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TSX.V : VMI
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| | Fri Feb 16, 2007
Vault Reports on Kirkland North and Prepares for Percy Lake Drilling
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| | Kirkland Lake, Ontario. Vault Minerals Inc. (TSX-V: VMI) ("Vault" or "the Company") announces the completion of an initial diamond drill program on its Kirkland North gold project. The program, consisting of six shallow holes totaling 686 meters, was confined to two target areas on the recently-acquired Marion-Boyce sub-property.
Four short drill holes targeted the Boyce vein and a parallel fault zone, located 10 m east and that returned 22.6 g Au/t over 1.22 m from a drill hole completed in 2000. Both the Boyce vein and hanging wall fault zone are located between the Lake Shore #5 and Lake Shore faults proximal to the Kinojevis-Timiskaming unconformity.
Drilling helped define the geometry and orientation of the target structures at shallow depths and confirmed the mineralization, alteration assemblages and nature of both the Boyce vein and spatially-associated fault zone. Assay results exhibit variably elevated gold (up to 1.88 g/t over 0.80 m), molybdenite and silver values consistent with surface sampling, however no economic values were encountered.
Two drill holes intersected the Marion vein, situated west of and parallel to the Lake Shore #5 fault, at vertical depths of 30 and 60 m and hosting only elevated gold, silver and molybdenite values over widths of 1 m.
While management is disappointed that no economic assays were returned from any of the 6 short drill holes, the program does provide a platform for continued drilling along strike and at depth on these gold-bearing structures which has locally proven to be a very successful exploration technique, given the sporadic nature of gold tenure and persistent nature of gold-bearing structures within the Kirkland Gold Camp.
Percy Lake VMS Activity
Vault has initiated a ground-based HLEM geophysical survey on its Percy Lake VMS property to field-locate several airborne anomalies in preparation for a diamond drill program anticipated to commence in March 2007. These targets are located along favorable geology extending east of VMS-style mineralization that was identified during Vault's successful Phase I drill program.
Qualified Person & Program QA/QC
The Kirkland North drill program was designed and supervised by Qualified Person, Daniel McCormack, P.Geo, employing a QA/QC program consistent with National Instrument 43-101 (Standards of Disclosure for Mineral Projects) and industry best practices. NQ drill core was logged and selected sample intervals were sawn longitudinally with half-core samples sent to ALS Chemex in Timmins, Ontario for analysis. Mr. McCormack has reviewed and approved the technical content of this press release for disclosure.
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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