Vancouver, British Columbia--(Newsfile Corp. - March 6, 2017) - Nikos Explorations Ltd. (TSXV: NIK) ("Nikos" or the "Company") is pleased to announce that a crew has arrived on site at its Borden Lake Extension Project near Chapleau, Ont., in preparation for drill mobilization. Drilling is expected to begin before the end of March.
The diamond drill program is expected to be a minimum of 1,500 metres and will test chargeability anomalies found in an induced polarization (IP) /resistivity survey located within 2.5 kilometres of Goldcorp's Borden Lake property. These anomalies occur up-ice of anomalously high gold-grain counts in till samples reported during 2016. One of the chargeability anomalies, which also occurs adjacent to a soil-gas-hydrocarbon (SGH) anomaly, lies approximately 200 metres up-ice of a till sample that contained 48 gold grains (see news release dated March 29, 2016).
A second chargeability anomaly with a stronger response than the first in combination with higher a resistivity response, indicates the possible presence of a silicified zone. This anomaly occurs a further 500 metres up-ice of the anomalous till samples. Both chargeability anomalies are approximately 400 metres long and remain open to the east and west. This will be the first drilling ever conducted on the property in an area that is characterized by limited outcrop.
"We are excited by the upcoming drill testing of geochemical and geophysical anomalies we have developed on the Borden Lake Extension property over the past two years," said Roger Moss, President and Chief Executive Officer. "Despite the lack of significant outcrop, there are many coincident geochemical and geophysical anomalies that will be targeted in the current program."
The company also announces the grant of 1,100,000 share purchase options to directors, officers and consultants in accordance with the company's stock option plan. The options have a price of $0.10 and a 5-year term to March 5, 2022.
About Borden Lake Extension:
The Borden Lake Extension Project covers an area of 55 square kilometres and lies approximately five kilometres southeast of Goldcorp's Borden Lake high-grade gold zone where exploration has defined indicated resources of 0.56 MMoz grading 5.77 g/t gold and inferred resources of 0.41 MMoz grading 5.49 g/t gold. This zone remains open along strike to the southeast. Exploration carried out by Nikos is the first known work on the property, which is located in the Kapuskasing Structural Zone. Nikos holds a 100% interest in the property's core claims with an option to earn a 100% interest in several surrounding claims.
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 25,006,725 shares issued and outstanding and trades on the TSX Venture Exchange under the symbol NIK.
Roger Moss, PhD., P.Geo., is the qualified person responsible for all technical information in this release.