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TSX.V : VMI
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| | Tue Nov 24, 2009
Vault Minerals to Commence Drilling on Lebel Gold Property
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| | November 24, 2009 (Kirkland Lake, Ontario): VAULT MINERALS INC. (TSX-V: VMI) ("Vault" or the "Company") announces that as a result of recently regaining 100% control and ownership of the 3,100 acre Lebel gold property, an aggressive exploration program has immediately commenced. The property consists of 84 claim units and is situated in the prolific Kirkland Lake gold camp, where in excess of 24 million ounces of gold have been produced at a recovered grade of 0.47 ounces of gold per ton (ozAu/ton). Vault will primarily pursue high-grade targets identified during previous drilling, with a focus on developing near-term gold resources.
Phase I Drill Program
An initial 3,100 metre (m) diamond drill program has been designed to test the Boundary, Blue Vein, Contact and Bidgood Break West zones with 24 shallow drill holes. These four zones are located 1,000 m east, 700 m south, 300 m south, and 600 m west, respectively, of the Bidgood Mine, that historically produced 165,000 ounces of gold at a recovered grade of 0.27 ozAu/ton. The targets are a combination of narrow, high-grade zones and broader, near-surface showings that have potential to be exploited by open pit mining.
Drilling of the Boundary zone will follow up on a 150 m wide zone of multiple, near-surface mineralized gold zones. Previous drilling by Vault intersected 10.2 grams of gold per tonne (gAu/t) over 1.1 m, 6.7 gAu/t over 1.4 m (within a zone grading 2.0 gAu/t over 13.7 m), 7.3 gAu/t over 2.1 m (including 18.5 gAu/t over 0.6 m), and 3.1 gAu/t over 4.0 m. Additionally, historical drilling also intersected a wider zone of 1.4 gAu/t over 21.3 m. Grab samples collected by Vault from this area returned up to 27.9 gAu/t from a blue quartz vein. The zones are related to a porphyry rock unit, cover a strike length of 200 m, and are open in all directions.
The Blue Vein zone consists of three parallel structures where channel sampling in trenches in 2000 assayed up to 95.1 gAu/t over 2.7 m. Subsequent drilling in 2003 (& one historical hole) returned intersections of 11.8 gAu/t over 2.8 m, 30.6 gAu/t over 1.3 m, 12.3 gAu/t over 1.1 m, and 18.8 gAu/t over 0.9 m to a vertical depth of 100 m. The structures extend at least 800 m on surface with minimal trenching or drilling having been carried out.
Drilling of the Contact zone will follow up on a near-surface zone which has returned 3.3 gAu/t over 10.2 m, 3.3 gAu/t over 6.4 m, 11.3 gAu/t over 1.5 m, 3.0 gAu/t over 5.3 m, and 3.1 gAu/t over 6.1 m from historical drilling over a strike length of 250 m, and 20 to 80 m below surface. A 2007 drill intersection from this zone returned 14.1 gAu/t over 1.0 m and 6.8 gAu/t over 1.2 m at a depth of 150 m. This mineralization is open to depth and to the east.
Drilling of the Bidgood Break West zone will concentrate on shallow drilling below a surface exposure of blue--grey quartz. Eight grab samples from this area returned gold values that ranged from 12.3 to 91.2 gAu/t and averaged 37.9 gAu/t. One channel sample returned a value of 19.4 gAu/t over 0.5 m.
Excavator trenching on the Blue Vein and Boundary zones has commenced in order to assist in further delineating the zones and calculating mineral resources.
Phase II Drill Program
In addition to following up on Phase I drill results, a planned Phase II drill program will concentrate in the immediate vicinity of the Bidgood Mine. The first target will follow up on a 2007 drill hole that returned 8.3 gAu/t over 2.6 m. Drilling will track multiple ore horizons down and along trend -- an approach used successfully by Queenston Mining Inc. at the nearby Upper Beaver deposit, which historically produced 141,000 ounces of gold at 0.24 ozAu/ton, and that now hosts an indicated resource of 427,900 ounces gold at 9.7 gAu/t plus an inferred resource of 291,300 ounces gold at 8.5 gAu/t.
The Kirkland Lake gold camp continues to attract considerable attention with recent drill successes by Kirkland Lake Gold Inc. and Queenston Mining Inc. to the west and east of Vault's Lebel gold property. Vault's drilling is scheduled to start next week.
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). True widths of the above intersections are unknown at the present time, but are generally estimated to be about 60-70% of core length. Historical assay numbers have not been verified; however most have been generated subsequent to 1980 by reputable companies and are believed to be reliable, representative and relevant.
About Vault
Vault Minerals Inc. is a Canadian junior gold exploration company active in the world-renowned Kirkland Lake gold camp of northern Ontario. The Company's capital consists of 38,104,543 issued and outstanding common shares which are listed for trading on the TSX Venture Exchange under the symbol 'VMI'. For further information, please contact Joe Horne, President at 902 402 8266 or visit www.vaultminerals.com.
On behalf of the Board of
VAULT MINERALS INC.
signed "Joseph D. Horne"
Joseph D. Horne, President & CEO
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.
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release." |
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