ML Gold Corp. (TSX VENTURE:MLG) ("ML Gold" or the "Company") is pleased to provide an update on the Company's Palmetto Project, Esmeralda county, Nevada, USA. As part of the acquisition of the Palmetto Project, the Company took possession of: 1) all privately held hard copy: reports, drill logs, surveys, and other irreplaceable project records; 2) all historic geological, geophysical, and geochemical maps; 3) historic RC drill chips; 4) historic diamond drill core; 5) sample rejects; and 6) digital archive of all documents directly related to historical work on the property.
Immediately following receipt of the data the Company purchased MicroMine Intuitive Mining Solution Software and began building a 3D model. The 3D model gives a first-ever detailed view of the extent of the known mineralization (see for more info: http://www.mlgoldcorp.com/index.php/projects/palmetto). This model also gives the Company a significant advantage planning future drilling and exploration, potentially increasing the mineralization and possibly establishing a resource. Given the availability of all exploration records and the preservation of drill core and RC chips, ML Gold plans to produce a first-ever resource estimate on the project by re-confirming certain results from historic drilling. Discussions are currently underway with engineering firms to assist in these efforts.
Through initial modeling and data review, the Company has identified larger zones of mineralized rock surrounding the high grade conduits that were the primary focus of previous exploration. Some of the more significant historical drill holes, including intercepts recalculated using a lower cut-off grade, in the "Discovery Zone" are shown in Table 1 below. Inclusion of the lower grade material has the overall effect, when applied to the entire model, of generating a larger volume and subsequently more ounces of gold and silver in that volume. This new bulk tonnage model at the Palmetto Project is similar to the model used by Columbus Gold Corp. at their Eastside project 65 kilometres north-east.
Table 1: Significant Historical Drillhole Intercepts at the Palmetto Project, Discovery Zone
ML Gold is planning a RC and core drilling program for early 2017. The program will consist of confirmation drilling and step out expansion drilling to increase the extent of the known mineralization. The Company looks forward to expanding the known mineralized areas by focusing on areas open to depth and along strike in the Discovery and Northwest zones. In addition, management sees potential to discover new zones along the Northwest - Southeast regional structural corridor identified in regional airborne and ground geophysical surveys.
ML Gold Corp. has an option to acquire a 100% right, title and interest to the Palmetto Project. The project consists of 30 unpatented mining claims in Esmeralda County, Nevada, within the southern portion of the Walker Lane gold trend (see news release dated October 18, 2016).
The Company has granted of 200,000 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 $0.15 per common share. The Options are subject to the acceptance of the TSX Venture Exchange.
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.