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Avidian Gold Corp
Symbol AVG
Shares Issued 94,402,899
Close 2020-07-24 C$ 0.38
Market Cap C$ 35,873,102
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Avidian hires Ruen Drilling for drilling at Amanita

2020-07-27 13:18 ET - News Release

Mr. Steve Roebuck reports

AVIDIAN GOLD TO COMMENCE ORIENTED CORE DRILLING PROGRAM AT AMANITA PROPERTY, ALASKA

Avidian Gold Corp. has contracted Ruen Drilling Inc. to complete 2,000 to 3,000 metres of oriented NQ core drilling at the Amanita property, located five kilometres south of, and contiguous to, Kinross Gold's Fort Knox mine and proximal to Freegold Ventures Ltd.'s Golden Summit project, both in the Fairbanks mining district, Alaska.

The drilling program is designed to: (i) test the strike and depth extent of the significant, 2019 trench results and; (ii) further define the extent and continuity of the mineralization encountered in the historical RC drilling which lies to the SE of the mineralized trend delineated in 2019.

Steve Roebuck, president of Avidian, stated: "The shallow, historical, RC drilling clearly demonstrates that we have a widespread gold-rich system and ultimately the 2020 program will provide insight into the resource potential in the immediate area of the known mineralization. It will also provide insight into structural controls on gold mineralization through the use of oriented core technology. At least one historical hole will be twinned to determine if the RC holes failed to recover the coarse-grained gold as suggested by blaster analysis results completed in the late 90's. The drill program will start by testing the significant trench results obtained in 2019 which are to the NW of the historical mineralization. A second objective of the drill program will be to test the on-strike extension of the zone defined in the 2019 trenching program. The interpreted extension to the SW of the 2019 trench results intersects both an interpreted intrusive (from magnetics) and a bismuth geochemical anomaly. Bismuth is commonly found in association with gold in this area."

Gold mineralization identified on the Amanita property generally falls within the 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. This corridor trends directly into Kinross's Fort Knox open-pit mine which is also associated with this northeast striking, structural corridor. The 2019 trenching program tested a small portion of the mineralization within the Tonsina Trend. The trench program encountered oxide gold mineralization including: 94.5 m of 3.04 g/t Au, including 22.5 m of 11.51 g/t Au; and 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 (see Jan. 7, 2020 Press Release).

The Tonsina Trend has been sparsely drilled with 39 historical reverse circulation holes, of which 30 intersected oxide mineralization, including 6 holes containing visible gold, with grades greater than 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 contained 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. The 2020 drilling program will utilize oriented core technology in order to assist in tying together the mineralized zones and structures on the property.

About Avidian Gold Corp.

Avidian brings a disciplined and veteran team of project managers together with a regional scale advanced stage gold-copper exploration portfolio in Alaska. Avidian's Golden Zone project also hosts 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). Additional projects include the Amanita gold property which is adjacent to Kinross Gold's Fort Knox gold mine in Alaska and the Jungo gold/copper property in Nevada.

Avidian is the majority owner of High Tide Resources, a private company with an option on the Labrador West iron ore property and owns the base metal Strickland Property and the Black Raven gold property, all located in Newfoundland and Labrador, Canada.

Avidian is focused on and committed to the development of advanced stage mineral projects throughout first world mining friendly jurisdictions using industry best practices combined with a strong social license from local communities.

The technical information in this news release has been approved by Dr. Tom Setterfield, P.Geo and Vice-President of Avidian Gold, who is a Qualified Person as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

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