Borden Lake Extension Gold Project

Property

Borden Lake Extension, consisting of 20 unpatented claims covering approximately 35 sq. Km

Location

Near Chapleau, Ontario, immediately adjacent to Goldcorp’s Borden Lake gold deposit

Infrastructure

Excellent, road access, close to rail and power, just 16km east of Chapleau

Summary

Gold exploration focused on the discovery of mesothermal gold associated with shear zone hosted quartz veins in the underexplored Kapuskasing Structural Zone

Ownership

100%  owned. Subject to a 2% net smelter return royalty

First Nations

Memorandum of Understanding in place

Latest news

Nikos Explorations has identified the first indication of gold in close proximity to Goldcorp’s Borden Lake gold deposit since its discovery by Probe Mines in 2010. Till sampling across previously identified northwest-southeast trending VLF-EM (Very Low Frequency – Electromagnetic) conductors showed up to 48 grains of visible gold in concentrates produced from the samples. The count of 48 grains in one sample is more than twice the number of grains reported by the Ontario Geological Survey of 17 and 19 grains in two samples immediately down ice of the Borden Lake discovery outcrop. Of the 19 samples submitted for investigation of visible gold content, 15 contained gold grains.

Till samples containing gold grains fall into two areas: one near the southern claim boundary that includes the 48 grain sample (the southern area), and another further north that includes samples containing twelve and four gold grains (the northern area). In both areas, the sample with the highest gold grain counts lies down ice (to the south-southwest) of the VLF conductors. These samples also lie down ice of a projection of the Borden Lake gold zone along trend to the southeast.

Location

The Borden Lake Extension property is situated approximately 16km east of Chapleau, Ontario. Road access is excellent via paved highway 101 from Chapleau and a well maintained gravel logging road south from the highway.

The property lies immediately east of the Borden Lake gold property acquired by Goldcorp from Probe Mines for $526 million in 2015. Exploration on the property by Probe Mines defined underground constrained indicated resources of 1.6 MMoz grading 5.39 g/t Au and inferred resources of 0.4 MMoz grading 4.37 g/t Au. This zone remains open along strike. In addition, Probe defined a lower grade pit constrained indicated resource of 2.3 MMoz grading 1.03 g/t gold (Source Probe Mines Limited: Mineral Resource Update, Borden Gold Project. NI 43-101 report, effective date June 10, 2014).

History

In December 2012 Nikos entered into an option agreement to earn a 100% interest in the Borden Lake Extension property (the “Property”) located near Chapleau Ontario. Subsequent to successful exploration in 2013 and 2014, more claims were acquired to bring the total land package to 35 square kilometres.

Previous Work

2013 –AREA OF COMPLEX MAGNETICS IDENTIFIED ALONG TREND FROM BORDEN LAKE GOLD ZONE

Initial Work on the property by Nikos consisted of 391 line kilometres of airborne geophysical surveys over the Property. Results of the surveys indicated electromagnetic and/or magnetic anomalies in four areas of interest:

1. Complex magnetics – several intersecting magnetic lineaments, one of which is interpreted to be a fault, coincident with VLF-Conductors and a fold nose. Such lineaments can reflect structures that are known to be important in the transport of gold-rich fluids. A northwest southeast trending lineament, apparent on a shaded relief map of the region, also crosses the property in this area.

2. Cross cutting NNW-SSE and NE-SW trending positive magnetic anomalies that may represent major structures. There are also coincident weak electromagnetic anomalies that could indicate the presence of sulphide.

3. An area in the east of the property characterised by a positive magnetic anomaly with a coincident electromagnetic anomaly.

4. Strong circular positive magnetic anomaly that may represent a buried intrusion.

Follow up soil sampling resulted in a significant soil gas hydrocarbon (SGH) anomaly in the area of complex magnetics, potentially indicative of gold mineralization. Interpretation of the anomaly suggests it has the highest possible rating of 6.0 (out of 6.0) based on the interpretation of SGH pathfinder classes known to be associated with buried gold deposits. A large number of SGH gold pathfinder maps provided confirmatory evidence for the positive interpretation of the SGH data.

2014 – VLF-EM ANOMALIES WITH SIMILAR SIGNATURE TO BORDEN LAKE

Nikos carried out a very low frequency – electromagnetic (VLF) survey along trend of the Borden Lake gold zone approximately 5km to the southeast.

Results indicated seven VLF anomalies occurring along a 3 kilometre northwest-south east trend sub-parallel to the Borden Lake gold zone and to previously identified magnetic lineaments in the area. The longest anomaly extends over 2.6 kilometres and shows a moderate to strong response. The VLF signature found is similar to that found on the Borden Lake property, southeast of the Borden Lake high grade gold zone. VLF-EM anomalies may be related to the presence of structures (shear zones/faults), conductive minerals (sulphide/graphite) or clay minerals due to weathering.

2015 – FIRST INDICATION OF GOLD IN PROXIMITY TO BORDEN LAKE GOLD ZONE

During 2015, Nikos carried out an infill VLF-EM survey over the area of complex magnetic anomalies and completed a soil sample survey over the same area. Results of the VLF survey show four multi-line VLF anomalies that correlate with anomalies observed in a 2014 survey and extend them a further 200m to the northwest. Soil samples were submitted for Mobile Metal Ion (MMI) analyses and show weak gold anomalies that extend over 200 metres sub-parallel to the VLF anomalies.

Till samples collected across the trend of the VLF Anomalies were submitted to Overburden Drilling Management for concentration and identification of gold grains. Of the 19 samples submitted, 15 contained gold grains with 48 grains found in one of the samples. Samples with the highest numbers of gold grains occur down ice (south southwest) of the projection of the trend of the Borden Lake gold zone. The occurrence of gold in the till samples is the first indication of gold in close proximity to the Borden Lake gold zone since its discovery in 2010.

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