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TSX.V : VMI
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| | Wed Oct 8, 2008
Vault Minerals Acquires the Gauthier Property in the Kirkland Lake Gold Camp
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| | October 8, 2008, Kirkland Lake, Ontario - VAULT MINERALS INC(TSX-V: VMI) ("Vault" or the "Company") announces the recent acquisition of the Gauthier Property in the Kirkland Lake gold camp, Ontario.
The property, comprising eighty-eight staked mining claims totaling approximately 1,400 ha, is situated about three km north of the past-producing Upper Canada gold mine (1.4M oz) in northern Gauthier Township.
The claim group covers 5.3 km of strike extent of the west-northwest trending Victoria Creek Deformation Zone ("VCDZ"), which is a major structural unconformity and that represents a high-priority gold exploration target. The VCDZ hosts the Victoria Creek gold deposit, 700 m west of Vault's Gauthier property, on which Sudbury Contact Mines Limited, one of the Agnico-Eagle group of companies, expended in excess of $20 million in development during the late 1990's.
Also, northeast-trending structures that splay off of the VCDZ are thought to control mineralization at Queenston Mining Inc's Upper Beaver gold-copper deposit, located 500 m east of the Gauthier property. On September 22, 2008, Queenston announced an initial mineral resource on the Upper Beaver deposit, which includes 427,900 oz gold at 9.7 g/t (Indicated) and 291,300 oz gold at 8.5 g/t (Inferred).
A preliminary compilation by Vault of previous exploration work on the property reveals untested geophysical anomalies along interpreted splays off of the VCDZ. The anomalies comprise highly magnetic areas with co-incident IP and VLF conductors surrounding circular magnetic lows (at least one of which contains an identified felsic intrusive outcrop).
These geophysical signatures are highly analogous to that of the Upper Beaver deposit, where mineralization is associated with magnetite bordering a circular felsic intrusive having a magnetic-low expression.
Vault acquired a 100% interest in the claim group from Stornoway Diamond Corporation, in consideration of the issuance of 100,000 common shares of the Company and the grant of a 2% royalty in favor of Stornoway. The agreement remains subject to acceptance of the TSX Venture Exchange.
Qualified Person
The technical content of this press release has been reviewed and approved for disclosure by Michael Sutton, P.Geo, Vault's Vice-President Exploration, 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 large portfolio of 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: Thu Oct 9, 2008, Vault Minerals Expands Goldbanks Property in the Kirkland Lake Gold Camp
You can view the Previous Press Releases item: Thu Sep 11, 2008, Vault Minerals Provides Update on Exploration Activities
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