With us today is Frank C. Smeenk President & Chief Executive Officer of KWG Resources Inc. Mr. Smeenk discusses recent conversation with Noront Resources after proposed acquisition of Cliffs Chromite was announced.
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TORONTO, Sept. 13, 2011 /CNW/ - Viking Gold Exploration Inc. (TSX-V: VGC), the "Company", is pleased to announce the completion of its summer 2011 field program on the Verneuil Property, and the availability of most of the related assay results including channel samples over the main gold zone that returned 15.3 g/t Au over 4 meters.
The program consisted of line cutting, geological and geophysical surveys, stripping and trenching, systematical channel sampling of known gold showings and diamond drilling.
A total of 128 kilometres of line have been cut, including 37 kilometres on a detailed grid covering the area of the Toussaint-Midrim showings area, and 91 kilometres on the main grid of the Verneuil Property.
A detailed magnetometer survey was carried out over the Toussaint-Midrim showings area to define with more accuracy the geological structures and the drilling targets. An extensive Induced Polarization (IP) survey was also completed over the entire main property grid. Preliminary results show that the survey was an efficient tool to delineate large geological structures and several well- defined anomalies representing excellent new drill targets scattered in different parts of the property. It is interesting to note that each of the already known gold showings correlates very well with IP anomalies. Furthermore, the survey also reveals possible extensions of the known gold mineralized zones that will be explored in the future programs.
Trenching and systematic channel sampling were performed over the Toussaint Shear Zone, the Benoist Showing, and the new JD Showing.
The main Toussaint Showing, well exposed by trenching, was sampled with closely spaced systematical channels with one-meter samples. Some of the most significant results are as follows:
15.3 g/t Au over 4.0 m, including 47.3 g/t Au over 1.0 m
10.64 g/t Au over 4.0 m, including 18.43 g/t Au over 2.0 m
8.22 g/t Au over 5.0 m, including 13.36 g/t Au over 3.0 m
14.07 g/t Au over 2.0 m
6.26 g/t Au over 5.0 m, including 8.64 g/t Au over 3.0 m
5.91 g/t Au over 8.0 m
3.65 g/t Au over 7.0 m, including 4.34 g/t Au over 4.0 m
Overburden thickness did not allow exposure of the north-east extension of the Toussaint zone.
At the Benoist Showing, a total of 8 channels were sampled to get representative Au values across the mineralized zone. The results validated the assays from the previous sampling with values of 1.70 g/t Au over 2.0 m. and 1.01 g/t Au over 1.0m.
Trenching was also completed at the new JD Showing, exposing a rusted silicified shear zone, as well as a quartz-feldspar porphyry dyke and quartz-tourmaline veining. Channel sampling returned Au values of 0.301 g/t Au over 1.0 m. and 0.283 g/t Au over 1.0 m.
DIAMOND DRILLING AND HISTORICAL RESOURCES
In August 2011, a 500 metre diamond drilling program, distributed between five shallow holes, was completed over the Toussaint Shear Zone for which geological reserves were estimated, in 1994, at 187,706 tonnes with an average grade of 7.1 g/t Au. The program, which filled gaps in the existing drilling mesh as a first step toward validating the historical results, was a success as each hole intersected the mineralized gold zone. More than 141 meters of NQ core were sampled and sent to ALS Chemex Lab in Val d'Or for analysis. Results are pending.
Viking has recovered most of the drill core from the past programs and selected mineralized sections will also be re-assayed for validation, to make the historical Freewest's reserves compliant with the National Instrument 43-101.
FALL 2011-WINTER 2012 PROGRAM
A next phase of exploration that includes a 4500 meter-drill program will begin this fall. The objective of this campaign is to further test the extensions of the Toussaint Shear Zone and verify new targets defined by the IP survey in different parts of the Verneuil Property.
All samples, sent to ALS Chemex Lab in Val d'Or for analysis, were initially run using a conventional 35-element ICP analysis with an aqua regia digestion process. A 30-gram fire assay with Atomic Absorption Spectroscopy finish for gold was run on all samples; samples with gold values above 10.0 ppm were re-analyzed using a 30-gram fire assay with gravimetric finish.
Pierre Poisson, P.Geo., an independent "qualified person" as that term is defined in NI 43-101, has reviewed and approved the technical disclosure in this news release.
In addition, the Company has granted 1,650,000 stock options to directors, officers and consultants at a price to be set at one cent above the closing stock price the day after this release is disseminated or at sixteen cents, whichever is greater.
Neither the 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 press release.
This press release contains forward-looking statements. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding the estimation of mineral resources, exploration results, potential mineralization, potential mineral resources and mineral reserves) are forward-looking statements. Forward-looking statements are often identifiable by the use of words such as "anticipate", "believe", "plan", may", "could", "would", "might" or "will", "estimates", "expect", "intend", "budget", "scheduled", "forecasts" and similar expressions or variations (including negative variations) of such words and phrases. Forward-looking statements are subject to a number of risks and uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company's expectations, the price of commodities and other risks identified in the Company's documents filed with the Canadian securities regulatory authorities on SEDAR.com. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement.
Source: Canada Newswire (September 13, 2011 - 11:30 AM EDT)