ML Gold Announces New Discovery with 204 Metres of 0.5% Copper Equivalent (0.45% Cu) Including 40 Metres at 1.02% CuEq at Stars Project – Geophysics Identifies Potential Centre of Porphyry
Suite 2000 – 1177 West Hastings St
Vancouver, BC Canada V6E 2K3
T: 604-669-2279 / F: 604-602-1606
February 28th, 2018
ML Gold Announces New Discovery with 204 Metres of 0.5% Copper Equivalent (0.45% Cu) Including
40 Metres at 1.02% CuEq at Stars Project – Geophysics Identifies Potential Centre of Porphyry
ML Gold Corp. (TSX-V: MLG) (“ML Gold” or the “Company”) is pleased to announce a new discovery on
its Stars project where hole 4 (DD18SS004) has intersected 0.45% Copper (0.50% CuEq) over 204 metres
(m) including 1.02% CuEq (0.93% Cu ) over 40.2m from surface. New drill sites are currently being
planned to expand from hole 4 and test the newly identified “central” target area ( as indicated on the
attached survey map , Figure 1 ). The Stars project is ideally located in central British Columbia in the
heart of the province’s prolific porphyry belt.
STARS HIGHLIGHTS
High-Grade Results from S urface: Hole 4 intersected 40.2 metres of 1.02% copper equivalent
(0.93% Cu) from 26.52m to 66.72m (bedrock begins at 21.58m) within a larger interval grading
0.50% CuEq (0.45% Cu) over 204m from 23.47m to 227.69m.
New Geophysics Identifies Possible Porphyry Centre: The recent detailed airborne magnetic
survey identified a cluster of covered and untested circular magnetic anomalies between the
two zones drilled in the current program and centered within a larger ovoid magnetic “ring”
feature (or “magnetic halo”) approximately 5 kilometres in diameter (long axis) (see Figure 1).
Porphyry System Confirmed: Dr. Paul Johnston, an independent porphyry expert who recently
reviewed the project drill core comments: “Mineralization [observed in the Stars drill core] is
consistent with mineralized features associated with a porphyry system” and suggests that “the
[current] drilling is in a marginal position relative to the porphyry centre” where it is reasonable
to expect higher copper grades.
Drill Hole Chemistry Indicates A Significant Upside Target: Drilling to date has identified a clear
systematic zonation of sulphide minerals where pyrite -only mineralization transitions to pyrite-
chalcopyrite to chalcopyrite-only to chalcopyrite -bornite moving towards the newly identified
“central” target area. This pattern has been identified in both areas drilled in th e current
program and in both cases displays an increasing temperature gradient towards the “centre”
target area possible indicating a better-mineralized copper porphyry centre.
Potential for Multiple High Grade Zones: The near-surface high-grade zone discovered in hole 4
could play a significant role in the economics required to build a mine. The location of the zone
on the edge of the ovoid magnetic “ring” feature indicates that there could be additional high -
grade zones elsewhere within the magnetic ring feature which extends approximately 5
kilometres in diameter (long axis) (see Figure 1).
Close to Infrastructure: Year round road access, proximal rail, access to cheap power and water,
access to a major port (Kitimat), low relief topography, and a near -by population centre put the
Stars project in an ideal location for low-cost mine development.
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Vancouver, BC Canada V6E 2K3
T: 604-669-2279 / F: 604-602-1606
ML Gold recently engaged Dr. Paul Johnson, an independent consultant and expert on porphyry deposits
worldwide, to conduct a review of the drill core at ML Golds Stars project. Dr. Johnston was able to
identify several key factors including the sulfide mineral assemblages which are used to infer the
sulfidation state of the mineralizing fluids responsible for depositing the copper observed in the drill
holes. He comments “the sulfide minerals show a systematic variation between drill holes and define a
trend from higher to lower sulfidation state, which can be equated to increasing temperature with
declining sulfidation state” . Thus a better -mineralized target is proposed where mineral assemblages
point to higher temperature parts of the system (a common relationship exhibited by porphyry deposits
worldwide) and suggests that the highest temperature and better-mineralized copper zone has yet to be
drilled.
Following Dr. Johnston’s site visit, and the completion of the airborne magnetic survey, Dr. Johnston was
able to incorporate his field observations with the newly acquired magnetic data. He comments “Vein
relationships and styles observed in Stars drilling are consistent with copper mineralization associated
with magmatic -hydrothermal alteration and mineralization associated with porphyry systems” .
Furthermore, “a porphyry centre is proposed between the two areas drilled based on magnetic patterns
combined with vectors to a mineralization center derived from sulfide mineral patterns”.
PRELIMINARY DRILLHOLE RESULTS
HoleID From (m) To (m) Interval (m) Cu (%) Au (g/t) Ag (g/t) Mo (%) CuEq (%)
DD18SS004 23.47 227.69 204.22 0.45 0.045 1.64 0.0048 0.50
incl 26.52 66.72 40.20 0.93 0.092 3.27 0.0047 1.02
further incl. 64.92 66.72 1.80 10.29 1.065 31.85 0.0737 11.35
and incl. 115.76 117.20 1.43 8.33 1.361 8.83 0.1741 9.62
DD17SS001 35.66 297.79 262.13 0.11 0.013 0.39 0.0033 0.13
DD17SS002 26.52 252.07 225.55 0.10 0.007 0.37 0.0026 0.11
incl 249.02 252.07 3.05 1.05 0.020 1.86 0.0007 1.08
DD18SS003 23.47 188.06 164.59 0.13 0.013 0.39 0.0032 0.15
DD18SS005 Results Pending
DD18SS006 Results Pending
** CuEq calculated using following metal prices: Cu @ $3.19/lb, Au @ $1330/oz, Ag @ $16.60/oz, Mo @ $7.26/lb (all price in $US)
***True widths are unknown at this time.
Hole 4 (DD18SS004) was drilled on the eastern flank of the newly identified magnetic ring st ructure (see
Figure 1). The mineralization in hole 4 consists predominantly of chalcopyrite mineralization and likely
does not represent the potassic core of a system, but does indicate the potential for significant copper
endowment in the core of the system (yet to be drilled) . The style of mineralization observed (massive
chalcopyrite veins with secondary biotite halos overprinted by chlorite) suggests the high-grade copper
mineralization is being ejected further out from the potassic core indicating that there could be multiple
zones similar to that encountered in hole 4 elsewhere on the property.
Holes 1 through 3 (DD17SS001, DD17SS002, DD18SS003) show copper grades that are consistent with
what can be expected adjacent to a copper rich potassic zone, and display a clear zonation of decreasing
sulfidation state and increasing temperature indicating that the highest potential area for the potassic
Suite 2000 – 1177 West Hastings St
Vancouver, BC Canada V6E 2K3
T: 604-669-2279 / F: 604-602-1606
core of the porphyry system is just to the west of this area. This is further supported by the recent
magnetic survey and preliminary observations from holes 5 and 6.
Adrian Smith, President of ML Gold comments “ Dr. Johnston has prove n instrumental in bringing the
current drilling into the context of a larger porphyry system that may be present on the property. We
will continue to consult with industry leaders as we begin a more aggressive second phase of drilling
stepping out around hole 4 and testing the new targets generated from rock chemistry vectors and
airborne geophysics.”
Overall, alteration patterns and mineralogy hold-up on a kilometre scale and suggest that the best zones
have yet to be found on the Stars project.
Quality Assurance and Quality Control
All core was transported daily to ML Gold’s logging/cutting facility in Houston BC, where it was logged
and sampled by a registered professional geologist. Core was then cut in half with one half retained in
the core box and the other securely sent to MS Analytical Laboratories in Langley (ISO/IEC 17025:2005
certified), B.C. t o undergo analysis. The core lengths sampled were generally 10ft intervals and the
internal QA/QC sampling procedure included inserting blanks and standards with one in every 10
samples into the sample sequence. The samples are checked to ensure results fa ll within acceptable
target ranges and all results from the controls were acceptable.
The analysis included; 20 gram Multi Element, 3:1 Aqua Regia (Code: IMS-131), Ultra Trace ICP -AES/MS
finish. Over-limit samples underwent Ore Grade Copper, 3:1 Aqua Regia (Code: ICA-6Cu), 0.4 grams with
ICP-AES finish, and Ore Grade Copper, 4-Acid (Code: ICF-6Cu), 0.2 gram with ICP-AES finish. MS analytical
also conducted independent QA/QC procedures which included inserting duplicate, standard, and blank
samples within each batch analyzed.
Adrian Smith, P.Geo., is the qualified person for the Company as that term is defined in National
Instrument 43-101, and has supervised the technical information presented within this news release.
ABOUT ML GOLD CORP.
ML Gold Corp . is a Canadian company listed on the TSX Venture Exchange, 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 Co mpany’s website at www.mlgoldcorp.com. You may also
email [email protected] or call investor relations at (604) 669-2279.
ML GOLD CORP.
“Andrew Bowering”
Andrew Bowering
Chairman
Suite 2000 – 1177 West Hastings St
Vancouver, BC Canada V6E 2K3
T: 604-669-2279 / F: 604-602-1606
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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
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Figure 1: 2018 Detailed Airborne Magnetic Survey with Interpretations