Business
Avidian Completes Purchase of Its Flagship Golden Zone Property in Alaska
TORONTO, ON / ACCESSWIRE / July 25, 2023 / Avidian Gold Corp. (" Avidian " or the " Company ") (...
About this update from Avidian Gold Corp.
[{"type":"text","content":"Avidian Completes Purchase of Its Flagship Golden Zone Property in AlaskaTORONTO, ON / ACCESSWIRE / July 25, 2023 / Avidian Gold Corp. (\"Avidian\" or the \"Company\") (TSXV:AVG)(OTC PINK:AVGDF) is pleased to announce that it has completed the purchase of the Golden Zone property in Alaska by making the final cash and share payment under the Golden Zone purchase agreement dated November 21, 2016 to acquire the Uplands Mining Lease and Millsite Lease. Upon closing, the Deed in Trust will be transferred to Avidian. The district-scale Golden Zone property is strategically located midway between Anchorage and Fairbanks and only 10 km west of paved State Highway 3, the Alaska Railroad, and the 345 kV Alaska power lines (see Figure 1). The 141.1 sq km property is comprised of State of Alaska claims, a Millsite Lease and most importantly an Uplands Mining Lease which is valid until 2050 and hosts the Breccia Pipe Deposit.The Breccia Pipe Deposit has a NI 43-101 Indicated gold resource of 267,400 ounces (4,187,000 tonnes at 1.99 g/t Au) plus an Inferred gold resource of 35,900 ounces (1,353,000 tonnes at 0.83 g/t Au) hosted within a monzodiorite intrusive that is mineralized and has yet to be fully drill tested. The other most significant gold prospect within the 2,920 acre Uplands Mining Lease is the Mayflower Extension Zone (‘MEZ') with mineralization that is situated directly adjacent to the Breccia Pipe deposit that has been traced for 600 m by drilling and remains open along strike to the northeast and at depth. Some of the significant drill assays from the MEZ include 15.24 of 2.03 g/t Au within 46.63 m of 1.08 g/t Au, 4.57 m of 2.87 g/t Au, 3.05 m of 11.70 g/t Au, 6.10 of 2.14 g/t Au, 21.6 m of 1.46 g/t Au and 5.74 m of 3.72 g/t Au (see Press release dated February 1, 2022) with mineralization from surface to a shallow depth of less than 100 m and open at depth.Dino Titaro, Director and Chairman of Avidian Gold states, \"Completing the purchase agreement for the Golden Zone property is an important milestone for Avidian. The Company has secured a very valuable hard asset that has demonstrated potential for precious and base metal deposits. The Golden Zone mine and mill operated for a short period prior to WWII producing approximately 870 tons of concentrate at 1.9 opt gold, 9.9 opt silver, 2.42% copper and 0.17% lead via t...