ML Gold Updates Palmetto Gold Drilling and Pinnacle Reef Deep Sensing Geophysics Program
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May 18, 2017
ML Gold Updates Palmetto Gold Drilling and Pinnacle Reef
Deep Sensing Geophysics Program
ML Gold Corp. (TSX-V: MLG; FSE: XOVN.F) (“ML Gold” or the “Company”) is pleased
to provide an update on the Palmetto Gold Project in Nevada, USA, a nd the renamed
Pinnacle Reef Copper-Gold Project (formerly called the Later) in British Columbia.
At the Palmetto Project:
The phase I drilling program is continuing with 13 drill holes completed to date and another
two holes recently added to the program. The primary purpose of the program is to confirm
and expand the 3D model being used to calculate a maiden gold resource at Palmetto.
ML Gold’s team is on-site, logging, preparing and shipping drill samples to Reno, Nevada for
initial analysis before being sent to Vancouver, Canada, for the final multi-element analysis.
To date ML Gold has received and released assay results for one complete hole of the
program, see Company release dated May 4, 2017. Additional results are pending.
Based on gold mineralization in quartz veining observed in the recent RC holes (PAL-17R07
& PAL-1708) within the Northwest Zone, the Company sees potential to focus on this quickly
expanding area in a phase II program. The Northwest Zone has been overlooked in the past
due to a focus on the high grades within the Discovery Zone. There is significant potential to
expand the Northwest Zone as it remains open both east a nd west, and appears to be
widening to the west. Contingent on the NI 43-101 technical report and concurrent resource
estimate being conducted, the Company will fully evaluate the phase II program which
could begin as early as September 2017.
At the Pinnacle Reef Project (formerly the Later):
In January, 2017, ML Gold i dentified a large (2 kilometre wide) donut shaped I nduced
Polarization “IP” anomaly representative of a pyritic halo on the Pinnacle Reef Project in
North central British Columbia (previously reported in News Release dated January 19,
2017). To follow up, the Company implemented a deep sensing IP program in early April,
2017 to search for a source or “feeder zone” for the mineralization observed on the margin
of the anomaly . This mos t recent survey has identified a “pipe like ” conductive structure
going to the bottom of the IP survey limits (approximately 700 metres deep) located in the
southern portion of the “donut”.
The new deep sensing IP survey confirms that the widely dispersed near surface high
chargeability donut is related to a single deep seeded structure, and clearly identifies a
central area of anomalous chargeability which was not previously known. Since highly
mineralized rocks are often related to increased fracture permeability (clay minerals and
stockwork veins) with higher water content, it is likely that the conductivity anomaly at the
centre of the large chargeability halo could be representing a m assive porphyry pipe
approximately 500 metres wide . It is also possible, based on the geometry of the
chargeability distribution, that the a nomalous c opper-gold mineralization encountered in
historic drilling and as previously released (News release Januar y 19, 2017) , is a dis tal
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expression of a high grade c opper-gold core that has never been tested due to glacial till
surface cover. A 3D image of the inverted IP data showing the target area and location of
aforementioned historic drilling is available at
www.mlgoldcorp.com/index.php/projects/pinnacle-reef.
The Pinnacle Reef property is located within the prolific Quesnel Terrane in Central BC,
consists of 24 mineral claims covering approximately 6,684 hectares, is accessible by
vehicle year round and lies within 50 km of hydroelectric power and railway. ML Gold can
earn up to a 70% interest in the Property over a five year period by completing certain work
commitments and making certain cash and share payments to Pacific Empire Minerals Corp.
over the term of the option.
Adrian Smith, President of ML Gold commented, “ We are pleased to see the Palmet to
Project advancing as planned, and are on track to produce the first ever resource estimate
on the Property. We are equally thrilled to see strong geophysical evidence at Pinnacle Reef,
supporting previous interpretations and narrowing down what has become the best
porphyry target I have seen in BC.”
The Company also reports that Martin Burian has resigned as the CFO of the Company.
Brian Morrison, a current director, has been appointed the new CFO.
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 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. You
may also email [email protected] or call investor relations at (604) 669-2279.
ML GOLD CORP.
“Andrew Bowering”
Andrew Bowering
Chairman
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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 m eaning 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”, “sched ule” 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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the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and e stimates that, while
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Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in
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