TORONTO, Aug. 6 /CNW/ - VenCan Gold ("Vencan" or the "Company") (TSX
VENTURE:VCG) is pleased to announce it has commenced a drilling program on its
Timmins area Mt. Logano gold property in order to test newly defined
geophysical targets. The drill program consists of 6-8 diamond drill holes
totaling about 1,000 meters.
The first drill hole is at Target L-5, located at a felsic
porphyry/ultramafic volcanic rock contact, which displays an IP anomaly along
at least 800 meters of this important contact. A distinct magnetic low is
coincident with this IP response, which may be indicative of the destruction
of magnetite in an area of intense alteration.
Recently completed IP/resistivity and magnetometer surveys defined a
minimum of five anomalous zones, several located where a porphyry system
intrudes the mafic volcanic rocks in a geological setting similar to those of
the major gold deposits in the Timmins area. All five IP anomalies will be
drill tested with a minimum of one hole on each target.
The Logano claim group is underlain by similar age rocks to those that
host the prolific Timmins area gold deposits, which have produced in excess of
65 million ounces. The contact between felsic porphyries and ultramafic/mafic
volcanic rocks presents a significant gold environment target. The Nighthawk
Lake gold deposit (Goldcorp Inc.) lies to the east while the Pamour, Hallnor
and Hoyle Pond Mines (Goldcorp Inc.) lie to the north. The prolific Dome Mine,
Hollinger Mine and MacIntyre Mine, as well as a host of other significant past
producing gold deposits are situated to the west of the Mt. Logano Property.
About the Property
The Mt. Logano Property, located 9 kilometres east of Timmins, Ontario
has recently been acquired from famed prospector Don McKinnon, known for his
significant contribution to the discovery of the Hemlo gold deposit and major
land holder in the Timmins area.
The property is located in the Abitibi Greenstone Belt, in the northern
part of Shaw Township, extending well into the southern part Whitney Township
and east into Carmen and Cody Townships, over to the western shore of
Nighthawk Lake. It is made up of 212 claim units covering an area of
approximately 33.9km(2). A map of the property can be viewed on the Company's
Initial field work by Vencan Gold has consisted of IP/resistivity and
magnetometer surveys over an area underlain by porphyritic rocks that are in
contact with ultramafic/mafic volcanic rocks. Initial interpretations by the
Company's consulting geophysicist indicate five IP anomalies of significance,
one of which lies at an extensive contact between porphyries and ultramafic
vocanic rocks. Another strong IP target lies proximal to a northeast trending
diabase dyke which is virtually perpendicular to regional strike. This anomaly
straddles a porphyry/ultramafic volcanic contact. Another three geophysical
targets lie at or close to the previously mentioned contact in the more
northwesterly part of the property.
The Board has reallocated and granted the issuance of 1,415,000 stock
options to Directors, Officers and Consultants of the Corporation under the
terms of an Incentive Stock Option Plan filed with the TSX Venture Exchange
and approved by shareholders at the last AGM held on January 17, 2008. The
options are exercisable at $0.10 "per share" for a period of 4 years and are
subject to a four month hold period from date of issuance.
Bill Nielsen, P.Geo., Director, is the designated qualified person for
the technical information contained in this press release.
Randall Salo, P.Geo. is the Exploration Manager and is overseeing the
field exploration program on behalf of VenCan Gold.
WARNING: The statements made in this news release may contain forward-
looking statements that may involve a number of risks and uncertainties.
Actual events or results could differ materially from expectations and
projections set out herein.
For further information:
For further information: Brent Nykoliation, Director of Business
Development, (416) 364-7024, (416) 364-2753 (FAX), firstname.lastname@example.org;
www.vencan.com or J. A. Kirk McKinnon, President and Chief Executive Officer;
Richard Schler, Vice President & CFO