Avidian Gold Reports 1.24 g/t Au over 94.5 m from Amanita Property Trenching Program Adjacent to Fort Knox Gold Mine
Avidian Gold Reports 1.24 g/t Au over 94.5 m from Amanita Property Trenching Program Adjacent to Fort
Knox Gold Mine
TORONTO, ON / ACCESSWIRE / October 21, 2019 / Avidian Gold Corp. ("Avidian" or the "Company") (TSX-
V:AVG) is pleased to report the results from its 2019 Trenching program at its Amanita property. The Amanita
property is comprised of State of Alaska claims totaling 1,460 hectares (14.6 sq km) and is located 15 km northeast
of Fairbanks, Alaska, and approximately 5 km southwest and contiguous to the Fort Knox open-pit gold mine (Figure
1).
During the summer of 2019, Avidian carried out an exploration program whereby a total of six trenches were
excavated for 1,725 m with 722 samples collected with variable sample lengths of 1.5 m or 3.0 m. Highlight results
include:
Trench Length (m) Au (g/t) Trench Length (m) Au (g/t)
A 3 7.91 D 7.5 0.96
B 1.5 0.52 9 1.82
C 6 1.87 incl. 6 2.56
94.5 1.24 27 3.48
incl. 22.5 3.85 incl. 6 4.79
or 6 11.48 incl. 6 10.18
3 12.15 12 1.34
G 1.5 1.1
6 2.67
3 1.47
Note: Trench E not completed, Trench F abandoned
Dave Anderson, Chairman and CEO of Avidian states: "We are both pleased and intrigued by the trenching results.
The results delineate significant gold in areas away from the mineralization tested by historical RC drilling and
trenching. It is interesting to note that where little or no mineralization was intersected in the trenches, historical
drilling indicates significant intersections below these areas. It is possible weathering may be impacting the results if
in fact gold did come to surface in these areas which makes sense knowing there was historical placer mining on the
property. Given the evidence of gold to +1 g/t in 30 of the 39 historical holes, extensive and multiple areas of very
good gold grades in the current trench results and oxidation to at least 150 metres suggests Amanita has great
potential to deliver a deposit particularly when you compare results to the resource cut-off grades at Fort Knox (0.10
g/t Au) and Kinross's Gil Project (0.21 g/t Au). The next phase of the program is to expand the area of known
mineralization through further trenching and ultimately drilling".
The objective of the 2019 trenching program was to expose and sample a portion of the Tonsina Trend which is a
fault bounded, 800 metre wide, northeast trending structural corridor that can be traced along a strike length of
approximately 4 km on the property. This corridor trends directly into Kinross's Fort Knox open-pit mine which
produced over 255,000 ounces of gold at a mill grade of 0.50 g/t Au (Kinross press release, Feb 13, 2019). The
mineralization at Fort Knox is associated with this northeast structural corridor.
The Tonsina Trend has been sparsely drilled with 39 historical reverse circulation holes, of which 30 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. This previous drilling has only tested a portion of the
Tonsina Trend (see Figure 2) to a depth of less than 150 m with the gold mineralization currently believed to be a
series of steeply dipping oxidized bodies (see Figure 3) hosted within metamorphosed sediments proximal to
intrusive Cretaceous age rocks. This setting is similar to Kinross's Gil project where gold mineralization occurs in
quartz-sulphide and quartz-carbonate veins, clay-filled shear zones, and limonite-stained fractures, which crosscut
nearly all lithologies. Gold mineralization is widespread, but both gold grade and continuity are related to complex
interactions among hydrothermal fluids, host rocks, and structure (June 11, 2018 NI 43-101 Kinross Technical
Report).
The 2019 trenching program was designed to delineate and map structures, geology and mineralized vein
orientations that may be related to the historical drill holes in order to establish the best orientations for a follow-up
diamond drill program. The gold mineralization encountered in the trenches is associated primarily with N70W and
N005 to 010E striking high angle Quartz-Iron Oxide veins/shears/faults (see Figure 4 for Trench C and D results) that
also contain elevated arsenic, bismuth and antimony, with the highest gold values associated with elevated bismuth
(> 10 ppm and up to 870 ppm). Vein widths range from 2 cm to 2 m. The intersection of 94.5 m of 1.24 g/t Au that
occurs in Trench C, which trends due north, is hosted in mineralized structures trending from 003º to 055º and
dipping steeply in variable directions. The results from trenches C & D in relation to the historical RC holes are shown
in Figure 5. This shows that there is a wide distribution of gold mineralization of better than +1 g/t Au. While much of
the mineralized zones are associated with veins/shears/faults significant intersections can also be found within the
metamorphosed sedimentary host rocks such as the 27.0 m of 3.48 g/t Au found in trench D.
The grades of the mineralized intersections encountered in the trenches is significant in that the resource cut-off
grades at the adjacent Fort Knox mine is 0.10 g/t Au and 0.21 g/t Au at their Gil project (NI 43-101 Kinross Technical
Report dated June 11, 2018). Also, the discovery of NW trending mineralized veins is important because historical
drilling was mainly in a NW direction; it appears that future drilling should be oriented differently so as to intersect the
mineralized NW structures.
This wide distribution of gold mineralization with significant widths and grades within the 4 km long Tonsina Trend
warrants further follow up work in 2020 to evaluate the extent and continuity of the gold mineralization. Avidian is
currently compiling the results of the 2019 trenching program with the historical information in preparation for
ultimately a follow-up drill program that is anticipated to test the full length and width of the Tonsina structural corridor
on the property, including areas within the trend not previously drilled.
Figure 1. Amanita Property
Proximity to Fort Knox
Figure 2: Amanita Property - Trench Locations and Selected Historical Drill Hole Results
Figure 3: Amanita Property - Section A - A"
Figure 4: Plan View of Trench C and D
Figure 5: Plan View of Trench C and D with Historical RC Holes
Quality Control/Quality Assurance
Sampling included insertion of certified standards and blanks into the stream of samples for chemical analysis. Every
twentieth trench sample was a standard or a blank. Samples were prepared at ALS Chemex's laboratory in
Fairbanks, Alaska and shipped to their Vancouver facility for gold analysis by fire assay and other elements by ICP
analysis. ALS is a certified and accredited laboratory service. Gold results varied from below detection to a high of
19.95 g/t.
The technical information contained in this news release has been approved by Dr. Tom Setterfield, P.Geo., Vice
President Exploration of Avidian, who is a Qualified Person as defined in National Instrument 43-101 - Standards of
Disclosure for Mineral Projects.
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.
Avidian is the majority owner of High Tide Resources, a private company, that owns the base metal Strickland
Property, the Black Raven gold property and an option on the Labrador West Iron Ore property, all located in
Newfoundland and Labrador, Canada.
Avidian is focused on and committed to the development of advanced stage mineral projects throughout first world
mining friendly 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.
For further information, please contact:
Bonnie Hughes, Manger Investor Relations
Mobile: +44 7538 296674
Email: [email protected]
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, including 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 "plan". Since forward-looking statements are
based on assumptions and address future events and conditions, by their very nature they involve inherent risks and
uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation
and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, could
differ materially from those currently anticipated in such statements for many reasons such as: changes in general
economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation,
legislative, environmental and other judicial, regulatory, political and competitive developments; technological and
operational difficulties encountered in connection with the activities of the Company; and other matters discussed in
this news release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking
statements. 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 any forward-looking
statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable
securities law.
SOURCE: Avidian Gold Corp.