Silver Viper closes first tranche of private placement
Chairman and CEO of the company, Paul Smith (P. Geo.) and Executive Chairman, Bill Fleming noted significant pegmatite development on the property following an initial reconnaissance visit to the area late last month.
“We know from previous government and university research that pegmatite veins have been noted in previous mapping of the area and contain submineral grades of elemental lithium in addition to numerous quartz-tourmaline veins,” Smith said. . “What we were surprised to observe was the abundance of veining and the variation in textures and mineralogy. Our plan is to complete a full evaluation of these claims as part of our exploration program for third quarter, which includes our Caledonia Brook gold property,” he added.
Exploration is expected to begin in late July and will coincide with the Company’s plan to release its Versatile Time-Domain Electromagnetic (VTEM™ Plus) airborne geophysical survey and ground data collected by Geotech Ltd. and Overburden Drilling Management (ODM).
Update on Caledonia Brook Gold Project:
The Company’s flagship project, Caledonia Brook Gold, targets vein and intrusive styles of gold mineralization through a planned initial 1,200 meter drill program in 12 holes proposed to be drilled on the Mustang66, Maverick and Charlie zones .
“The start of our drilling in the fourth quarter will represent the first diamond drill holes ever undertaken on the property,” added Smith. “We have two additional holes under investigation on the Slider area, which will depend on the results of a detailed study of soil samples in this area.”
Versatile Time Domain Electromagnetics (VTEM™ Plus)
A total of 662 line kilometers (representing ~62% of the property) was covered by a Versatile Time-Domain Electromagnetic (VTEM™ Plus) airborne geophysical survey. Highlights of the survey include:
- Anomalous gold in soil, till and rock associated with weak to medium sized magnetic highs.
- Magnetic anomaly present in the Lake Victoria Group at the northern boundary with the overlying northern Caradoc shales unity.
- Magnetic anomaly present in the volcanics of Tally Pond near the southern contact with the south Caradoc shales unity.
- Magnetic signature of north and south Caradoc shales the units are very different.
- The survey better defines the stratigraphy and structure.
- The data shows the need for detailed geological mapping.
All data is currently under review and the results will be published in the company’s next update.
Glacial till sampling
Phase I of the Company’s glacial till sampling program in the northern part of the property was completed with 111 samples processed by Overburden Drilling Management (ODM). A summary of sample results includes:
- Ninety-one of the 111 samples collected had visible gold grains.
- The highest gold grain count was 17 and the highest calculated gold grade in the heavy mineral concentrate was 2.679 g/t Au.
- Most of the gold grains were classified as modified with 21 samples having virgin gold grains.
- A total of 87 samples contained modified gold grains.
All heavy mineral concentrates from ODM’s mineral separation work are currently analyzed by Activation Laboratories Ltd. Ancaster, ON and results will be published once received.
Additional glacial till sampling will be carried out on the southern part of the property during Q3-Q4.
Soil sampling and rock geochemistry:
The Company’s soil sampling process in 2022 will take place on five separate grids on the property. Gold grades in soil from last summer’s exploration showed high gold grades up to 192 ppb. Further work will target Mustang66, Maverick, Cougar, Charlie and Slider areas.
The geochemistry of the rocks indicated four zones with high gold, silver, zinc or lead content. These occur along the Mustang66, Viper and Maverick zones with gold grades up to 2.38 g/t Au and silver up to 71.1 g/t Ag, 4.03% Zn and 1 .07% Pb.
All work will focus on areas where known structural faults occur or where the Company has evidence of the presence of shear zones or faults based on its previous exploration in the area.
Executive Chairman of MLK, William (Bill) Fleming says the company’s commitment to the region’s high potential is driving its exploration program.
“We have a pretty good idea of the geological similarities we share with other major players in the region, and we’re encouraged by some of the results we’ve seen so far,” Fleming said. “With this in mind, our primary focus right now is to accelerate the execution of our strategic exploration initiatives, and if that requires more investment capital, we will execute that action.”
MLK’s Caledonia Brook property is centrally located Newfoundland west of New Found Gold Corporation, northeast of the Valentine Lake deposit property and southwest of the Sokoman Minerals Moosehead gold property, and shares geological and structural similarities with Marathon Gold (4.14 million d oz; 3.14 Moz. M&I, 56.7 Mt @ 1.72 g/t Au; 1.00 Moz. Inferred; 18.2 Mt @ 1.70 g/t Au) Valentine Lake deposit with both properties located along the Victoria Lake – Grand Falls shear zone system. The Company’s Qualified Person has not verified data from Marathon Gold’s Valentine Lake Project and the similarities are not indicative of mineralization on the Company’s properties.
Source : NI 43 Technical Report & FEASIBILITY STUDY ON THE VALENTINE GOLD PROJECT, Newfoundland and Labrador, Canada ; Prepared for Marathon Gold Corporation, 36 Lombard Street, Suite 600, Toronto, ON , M5C 2X3; by Ausenco. Effective date: April 15, 2021 .
MLK’s Corporate Update Can Be Viewed here .
Qualified Persons and 43-101 Disclosure
Paul K. Smith (P. Geo.), president and chief executive officer of the company, is the designated qualified person for this press 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 endorses the written disclosure thereof.
Founded in 2018, MLK Gold Ltd. quickly established itself as one of from Atlantic Canada leading resource exploration companies offering exposure to gold and the strategic metal representing a unique blend of resource discovery and development potential. Invested in a portfolio of mining-rich and mineral-rich gold projects Newfoundland MLK’s plan is to capitalize on the province’s ranking as one of the top 10 mining jurisdictions in the world and grow into a long-term, financially sound gold mining company.
Additional information about the Company and its business can be found on the Company’s website at www.mlkgold.com and under the Company profile at www.sedar.com .
To view the company’s recent promotional video, please click HERE .
This press release contains certain forward-looking statements. Where possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, ” believes”, “estimates”, “predicts” or “potential” or the negative form or other variations of these words, or similar words or expressions, 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 of the date hereof.
Forward-looking statements involve significant risks, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied by the forward-looking statements. These factors should be carefully considered and readers should not place undue reliance on forward-looking statements. Although the forward-looking statements contained in this press release are based on 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 undertakes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
SOURCEMLK Gold Ltd.
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