Mar 14 2017
ML Gold Corp. (TSX VENTURE:MLG)(FRANKFURT:XOVN.F) ("ML Gold" or the "Company") reports it has contracted Boart Longyear to conduct the reverse circulation ("RC") and core drilling program at the Palmetto Gold Project in Esmeralda County, Nevada. Drilling is expected to begin within the next few days. ML Gold is fully financed to complete the 2017 drilling program which will include the preparation of a NI 43-101 compliant technical report and first ever resource estimate for the Palmetto Project.
Over the past few weeks ML Gold geologists have prepared drill sites and conducted field work including rock sampling at Palmetto to aid in exploration and expansionary drill targeting for the current drilling program. Select results from a limited rock sampling program taken from the eastern extension of the Discovery Zone, on the southern margin of a rhyolite dome, produced samples of 3.7 and 2.1 grams per tonne gold.
These samples came from composites of quartz vein grab samples (over one kilogram) from outcrop and sub-crop on the flank of the dome. These and other elevated samples suggest that the mineralization continues further east from the discovery zone, and is not restricted to the fault zone known to host the high grade mineralization. This further confirms the robust epithermal gold system has a wide spread mineralized envelope, is likely much larger than previously thought and extends into multiple host rock lithologies leaving potential for additional discoveries on the property.
Andrew Bowering, Chairman of ML Gold comments, "ML Gold is excited to see the drills arrive on site in Nevada and take another step towards increasing shareholder value by generating the first ever resource on the Palmetto property. This NI 43-101 compliant estimate will allow the market to realize what we already know are real gold ounces in the ground at Palmetto."
The Company also reports the granting of 2,000,000 stock options (the "Options") to certain officers, directors, consultants and employees of the Company. The Options have a term of 5 years and are exercisable at a price of $0.22 per common share. The Options are subject to the acceptance of the TSX Venture Exchange.
ML Gold project videos, such as the Palmetto, can be viewed on the Company's website under the Projects tab at the following the link: (www.mlgoldcorp.com/index.php/projects/palmetto)
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.