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Avidian Gold Corp. Stakes Prospective Ground Adjacent to the Golden Zone Project, Alaska

07.03.2022  |  Accesswire
TORONTO, March 7, 2022 - Avidian Gold Corp., ("Avidian" or the "Company") (TSX-V:AVG & OTCQB:AVGDF) is pleased to announce that it has staked an additional 1,683.5 hectares (16.835 sq km) of ground immediately to the south and southwest of its Golden Zone property to increase its district-scale land holdings to 141.1 sq. km(see Figure 1). The Golden Zone property is strategically located midway between Anchorage and Fairbanks and only 10 km west of paved State Highway 3, the Alaska Railroad, and the 345 kV Alaska power lines.

This ground was staked as a tie-on to the trending extension of the Southwest Prospects and to fill in the gap between the Golden Zone property and that of Discovery Africa Limited ("DAF") (Figure 2). The exploration work completed by DAF on their ground has uncovered several high-grade gold, copper, and silver samples on their Partin Creek prospect up to 73.9 g/t Au, 21.1% Cu, and 1,500 g/t Ag (see DAF press release dated November 3, 2021) along the same mineralized trend found on the Golden Zone property that now can be traced for approximately 30 km between the two properties.

Avidian's Southwest Prospects collectively consist of at least 5 large gossanous gold-bearing zones (JJ, J4, CC, MJ, and Silver Kitty), all within the same stratigraphic sedimentary rock package defined along a NE-SW direction over a strike length of +4.5 km in the southwestern portion of the 19 km mineralized trend that extends across the entire Golden Zone property (Figures 1 & 3). Each of the prospects has only been sparsely sampled due to challenging topography and has yet to be fully assessed or sampled in-between each of the currently known prospect areas. The newly staked ground has also yet to be explored.

Avidian President & CEO Steve Roebuck states: "We staked this additional ground as the significant gold discoveries at the Southwest Prospect area trended to the southwest into unexplored open ground and ties on to our neighbors to the south that have found gold, copper plus silver mineralization along the same Golden Zone mineralized trend. The Southwest Prospects consist of 5 large gold mineralized gossanous areas and contain all the geological ingredients required to host a large-scale gold deposit typical of the Tintina Gold Belt. Avidian is amongst the first explorers in this area and we believe that we are onto a very large system that was not previously known or recognized on the property. We are very encouraged by the results so far given the very limited time spent in the field at each of these prospects. We are currently preparing for the 2022 season and refining our plans and budget required to follow up and determine the extent of the Southwest Prospects as well as the other targets we have on the property."

Highlights from the individual prospects with images are outlined below.

  • At the JJ prospect, highlight samples in gossan zones ranged from 2.08 g/t Au to 6.14 g/t Au and samples from interbedded siltstone sediments ranged from 0.098 g/t Au to 0.965 g/t Au. Additional grab samples from the 2021 program returned 0.82 g/t Au and 1.6 g/t Ag and have now defined a mineralized gossan over an area of 400 m x 150 m x 100 m and open in all directions (see Photo 1).

Photo 1: JJ Prospect

  • The JJ prospect appears to continue to the southwest of the J4 prospect (approximately 200 m to the SW). The J4 prospect has been intermittently sampled (due to exposure issues as many of the gossanous veins are covered by colluvium or talus or trend into difficult to access areas) across an approximate stratigraphic thickness of 120 m; the best result was 4.0 m of 0.44 g/t Au. The 2021 prospecting/sampling program extended the mineralization at the J4 Zone by another 150 -180 m south. The area between the JJ and J4 prospects remains open (see Figure 3 & 4).
  • The JJ-J4 prospect area now extends over a combined strike length of >650 m and is approximately 120 m wide and 300 m in height to the valley floor (see Figure 4).
  • A new zone of gold mineralization called CC was discovered approximately 750 m southeast of the JJ discovery area (see Figures 3 & 4) with values up to 0.43 g/t Au and 1.2 g/t Ag from float samples collected in steep terrain at the base of a talus slope located directly below the source outcrop. This new mineralized area has yet to be fully sampled.
  • The MJ prospect located approximately 2,750 m to the southwest of the J4 prospect returned highlight results of 0.83 g/t Au, 5.17 g/t Au and 4.2 g/t Au plus 2.77% Cu from a sulfide-rich gossan zone 800 m x 300 m x 100 m and open along strike in both directions (see Photo 2).

Photo 2: MJ Prospect

  • Prospecting at the Silver Kitty area (approximately 850 m to the southwest of MJ) yielded an assay result of 12.35 g/t Au and additional sampling during 2021 returned grab samples up to 2.42 g/t Au and 8.6 g/t Ag (see Photo 3) The Silver Kitty prospect to date has been outlined over a 500 m wide by 300 m high gossanous slope that trends northwest-southeast and is perpendicular to the MJ prospect. Approximately 5 km to the south is the Cohio prospect (see Figure 1) where historical grab sample grades of 111.0 g/t Au, 15.0 g/t Au and 9.7 g/t Au have been reported.

It should be noted that, due to their selective nature, assay results from grab samples may not be representative of the overall grade and extent of mineralization on the subject area.

Photo 3: Silver Kitty Prospect

Background Information on the Golden Zone Property

The property lies within the prolific gold endowed Tintina Gold Belt with mineralization styles on the property directly associated with Intrusive Related Gold System ("IRGS") deposits with numerous polymetallic, gold-dominated showings contained within three fault-bounded belts or corridors. All the known mineralization is spatially associated with Cretaceous age intrusive rocks, analogous to what is observed in many of the large gold deposits within the Tintina Gold Belt. The mineralized occurrences on the project extend for well over 19 km of strike length. There are several regional-scale exploration targets in the central and southern portions of the property for gold-copper mineralization.

The property 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) within the Breccia Pipe Deposit. This resource is exposed on the surface and was pit constrained for an open-pit mining scenario. The Technical Report was filed on November 17, 2017, and was authored by Leon McGarry, B.Sc., P.Geo. and Ian D. Trinder, M.Sc., P.Geo.

Quality Control/Quality Assurance

Sampling included insertion of certified standards and blanks into the stream of samples for chemical analysis. Every twentieth sample was a standard or a blank. Due to the global sample preparation and assay backlog, samples were prepared at ALS Global's laboratory in either Fairbanks, Alaska; Hermosillo, Mexico; or Thunder Bay, Ontario, Canada 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 values for the entire 2021 sampling program varied from below detection to a high of 15.60 g/t Au and silver values ranged from below detection to a high of 20.15 g/t Ag.

About Avidian Gold Corp.

Avidian brings a disciplined and veteran team of project managers together with a focus on advanced-stage gold exploration projects in Alaska. Additional projects include the Amanita and the Amanita NE gold properties which are both adjacent to Kinross Gold's Fort Knox gold mine in Alaska, and the Jungo gold-copper property in Nevada.

Avidian is a major shareholder in High Tide Resources (CSE: HTRC) which is focused on, and committed to, the development of advanced-stage mineral projects in Canada using industry best practices combined with a strong social license from local communities. High Tide is earning a 100% interest in the Labrador West Iron project located adjacent to IOC/Rio Tinto's 23 mtpy Carol Lake Mine in Labrador City, Labrador and owns a 100% interest in the Lac Pegma copper-nickel-cobalt deposit located 50 km southeast of Fermont, Quebec.

Further details on the Company and the individual projects, including the NI 43-101 Technical reports on the Golden Zone property can be found on the Company's website at www.avidiangold.com.

Qualified Person

The technical information contained in this news release has been approved by Steve Roebuck, P.Geo., President and CEO of Avidian, who is a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects."

For further information, please contact:

Steve Roebuck
President & CEO, Director
Mobile: (905) 741-5458
Email: sroebuck@avidiangold.com

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" which are not comprised of historical facts including statements regarding the use of proceeds. 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. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to: the ability to anticipate and counteract the effects of COVID-19 pandemic on the business of the Company, including without limitation the effects of COVID-19 on the capital markets, commodity prices supply chain disruptions, restrictions on labour and workplace attendance and local and international travel, failure to receive requisite approvals in respect of the foregoing, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Figure 1. Golden Zone Property Map

Figure 2: Golden Zone and Discovery Africa Property

Figure 3. Southwest Prospects Location Map

Figure 4. JJ, J4 & CC Prospects Location Map

SOURCE: Avidian Gold Corp.

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