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TSX.V : VMI
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| | Tue Oct 18, 2005
Vault Minerals Expands its Kirkland Gold Project
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| | Kirkland Lake, Ontario. Vault Minerals Inc. (TSX-V: VMI) is pleased to announce the recent expansion of its Kirkland Gold Project by entering into four separate property agreements with arm's-length parties in the Kirkland Lake Gold Camp, Ontario. The properties are to the north of the seven historic gold mines which comprise the famous 'Mile of Gold' and which produced in excess of 24 million ounces.
The properties, comprising 3 groups, include most of the historic 'Federal Kirkland' Property which has documented underground workings, including a 740' shaft and lateral development on three levels. The Toburn mine, which is contiguous to the south, also drifted onto the current Vault property on at least one level; however it is currently unknown as to whether there was any commercial production from the property.
Early government surficial mapping (ie 1940's) reveals most of the eastern (Federal Kirkland) claim block to be underlain by syenitic intrusions, which are known to be favorable host rocks for gold deposition within the Kirkland Camp.
During summer 2005, two of the optionors conducted limited surface sampling over previously known gold-bearing structures on their respective Federal Kirkland claims. A total of 28 channel samples collected by them returned values ranging from nil to 12.5 grams per tonne gold (g/t Au) of which 7 samples were greater than 7.0 g/t Au. The best reported width-weighted sample was 11.3 g/t Au over 2.5 meters. The channel samples ranged in length from 0.5 to 2.5 meters, however true widths were not reported.
The transactions, including one purchase agreement for two mining claims and three option agreements for an aggregate of 16 mining claims, represent a total of 26 mining claim units. Vault may earn 100% of the optioned properties in exchange for total consideration of $80,000 in cash payments, 400,000 shares of Vault Minerals and $110,000 in work expenditures on the properties over three years. First year obligations include $12,000 cash, 100,000 shares and $35,000 in work expenditures. All properties will be subject to production royalties of 1 or 2%. The agreements remain subject to regulatory approval.
Vault has commenced a compilation of all historic work on the recently-acquired properties and, upon completion, will design an exploration program for the 2006 field season.
In other developments, Vault has finalized its electronic compilation and 3-D modeling of historical work on its original Kirkland Gold Property and numerous property-wide targets have been identified. It is anticipated that an initial 5,000-meter Phase I diamond drill contract will be awarded in the near future with drilling scheduled to commence in early November, pending drill rig availability.
The technical content of this press release has been reviewed and approved for disclosure by RV Zalnieriunas, P.Geo, who serves as the Qualified Person for the purposes of National Instrument 43-101 (Standards of Disclosure for Mineral Projects).
About Vault
Vault Minerals Inc. is an Ontario-based, junior natural resource company involved in exploration for gold and diamonds in northeastern Ontario. The Company's current focus is the undeveloped Kirkland Gold Property which lies immediately adjacent to the historic Lake Shore and Wright-Hargreaves mines which collectively produced over 13 million ounces of gold at a mining grade of approximately 0.50 oz/ton. Its Attawapiskat Diamond Property is currently optioned to Diadem Resources Ltd. and its Lebel Gold Property is currently under option to Placer Dome (CLA) Limited. The Company's capital consists of 16,836,093 issued and outstanding common shares which are listed for trading on the TSX Venture Exchange under the symbol 'VMI'.
On behalf of the Board of
VAULT MINERALS INC.
"Joe Horne"
Joseph D. Horne
President & CEO
For additional information, please visit our website at www.vaultminerals.com or contact:
Joe Horne, President, or
Dan McCormack, Vice President
21 Goodfish Road, Kirkland Lake
Ontario, Canada, P2N 3H7
Phone (705) 567 4511
Fax (705) 567 6873
Email info@vaultminerals.com
"The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release." |
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| | You can view the Next Press Releases item: Mon Oct 24, 2005, Vault Minerals Closes $625,000 Financing & Awards Diamond Drill Contract
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