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TSX.V : VMI
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| | Fri May 5, 2006
Vault Options Percy Lake VMS Property and Updates Kirkland Lake Drilling
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| | Kirkland Lake, Ontario. Vault Minerals Inc. (TSX-V: VMI) ("Vault" or "the Company") announces that it has entered into an option agreement with two arm's-length parties to acquire the Percy Lake VMS Property located north of Sault Ste. Marie, Ontario and which is considered to be highly prospective for volcanogenic massive sulphide (VMS) base metal mineralization.
The property comprises four staked mining claims (60 units) in the northeastern portion of the Batchewana greenstone belt which is interpreted to be the southwest extension of the prolific Abitibi geological sub-province.
The Percy Lake property covers a prominent and well-defined, 5 km long zinc-cadmium-copper anomaly trend which was identified in 1995 from a regional lake sediment survey conducted by the Ontario Geological Survey (OGS). The assemblage of anomalous elements (which includes, to a lesser extent, gold and lead) is similar to the litho-geochemical signature typical of a VMS type occurrence and, as the highly anomalous sample sites are confined to the Percy Creek drainage basin or catchments, the metals are interpreted to be derived from a proximal source.
Upon the public release of the OGS Lake Sediment Survey, the area was competitively staked by the current vendors and subsequently optioned. Preliminary prospecting along airborne EM conductors by these previous operators resulted in the discovery of the RT showing which consists of an isolated outcrop of interflow mudstone with disseminated and stringer sulphides. Select composite samples are reported to contain 11.04% Zn, 2.86% Cu, 1.98% Pb and 33.7 grams/tonne Ag.
In 1996, detailed geological mapping defined several distinct mafic-felsic volcanic cycles around a regional synform axis which trends through the central property area and which are consistent with a classic Archean VMS depositional environment. Subsequent ground geophysical (HLEM & Magnetometer) and soil (Mobile Metal Ion) surveys delineated a series of multi-discipline anomalies, several of which are coincident with felsic and capping iron formation horizons and surface base metal mineralization. All of these targets remain untested.
Vault has designed a follow-up exploration program consisting of a short due diligence sampling program and focused geological mapping in preparation for refining and prioritizing targets for a fall diamond drilling campaign.
Vault may earn 100% interest in the property for total consideration of $155,000 in cash payments, the issuance of 400,000 common shares of Vault Minerals and by filing a minimum of $300,000 of assessment work on the property over a four-year period. First year requirements include a $15,000 cash payment and the issuance of 100,000 shares upon regulatory approval and the filing of a minimum of $75,000 of assessment work. The Agreement is subject to various approvals, including that of the TSX Venture Exchange. The property will be subject to a 2% royalty of which one half may be purchased at any time for $1,000,000.
Kirkland Lake Project
The Phase I diamond drill program been completed on the Kirkland-Hudson 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. The program comprised seven diamond drill holes totaling 3,170 metres. All core samples have been submitted for gold analysis and results have been received. As previously reported (Vault Press Release dated March 2, 2006), diamond drill holes KL05-01 and KL06-02, totaling 1,967 metres, were designed to preliminarily investigate, respectively, the northwest and northeast corners of the northern most claim of the property. Diamond drill holes KL06-03 to KL06-07, totaling 1,203 metres, located in the southeastern portion of the property were designed to test vein/fault structures discovered in a drainage tunnel developed in the 1930's.
All seven drill holes were successful in intersecting highly strained shear and fault zones with highly anomalous gold values and coincident intense ferro-carbonate, sericite, silica, fuschite alteration with quartz/quartz-carbonate veining and pyrite mineralization. These structures measure from 2.5 to 74 meters of core length and are predominantly hosted in Timiskaming conglomerate & tuffs and Algoman syenite intrusions. The Company is in the process of interpreting the attitude and geometry of the various structures and, upon completion, plans to develop a Phase II diamond drill program for further testing.
Although these structures did not report economic gold values, management is greatly encouraged by these early results which have identified gold-anomalous structures in this first round of drilling. It is also important to note that gold distribution along the producing Kirkland Main Break is typically erratic, with an approximate 30% success rate within resource blocks. Vault's land position, immediately south of the Main Break, is of further significance given the implications of the continued gold discoveries being made by Kirkland Lake Gold Inc. in zones also located south of the Main Break in Timiskaming sediment hosted environments that crosscut historical mine structures (Kirkland Lake Gold Press Releases dated July 11 and August 15, 2005).
Drill core was NQ-size and core recovery was close to 100 per cent. The core was either split or sawn longitudinally and the half-core samples were sent to Swastika Laboratories Ltd. in Kirkland Lake for geochemical assay. As part of a quality assurance and quality control program, certified standards of known gold content and blanks were routinely inserted. Half-core samples have been retained in a secure storage location for verification and reference purposes.
Vault has also recently completed 20 kilometres of ground magnetic and VLF-EM surveys on three separate grids located on the Kirkland North Property. It is anticipated that the surveys will assist to delineate the unconformity that has been regionally identified between Kinojevis basalts & diorites and Timiskaming sediments as wells as contacts with a large Algoman syenite intrusion. The Company plans to further explore along the unconformity and lithology contacts for gold-bearing structures.
The technical content of this press release has been reviewed and approved for disclosure by Patrick Lengyel, P.Geo and Ray Zalnieriunas, P.Geo, who serve as Qualified Persons for the purposes of National Instrument 43-101 (Standards of Disclosure for Mineral Projects) for, respectively, the Percy Lake and Kirkland Lake Projects.
About Vault
Vault Minerals Inc. is a Canadian exploration company engaged in gold, base metal, and diamond exploration in Ontario. Its current property portfolio includes the Kirkland Lake Gold and Lebel Gold Projects in Kirkland Lake, the Percy Lake VMS Base Metal Project north of Sault Ste. Marie and the Attawapiskat Diamond Project in the James Bay Lowlands. The Company's capital consists of 20,821,093 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 at (705) 567 4511.
This Press Release may contain forward-looking statements that involve inherent risks and uncertainties. Actual events or results could differ materially from the Company's forward-looking statements and expectations, and the Company disclaims any obligation to update forward-looking statements.
"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: Tue May 16, 2006, Goldcorp to Drill Vault's Lebel Gold Project
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