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TSX.V : VMI
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| | Thu Sep 20, 2007
Vault Intersects Additional Gold Structures at Lebel
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| | Kirkland Lake, Ontario. Vault Minerals Inc. (TSX-V: VMI ) ("Vault" or "the Company")
announces that it has now received and collated remaining assay results from the four-hole drill program (2,086 m) completed on its Lebel gold property, Kirkland Lake, Ontario.
As previously reported (news release July 17, 2007), drill hole LB07-19 intercepted three separate mineralized structures with intersections of: 6.84 gAu/t over 1.2 m, 14.1 gAu/t over 1.0 m, and 8.34 gAu/t over 2.6 m.
Of the remaining three drill holes, LB07-22 intersected 11.2 gAu/t over 1.0 m within a 7.5 m envelope anomalous in gold, silver, copper and molybdenum. This intersection is situated on the footwall of the North Bidgood fault at the 2025 level elevation of the Bidgood Mine and may represent a new mineralized zone 500 feet below previously mined veins. Historical records indicate that there is no drilling or mine development in this area west of the Bidgood Mine #2 shaft.
Drill hole LB07-22 also intersected two other significant zones anomalous in gold, silver, copper and molybdenum (core lengths of 10 m and 16.2 m) which are also spatially related to the North Bidgood fault and distal to historical underground mine workings.
Drill holes LB07-20 and -21 also intersected multiple structures that are anomalous in gold, silver, molybdenum and tellurium. The presence of gold and these elemental pathfinders continues to validate the Company's exploration model that targets multiple shear and fault structures comprising the extensive 'Bidgood Fault Array'. Individual structural zones of the 'Bidgood Fault Array' are interpreted by geophysical data to extend up to 4 km in length.
Detailed compilation and survey work is being completed to further refine existing targets, as well as identify new drill targets, along these regional structures.
The drill program, managed by Vault, was 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 gold property by spending $2 million over a four-year period.
Kirkland North
In mid-August 2007, Vault initiated geological mapping on the Kirkland North gold property in addition to a program of overburden stripping/washing, detailed mapping and channel sampling on several targets including the Boyce Vein, a regional volcanic-sediment unconformity and a breccia zone that returned a drill intercept of 22.6 g Au/t over 1.22 m in 2000.
It is anticipated that this detailed program will provide a better understanding of the local controls on gold mineralization associated with these structures prior to diamond drilling, as the Kirkland Lake gold camp is recognized for the laterally-persistent nature of gold-bearing structures and sporadic nature of gold tenure.
Qualified Person
The technical content of this press release has been reviewed and approved for disclosure by Daniel McCormack, P.Geo, Vice President, who serves as Qualified Person in accordance with National Instrument 43-101 (Standards of Disclosure for Mineral Projects). Mr. McCormack has instituted and is responsible for Vault's program of Quality Control and Quality Assurance, using industry best practices, that includes the insertion of assay control samples. NQ-size drill core was logged and identified core samples were longitudinally sawn in a secure facility. Half-core samples were submitted with requisite chain of custody forms and security tags to ALS Chemex, while remaining half-cores have been archived for future reference.
About Vault
Vault Minerals Inc. is a Canadian junior exploration company engaged in gold and base metal exploration in Ontario. Its principal properties include the Kirkland Lake 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 28,651,093 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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