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TSX.V : VMI
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| | Thu Aug 24, 2006
Vault Commences Lebel Drilling and Updates Other Project Activities
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| | Kirkland Lake, Ontario. Vault Minerals Inc. (TSX-V: VMI) ("Vault" or "the Company") wishes to provide the following update on its various exploration activities.
Lebel
A 3,000m diamond drill program has commenced on Vault's Lebel gold property, located east of the prolific Kirkland Lake gold camp in Ontario from which over 24 millions ounces of gold have been produced.
The drill program will focus on six different target areas that include projected vein extensions of the former-producing Bidgood #1 and Bidgood #2 gold mines, and targets which were identified by multi-discipline surveys during the 2005 field exploration program. These new targets are parallel to the orientation of the Bidgood #2 veins in what is now designated the 'Bidgood fault array'.
The budgeted $400,000 field program, to be operated and managed by Vault, is being financed by Goldcorp Canada Ltd., a wholly-owned subsidiary of Goldcorp Inc. (TSX:G, NYSE:GG). As previously reported, Goldcorp Canada Ltd. (formerly Placer Dome (CLA) Limited) has an option to earn an initial 60% interest in the Lebel property by spending $2 million over a four-year period.
Gordon-Lebel
The Gordon-Lebel property occurs immediately northeast of the Bidgood #2 mine and is contiguous with the Lebel property. A pre-field program compilation in May 2006 determined that the Bidgood #2 mine extended underground development into the Gordon-Lebel property on the 2025 ft level and one small stope was mined.
In June, Vault completed a geological mapping and MMI soil survey throughout the property. Two strong, multi-line soil anomalies were delineated on the property immediately northeast of the Bidgood #2 mine.
A follow-up stripping and mapping program was completed in August. Trench 1 exposed an approximately 40m wide northeast trending shear zone with significant ankerite, sericite and quartz alteration, and disseminated pyrite. The shear zone is interpreted to be the northeast extension of the North Break mineralization of the Bidgood #2 mine. Assay results from the channel sampling are pending.
Kirkland North
In May 2006, Vault completed a surface mapping, rock sampling, and MMI soil sampling program on the Kirkland North gold property. The results were incorporated into a GIS database that was created while compiling detailed historic data from the Federal shaft area, including 33 drill holes, two trenching programs, and underground development on the 200, 700, and 1090 ft levels.
A new interpretation connecting the surface and underground work has identified structural controls to the mineralization and a follow up drill program has been recommended.
Kirkland-Hudson
Vault completed a 3-D computer model for the Kirkland-Hudson gold property in July 2006. The 2005-06 drill results are now integrated with known mine infrastructure, structural and vein planes of the Main Break, and the new zones recently discovered by Kirkland Lake Gold Inc. south of the Macassa mine. The model will be used to define future drill targets.
Percy Lake
In August 2006, an infill mapping, rock sampling, and MMI soil sampling program was completed on the Percy Lake VMS property. The property, located in the Batchawana greenstone belt north of Sault Ste. Marie, Ontario, covers a prominent and well-defined, 7 km2 zinc-cadmium-copper lake sediment anomaly. The anomaly is the largest anomaly defined in a series of surveys completed by the Ontario Geological Survey over the entire belt and occurs at the head of a drainage sub-basin that originates on the property.
The program results are encouraging. The structural controls of the potential host stratigraphy have been significantly upgraded and will greatly improve subsequent drill targeting. In addition, VMS-style vent-proximal lithologies, such as millrock-type felsic tuff breccia with a mafic matrix, were observed locally. Vent-proximal alteration, such as fracture fill to pervasive chlorite ± sericite ± calcite ± tourmaline with local disseminated galena and chalcopyrite, were observed adjacent to historic MaxMin and MMI soil anomalies. Potential vent-distal alteration consisting of several outcrops of pervasively silicified pillows with strongly chloritized and carbonatized selvages was also observed.
Although analyses for prospecting and whole rock sampling are pending, infill MMI soil sample results have been received. Preliminary results indicate concurrence with historic anomalies and their overall definition has been improved. Once the remaining results are received, the data will be used to refine drill targeting.
Recent forestry activity in the area has dramatically improved the logistical setting of the property, including the establishment of a main haul road along the south edge of the property and multiple access roads from recent harvest blocks. Minimal drill road development is envisioned to complete the first phase of drilling, scheduled for the fall of 2006.
The technical content of this press release has been reviewed and approved for disclosure by Patrick Lengyel, P.Geo who serves as Qualified Person for the purposes of National Instrument 43-101 (Standards of Disclosure for Mineral 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 properties in Kirkland Lake, the Percy Lake VMS base metal property north of Sault Ste. Marie and the Attawapiskat Diamond property in the James Bay Lowlands. The Company's capital consists of 22,326,093 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, P.Geo, 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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