Nikos Announces Results of 1,662 Metre Drill Program at Borden Lake Extension

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: http://ift.tt/1ZWEIjL

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.

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Figure 1

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Figure 2. Borden Lake Extension compilation map showing drill hole locations.

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Figure 2

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from Newsfile Corp News Releases http://ift.tt/2rQPykj

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