ML Gold Corp.
TSX VENTURE : MLG
FRANKFURT : XOVN.F

ML Gold Corp.

May 04, 2017 00:01 ET

ML Gold Reports Additional Mineralized Zones Containing Visible Gold Identified in Palmetto Gold Project Drilling

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 4, 2017) - ML Gold Corp. (TSX VENTURE:MLG)(FRANKFURT:XOVN.F) ("ML Gold" or the "Company") is pleased to provide an update on the Palmetto Gold Project in Esmeralda County, Nevada, within the Walker Lane mineral belt, where one core and one reverse circulation (RC) drill are operating to produce a maiden gold resource being conducted by engineering firm WSP Canada Inc.

To date, RC holes 1 through 4 have been processed and sent to ALS Minerals lab in Reno, Nevada for assaying. These holes are a combination of exploratory step-out and infill holes aimed to grow the resource estimate being completed following the drill program. ML Gold has received assay results for the first complete RC hole (PAL-17R01), and highlighted results are as follows:

Hole ID Easting Northing Azimuth Dip From
(m)
To
(m)
Interval
(m)
Gold
(g/t)
Silver
(g/t)
UTM NAD 83 Z11
PAL-17R01 392515 4189508 0 -75 195.1 222.5 27.4 1.10 1.63
including 211.8 219.5 7.62 3.56 3.07

This intersection in PAL-17R01 targeted an area down dip from the Discovery Zone's 3D computer generated mineralized shell, and did not twin any previously known intersections. This intersection, which includes 90 feet of greater that one gram material, extends the mineralization from within 40 metres (m) of bedrock surface to now at least 220 metres total depth. This hole confirms the mineralization is open to depth and will allow the 3D computer model to expand the volume of mineralized rock resulting in additional ounces in the resource estimate moving forward.

At present, the RC drill is on its 8th hole, an unplanned location in the Northwest Zone, not part of the original planned program, but added to test beneath an approximately 10 foot intercept of quartz veining with noted visible gold in the 7th RC hole. The intersection in hole 7 represents the first reported visible gold in the Northwest Zone, approximately 500 metres northwest of the Discovery Zone.

Concurrently, the core drill has completed its third hole of a program designed to confirm the geology, mineralization and physical rock properties for the anticipated resource estimate. Following the last update (see Company news dated April 6, 2017), the second core hole was drilled to a final depth of 1,111 feet within the Discovery Zone and ended in mineralization after intersecting two additional zones below any previously known mineralized intercepts identified in the historic drilling. This further indicates that drilling in the Discovery Zone system has not found the "bottom" and asserts that the zones have to be tested even deeper. Logging and processing of the second core hole has been completed and samples are in transit to the ALS Minerals lab in Reno, Nevada. Visible gold was identified in at least one part of this hole.

Adrian Smith, President of ML Gold commented, "We are extremely pleased with the initial results in the first RC hole beneath the Discovery Zone. The hole suggests that robust gold mineralization continues to depth. Although awaiting assay information, the recently identified intersection containing visible gold in the Northwest Zone should further strengthen the multi-zone potential. We now have two adjacent gold systems on the property, it's very exciting, and we are anxiously awaiting results."

Quality Assurance/Quality Control

Sample preparation and analyses for this program were completed at ALS Minerals Lab in Reno Nevada. Gold was determined by 30g Fire Assay with Atomic Absorption Spectrophotometry (AAS) finish. Other elements were determined by Ultra Trace Aqua Regia digestion with Inductively Coupled Plasma Mass Spectrometry (ICP-MS) finish.

A comprehensive quality assurance/quality control program including duplicate samples, blanks and standards form part of ML Gold's sampling protocol in addition to the laboratory's own quality assurance program. The field program was supervised by ML Gold staff and contractors and the technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101, and reviewed by Adrian Smith, Director, and a Qualified Person as that term is defined in NI 43-101.

ABOUT ML GOLD CORP.

ML Gold Corp. is a Canadian listed Company, focused on creating shareholder value through discoveries and strategic development of mineral properties in Canada and the United States.

For additional information please visit the Company's website at www.mlgoldcorp.com.

ML GOLD CORP.

Andrew Bowering, Chairman

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This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan", "forecast", "may", "schedule" and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure, currency risks including the exchange rate of US$ for CDN$, changes in exploration costs and government royalties or taxes in Canada, the United States or other jurisdictions and other factors or information. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.

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