Regional Geology Setting - Vault Properties
Kirkland
Kirkland North
Lebel
Gauthier
Goldbanks
TSX.V : VMI
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Highlights
- The Goldbanks property is situated in western Teck Township 825 m west of, and on strike with the Macassa mine, which is currently operated by Kirkland Lake Gold Inc. The Macassa mine is the westernmost of the seven historic gold mines along the prolific Kirkland Lake Main-'04 Break which comprise the famous 'Mile of Gold', and that have produced in excess of 24 million ounces of gold at a recovered grade of 16.1 gAu/t (0.47 ozAu/ton).
- The camp's Main-'04 Break transects the southern-most claim for a strike-extent of 518 m (1,700 ft).
- The claims are interpreted to contain 1,524 m (5,000 ft) of the western extension of the '05 Break which was being mined by Lac Minerals, Barrick, and Kinross at Macassa Mine in the 1990's until access was lost. Diamond drilling verified the western extension of the '05 Break on the adjoining "KL West" property in early 2008, which is a joint-venture between Queenston and Kirkland Lake Gold.
- There are at least four other sub-parallel structures interpreted to strike up to 914 m (3,000 ft) across the property. The northern structure contains two historical shafts with documented gold-bearing veins; a third shaft is found on another structure.
- The combined north-south distance covered across the favourable geology of the Timiskaming is 1,676 m (5,500 ft).
- Some historical assays from the structures on the Goldbanks property and their strike extensions on adjoining properties include:
- Drilled 11.3 gAu/t over 0.67 m on the Main-'04 Break - within 823 m east of property
- Chipped 49.0 gAu/t over 0.24 m from the #1 shaft - northern-most structure - Goldbanks
- Chipped 6.9 gAu/t over 0.61 m from the #2 shaft northern-most-structure Goldbanks
- Drilled 24.3 gAu/t over 0.30 m; northern-most structure - Goldbanks
- Drilled 6.5 gAu/t over 1.77 m; northern-most structure - Goldbanks
- Drilled 20.6 gAu/t over 0.30 m; middle structure - 427 m east of the property
- Drilled 12.3 gAu/t over 0.61 m; another middle structure - 91 m east of the property
- Vault is encouraged by the implications of significant gold discoveries made by Kirkland Lake Gold in zones that are found south of the 'Main Break' on which they announced drillhole intercepts of 78.8 gAu/t over 27.5 m (uncut), 49.0 gAu/t over 37.9 m (uncut), and 190.9 gAu/t over 15.2 m (uncut). In recent years, renewed exploration in proven gold camps, such as Red Lake and Kirkland Lake, has resulted in discoveries of significant gold deposits on structures outboard from the historical workings and yet still "in the shadow of headframes".
Access & Property Size
- The property is situated immediately west of the Town of Kirkland Lake that has a strong infrastructure and that supports mining and exploration with an operating gold mill located at Kirkland Lake Gold's Macassa Mine Site.
- The property is composed of six mining leases, comprising eight claim units and two staked claim units.
Exploration & Development Plans of Targets
- In 2008, Vault completed a GIS-based compilation, field grid work, geological mapping & prospecting, and walking magnetometer survey over the entire property.
- From July to November 2009, Vault conducted a mechanical overburden stripping-washing-mapping-sampling program over four prospective structures; McIvor, Oakes, Goldbanks & Orme Breaks.
- As result of work undertaken in 2008/09, diamond drilling is recommended for the Goldbanks, McIvor, & '05 Breaks and an IP survey is recommended for the entire property to better define mineralized targets along known structural trends.
The technical content of this web page has been reviewed and approved by Michael Sutton, P.Geo., Vault's Vice President of Exploration and 'Qualified Person' in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects.
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