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TSX.V : VMI
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| | Thu Sep 11, 2008
Vault Minerals Provides Update on Exploration Activities
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| | September 11, 2008, Kirkland Lake, Ontario - VAULT MINERALS INC (TSX-V: VMI) ("Vault" or the "Company") provides the following update of field activities on its Goldbanks and Lebel gold properties, situated in the Kirkland Lake gold camp, Ontario.
Goldbanks
As announced June 24, 2008, Vault entered into an option agreement to acquire the Goldbanks property that is situated 2700 ft west of the high-grade Macassa gold mine, which is currently operated by Kirkland Lake Gold Inc.
Vault subsequently designed and initiated an initial surface exploration program on the property that has received negligible modern exploration. Work completed to date includes; a compilation of historical work dating back to the 1930's (including three shafts), a cut field grid, geological mapping and a high-resolution ground magnetic survey. Mechanized stripping, to be followed by detailed trench mapping and sampling, is scheduled to commence in September on several identified structures that parallel the gold camp's prolific Main-'04 Break, that also transects the southernmost portion of the property. Vault anticipates that an IP geophysical survey will also be completed this fall to assist in tracing the strike extent of the more favorable structures. Upon completion of these programs, a diamond drill program will be designed to test the identified gold targets.
Lebel
As follow up to diamond drilling completed in May 2008, a program of surface trenching and mapping has commenced on the Lebel gold property that is currently under option to Goldcorp Canada Ltd ("Goldcorp"), a wholly-owned subsidiary of Goldcorp Inc (TSX:G, NYSE:GG). Goldcorp has also approved an additional $500,000 diamond drill budget that is primarily designed to investigate a strong, broad, gold-anomalous hydrothermal system at Mud Lake and peripheral to the past-producing Bidgood Mine. The drill program, to be managed by Vault, is scheduled to commence in late September. Upon completion of these programs, Goldcorp will have acquired the right to vest an initial 60% in the Lebel gold property.
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 a 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 focused on gold exploration and development in and around the proven gold camps of northeastern Ontario. In addition to its Goldbanks, Kirkland and Lebel gold properties in the prolific Kirkland Lake gold camp, Vault continues to expend significant resources in the identification and review of qualified, advanced-stage gold projects in the region for potential acquisition. The Company's capital consists of 29,576,093 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 Vault's website at www.vaultminerals.com or contact Joe Horne 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: Wed Oct 8, 2008, Vault Minerals Acquires the Gauthier Property in the Kirkland Lake Gold Camp
You can view the Previous Press Releases item: Fri Jun 27, 2008, Vault Minerals Announces AGM Results and the Grant of Stock Options
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