Vault Minerals Inc. - Press Releases - More Positive Diamond Drill Results from Lebel Gold Property, Kirkland Lake, Ontario

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	Thu Jun 3, 2004 More Positive Diamond Drill Results from Lebel Gold Property, Kirkland Lake, Ontario
	More Positive Diamond Drill Results from Lebel Gold Property, Kirkland Lake, Ontario Vault Minerals Inc. (the "Company") is pleased to report more positive gold assays from its recent diamond drill program on its Lebel gold property near Kirkland Lake, Ontario. Nine additional holes were completed, totaling 1,139 meters of new drilling. Assay values ranged up to 11.6 grams gold per tonne over a core length of 2.8 meters. Management of the Company believes the results of this drill program provide excellent indications for potentially significant gold mineralization on the Lebel property. Exploration is expected to continue there as soon as possible. ---------------------------------------------------------------------- Hole Core True Gold Number Azimuth Dip From To Length Width Assay ---------------------------------------------------------------------- MH-04-10 130° -45° 111.87m 113.00m 1.12m 0.98m 2.12g/t ---------------------------------------------------------------------- MH-04-11 130° -45° 85.16m 88.00m 2.84m 2.48m 11.55g/t ---------------------------------------------------------------------- MH-04-11 130° -45° 108.44m 110.27m 1.83m 1.60m 0.18g/t ---------------------------------------------------------------------- MH-04-12 130° -45° 70.70m 146.30m 75.60m 65.47m Anomalous ---------------------------------------------------------------------- MH-04-13 130° -45° 49.57m 64.00m 14.43m 12.50m 0.88g/t ---------------------------------------------------------------------- MH-04-14 130° -45° 37.80m 38.26m 0.45m 0.39m 0.45g/t ---------------------------------------------------------------------- MH-04-15 130° -45° 66.12m 67.33m 1.21m 1.05m 0.49g/t ---------------------------------------------------------------------- MH-04-16 130° -45° 10.95m 15.00m 4.05m 3.51m 0.16g/t ---------------------------------------------------------------------- MH-04-16 140° -45° 28.00m 31.57m 3.57m 3.09m 0.26g/t ---------------------------------------------------------------------- MH-04-17 140° -45° 32.21m 43.62m 8.11m 7.02m 0.28g/t ---------------------------------------------------------------------- MH-04-18 140° -45° 70.12m 76.57m 3.45m 2.99m 0.30g/t ---------------------------------------------------------------------- The "85-1" Zone. Holes 10 and 11 both successfully intercepted the "85-1" Zone, at a level 25 meters below Hole 9. Vault completed drillholes 1 through 9 at the end of 2003 yielding values of up to 30.8 grams gold per tonne over a core length of 1.3 meters. Hole 11 cut 2.84 meters of core assaying 11.55 gram gold per tonne in one interval. This section also assayed 97.5 grams silver per tonne, 66 grams tellurium per tonne and 0.1% copper. No other gold-bearing intervals from the "85-1" drilling have yet been assayed for these metals. The "85-1" Zone is a consistent, fracture/shear plane with excellent continuity on section. It dips steeply northwest and is characteristically strongly pyritized and gold bearing. The style of this mineralization and accompanying alteration is remarkably similar to the "Main Break" in nearby Kirkland Lake, where approximately 25 million ounces of gold have been mined to date. Even with the addition of 2 new holes in the Company's current program, the deepest intersection in the "85-1" Zone is still only 95 meters below surface. Mining on Kirkland Lake's "Main Break" continued to depths of over 2 kilometers. The "85-1" Zone longitudinal section, showing the piercepoints of all earlier drill holes, the 2000 trench samples and the recent Vault holes, suggests the "85-1" Zone plunges to the north. More drilling is warranted. The Blue Vein System. Holes 12 and 13 were drilled in the area of the Blue Vein System, at 300 and 500 meters southwest of the "85-1"Zone. Pervasive sericite-pyrite alteration in porphyry and porphyry breccia contained anomalous gold values through more than 100 meters of core in hole 12. In hole 13, alteratio n was more intense with 10's of meters of quartz-sericite-pyrite alteration in porphyry breccia, characterized by silica flooding, pyritic stockworks and anomalous gold values, including one continuous section of 14.4 meters assaying 0.9 grams gold per tonne. Results to date suggest a possible bulk tonnage, porphyry-related, target. More drilling, trenching and stripping are warranted on this very interesting prospect. Bidgood Number 2 Break. Hole 14 and, beneath it, hole 15 both cut a strong break showing intense alteration and pyritization with abundant chalcopyrite stringers and disseminations. It strongly resembles the "85-1" Zone style mineralization. Gold values were low in both intersections. This structure is likely an extension of a strong break passing close to the Bidgood Number 2 shaft over a kilometer to the northeast It warrants further drilling along strike and at depth. Bidgood Number 1 Prospect. The last 3 holes were drilled close to the Bidgood Number 1 shaft. Hole 16 was drilled about 100 meters east of the shaft and holes 17 and 18, making a fence, were drilled to cut close to the shaft. They cut 2 northeast trending zones of stockwork alteration and pyritization which, when projected updip at 80? to surface, clearly continue the zones seen in the 2000 trenching at this location. Channel samples in these trenches assayed up to 0.6 grams gold per tonne over 10 meters. There is a strong tendency for the rock in these stockwork zones to break along its mineralized fractures into masses of rubble, especially in drilling and subsequent handling of drill core. The soft, gold-bearing pyrite stringers appear easily washed away and assays may not fully reflect original gold content of these zones. There appears to be potential for large amounts of near surface, low grade material along a kilometer of strike in this area. Trenching and shallow drilling is warranted. Assays and Supervision. Gold assays were performed by Swastika Laboratories using fire assay and atomic absorption finish on one sawn half of the sampled drill core. The other half of the core has been retained for reference and for future assay verification. Swastika Laboratories re-assays at least 10% of all samples. Additional check assays have been run on anomalous values from both pulps and rejects. The logging and sampling was supervised by Stewart Carmichael P.Geo., a Qualified Person for the purpose of NI 43-101 (Standards for Disclosure for Mineral Projects) and interpretation, intercept calculation and section plotting was done by Andy Chater P.Geo and Vault director, also a Qualified Person for the purpose of NI 43-101. Indicated Exploration Potential from Current Results. The stockwork mineralization in porphyry and porphyry breccia at the Blue Vein System is likely related to the breakstyle mineralization in host trachytes at the "85-1" Zone, and elsewhere around this intrusive centre. There is significant aerial extent of trachytes in the eastern part of the Lebel property within the porphyry aureole where more, near surface, "85-1" Zone-style zones of mineralization can be expected. A geophysical I.P survey on 100 meter line spacing, completed by Vault over this area early this year, shows a number of promising anomalies that have not yet been drilled. These and other structural targets warrant drill testing. Accompanying maps and sections provide more information. The Lebel Property in Kirkland Lake. The Lebel gold project consists of four historic gold properties, all in Lebel Township, 2 to 8 kilometers east of the Town of Kirkland Lake, where about 10,000 people provide extensive mining services that could be used in any new, local, mining development. The Lebel properties were amalgamated in 1999 into 60, road accessible, contiguous claim units, of which 27 are owned outright and 33 are optioned with rights to earn 100% equity interests through cash payments. Royalties range from zero to less than 2% of net smelter returns. The combined properties contain 9 shafts, including 2 past gold producers active in the 1930's and 1940's, and numerous surface gold showings. They are situated in a reviving gold camp where Kirkland Lake Gold has amalgamated most of the historic gold mines and is now making significant new discoveries as well as producing gold again. The company's very large, underutilized mill offers custom milling services for the local area. It is just 10 minutes drive from the Lebel property, on a paved road. The Attawapiskat Diamond Property. In addition to its Lebel gold project, Vault holds over 500 square kilometers of contiguous claims in the Attawapiskat diamond area, in the James Bay Lowlands, Ontario. Samples collected on these claims contain promising diamond indicator minerals. Vault Minerals Inc. is based in Vancouver, Canada. Its capital consists of 8,820,468 issued shares and outstanding shares. For more information contact Mike Mackey, President, phone and fax (604) 222 4971, email j.m.m@telus.net. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release. Maps: Click on thumbnail below for full size image Click on thumbnail below for full size image

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