Vancouver, British Columbia--(Newsfile Corp. - March 30, 2017) - Nikos Explorations Ltd. (TSXV: NIK) ("Nikos" or the "Company") is pleased to announce that it has completed its previously announced drill program at the Borden Lake Extension Project near Chapleau, Ontario.
Drilling intersected similar rock types as those described by Probe Mines during their drilling at Borden Lake, including biotite gneiss, garnet biotite gneiss and pegmatite. Mafic metavolcanics rocks were also intersected and these may be part of the Borden Lake belt. The rocks are commonly altered with hematite, silica (both pervasive and as veinlets) and chlorite. Sulphide mineralization, primarily in the form of disseminated pyrite, and in some cases pyrrhotite, is identified in some of the altered zones.
A total of 1,662 metres of drilling was carried out in 13 holes to test chargeability anomalies identified by an induced polarization (IP) /resistivity survey located within 2.5 kilometres of Goldcorp's Borden Lake Deposit. These anomalies occur up ice of high gold grain counts in till samples reported in 2016 (see News release dated March 29, 2016). A crew remains on site to complete logging and sampling of the core before sending the samples to an accredited laboratory for gold and multi-element assay.
"We are very pleased with the results of the drilling, especially given the presence of sulphide mineralization associated with altered zones in gneiss," said Roger Moss, Chief Executive Officer of Nikos. "The intersection of the mafic metavolcanics rocks is also significant in the context of the regional geology. We look forward to receiving the results of the assays and planning future work on the property."
Roger Moss, PhD., P.Geo., is the qualified person responsible for all technical information in this release.
About Borden Lake Extension:
The Borden Lake Extension Project covers an area of 55 square kilometres and lies approximately 5 km southeast of Goldcorp's Borden Lake high grade gold zone where exploration has defined indicated resources of 0.56 MMoz grading 5.77g/t Au and inferred resources of 0.41 MMoz grading 5.49 g/tAu. 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 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 25,006,725 shares issued and outstanding and trades on the TSX Venture Exchange under the symbol NIK.