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TSX.V : VMI
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| | Wed Jan 24, 2007
Vault Confirms VMS Exploration Model at Percy Lake and Prepares for Phase II Drill Program
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| | Kirkland Lake, Ontario. Vault Minerals Inc. (TSX-V: VMI) ("Vault" or "the Company") is very pleased to report that a Phase I diamond drill program has successfully confirmed a Volcanogenic Massive Sulphide (VMS) base metal environment within the Percy Lake property. The property is located in the Batchawana greenstone belt north of Sault Ste. Marie, Ontario and encompasses an exceptional zinc-cadmium-copper lake sediment anomaly previously-identified by the Ontario Geological Survey.
An aggregate of 1,575 meters was completed in an initial 15-hole program designed to explore, on a property-wide scale, the source of the widespread base metal anomalies. Selected first-pass targets included, HLEM geophysical anomalies, MMI base metal soil anomalies and surface base metal showings, some of which are spatially associated with stringer mineralization and potential FIII felsic volcanic stratigraphic units that were identified during Vault's summer field program.
Several exhalite-bearing horizons and felsic fragmentals were intersected containing primary VMS-style sulphides with anomalous Zn, Pb, Cu, and Cd values. The drilling intersected 15 intervals with a minimum of 0.50% Zn over 1m and best intervals for the program included 0.27% Zn over 8.6m and 0.82% Zn over 4.2m. Adjacent host rocks display variable chlorite, biotite, sericite, and silica alteration consistent with a VMS setting. The identification of local, thick accumulations of felsic stratigraphy and millrock-type stratigraphy is also very encouraging.
The drilling also intersected higher-grade, vein-hosted Zn mineralization (+/- Pb and Cu) which is interpreted to be remobilized from a nearby VMS source (ie 9.3% combined lead-zinc over 1m). The widespread distribution of this mineralization style further supports the presence of a large scale target area.
While most of the HLEM targets were explained by sulphide mineralization, the program was not successful in determining the source to the widespread geochemical anomalies, and several target-rich areas remain to be further investigated.
As a result of the positive interpretation of early drill results, Vault staked an additional 124 claim units (1,984 hectares) to the east of its original 100-unit land package. These additional claims contain prospective lithologies as well as several isolated multi-channel airborne EM anomalies coincident with magnetic highs that, according to public assessment records, have never been drill tested.
Vault is now tendering a ground-based geophysical program to field-locate the airborne targets in preparation for a winter-based drill program.
Kirkland North
Vault also reports that it has just completed a 6-hole drill program on its Kirkland North gold property. Results will be reported in coming weeks upon receipt of assays.
The Percy Lake drilling program was designed and supervised by Qualified Person, Patrick Lengyel, P.Geo, employing a QA/QC program consistent with National Instrument 43-101 (Standards of Disclosure for Mineral Projects) and industry best practices. Drill core was logged and longitudinally sawn with half-core samples analyzed by ALS Chemex. Mr. Lengyel has also reviewed and approved for disclosure the technical content of this press release.
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 26,176,093 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 these forward-looking statements.
"The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release." |
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