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Avidian Gold Converts the Mineralized Corridor on the Amanita Property to Mining Lease

Mining News - Published on Thu, 25 Jun 2020

Image Source: Avidian Gold Amanita Gold Property
Avidian Gold Corp announced that it has converted 1,320 acres of its 3,607 acre Amanita gold property to an Uplands Mining Lease. The Amanita property is located 15 km northeast of Fairbanks, Alaska, and approximately 5 km southwest and contiguous to the Fort Knox open-pit gold mine. The Amanita Mining Lease is valid for 20 years and grants the exclusive right to explore for minerals within the leased area and the exclusive right to mine, extract and remove all minerals subject to obtaining all the required permits and approvals necessary to be able to mine and produce from the lease area.

This Mining Lease was established over the mineralized Tonsina Trend which is a fault bounded, 800 metre wide, northeast trending structural corridor that can be traced along a strike length of approximately 4 km on the property. A trenching program completed in 2019 encountered the following highlight oxide gold results within the Tonsina Trend
94.5 m of 3.04 g/t Au, including 22.5 m of 11.51 g/t Au;
27 m of 4.22 g/t Au, including 6 m of 4.70 g/t Au and 6 m of 13.85 g/t Au

The Tonsina Trend has been sparsely drilled with 39 historical reverse circulation holes, of which 30 intersected oxide mineralization with grades > 1.0 g/t Au such as: 13.72 m of 3.02 g/t Au, 10.67 m of 1.08 g/t Au, 12.19 m of 2.28 g/t Au, 4.57 m of 11.49 g/t Au, and 3.05 m of 14.04 g/t Au. Gold mineralization intersected in the drill holes was hosted in steeply dipping oxidized bodies hosted within metamorphosed sediments proximal to intrusive Cretaceous age rocks (see press release Jan. 7, 2020). The historical drilling was designed to test a prominent gold geochemical anomaly that extends throughout the majority of the property. The drilling tested only a small portion of the geochemical anomaly with average vertical drill hole depth being less than 100 m.

This is the second Mining Lease held by Avidian in Alaska.

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Posted By : Yogender Pancholi on Thu, 25 Jun 2020
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