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TSX.V : VMI
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| | Wed Jan 28, 2004
Winter Exploration Plans Finalized
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| | Vancouver, January 28, 2004 Vault Minerals Inc.'s (the "Company") (VMI-TSX.V) qualified person, Andy Chater, PhD. Geol. announces winter exploration plans for its Northern Ontario gold and diamond projects.
A Phase Two Program of line cutting and diamond drilling is planned for the Company's Lebel gold project near Kirkland Lake, Ontario. Phase One drilling intersected gold values up to .9 ounces per ton (30.8 grams per tonne) over core length of 4.2 feet (1.3 meters).
The Kirkland Lake camp is a major heavily mineralized volcano-sedimentary complex of Archean age among many in the highly productive Abitibi belt of Canada. It is cut by a number of pregnant fracture systems. The most productive of these, the Kirkland Lake Main Break, has produced 27 million ounces of gold at an average grade of approximately ½ ounce per ton to date.
The Phase Two Program is a mix of shallow, up to 250 feet (75 meters) and deeper diamond drill holes, up to 660 feet (200 meters). Holes are being spotted on the Blue Vein and the 85-1 zones where Phase One drilling took place and the Bidgood 1 and 2 shafts on the projected extension of the Kirkland Lake Main Break. $100,000 has been budgeted for Phase Two with drilling to commence in early February, 2004.
The Company's Attawapiskat Diamond Project is located in the James Bay lowlands of Northern Ontario. Vault's property is the largest contiguous land holding (200 square miles/500 square kilometers) in this area of intense diamond interest. De Beers, whose Victor Diamond property is 20 to 40 miles (40 to 70 kilometers) northwest of Vault's holdings, recently announced it expects the Victor Pipe to be in production in 2007 and has budgeted $825 million for capital costs. The Company has budgeted $200,000 for an airborne magnetic survey of the northern 2/3rds of the bloc, with a mid-February, 2004 projected start date. Samples collected contain promising diamond indicator minerals.
With respect to one of the samples collected a report by R.L. Barnett, Geological Consultants, of London Ontario states in part;
"What is most remarkable is that these grains ... could be considered as chrome-rich eclogitic compositions. In the thousands of analyses done for various clients ... across Canada and worldwide, I have observed such extraordinary compositions only a handful of times. In most cases, they were derived from concentrates made from diamond-bearing kimberlite pipes with a strong component of eclogite nodules.
In summary it is quite important that such an array of kimberlitic indicator minerals, some with such extraordinary compositions, should occur within a single till sample. One should give serious consideration to the possibility that a kimberlite pipe, possibly diamond-bearing, might be found in the vicinity of the sample collection site."
VAULT MINERALS INC.
Per:
'J. Michael Mackey'
President/CEO
For more information including maps and drill results visit our website www.vaultminerals.com or contact J. Michael Mackey, President (604) 222-4971, email j.m.m@telus.net or Investor Relations ir@vaultminerals.com (604) 613-5778
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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