Fish Creek
properties. Both properties are located proximal to Kinross Gold’s (TSX:K) Fort Knox mine and
Freegold Ventures Limited (TSX:FVL) Golden Summit project in the Fairbanks Mining District,
Alaska, (see Figures 1 & 2 below).
Steve Roebuck, President of Avidian states: “The key to success in discovering Intrusive
Related Gold Systems (IRGS) is an understanding of structure which creates the plumbing , and
the location of intrusive bodies which bring in the mineralizing fluids. The magnetic and LiDAR
surveys provide valuable insight into both of these key elements. We already suspect that the
intrusive responsible for the mineralization at Amanita is close to surface. Thin section work on
trench samples collected in 2019 identified andalusite and tourmaline development interpreted to
be caused by thermal heating rather than regional metamorphism which would suggest the
presence of a near -surface intrusive. Data from these state -of-the-art geophysical surveys will
further refine our understanding of the location and depth of the interpreted intrusive source and
assist greatly in targeting our summer drill program at Amanita. “
The magnetic survey s at Amanita and Fish Creek will be flown at 50 m and 25 m line spacing
respectively. T he survey s are expected to corroborate the interpretation of concealed intrusive
bodies that have been postulated from wide-spaced regional magnetic data. The magnetic survey
should also produce vital structural information . The high-resolution LiDAR survey will also
provide structural information. The combined data sets will allow Avidian to produce high
quality base map s reflecting detailed structural data and orthophoto s which will be useful for
planning future exploration activities.
The line spacing for the magnetic survey at Fish Creek has been decreased to 25 m in an effort to
also search for heavy mineral concentrations, which are commonly related to placer gold found
in present or ancient stream beds.
The Amanita property is 15 km northeast of Fairbanks, and approximately 5 km southwest and
contiguous to the Fort Knox open -pit gold mine. The property hosts the mineralized Tonsina
Trend, which is a fault bounded, 800-metre-wide, northeast trending struct ural corridor that can
be traced along a strike length of approximately 4 km on the property. A trenching program
completed in 2019 encountered the following highlight oxide gold results within the Tonsina
Trend (see Jan. 7, 2020 Press Release): 94.5 m of 3.04 g/t Au, including 22.5 m of 11.51 g/t
Au; and 27 m of 4.22 g/t Au, including 6 m of 4.70 g/t Au and 6 m of 13.85 g/t Au . The
Tonsina Trend has been sparsely drilled with 39 historical reverse circulation holes, of which 30
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intersected oxide mineralization with grades > 1.0 g/t Au such as: 13.72 m of 3.02 g/t Au, 10.67
m of 1.08 g/t Au, 12.19 m of 2.28 g/t Au, 4.57 m of 11.49 g/t Au, and 3.05 m of 14.04 g/t Au .
Gold mineralization intersected in the drill holes is hosted in steeply dipping oxidized bodi es
hosted within metamorphosed sediments proximal to intrusive Cretaceous age rocks (see press
release Jan. 7, 2020).
Figure 1 – Location of key projects in Fairbanks Mining District
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Figure 2 – Location of Avidian Gold projects and Kinross Gold deposits in Fairbanks Mining
District
About Avidian Gold Corp.
Avidian brings a disciplined and veteran team of project managers together with a regional scale
advanced stage gold-copper exploration portfolio in Alaska. Avidian’s Golden Zone project also
hosts a NI 43 -101 Indicated gold resource of 267,400 ounces (4,187,000 tonnes at 1.99 g/t Au)
plus an Inferred gold resource of 35,900 ounces (1,353,000 tonnes at 0.83 g/t Au). Additional
projects include the Amanita gold property which is adjacent to Kinross Gold’s Fort Knox gold
mine in Alaska and the Jungo gold/copper property in Nevada.
The information in respect of the Golden Zone project is adopted from the Technical Report on
the Golden Zone Property, August 1 7, 2017, L. McGarry P.Geo & I. Trinder P.Geo, A.C.A
Howe International Ltd (the “Technical Report”).
Avidian is the majority owner of High Tide Resources, a private company with an option on the
Labrador West iron ore property and owns the base metal Strickland Property and the Black
Raven gold property, all located in Newfoundland and Labrador, Canada.
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Avidian is focused on and committed to the development of advanced stage mineral projects
throughout first world mining friend ly jurisdictions using industry best practices combined with
a strong social license from local communities. Further details on the Corporation and the
individual projects, including the NI 43 -101 Technical report on the Golden Zone property, can
be found on the Corporation’s website at www.avidiangold.com.
The technical information in this news release has been approved by Dr. Tom Setterfield, P.Geo.
Vice-President of Exploration for Avidian Gold, who is a Qualified Person as defined in
National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
For further information, please contact:
Steve Roebuck, President
E: [email protected] or +1(905) 741-5458
Neither 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 news
release.
Forward-looking information
This News Release includes certain "forward -looking statements". These statements are based on information
currently available to the Company and the Company provides no assurance that actual results will meet
management's expectations. Forward -looking statements include estimates and statements that describe the
Company's future plans, objectives or goals, inc luding words to the effect that the Company or management expects
a stated condition or result to occur. Forward -looking statements may be identified by such terms as "believes",
"anticipates", "expects", "estimates", "may", "could", "would", "will", or "p lan". Since forward -looking statements
are based on assumptions and address future events and conditions, by their very nature they involve inherent risks
and uncertainties. Although these statements are based on information currently available to the Comp any, the
Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and
other factors involved with forward -looking information could cause actual events, results, performance, prospects
and opportunities to differ materially from those expressed or implied by such forward -looking information.
Forward looking information in this news release includes, but is not limited to, the Company’s objectives, goals or
future plans, statements, exploration results, pote ntial mineralization, the estimation of mineral resources,
exploration and mine development plans, timing of the commencement of operations and estimates of market
conditions. Factors that could cause actual results to differ materially from such forward -looking information
include, but are not limited to: the ability to anticipate and counteract the effects of COVID -19 pandemic on the
business of the Company, including without limitation the effects of COVID -19 on the capital markets, commodity
prices supply chain disruptions, restrictions on labour and workplace attendance and local and international travel,
failure to receive requisite approvals in respect of the Offering, failure to identify mineral resources, failure to
convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a
production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain
required governmental, environmental or other proje ct approvals, political risks, uncertainties relating to the
availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange
rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying
significantly from estimates and the other risks involved in the mineral exploration and development industry and
those risks set out in the Company’s public documents filed on SEDAR . Although the Company believes that the
assumptions and factors used in preparing the forward -looking information in this news release are reasonable,
undue reliance should not be placed on such information, which only applies as of the date of this news release, and
no assurance can be give n that such events will occur in the disclosed time frames or at all . These and other factors
should be considered carefully and readers should not place undue reliance on the Company's forward -looking
statements. The Company does not undertake to update a ny forward-looking statement that may be made from time
to time by the Company or on its behalf, except in accordance with applicable securities la w.