04:34:11 EDT Wed 14 Apr 2021
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Avidian Gold Corp
Symbol AVG
Shares Issued 122,372,414
Close 2021-02-25 C$ 0.19
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Avidian Gold acquires 35 claims at Lac Pegma

2021-02-25 11:28 ET - News Release

Mr. Steve Roebuck reports


Avidian Gold Corp.'s majority-controlled private subsidiary, High Tide Resources Corp., has increased its land position by acquiring 35 additional mineral exploration claims adjacent to its Lac Pegma copper-nickel-cobalt sulphide deposit 50 kilometres (km) southeast of Fermont, Que., in the southern Labrador trough. The claims have either been granted or are pending. High Tide now holds a total land package of approximately 2,249 hectares.

High Tide's president and vice-president of exploration, Steve Roebuck, states: "The demand for EV [electric vehicle] battery minerals is skyrocketing as we move toward a low-carbon economy. High Tide are currently conducting a desktop study and preliminary modelling based on a review of the historical exploration data from the Lac Pegma area. The potential for copper-nickel-cobalt resource expansion is very apparent and remains the priority, but we are also seeing high potential for additional mineral discoveries beyond the immediate core area and claim staking secures that for the company's investors."

High Tide's data review is currently focused on its copper-nickel-cobalt sulphide deposit and the exploration and resource expansion potential. Diadem Resources' 1996 drilling was focused on near-surface mineralization with the average hole depth of approximately 100 metres. Attached is a table of selected drill holes with copper and nickel percentages.

Previous exploration and 2021 resource expansion

Prior to Diadem Resources' 1996 drilling, the first exploration program carried out at Lac Pegma was done by Bellechase Mining around 1955. A report filed on Quebec's MERN website (GM03714B) provides details of a program that consisted of mapping, sampling and scout drilling using a man-portable backpack drill.

Twenty-seven holes were drilled to average depth of 70 feet (33 metres) due to reported poor ground conditions and drill limitations. Results were encouraging with hole 11 reporting 11 metres of 0.49 per cent copper (Cu) and 0.30 per cent nickel (Ni) from three metres downhole. Despite the geology being logged as favourable gabbroic sills, dipping moderate to steeply east, most of the holes were not sampled. The logs noted consistent sulphide mineralization, including pyrrhotite, chalcopyrite and pentlandite with sulphide percentages ranging from 1 per cent to 20 per cent over multimetre intervals while several holes were terminated in highly mineralized zones. No assays were completed for cobalt, platinum or palladium.

The focus of the 1955 Bellechase program was 250 metres to the southwest of the current copper-nickel-sulphide deposit creating a number of high-priority exploration targets for potential resource expansion drilling in 2021. Prior to drilling, a drone-magnetic geophysical survey will be conducted to further refine targets.

Project geology

The orthomagmatic sulphide deposit at the Lac Pegma property is hosted within a gabbro to gabbro-ultramafic sill, intruded along the contacts of the Katsao formation of Mesoproterozoic age. Based on drilling to date, the deposit presents as disseminated to net textured, with local massive copper, iron and nickel sulphides. Greater accumulations of sulphide content and grades are associated with the basal portion of the intrusion.

These rocks are the equivalent of the Knob Lake district extension south from Labrador. The bedrock geology at the prospect area consists of metamorphosed allochthonous sediments and volcanics that are intruded upon by the Shabogamo intrusive suite. The rock types consist of a north-trending packages of quartz-biotite gneiss, kyanite gneiss and dolomitic marble represent the original quartzite, siliceous shales and limestone lithologies. Mafic to ultramafic dikes and sills host the mineralization. The Lac Pegma deposit has undergone amphibolite facies metamorphism and has been complexly folded during the Grenville orogeny.

Qualified person statement

All scientific and technical information disclosed in this news release was prepared and approved by Steve Roebuck, professional geoscientist, president and vice-president of exploration for High Tide Resources, who is a qualified person as defined by National Instrument 43-101 and has reviewed and approved this news release.

About Avidian Gold Corp.

Avidian brings a disciplined and veteran team of project managers together with a focus on advanced-stage gold exploration projects in Alaska. Avidian's Golden zone project hosts a National Instrument 43-101 indicated gold resource of 267,400 ounces (4,187,000 tonnes at 1.99 grams per tonne (g/t) gold (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 and the Amanita NE gold properties which are both adjacent to Kinross Gold's Fort Knox gold mine in Alaska and the Jungo gold/copper property in Nevada.

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