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Most significant Amanita drill hole ever

Second hole of 2020 season cuts 22.7m averaging 3.11 g/t gold North of 60 Mining News – December 18, 2020

Avidian Gold Corp. Dec. 17 reports that the second hole of its 2020 drill program at Amanita encountered the most significant gold intercept so far on this project that lies alongside the southern border of Kinross Gold Corp.'s Fort Knox Mine property in Alaska.

This year, Avidian completed 1,945 meters of drilling in nine holes within the Tonsina trend, an 800-meter-wide structural corridor of gold mineralization that extends northeast from Amanita onto the Fort Knox property.

Highlights from previous reverse circulation drilling along the Amanita portion of the Tonsina trend include 4.6 meters of 11.4 grams per metric ton gold; 12.2 meters of 2.28 g/t gold; and 13.7 meters of 3.02 g/t gold.

Avidian refined drill targets with trenching completed during 2019, as well as high-resolution lidar and drone magnetic surveys carried out earlier in the season.

The company has received assay results for the first two holes of the 2020 drill program, AM20-01 and AM20-02, which targeted the down-dip extent of the mineralization encountered during the 2019 trenching.

The best intercept was encountered in AM20-02, which cut 22.7 meters averaging 3.11 grams per metric ton gold from a depth of 76.4 meters.

The objective of hole AM20-02 was to test the down-dip extension of the 27 meters of 4.22 g/t gold encountered last year in Trench D-West.

"We are very pleased with the assay results from drill hole AM20-02. It is the most significant hole drilled on the Amanita Property to date, topping Kinross's 39 historic RC holes by a very wide margin. That intercept, coupled with the overlying 2019 surface trench results, defines an outcropping zone of significant gold mineralization that will be further tested on strike and down dip in 2021," said Avidian Gold President Steve Roebuck.

AM20-01 tested about 50 meters below the 22.5 meters of 11.51 g/t gold encountered in Trench C-North. The best intercept in this hole was 3.1 meters of 1.39 g/t gold from a depth of 93.7 meters.

Avidian said the upper 75 meters of AM20-01 encountered structural complexity and movement that is likely to have displaced the mineralization, as no significant mineralization was intercepted in the upper part of the hole.

Historical RC hole AH-14 cut 16.8 meters averaging 1.03 g/t gold about 80 meters northeast of AM20-01

"Results from AM20-01 indicate we still have much to learn with regard to the structural complexities in the area of Trench C-North," said Roebuck. "We are, however, gaining a much better understanding of the controls on mineralization at Amanita and recognize as a result of the 2020 program that the area of interest is more extensive than we originally thought. We can also confirm the need for deeper drill holes to test for mineralized intrusive at depth as an intrusive of interest was encountered at the bottom of Hole 7."

Assay results are pending for the remaining seven holes drilled at Amanita this year.

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Shane Lasley, Publisher

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Over his more than 16 years of covering mining and mineral exploration, Shane has become renowned for his ability to report on the sector in a way that is technically sound enough to inform industry insiders while being easy to understand by a wider audience.


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