Nikos Explorations is pleased to announce that it has staked an additional nine claims covering an area of 1,872 hectares at its Borden Lake Extension property near Chapleau, Ontario. The new claims tie on to the south of the Company's existing claims and increase the area of the property to approximately 55 square kilometres.
The claims were staked following the recently announced results of gold grain counts in till samples taken on the property that showed 15 of 19 samples contained gold grains, with one sample containing 48 grains of gold (see news release dated March 29, 2016). These till samples occur down ice of northwest-southeast trending VLF-EM anomalies.
The new claims cover the area between these anomalous till samples and three till samples that also contain gold grains, two of which were sampled by Nikos (containing eight and four gold grains) and the third by the Ontario Geological Survey (containing three gold grains) during "Operation Treasure Hunt" in 2001 (Source: OGS 2001, Open File Report 6063).
The new claims are also up ice of till samples taken by the Ontario Geological Survey in 2011, 2013 and 2014, results of which are still to be released (Source: OGS, 2014, Open File Report 6300).
The Company also announces that it has fulfilled the terms of the option agreement signed in December, 2012 and now owns the claims 100% subject to a 2% net smelter return royalty.
Together with the recently staked claims, Nikos now owns 100% of 18 claims representing 63% of the property and has an option to earn a 100% interest in the remaining claims (see news release dated May 22, 2014).
Nikos is planning a program of line cutting and induced polarization to follow up on the success of the VLF-EM survey and the till sampling. The exploration plan submitted to the Ministry of Northern Development and Mines for the line cutting and geophysics has been approved and work will begin after break up.
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.
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.