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TSX.V : VMI
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| | Tue Jun 10, 2008
Vault Minerals Reports Discoveries from Lebel Drill Program
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| | Kirkland Lake, Ontario. Vault Minerals Inc. (TSX-V: VMI) ("Vault" or the "Company") is pleased to announce results from the twenty-hole, 5,236-meter, diamond drill program undertaken on the contiguous Lebel and Gordon-Lebel gold properties between January and May, 2008. Of eighteen initially recommended target areas, the program was designed to test only eight 'grassroots' targets for structures analogous to those controlling gold mineralization at the former-producing Bidgood Mine.
Program highlights include:
- the discovery of a fault horizon that is interpreted to be the eastern extension of the prolific Kirkland Lake Main Break onto the Lebel gold property;
- the delineation of four gold-mineralized structures at the Boundary zone; and
- the discovery of a strong hydrothermal system with anomalous gold at Mud Lake similar to the outboard quartz flooding observed peripheral to the Bidgood Mine.
As previously disclosed, the Lebel property is currently under option to Goldcorp Canada Ltd., a whollyowned subsidiary of Goldcorp Inc. (TSX:G, NYSE:GG), who have the right to acquire an initial 60% interest by expending $2,000,000 by May 2009. To date, Goldcorp's expenditures have exceeded $1,500,000 including 3,859 m of this latest drilling. Vault financed 1,377 m of the program for holes collared on its Gordon-Lebel property that forms part of the Boundary Zone and that is not subject to the Goldcorp agreement.
Eastern Extension of Kirkland Lake Main Break
Drill holes LB08-35, 36, 38 and 42 have discovered a fault horizon on the Lebel property interpreted to be the eastern extension of the prolific Kirkland Lake Main Break that produced over 24 million ounces of gold. Of particular note, LB08-38 intersected a strong, one-inch chlorite annealed fault that visually looks identical to the 'Main Break'. The fault is, for the most part, located proximal to the northern edge of a large porphyry mass and is characterized by breccia-gouge texture, silica-hematite-sericite-chlorite alteration, fracture-filled quartz and occasional pyrite-chalcopyrite mineralization. Anomalous gold is sometimes present within and at the boundaries of the fault as exhibited in drill holes LB08-35 and 36 with values of 0.95 gAu/t over 1.2 m and 0.41 gAu/t over 0.7 m respectively. More significantly, the former-producing Bidgood Mine (165,000 oz Au), which is located at the northeast extent of the property, is now interpreted to be situated on splays of this structure. This interpretation renders a significant primary target horizon, extending 4 kms through the property that requires considerable exploration follow-up.
Boundary Zone
Eight drill holes, LB08-23 to 30 (one of which was abandoned in bad ground), along with historic drilling, have delineated at least four, steeply-dipping gold zones that straddle the boundary between Vault's wholly-owned Gordon-Lebel property and the Lebel property under option to Goldcorp, known as the Boundary Zone. The quartz-feldspar porphyry and wacke-hosted gold zones have grades ranging from 1.4 gAu/t over 21.3 m to 3.1 gAu/t over 4 m. Occasionally, these zones contain narrow higher-grade intercepts as provided in LB08-23 and LB08-25 which returned 10.2 gAu/t over 1.1 m and 7.3 gAu/t over 2.1 m (including 18.5 gAu/t over 0.6 m) respectively. A surface sample taken in late Fall 2007 from one of the zones returned 27.9 gAu/t over 0.3 m. The zones are open along strike to the southwest requiring further drilling and, collectively, will be evaluated as a potential, near-surface open pit target. Significant intercepts from this drilling are provided in Table 1 below.
Table 1 - Significant Diamond Drill Intercepts for Boundary Zone
| Drill Hole |
Azimuth
(degrees) |
Dip
(degrees) |
Zone |
From
(m) |
To
(m) |
Sample Interval
(m) |
Assay
(g Au/Tonne) |
| LB08-23 |
270 |
-45 |
Boundary |
10.3 |
11.85 |
1.55 |
1.9 |
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|
Boundary |
37.7 |
39.1 |
1.4 |
6.7 |
| |
|
|
Boundary |
95.1 |
96.15 |
1.05 |
1.9 |
| |
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|
Boundary |
100.3 |
101.0 |
0.7 |
2.5 |
| |
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|
Boundary |
112.4 |
113.8 |
1.4 |
6.8 |
| |
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|
Boundary |
123.7 |
137.4 |
13.7 |
2.0 |
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Including |
126.8 |
127.9 |
1.1 |
10.2 |
| |
|
|
Including |
134.2 |
135.7 |
1.5 |
3.5 |
| LB08-25 |
106 |
-45 |
Boundary |
88.2 |
89.0 |
0.8 |
2.2 |
| |
|
|
Boundary |
117.3 |
129.1 |
10.8 |
1.7 |
| |
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Including |
120.9 |
123.0 |
2.1 |
1.2 |
| |
|
|
Including |
127.0 |
129.1 |
2.1 |
7.3 |
| |
|
|
Including |
127.0 |
127.6 |
0.6 |
18.5 |
| |
|
|
Including |
128.4 |
129.1 |
0.7 |
5.6 |
| LB08-26 |
184 |
-45 |
Boundary |
146.3 |
147.0 |
0.7 |
1.4 |
| LB08-28 |
145 |
-45 |
Boundary |
143.9 |
148.0 |
4.1 |
1.9 |
| |
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Including |
147.0 |
148.0 |
1.0 |
5.6 |
| |
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|
Boundary |
248.5 |
252.5 |
4.0 |
3.1 |
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|
Boundary |
261.25 |
261.75 |
0.5 |
1.8 |
| LB08-29 |
159 |
-45 |
Boundary |
39.0 |
51.0 |
12.0 |
0.9 |
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Including |
39.0 |
43.1 |
4.1 |
1.6 |
| |
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Including |
49.3 |
50.0 |
0.7 |
2.6 |
Note: Further drilling is required to ascertain true widths, which are currently unknown.
Mud Lake Anomaly
Drill hole LB08-35 intercepted two broad zones of up to 80% quartz flooding in a porphyry host and that returned 0.52 gAu/t over 17.8 m (456.2 to 474 m) and 0.83 gAu/t over 11.5 m (530 to 541.5 m). Of interest, sections of malachite and occurrences of chalcopyrite in fractures were observed. This strong hydrothermal system is very analogous to outboard quartz flooding observed in drill hole LB07-22 peripheral to the former-producing Bidgood Mine. Drill hole LB08-36, located 100 m to the northeast of LB08-35, intercepted a shear zone returning 1.47 gAu/t over 3.0 m and may represent a related structural horizon. Drill hole LB08-40, located 700 m to the southwest of LB08-35, intersected an 8.7 m breccia zone from 154.5 to 163.2 m having up to 25% pyrite mineralization and returning 0.48gAu/t over 4.5 m.
Bidgood Fault Array
Drill hole LB08-34 intersected 3.4 gAu/t over 1.5 m in syenite proximal to a conglomerate contact that is interpreted to be a southwest splay fault of the Bidgood fault array. Follow-up drilling is recommended as the zone is open to the southwest. In addition to follow-up work on the above-noted areas, at least ten additional target areas are recommended to be tested. These areas include the 20 Vein and Contact Zone at the former-producing Bidgood Mine and the 85-1/Blue Vein zone which returned high-grade assays of up to 95.1 gAu/t over 2.7m. Maps of the Lebel gold property can be viewed on the Company's website.
Qualified Person
The technical content of this press release has been reviewed and approved for disclosure by Daniel McCormack, P.Geo, Vault's Vice President, who serves as the Qualified Person for the purposes of National Instrument 43-101 (Standards of Disclosure for Mineral Projects).
Quality Assurance & Control
The Company has instituted a quality assurance & quality control (QA/QC) program to ensure sampling and analysis of all exploration work is conducted using industry best practices, including assay control samples. Drill core is logged at a secure facility and selected portions are longitudinally sawn in half. Half-core samples are shipped with requisite chain of custody forms and security tags to a certified lab for analysis, while remaining half-cores are archived for future reference.
About Vault
Vault Minerals Inc. is a Canadian junior exploration company focused on gold exploration and development in and around the proven gold camps of northeastern Ontario. In addition to its Kirkland and Lebel gold properties in the prolific Kirkland Lake gold camp, Vault is aggressively evaluating significant gold projects in the region for potential acquisition. The Company's capital consists of 29,526,093 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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| | You can view the Next Press Releases item: Tue Jun 24, 2008, Vault Minerals Acquires Goldbanks Property in the Kirkland Lake Gold Camp
You can view the Previous Press Releases item: Wed Feb 13, 2008, Vault Minerals with Goldcorp Commence Drilling Lebel Gold Properties; Mutilple Intercepts include 10.2 gAu/T over 1.1m on Gordon-Lebel
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