Airborne geophysics, soil and till geochemistry, and drilling to be completed by end of Q4 2022
Company President and CEO,
"We know from previous government and academic research that pegmatite veins have been noted in previous mapping of the area and contain sub-ore grades of elemental lithium in addition to numerous quartz-tourmaline veins," said Smith. "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 assessment of these claims as part of our Q3 exploration program which includes our Caledonia Brook Gold Property," he added.
Exploration is set to begin at the end of July and will coincide with the Company's plan to release its airborne Versatile Time-Domain Electromagnetic (VTEM™ Plus) geophysical survey and soil data collected by
The Company's flagship
"The commencement of our Q4 drilling will represent the first diamond drill holes ever undertaken on the property," added Smith. "We have two additional holes being considered on the
A total of 662 line-kilometres (representing ~62% of the property) has been covered by an airborne Versatile Time-Domain Electromagnetic (VTEM™ Plus) geophysical survey. Survey highlights include:
- Anomalous gold in soil, till, and rocks associated with low to medium sized magnetic highs.
- Magnetic anomaly present in the
Victoria Lake Group at the northern boundary with the overlying northerCaradoc Shale unit. - Magnetic anomaly present in the Tally Pond Volcanics near the south contact with the southern
Caradoc Shale unit. - Magnetic signature of the northern and southern
Caradoc Shale units are very different. - Survey better defines stratigraphy and structure.
- Data shows the necessity for detailed geological mapping.
All data is currently under review and results will be released in the Company's next update.
Phase I of the Company's glacial till sampling program in the northern portion of the property has been completed with 111 samples being processed by Overburden Drilling Management (ODM). A summary of the results from the samples include:
- Ninety-one of the 111 samples collected showed visible gold grains.
- The highest number of gold grains was 17 and the highest calculated gold grade assay in heavy mineral concentrate was 2.679 g/t Au.
- Most gold grains were classified as modified with 21 samples having pristine gold grains.
- A total of 87 samples carried modified gold grains.
All heavy mineral concentrates from ODM's mineral separation work are currently being analyzed at
Additional glacial till sampling will be carried out over the southern part of the property in Q3-Q4.
The Company's 2022 soil sampling process will take place over five separate grids on the property. Gold assay grades in soil from last summer's exploration have shown elevated gold content up to 192 ppb. Further work will target the Mustang66, Maverick, Cougar, Charlie, and Slider Zones.
Rock geochemistry has indicated four areas of elevated gold, silver, zinc, or lead content. These occur along the Mustang66, Viper, and Maverick Zones with gold assays up to 2.38 g/t Au and with silver up to 71.1 g/t Ag, 4.03 % Zn, and 1.07 % Pb.
All work will focus on areas where either known structural faults occur or where the Company has evidence of either shear zones or faulting being present based on its previous exploration in the area.
MLK Executive Chairman,
"We have a pretty good idea of the geological similarities we share with other major stakeholders in the area, and we are encouraged by some of the results we have recorded to date," said Fleming. "Keeping that in mind, our primary focus right now is to accelerate the implementation of our strategic exploration initiatives, and if that requires more investment capital then we'll execute that action."
Source: N.I. 43 Technical Report & FEASIBILITY STUDY ON THE VALENTINE GOLD PROJECT,
MLK's corporate update can be viewed here.
Founded in 2018,
Additional information about the Company and its activities may be found on the Company's website at www.mlkgold.com and under the Company's profile at www.sedar.com.
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This news release contains certain forward-looking statements. Wherever possible, words such as "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict" or "potential" or the negative or other variations of these words, or similar words or phrases, 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 at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon 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 assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
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