Avidian Gold Reports On Nevada And Alaska Operations

TORONTO - Avidian Gold Corp. reported an update for its Amanita, Amanita NE and Golden Zone properties in Alaska and its Jungo property in Nevada.

Steve Roebuck, President, said, "Our exploration programs were delayed this year as a result of the numerous challenges brought upon by COVID-19. We are however pleased to confirm that we are in the process of advancing all properties with our main focus on Amanita. Currently we are drilling our seventh hole at Amanita and anticipate drilling three to five more holes before the end of this phase of the program. While we had hoped to continue drilling at Golden Zone these plans have been postponed as a result of the delay in initiating our 2020 exploration program. Regardless, the acquisition of additional ground containing identified targets confirms the district play of the Golden Zone property. We can also confirm that drill ready targets have been identified in the Breccia Pipe resource area and we are anxious to continue our expansion of the known resource as soon as feasible".

The Amanita Property, in July, commenced a multi-faceted exploration program at Amanita with the goal of drill-testing high grade gold mineralization found while surface trenching in 2019 and to confirm and expand upon historical RC drilling.

To date the Company has completed the following: a high-resolution drone LiDAR and Orthophoto survey over the entire property; 443.6 line km Drone-Mag airborne magnetometer survey over the entire property at 50 m line spacing with selected areas flown at a 25 m line spacing; six HQ-diameter oriented core holes for a total of 1,148 meters completed with drilling still ongoing; approximately 786 samples have been submitted for assay with results pending, and prospecting and sampling on newly discovered sub-crop exposures.

Evaluation of the airborne magnetometer survey results and the oriented drill core observations in conjunction with previous historical results is on-going to aid in defining drill hole targets. It is expected that an additional three to five core holes will be drilled as part of the current drill program.

The Amanita NE Property has significantly upgraded the existing dataset in preparation for a drill program anticipated in the first half of 2021. To date the Company has completed the following: a high-resolution drone LiDAR and Orthophoto survey over the entire property, and 212.9 line km Drone-Mag airborne magnetometer survey over the entire property at 25 m line spacing.

The road-accessible 125.25 square km Golden Zone property is strategically located midway between Fairbanks and Anchorage and only 6 km west of the Alaska Railroad, paved State Highway 3 and the 345 kV Alaska Intertie power lines. The Breccia Pipe deposit is host to a 267,400-ounce gold Indicated Resource with capacity for expansion and multiple high priority gold-rich prospects property wide such as Mayflower Extension Zone (MEZ), Copper Creek - Long Creek area, MJ, JJ and J4 zones. To date the Company has completed the following: A helicopter LiDAR and Orthophoto survey was flown over the entire property; A 588.7 line km Drone-Mag airborne magnetometer survey was flown over the northern portion of the property covering the Breccia Pipe Deposit area; Staked an additional 1975 hectares (4,880 acres) of claims adjoining the southwestern portion of the property along the strike extension of the newly discovered MJ mineral occurrence (grab samples of 5.17 g/t Au and 4.2 g/t Au plus 2.77% Cu*) extending the mineralized trend to 19 kilometers in strike length. Three mineral occurrences are located on the newly staked area known as Silver Kitty, Ready Cash and Canyon Creek.; Immediately west of the Silver Kitty occurrence, described as a chalcopyrite and sphalerite bearing skarn adjacent to a porphyritic stock, a grab sample returned 12.5 g/t Au. This sample is located approximately 500 m southwest and on trend with the MJ discovery; At the Ready Cash occurrence, a grab sample returned 0.4 g/t Au, 17.7 g/t Ag and 4.7% Cu; and It should be noted that, due to their selective nature, assay results from grab samples noted above may not be representative of the overall grade and extent of mineralization on the subject areas.

The drone magnetometer survey results are being analyzed and compiled with previous geophysical survey data, geological maps and drill hole information to further refine a follow-up drill program.

The 1960-hectare Jungo property is located within the prolific Humboldt trend of NW Nevada. To date, the Company has completed the following: Submitted all necessary paperwork to the BLM for drill permits; Commenced re-interpretation of existing property-wide geophysics; and Commenced discussions with drill contractors for availability in the coming months.