Avidian Extends Strike Length of Mayflower Extension Zone by 200 Metres at Golden Zone Project, Alaska

TORONTO, ON / ACCESSWIRE / October 21, 2021 / Avidian Gold Corp. ("Avidian" or the "Company") (TSXV:AVG)(OTCQB:AVGDF) is pleased to provide an exploration update for its district-scale (125.5 sq. km) Golden Zone Project in south-central Alaska. The property is strategically located midway between Anchorage and Fairbanks and only 10 km west of paved State Highway 3, the Alaska Railroad, and the 345 kV Alaska Intertie power lines.

Drilling and site exploration activities were completed using industry best practices and were conducted in a safe and environmentally responsible manner without incident. The following accomplishments were achieved:

• Completed 3,288 m of reverse-circulation (RC) drilling from 27 drill holes

• Collected 2275 samples from drilling - shipped to ALS Global for analysis

• Mayflower Extension Zone (MEZ) strike length now drill-defined to 600m and open at depth and to the northeast

• Completed approximately 1200 line-km of drone magnetic survey

• Completed reconnaissance mapping and sampling program over JJ-J4 and MJ targets, taking 70 surface rock samples

The 2021 exploration program at the Golden Zone project has been completed for the year. The primary component was a RC drilling program with a total of twenty-seven additional holes drilled in the MEZ, Copper King, and Long Creek areas as a follow-up to successful drilling conducted in 2017 and 2018. The primary objective of the seventeen hole 2021 MEZ drill program was to continue defining mineralization that lies to the northeast of the Breccia Pipe deposit and is believed to have the highest potential to add additional gold ounces proximal to the Breccia Pipe Deposit.The Breccia Pipe Deposit hosts a NI 43-101 indicated gold resource of 267,400 ounces (4,187,000 tonnes at 1.99 g/t Au) plus an inferred gold resource of 35,900 ounces (1,353,000 tonnes at 0.83 g/t Au).

Previous Avidian drilling at MEZ returned 21.6 m grading 1.46 g/t Au from hole GZ17-10 in a conglomeratic unit and 17.7 m grading 2.12 g/t Au from hole GZ18-01 in the same conglomerate unit / replacement style on a 50-meter step out hole (see press release August 19, 2019).

Five holes drilled in the northeastern most portion of the MEZ encountered visible sulfides and alteration in the conglomeratic unit that appears similar to replacement style mineralization previously drilled. These holes extend the mineralized zone to the northeast by an additional 200 m from previous holes drilled by Avidian. Near the southwestern most portion of the MEZ, three holes were drilled that also encountered visible sulfides and alteration similar to the central MEZ thereby extending the mineralized zone 100 m to the southwest, and giving the zone a total strike length of approximately 600 m adjacent to the Breccia Pipe Deposit (see Figures 1 & 3). The drill holes to date at MEZ have vertical depths of less than 150 m leaving the deposit open at depth and along strike to the northeast.

If assay results are positive the Company will consider undertaking a preliminary resource that could add to the already existing NI 43-101 compliant resource at the Breccia Pipe Deposit situated immediately to the southwest of the MEZ.

Figure 1: Map of the Mayflower Extension Zone (MEZ) 2021 drilling.

Ten additional RC holes were completed on the Copper King and Long Creek prospects located approximately 4 km to the south of the Breccia Pipe Deposit, with five of these holes targeting replacement style mineralization in the conglomeratic unit (see Figures 2 & 3) along 800 m of strike length. Varying amounts of pyrite, arsenopyrite, and chalcopyrite were noted in four of the holes. The other five holes were drilled to further test a prospective quartz-eye porphyry granite and a CSAMT anomaly. This overall area was previously recognized as having the potential to host a large-scale deposit possibly of porphyry affiliation based on grab samples, trenches and drill results (see below). For example, a grab sample of a stockwork quartz-eye granite returned 4.8 g/t Au, 106 g/t Ag and 1.41% Cu. The quartz-eye porphyry granite was encountered in six holes and is much more extensive than was previously realized. As mineralization is believed to be related to this granite, the abundance of granite is considered to enhance the prospectivity of this area. Nine out of the ten holes appear to have intersected mineralization.

Mineralized conglomeratic/replacement units have been outlined in this prospect area from previous exploration campaigns (see press release August 19, 2019) that yielded:

• 9.1 m grading 8.71 g/t Au, 80.8 g/t Ag and 3.57% Cu from 3.9 m to 13.0 m in drill hole CK18-01(replacement skarn)

• A surface trench (T18-09) located in the same vicinity as hole CK18-01 returned 30.0 m grading 2.24 g/t Au, 67.2 g/t Ag and 2.79% Cu (replacement skarn)

• A surface trench (T18-05) returned 3.0 m grading 16.08 g/t Au, 50.6 g/t Ag and 0.78% Cu in a conglomeratic unit.

Figure 2: Map of Copper King and Long Creek 2021 drilling.

Pioneer Exploration Consultants Ltd. (Pioneer) flew an additional 1200 line-km of detailed DRONE-MAG airborne magnetometer survey to augment the existing 588 line-km collected last year (2020). Pioneer collected 48.9 sq km in 2021 and 11.8 sq km in 2020 for a total of 60.7 sq km of new airborne magnetic data. These data will be utilized along with existing geophysical and geologic data for future drill site targeting (see Figure 3)

Figure 3: Map showing additional Airborne Magnetic survey boundary 2021.

Avidian geologists have completed detailed field mapping, prospecting and sampling on select locations in the southwest part of the property to follow up on previous reconnaissance mapping and sampling initiatives that yielded highly anomalous gold and copper results. The JJ zone returned grab samples of 6.14 and 5.41 g/t Au, values of 5.17 g/t Au and 4.2 g/t Au plus 2.77% Cu were obtained from the MJ discovery area, and preliminary sampling of the Silver Kitty prospect produced a sample with 12.5 g/t Au. New areas of sulfide mineralization were noted and sampled in these areas (see Figures 3 & 4). Collectively these zones comprise a 4.5 km long mineralized trend that has seen very little exploration to date. Each individual occurrence has surface gossan alteration area that cover several hundred metres. A separate press release will follow elaborating on these new discovery area.

N.B. 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.

Figure 4: Map of Southwest Prospecting Sites 2021.

About Avidian Gold Corp.

Avidian brings a disciplined and veteran team of project managers together with a focus on advanced-stage gold exploration projects in Alaska. Avidian's Golden Zone project hosts a NI 43- 101 indicated gold resource of 267,400 ounces (4,187,000 tonnes at 1.99 g/t Au) plus an inferred gold resource of 35,900 ounces (1,353,000 tonnes at 0.83 g/t Au)*. Additional projects include the Amanita and the Amanita NE gold properties which are both adjacent to Kinross Gold's Fort Knox gold mine in Alaska, and the Jungo gold-copper property in Nevada. *Technical Report on the Golden Zone Property, August 17, 2017, L. McGarry P.Geo & I. Trinder P.Geo, A.C.A Howe International Ltd.

Avidian's majority controlled High Tide Resources is a private corporation that is focused on, and committed to, the development of advanced-stage mineral projects in Canada using industry best practices combined with a strong social license from local communities. High Tide is earning a 100% interest the Labrador West Iron project located adjacent to IOC/Rio Tinto's 23 mtpy Carol Lake Mine in Labrador City, Labrador and owns a 100% interest in the Lac Pegma copper-nickel-cobalt deposit located 50 km southeast of Fermont, Quebec. High Tide is majority controlled by Avidian.

Further details on the Company and the individual projects, including the NI 43-101 Technical reports on the Golden Zone property and Labrador West Iron property can be found on the Company's website at www.avidiangold.com.

Qualified Person

The technical information contained in this news release has been approved by Steve Roebuck, P.Geo., President and CEO of Avidian, who is a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects."

For further information, please contact:

Steve Roebuck
President & CEO
Mobile: (905) 741-5458
Email: sroebuck@avidiangold.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Forward-looking information

This News Release includes certain "forward-looking statements" which are not comprised of historical facts including statements regarding the use of proceeds. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to: the ability to anticipate and counteract the effects of COVID-19 pandemic on the business of the Company, including without limitation the effects of COVID-19 on the capital markets, commodity prices supply chain disruptions, restrictions on labour and workplace attendance and local and international travel, failure to receive requisite approvals in respect of the foregoing, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

SOURCE: Avidian Gold Corp.

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