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Nikos increases Chapleau area holdings to 55 sq. km

By Gregory ùreynolds

Jan 25, 2017

 

The size of the Borden Lake Project in the Chapleau area of Nikos Exploration Ltd. has grown to 55 square km.

Nikos has announced that it has staked an additional nine claims covering an area of 1,872 hectares at its Borden Lake Extension Property. The new claims tie on to the south of the company’s existing claims.

The claims were staked following the recently announced results of gold grain counts in till samples taken on the property that showed 15 of 19 samples contained gold grains, with one sample containing 48 grains of gold.

These till samples occur down ice of northwest-southeast trending VLF-EM anomalies. The new claims cover the area between these anomalous till samples and three till samples that also contain gold grains, two of which were sampled by Nikos (containing eight and four gold grains) and the third by the Ontario Geological Survey (containing three gold grains) during Operation Treasure Hunt in 2001.

These latter three samples occur down ice of the new claim block. The new claims are also up ice of till samples taken by the Ontario Geological Survey in 2011, 2013 and 2014, results of which are still to be released.

The company also has announced that it has fulfilled the terms of the option agreement signed in December, 2012 and now owns the claims 100%, subject to a 2% net smelter return royalty.

Together with the recently staked claims, Nikos now owns 100% of 18 claims representing 63% of the property and has an option to earn a 100% interest in the remaining claims.

Nikos is planning a program of line cutting and induced polarization to follow up on the success of the VLF-EM survey and the till sampling. The exploration plan submitted to the Ministry of Northern Development and Mines for the line cutting and geophysics has been approved.

Nikos Explorations is a Canadian-based mineral exploration company focused on the acquisition and exploration of prospective gold projects in the Americas.

The Borden Lake Extension Project covers an area of 36 sq. km and lies approximately 5 km southeast of Goldcorp’s Borden Lake (formerly owned by Probe Mines) high grade gold zone where exploration has defined underground constrained indicated resources of 1.6 MMoz grading 5.39 g/t Au and inferred resources of 0.4 MMoz grading 4.37 g/t Au at a 2.5g/t Au cut-off grade.

This Goldcorp 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 stated Probe Mines Limited: Mineral Resource Update, Borden Gold Project, NI 43-101 report with effective date June 10, 2014.

Exploration carried out by Nikos is the first known work on its property, which is located in the Kapuskasing Structural Zone (KSZ). Nikos holds an option to earn a 100% interest in the property.

The company says “the KSZ is underexplored, having seen no significant historical exploration due to the high metamorphic grade of the rocks in the zone.

Prior to the 2010 discovery by Probe Mines, it was generally believed that the high metamorphic grade would have destroyed any pre-existing gold deposits. Given the continued success of the exploration at Borden Lake, it now appears that the formation of the KSZ may have been instrumental in the concentration of gold in the deposit.

This opens up significant new areas for exploration with excellent infrastructure. Nikos is very excited to be well positioned in this new frontier.”

On June 7, Nikos announced that, further to its news release dated May 16, 2016, it has closed the second tranche of its private placement of 100,000 flow-through units of the company at a price of $0.10 per FT Unit for gross proceeds of $10,000.

The company raised $132,000 through the sale of 1,650,000 units in its first tranche in May. The financing was increased in size from an initial estimated 1,250,000 units due to investor demand.

The company will use these proceeds for further exploration on the company’s Borden Lake Extension Property. In particular, the company plans to conduct an induced polarization survey in order to identify drill targets.