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TSX.V : VMI
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| | Wed Dec 13, 2006
Vault Intersects More Gold At Lebel
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| | Kirkland Lake, Ontario. Vault Minerals Inc. (TSX-V: VMI) ("Vault" or "the Company") wishes to provide the following highlights from the diamond drill program that was recently completed on its Lebel Gold project.
An aggregate of 2,786 meters was drilled over the 18 hole program that was designed to test multi-survey gold anomalies on a property scale. Multiple, steep-dipping, fault zones containing anomalous gold, silver and molybdenum were encountered. Collectively known as the Bidgood Fault array, individual fault zones have been interpreted to extend up to 4 km in strike length. The following zones include significant drill intercepts that were identified during this program.
85-1 Zone
A surface channel sample program in 2001 resulted in the discovery of a high-grade section in the 85-1 zone (95 g/t gold over 2.7 m). Follow-up drilling in 2003 by Vault intersected 18.78 g/t gold over 0.93 m, 8.84 g/t gold over 1.15 m, and 30.77 g/t gold over 1.28 m in drill holes MH-03-01, -02 and -03, respectively. The 2006 drill program intersected significant mineralized fault zones interpreted to comprise the 85-1 zone. Drill hole 06-LB-009 intersected 6.9 g/t gold over 1.0 m on a new and parallel zone to the south of the 85-1 zone. The plunge of the 85-1 zone remains open at depth with further drilling recommended.
Bidgood #2 Mine
The southwest extension of Vein #6, at the Bidgood #2 Mine, was tested with drill hole 06-LB-003 and that intersected 16.3 g/t gold over 0.5 m. Vein #6 is one of several past-producing veins which were mined at the Bidgood #2 Mine that historically produced 160,000 ounces of gold. Further drilling is recommended along strike and dip to test the southwest extension of this mineralization. The 3D digital model of the mine will be expanded to include possible extensions on all historic producing veins at the Bidgood Mine #2 to generate targets for future drill programs.
King Kirkland Mine
A large, mineralized gold envelope has been previously identified at the King Kirkland Mine, located 3 km west of the Bidgood #2 Mine, where historic underground drift samples from the 400 foot level returned 1 g/t gold over 37 m and surface drill hole KK82-2 assayed 1.2 g/t gold over 15.1 m. Drill hole 06-LB-017, located 50 m to the east of the King Kirkland underground workings intersected 4.4 g/t gold over 2.8 m. This intersection is contained in a larger deformation zone that extends 3.5 km to the east. Further drill testing is recommended for this zone.
New Discovery
A new zone has been discovered to the south of the Blue Vein zone with drill hole 06-LB-013 intersecting 5.19 g/t gold over 1.0 m. Further drilling is recommended to delineate the strike and dip extent of this zone.
The discovery of multiple fault/shear zones in the majority of recent drill holes is very encouraging given that these zones contain alteration, mineralogy and lithology analogous to the Kirkland Lake deposit, located 3 km west of the Lebel property, from which over 24 million ounces of gold have been produced. In addition to the follow-up drill recommendations mentioned previously, there remains extension potential southwest of the Bidgood #1 Mine with coincident lake sediment anomalies and several soil anomaly targets that remain untested.
The $400,000 diamond drill program was managed by Vault and financed by Goldcorp Canada Ltd., a wholly-owned subsidiary of Goldcorp Inc. (TSX:G, NYSE:GG). As previously reported, Goldcorp Canada Ltd. has an option to earn an initial 60% interest in the Lebel property by spending $2 million over a four-year period.
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 junior exploration company engaged in gold and base metal exploration in Ontario. Its current property portfolio includes the Kirkland Lake Gold and Lebel Gold properties in Kirkland Lake and the Percy Lake VMS base metal property north of Sault Ste. Marie. The Company's capital consists of 26,126,093 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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| | You can view the Next Press Releases item: Tue Jan 9, 2007, Vault Commences Drilling Kirkland North
You can view the Previous Press Releases item: Mon Dec 11, 2006, Vault Acquires More Ground in Kirkland Lake
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