Vault Minerals/Goldcorp Commence Drilling Lebel Gold Properties; Multiple I
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posted on Feb 29, 2008 08:59AM
An aggressive exploration company focused on the acquisition of and exploration for gold in Northeastern Ontario, Canada.
KIRKLAND LAKE, ON, Feb. 13 /CNW/ - Vault Minerals Inc. (TSX-V: VM I) ("Vault" or "the Company") has recently commenced the first of two winter-based drill programs planned for its 100%-owned Lebel gold properties. The large contiguous group of properties is located from 3 to 10km east of Kirkland Lake, Ontario.
Gordon-Lebel Gold Property
In late January 2008, Vault commenced an eight-hole drill program on its Gordon-Lebel property. The 200-acre property is situated along the northeastern strike extent of several gold-bearing structures, including projected structures from the former-producing Bidgood No.2 gold mine, located on Vault's Lebel property. As previously reported, historical plan maps indicate that the Bidgood No.2 mine extended underground development into the Gordon-Lebel property on the 2025 ft level and that one small stope was mined.
The initial 1,500m program is designed to test several targets, including the Boundary Zone, where recent prospecting by Vault has identified several strongly-altered, mineralized shear zones. Grab samples recently collected from this area assayed as high as 27.9 gAu/t over 0.3m from a blue quartz vein and historical drilling in this area has also returned a near-surface interval of 1.4 gAu/t over 21.3m.
To date, six drill holes have been completed totaling 1,225m and preliminary analytical results have been received and tabulated for the first two holes. Drill hole LB08-23 encountered multiple gold intercepts including 10.2 gAu/t over 1.1m, 6.7 gAu/t over 1.4m, 6.6 gAu/t over 1.4m and 3.4 gAu/t over 1.5m. Three of the four intersections are within mineralized envelopes of lower grade ranging in width from 3.2m to 4.7m. The majority of these intercepts are found within low-angle (approximately 25 to 35 degrees to core axis) mineralized structures that require further study to understand the geometry and to calculate true widths. Follow-up work will be contingent on these and future results.
Lebel Gold Property - Goldcorp Option
Vault also announces that, pursuant to the terms of an option agreement, Goldcorp Canada Ltd. ("Goldcorp") intends to proceed with a 4,500m diamond drill program on Vault's Lebel property.
During November 2007, Vault commenced an extensive review of the historical technical data on the Lebel property. The program, conducted on Goldcorp's behalf, identified several structures with orientation, host lithology, mineralization, and alteration analogous to that of the Kirkland Lake `Main Break' that produced over 24 million ounces of gold. To date, 18 target areas have been identified for proposed diamond drilling along 12 known mineralized structures on the 2,300-acre property.
Goldcorp intends to initially spend approximately $700,000 to drill-test a select portion of the identified targets that include both narrow, high-grade zones typical of underground mines in the Abitibi Greenstone Belt, and broader, near-surface showings that may represent potential open-pit targets.
Existing high-grade drill intersections and surface channel samples that require follow up include: 95.1 g/t over 2.7m, 124.8 g/t over 0.2m, 14.1 g/t over 1.0m, and 30.6 g/t over 1.3m; while those representing open-pit potential include: 1.0 g/t over 36.5m, 3.3 g/t over 10.2m, and 1.4 g/t over 21.3m. True width geometry of these intersections has yet to be determined.
Goldcorp has elected to have Vault manage the program, which is scheduled to commence immediately upon completion of the Gordon-Lebel drill program. As previously reported, the Lebel property is currently under option to GoldcorpCanada$2,0... on the property by May 2009.
Kirkland North Gold Property
During December 2007, Vault completed a small, four-hole diamond drill program on its Kirkland North gold property, proximal to the regional Timiskaming-Blake River (sediment-volcanic) geological unconformity. Final assay results have now been received and include 8.3 gAu/t over 0.5m and 2.3 gAu/t over 1.1m from drill hole MB07-11. Vault is considering a summer-based surface stripping program to further access the merit of these intercepts.
The technical content of this press release has been reviewed and approved for disclosure by Daniel McCormack, P.Geo, Vault's Vice President, who serves as the Qualified Person for the purposes of National Instrument 43-101 (Standards of Disclosure for Mineral Projects).
Quality Assurance & Control
The Company has instituted a quality assurance & control (QA/QC) program to ensure sampling and analysis of all exploration work is conducted using industry best practices and assay control samples. Drill core is logged at a secure facility and selected portions are longitudinally sawn in half. Half-core samples are shipped with requisite chain of custody forms and security tags to a certified lab for analysis, while remaining half-cores are archived for future reference.
Vault Minerals Inc. is a Canadian junior exploration company actively exploring its Kirkland Lake and Lebel gold properties in the Kirkland Lake Gold Camp of northeastern Ontario. The Company's capital consists of 29,526,093 issued and outstanding common shares which are listed for trading on the TSX Venture Exchange under the symbol 'VMI'.
On behalf of the Board of
VAULT MINERALS INC.
Joseph D. Horne
President & CEO