Nikos Announces Positive Results of VLF Survey and Staking of More Ground at the Borden Lake Extension Project
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov 26, 2014) - Nikos Explorations Ltd. (TSX VENTURE:NIK) ("Nikos") is pleased to announce the results of a very low frequency - electromagnetic (VLF) survey recently completed at the Borden Lake Extension Project near Chapleau, Ontario. The VLF survey followed up on conductors found during an initial test survey earlier this year and tested for extensions to the southeast on recently acquired ground.
Seven VLF anomalies were outlined over the survey area most of which have a northwest-southeast trend sub-parallel to the orientation of previously identified magnetic and topographic lineaments in the area (see attached Figure and maps at http://nikosexplorations.com/projects/borden_lake/). Of particular interest is the moderate-strong Anomaly A that stretches over 2.6km. Anomalies B and C to the southwest of Anomaly A also show a moderate to strong response over 1km, between lines 9.5E and 19.5E, suggesting that this area should be prioritized for follow up.
The survey was carried out along lines oriented northeast-southwest to identify extensions of conductive horizons associated with the known northwest-southeast trending lineaments. A total of 25 line kilometres of VLF-EM was carried out on lines oriented at 020° at a spacing of 200m with readings taken at 20m station intervals along the lines. At each station, both Cutler, Maine (NAA-24.0 Hz) and La Moure, N. Dakota (NML -25.2 Hz) transmitter stations were read using a Geonics VLF-Em-16 receiver.
"We are excited about the latest results from our Borden Lake Extension Project, especially given the proximity to Probe Mines' Borden Lake Deposit that continues to expand to the southeast," said President Roger Moss. "These anomalies will be followed up in 2015 with the aim of generating drill targets."
Due to the continued success of our exploration programs Nikos has acquired an additional block of five claims covering just over nine square kilometres, to fill in the south east quadrant of the property. The claims were acquired for staking costs and will be incorporated into the option agreement announced in news release dated May 22, 2014. The acquisition of the additional claims brings the total project area to approximately 36 square kilometres.
About Borden Lake Extension:
The Borden Lake Extension Project lies approximately 5 km southeast of Probe Mines' Borden Lake high grade gold zone where recent exploration has defined underground constrained indicated resources of 1.6 MMoz grading 5.39g/t Au and inferred resources of 0.4 MMoz grading 4.37 g/tAu. This zone remains open along strike. In addition, Probe has also defined a lower grade pit constrained indicated resource of 2.3 MMoz grading 1.03g/t gold. 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 12,140,074 shares issued and outstanding and trades on the TSX Venture Exchange under the symbol NIK.
Roger Moss, PhD., P.Geo., is the company's qualified person and has prepared all technical and scientific 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.
To view the map associated with this press release, please visit the following link: http://media3.marketwire.com/docs/nik1126map.pdf.