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TSX.V : VMI
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| | Mon Nov 29, 2004
Vault Options Attawapiskat Property To Diadem
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| | Kirkland Lake, Ontario. Vault Minerals Inc. (the "Company" or "Vault") is pleased to announce that it has entered into an option agreement with Diadem Resources Ltd. (TSX-V: DIR) ("Diadem") whereby Diadem has the exclusive right to acquire a 51% interest in Vault's Attawapiskat diamond property, located in northern Ontario.
In consideration of $15,000 paid to Vault upon signing, Diadem has the exclusive option to review the available data prior to December 28, 2004 at which time, should it elect to proceed, it will be required to expend at least $500,000 by December 1, 2005 (of which $300,000 would be committed to be spent by April 1, 2005) on exploration and related costs with a further $500,000 to be expended by December 1, 2006. Additional cash payments to Vault during the option period total $85,000. If Diadem exercises its option on or before December 1, 2006, a 51/49 joint venture will be formed and Diadem will be the operator.
The Attawapiskat property consists of 219 contiguous claims (3,403 claim units) covering over 53,000 hectares located from 40 to 70 kms southeast of the Attawapiskat cluster of 19 kimberlite pipes (16 held by De Beers) in the James Bay Lowlands area of northern Ontario. The largest pipe in the cluster, Victor, is undergoing final feasibility studies prior to an anticipated De Beers production decision.
The Vault property was staked to cover the area of intersection of some very prominent diabase dikes, one of which extends to the northwest through the trend of many of the kimberlites making up the Attawapiskat cluster. It is believed such dikes occupy deep fractures that extend through the crust to the mantle. Such fractures are often the preferred location of diatremes that rise from the deeper parts of the mantle, including the kimberlites that come from depths of around 200 kms where diamonds are a naturally stable form of carbon.
Limited diamond indicator sampling was carried out in 2001 which recovered mantle derived pyrope garnets, chrome diopsides and picro-ilmenites whose chemistry is as good, if not better than the chemistry of these same minerals from the Attawapiskat cluster kimberlites (high chrome, sodium and magnesium substitutions into the crystal fabric), as reported by Ontario Government sampling. In 2002, an airborne magnetic survey was flown over approximately 400 of the 3,403 claim units now held by Vault which identified a number of dike-like anomalies warranting ground follow-up.
The Metalex consortium also holds a large number of claims in the same general area as the Vault property. Metalex Ventures Ltd., Arctic Star Diamond Corp., Big Red Diamond Corporation and Antoro Resources Inc. are believed to have spent over $10 million exploring their properties in the area. The consortium has announced it will be core-drilling geophysical anomalies and encouraging diamond indicator anomalies in glacial overburden on its claims.
Rodney N. Thomas, P. Geo., the President of Diadem, is currently analyzing the technical data provided by Vault and will develop an exploration program to continue the work previously carried out on the property by Vault and its predecessor.
About Vault
Vault Minerals Inc. is a junior natural resource company involved in exploration for gold, base metals and diamonds in Ontario and Quebec. Its common shares are listed for trading on the TSX Venture Exchange under the symbol "VMI". The Company owns the 69-claim unit Lebel gold property, situated in the heart of the historic Kirkland Lake gold camp, the 40-claim Magnum gold/base metal property located in the Urban-Barry belt of Quebec and the 3403-claim unit Attawapiskat diamond property located southeast of De Beers' Victor diamond mine development in the James Bay Lowlands. The Company is based in Ontario, with offices in Kirkland Lake and Toronto, and its capital consists of 12,820,468 issued and outstanding common shares.
On behalf of the Board of
VAULT MINERALS INC.
"Andy Chater"
_______________________
Andrew M. Chater, P.Geo
President & CEO
For additional information, please visit our website at www.vaultminerals.com or contact:
Dan McCormack, Director
21 Goodfish Road
Kirkland Lake, Ontario P2N 3H7
Phone (705) 567 4511
Fax (705) 567 6873
Email info@vaultminerals.com
Andy Chater, President & CEO
Suite 711 -- 25 Adelaide Street East
Toronto, Ontario M5C 1Y2
Phone (416) 360 1985
Fax (416) 360 7193
Email info@vaultminerals.com |
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| | You can view the Next Press Releases item: Tue Dec 7, 2004, Vault Signs Letter Of Intent With Placer Dome
You can view the Previous Press Releases item: Wed Nov 3, 2004, Vault Options Lebel Claims From Consolidated Thompson-Lundmark
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