Vancouver, British Columbia–(Newsfile Corp. – July 18, 2016) – Nikos Explorations Ltd. (TSXV: NIK) (“Nikos”) is pleased to announce the results of a soil gas hydrocarbon (“SGH”) survey recently completed at its Borden Lake Extension Project near Chapleau, Ontario. The SGH survey was completed over an area where up to 48 gold grains were found in till samples (see news release dated March 29, 2016) in order to identify anomalies that may be associated with gold mineralization in areas of poor outcrop up ice of the anomalous till samples.
Several SGH anomalies, potentially indicative of gold mineralization, were identified by Actlabs of Ancaster, Ontario, following its analysis. The interpretation suggests the anomalies have a confidence rating of 5.0 (out of a maximum of 6.0) based on the interpretation of SGH pathfinder classes known to be associated with buried gold deposits. A large number of SGH gold pathfinder maps provided further evidence for the positive interpretation of the SGH data.
This SGH anomalies occur approximately 250 metres up ice of the location of the anomalous till sample that contained 48 gold grains. In addition, they are coincident with a resistivity low identified during a recent infill VLF-EM survey (See maps at http://nikosexplorations.com/projects/borden_lake/). The infill VLF-EM survey also outlined similar resistivity lows in the area up ice of three anomalous till samples to the northwest.
“We are very pleased with the response from the SGH survey suggesting the presence of gold mineralization immediately up ice of our anomalous till samples and coincident with a VLF anomaly. It is especially significant given the proximity to Goldcorp’s Borden Lake Deposit,” said Roger Moss, Nikos President and CEO. “We are currently planning further surveys in this area to delineate drill targets.”
The company is finalizing plans for an induced-polarization/resistivity survey over the anomalous area to enable definitive drill targeting for testing in the fall.
About Borden Lake Extension
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 5.39g/t Au and inferred resources of 0.4 MMoz grading 4.37 g/tAu. 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. 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.
About Nikos Explorations:
Nikos Explorations is a Canadian based mineral exploration company focused on the acquisition and exploration of prospective gold projects in the Americas. The company has 17,881,741 shares issued and outstanding and trades on the TSX Venture Exchange under the symbol NIK.
Learn how VTEM technology mapped the Borden Lake Extension Project