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TSX.V : VMI
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| | Mon Dec 1, 2003
Drilling Commences At Lebel Gold Project, Kirkland Lake, Ontario
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| | December 1, 2003 Vault Minerals Inc. (the "Company") (VMI-TSX.V) is pleased to announce the commencement of its Winter 2003/04 exploration program on the Lebel gold project near Kirkland Lake, Ontario. The first of up to 10, planned diamond drill holes is now in progress.
The Company's Lebel project consists of four historic gold properties in Lebel Township, two kilometers east of Kirkland Lake, Ontario. Recent geological re-interpretations of the Kirkland Lake area, independently supported by trenching on Vault's Lebel property in 2000, suggest the property lies directly on the eastern extension of the Kirkland Lake "Main Break". Vein systems from this fault are the richest in the area and have, to date, cumulatively produced over 27 million tons of gold at an overall mining grade of 15 grams/tonne (approximately one half ounce/ton).
The main focus of the Company's winter exploration program is drilling the Blue Vein Zone (started), and detailed location of the projected "Main Break" on the Lebel properties, through surface geophysics, compilation and interpretation of local geological and geophysical data, for better definition of its future exploration program.
The property consists of 60 road-accessible, contiguous claims that contain nine shafts, including two past gold producers, along with numerous surface gold showings. The drill target is an approximately 50-meter wide, 500-meter long, gold bearing shear zone uncovered by surface trenching in 2000 (the Blue Vein Zone). At its known northeastern limit, before this zone passes into overburden, channel samples from one of its constituent shears assayed 95.08 (uncut) grams gold per tonne over 2.7 meters, (3.06 ounces over 9 feet). Elsewhere along the zone, individual shears typically assay 1-2.5 grams gold per tonne over 1-2 meters, with localized higher values and wider widths. Weakly mineralized rock is widespread between the shears. The current drill program is designed to test the high-grade shear zone at depth and its potential, northeastern extension into overburden cover.
In addition to its Lebel gold project, Vault holds over 500 square kilometers (200+ square miles) of contiguous claims in the Attawapiskat diamond play in the James Bay Lowlands, Ontario. The largest land holding in this premier diamond exploration area where De Beers has announced expenditures of $825 million to place its Victor pipe diamond property into production. Samples collected on the claims contain promising diamond indicator minerals. A winterized camp has been prepared for post freeze-up exploration of the claim block this winter.
On Behalf of the Board
VAULT MINERALS INC.
"J. Michael Mackey"
J. Michael Mackey, President
For more information contact Investor Relations at (604) 613-5778 or via email at ir@vaultminerals.com and visit our website at www.vaultminerals.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release. |
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