Vancouver, British Columbia--(Newsfile Corp. - September 14, 2016) - Nikos Explorations Ltd. (TSXV: NIK) ("Nikos") is pleased to announce the results of an induced polarization (IP) survey recently completed at the Borden Lake Extension Project near Chapleau, Ontario. The IP survey was completed over an area where up to 48 gold grains were found in till samples (see news release dated March 29, 2016). The purpose was to identify chargeability anomalies that may be associated with gold mineralization in areas of poor outcrop up ice of the anomalous till samples.
The IP survey, carried out over two grids covering the areas of anomalous till samples, resulted in a number of chargeability anomalies. Two of the anomalies occur on the south grid and both extend over 400 metres and remain open to the east. One of these anomalies occurs adjacent to a recently outlined soil gas hydrocarbon (SGH) anomaly approximately 200 metres up ice of the location of the anomalous till sample that contained 48 gold grains. (See maps at http://nikosexplorations.com/projects/borden_lake/). The second chargeability anomaly, which shows a stronger chargeability response than the first, as well as a higher resistivity response, occurs a further 500 metres up ice. Such a combined high chargeability-high resistivity anomaly may be indicative of mineralized quartz veins or silicified zones.
Three small chargeability anomalies located on the north grid also have potential, but are oriented at a small angle to the survey lines and are difficult to follow. However, this trend is subparallel to a possible structural break interpreted from airborne magnetics.
"We are excited about the presence of the chargeability anomalies defined in the recent IP survey, especially the anomaly immediately up ice of our till sample containing 48 gold grains. These results are significant given the important role IP surveys played in the discovery of the neighbouring Borden Lake Gold Deposit," said Roger Moss, Nikos President and CEO. "We are planning a drill program to test these anomalies."
The IP survey was a dipole-dipole survey carried out on cut lines spaced 100 metres apart with stations every 25 metres along each line. Interpretation of the results of the survey is ongoing to define follow up drill targets. An additional IP survey is also being considered to follow up on extensions of the recently identified anomalies.
Roger Moss, PhD., P.Geo.,, the Company's qualified person prepared all scientific and technical information in this release.
About Borden Lake Extension:
The Borden Lake Extension Project covers an area of 36 square kilometres and lies approximately 5 km southeast of Goldcorp's Borden Lake high grade gold zone where 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 to the southeast. In addition, a lower grade pit constrained indicated resource of 2.3 MMoz grading 1.03g/t gold has been defined. 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 17,881,741 shares issued and outstanding and trades on the TSX Venture Exchange under the symbol NIK.
For more information please contact:
Roger Moss, President
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.
