Vancouver, British Columbia--(Newsfile Corp. - May 30, 2017) - Nikos Explorations Ltd. (TSXV: NIK) ("Nikos" or the "Company")
announces results of its recently completed diamond drill program at the Borden Lake Extension Project near Chapleau, Ontario. The
Company drilled 1,662 metres in 13 holes to test chargeability and geochemical anomalies located within 2.5 kilometres of
Goldcorp's Borden Lake property.
Drilling intersected the same rocks as those described by Probe Mines during their drilling at Borden Lake, including biotite
gneiss, garnet biotite gneiss as well as pegmatite that is commonly associated with the gold mineralization (See Figure 1 below).
Mafic metavolcanics rocks were also encountered and these may be part of the Borden Lake Belt. No significant gold mineralization
was encountered.
The rocks encountered were commonly altered, with hematite, silica (both pervasive and as veinlets) and chlorite being the
predominant alteration styles. Sulphide mineralization, primarily in the form of disseminated pyrite, and in some cases pyrrhotite,
was identified in some of the altered zones (see Figure 1).
The chargeability and geochemical anomalies tested during the drilling program occur up ice of high gold grain counts in till
samples reported in 2016, including a sample that returned 48 gold grains (see News release dated March 29, 2016). One of the
chargeability anomalies occurs adjacent to a soil gas hydrocarbon (SGH) anomaly approximately 200 metres up ice of the 48 gold
grain sample. A second chargeability anomaly, with a stronger response than the first occurs a further 500 metres up ice of the
anomalous till samples. Both chargeability anomalies are approximately 400 metres long and remain open to the east and west (See
Figure 2).
"We have gained valuable information about the geology of the area that was previously unknown because of lack of outcrop," said
Roger Moss, Chief Executive Officer of Nikos. "We intend to integrate this new geological data with the existing geochemistry and
geophysics to better understand the potential for gold on the property."
The samples submitted for assay had a longer than usual turnaround due to a shutdown of the nuclear reactor facility at McMaster
University in Hamilton. The shutdown created a significant backlog of samples waiting to be irradiated for Instrumental Neutron
Activation Analysis (INAA).
Drill core was sawn in half and one half was sampled and placed in a plastic sample bag along with a sample tag. Bags were
sealed with a single use tie. All samples were securely stored prior to shipping to Actlabs laboratory in Timmins. Samples were
prepared in Timmins and sent to Actlabs in Ancaster for analysis. Gold and 49 other elements were analyzed by a combination of
instrumental neutron activation analysis (INAA) and inductively coupled plasma — orbital emission spectroscopy (ICP-OES). Nikos
included standards and blanks with each batch of samples submitted to the lab.
Roger Moss, PhD., P.Geo., is the qualified person for the Company and prepared the technical information in this release.
About Borden Lake Extension:
The Borden Lake Extension Project covers an area of 55 square kilometres and lies approximately 5 km southeast of Goldcorp's
Borden Lake high grade gold zone where exploration has defined indicated resources of 0.56 MMoz grading 5.77g/t Au and inferred
resources of 0.41 MMoz grading 5.49 g/tAu. This zone remains open along strike to the southeast. 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 25,006,725 shares issued and outstanding and trades on the TSX Venture Exchange
under the symbol NIK.
For more information please
contact:
Roger Moss, President and CEO Tel: 416-704-8291
Or visit our website at: www.nikosexplorations.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy
or accuracy of this release.
Figure 1. Selected intersections from Borden Lake Extension Drilling.
Figure 1
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Figure 2. Borden Lake Extension compilation map showing drill hole locations.
Figure 2
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http://orders.newsfilecorp.com/files/973/27072_nikos2enhanced.png
