Avidian’s Majority Owned High Tide Resources Poised to Play a Role in the Decarbonization of the Iron & Steel Industry

TORONTO, Oct. 11, 2023 (GLOBE NEWSWIRE) -- Avidian Gold (the “Company”; TSX.V: AVG) wishes to announce the press release issued on October 4, 2023 by High Tide Resources Corp. (“High Tide” CSE: HTRC), owned 28% by Avidian, that preliminary analytical test work completed on its flagship Labrador West Iron Project (“Lab West”) indicates the potential to beneficiate (process) iron ore that will allow High Tide to produce Direct Reduction (“DR”) Quality Iron Ore Pellets.  This is significant in that DR Pellets are a critical step in supplying the raw material that will allow low-carbon, and eventually zero-carbon, emission steel to be produced.  

Dino Titaro, Chairman of Avidian states, “We are pleased to see the continued progress being made by High Tide on its Labrador West Iron Project and the contribution it may have to sustainable low-carbon steel manufacturing and as such playing a significant role in the emerging green steel space. Furthermore, yesterday High Tide announced it had begun its baseline environmental data collection at site which is an important first step in the EA process. Our 28% interest in High Tide currently exceeds our market value and with its continued progress and growth it will further contribute to the value Avidian. In the meantime, we continue to seek recognition value of our Alaskan gold projects through strategic alternatives in order to advance them.”

Further details on High Tide’s recent press release and on the Labrador West Iron Project can be found on High Tide’s website at www.hightideresources.com.

Avidian’s Alaska Gold Properties include the Golden Zone Project, the Amanita Project and the Amanita NE project. Further details on these projects can be found on the Company’s website at www.avidiangold.com.

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. The Company’s district-scale Golden Zone property 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) within the Breccia Pipe Deposit. This resource is exposed on the surface and was pit constrained for an open-pit mining scenario. The Technical Report was filed on November 17, 2017, and was authored by Leon McGarry, B.Sc., P.Geo. and Ian D. Trinder, M.Sc., P.Geo. 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.