NIKOS Announces Positive Results of Test VLF Survey and Options More Ground at Borden Lake Extension Project
May 22 2014 - 7:00AM
Marketwired
NIKOS Announces Positive Results of Test VLF Survey and Options
More Ground at Borden Lake Extension Project
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 22, 2014) -
Nikos Explorations Ltd. (TSX-VENTURE:NIK) ("Nikos") is pleased to
announce the results of an initial very low frequency -
electromagnetic (VLF) survey recently completed at the Borden Lake
Extension Project near Chapleau, Ontario. The VLF survey was
completed in the vicinity of soil gas hydrocarbon (SGH) anomalies
reported last year (see news release dated September 23rd, 2013) to
test the method for more widespread use on the property.
The survey was carried out on two lines oriented
northeast-southwest to identify potential conductive horizons
associated with known northwest-southeast trending lineaments (see
maps at http://nikosexplorations.com/projects/borden_lake/). Five
anomalies were outlined. The strongest conductors identified on
both lines are 120 to 140 metres apart and may represent either a
strong wide conductive zone or two narrow zones. These anomalies
lie immediately southeast of the SGH anomalies along the same
northwest-southeast lineament. Both the VLF and SGH anomalies
remain open to the northwest and southeast. While these initial
results are positive, further work is required to determine the
nature and extent of the anomalies. A follow up VLF survey and
geochemistry are planned for the coming field season.
Nikos has entered into an option agreement to earn a 100%
interest in six claims, covering an area of approximately 10.6
square kilometres, to the south of the current claim block to cover
the potential southeast extension of the VLF and SGH anomalies. The
terms of the option are as follows:
Following TSX Approval: $6,000 cash and 75,000 shares
1st Anniversary: $15,000 cash and 105,000 shares
2nd Anniversary: $24,000 cash and 150,000 shares
3rd Anniversary: $36,000 cash and 180,000 shares
A 2% net smelter royalty, half of which may be bought back for
$1 million
In addition, a bonus payment of $600,000 in cash or shares will
be paid if and when a National Instrument 43-101 report is filed
demonstrating an indicated resource of at least 1 million ounces of
gold.
"We are very excited about the potential of our Borden Lake
Extension Project, especially given the proximity to Probe Mines'
growing Borden Lake Deposit and decided to secure additional ground
along the northwest-southeast trend," said President Roger Moss.
"We will continue to explore the property in a cost effective
manner through 2014."
About Borden Lake Extension:
The Borden Lake Extension Project lies southeast of Probe Mines'
Borden Lake gold zones where recent exploration has defined pit
constrained indicated resources of 3,686,000 ounces of gold
(112,844 M tonnes grading 1.02g/t gold) and inferred resources of
625,000 ounces of gold (18,036 M tonnes grading 1.08g/t gold) at a
0.5g/t cut off grade. 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 12,065,081 shares
issued and outstanding and trades on the TSX Venture Exchange under
the symbol NIK.
Roger Moss, PhD., P.Geo., is the qualified person for all
technical information in this release.
Neither the TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Nikos Explorations Ltd.Roger
MossPresident416-516-6050www.nikosexplorations.com
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