VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 29, 2016) - Nikos Explorations Ltd. (TSX VENTURE:NIK) ("Nikos" or the "Company") is pleased to announce that visible gold grains have been identified in till samples obtained from its Borden Lake Extension property near Chapleau, Ontario. Up to 48 grains of visible gold were observed in concentrates, the first published indication of gold in proximity to Goldcorp's Borden Lake deposit since its discovery in 2010.
A total of 19 samples of till were submitted to Overburden Drilling Management Limited (ODM) for investigation of the visible gold content. Of those samples, 15 contained visible gold grains (see table below). In 2014 the Ontario Geological Survey reported results of gold grain counts from several till samples taken on the Borden Lake Property, including two samples immediately down ice of the discovery outcrop that contained 17 and 19 gold grains respectively (Source: 2014 Open File Report 6300, p. 24-1 to 24-7).
"Given the results from the Borden Lake Property, a gold grain count of 48, more than twice the number of grains from the Borden Lake samples, is a very encouraging result" said Dr. Roger Moss, Nikos President and CEO.
Summary of gold and associated sulphide grains in till samples.
|Sample Number||Easting||Northing||Number of Visible Gold Grains||Type and number of sulphide grains|
|20732||338006||5298076||3||py 5, ga 1|
|20733||337855||5299500||4||py 1, ga 1, br 1|
|20734||337579||5299383||12||ga 1, br 1|
|20747||337439||5298755||0||py 1, Ag 1|
Abbreviations: py pyrite, ga galena, br braggite, Ag native silver
The till samples were taken across previously identified northwest-southeast trending VLF-EM (Very Low Frequency - Electromagnetic) conductors. Those containing gold grains fall into two groups: one near the southern claim boundary that includes the 48 grain sample (the southern area), and another further north that includes samples containing twelve and four gold grains (the northern area). In both areas, the sample with the highest gold grain counts lies down ice (to the south-southwest) of the VLF conductors. These samples also lie down ice of a projection of the Borden Lake gold zone along trend to the southeast. (see maps at http://nikosexplorations.com/projects/borden_lake/).
"We are very encouraged by the results of the till sampling, the latest in a series of successful, low cost exploration techniques that we have used to move the project forward during the weak markets of the last few years," said Dr. Moss. "Thanks to all of our investors for their continued support and belief in the Borden Lake Extension project. We look forward to an exciting 2016 as we search for the source of the gold grains."
Sampling and Processing
The till samples were taken at sample depths of 0.5 to 1 metre and weighed between 10 and 20 pounds. Samples were placed in plastic bags together with sample tags and sealed with single use plastic ties. The samples were sent by Greyhound courier to Overburden Drilling Management (ODM) in Ottawa for investigation of the gold grain content. Samples were screened to 2mm, concentrated on a shaking table and the number of gold grains and sulphide grains counted. A heavy mineral concentrate was also produced that will be submitted for geochemical analysis.
The scientific and technical content of this news release was prepared by Roger Moss, Ph.D., P.Geo a qualified person as defined by National Instrument 43-101.
About Borden Lake Extension:
The Borden Lake Extension Project covers an area of 36 square kilometres and lies approximately 5 km southeast of Goldcorp's Borden Lake high grade gold zone where exploration has defined underground constrained indicated resources of 1.6 MMoz grading 5.39 g/t Au and inferred resources of 0.4 MMoz grading 4.37 g/t Au at a 2.5g/t Au cut-off grade. This zone remains open along strike to the southeast. In addition, a lower grade pit constrained indicated resource of 2.3 MMoz grading 1.03g/t gold has been defined (Source: Probe Mines Limited: Mineral Resource Update, Borden Gold Project, NI 43-101 report with effective date June 10, 2014). Exploration carried out by Nikos is the first known work on the property, which is located in the Kapuskasing Structural Zone. Nikos holds an option to earn a 100% interest in the property.
About Nikos Explorations:
Nikos Explorations is a Canadian based mineral exploration company focused on the acquisition and exploration of prospective gold projects in the Americas. The company has 13,895,074 shares issued and outstanding and trades on the TSX Venture Exchange under the symbol NIK.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Shares Issued: 13,895,074