Surface high grade advances Blue Vein zone at Vault's Lebel gold property

KIRKLAND LAKE, ON, Dec. 18 /CNW/ - VAULT MINERALS INC. (TSX-V: VMI) ("Vault" or the "Company") announces initial results of a surface sampling program completed on Vault's 100%-owned Lebel gold property. In the Company's renewed effort to develop near-term gold resources since regaining control of the property, assays of up to 73.0 gAu/t over 1.0 m were recently returned from the Blue Vein zone.

The Blue Vein zone is hosted on one of nine major mineralized structures identified on Vault's 3,100-acre Lebel property (74 claims) situated in the prolific Kirkland Lake gold camp, where in excess of 24 million ounces of gold have been produced at a recovered grade of 16.1 gAu/t (0.47 oz/ton). The Blue Vein zone consists of three, sub-parallel mineralized structures located 700 m south of the past-producing Bidgood Mine that historically produced 165,000 oz gold at a recovered grade of 9.2 g/t (0.27 oz/t). These structures extend at least 800 m on surface along strike with minimal trenching or drilling having been carried out.

The recently completed program focused on the northeast (BV1) and southwest (BV2) extensions of the central structure where channel sampling in trenches assayed up to 95.1 gAu/t over 2.7 m (2000). Historical drilling (primarily in 2003) also includes intersections of 11.8 gAu/t over 2.8 m, 30.6 gAu/t over 1.3 m, 12.3 gAu/t over 1.1 m, and 18.8 gAu/t over 0.9 m down to 100 m depth.

The surface representation of intervals within the BV1 and BV2 areas are defined in the following table:

    
    -------------------------------------------------------------------------
    Host     Strike       Average     Grade    Select high grade gold assays
    Zone   Length (m)    Width (m)   (gAu/t)    encountered within the zones
    -------------------------------------------------------------------------
    BV1       31           1.8        15.6            490.5 gAu/t over 0.4 m
                                                       (historic)
                                                       20.2 gAu/t over 1.7 m
                                                       (historic)
                                                       19.2 gAu/t over 0.5 m
                                                       16.2 gAu/t over 0.3 m
                                                       12.7 gAu/t over 0.5 m
                                                       12.5 gAu/t over 0.4 m
                                                      11.3 gAu/t over 0.65 m
    -------------------------------------------------------------------------
    BV2       58           3.1         6.5               73.0 gAu/t over 1 m
                                                       41.3 gAu/t over 0.5 m
                                                       11.1 gAu/t over 0.6 m.
    -------------------------------------------------------------------------
    

The current program comprised 222 chip and channel samples taken along 47 sample lines that were spaced, on average, at 4 m intervals. Mineralization generally consists of 3-20% coarse disseminated pyrite hosted within and on margins of 0.2 to 0.6 m dark blue quartz veining along heavily oxidized fault structures in altered porphyry and sediments. This mineralization is characteristic of that mined at the Bidgood mine. Numerous fault splays provide conduits for yet broader mineralization.

The mid-November trenching and sampling program was curtailed due to the onset of freeze-up conditions; however Vault intends to resume this surface program in the spring of 2010. Specifically, the Company intends to extend the existing trenches along the identified structures and to expose an additional historic high grade zone located 10 m northeast of the latest BV2 trenching, as indicated on maps from 1953 and 1954 which show average grades of 19.32 gAu/t over 1.15m for 33.5 m of strike length from three sampled cross lines.

Vault feels that a resumption of trenching efforts, along with this winter's drill program, will significantly aid the development of gold resources specifically centered around existing higher grade targets and broader, near-surface targets that have potential for open-pit mining. Sample results from trenching on the Boundary Zone will be released once assays are fully received and collated, which is anticipated prior to the upcoming holiday break.

Phase I Drill Program

An initial 3,100 m, diamond drill program has recently commenced on the Lebel property to test numerous priority targets within the Boundary, Blue Vein, Contact and Bidgood Break West zones with 28 shallow drill holes. These four zones (of 21 on the property) are located 1,000 m east, 700 m south, 300 m south, and 600 m west, respectively, of the Bidgood Mine.

The first 1,060 m is currently being undertaken on the 150 m wide Boundary Zone, comprising multiple, near-surface mineralized gold zones. Upon completion, the drill will mobilize to the Blue Vein zone to test, among others targets, gold zones generated by the recently completed surface sampling program.

Qualified Person and QA/QC

The technical content of this press release has been reviewed and approved for disclosure by Michael Sutton, P.Geo, Vault's Vice-President, Exploration, who serves as a Qualified Person for the purposes of National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

The Company has instituted a quality assurance & quality control (QA/QC) program to ensure sampling and analysis of all exploration work is conducted using industry best practices, including assay control samples. Historical assay values cited have not been verified; however most have been generated subsequent to 1980 by reputable companies and are believed to be reliable and representative. The two intervals in the above table were calculated with each including one historic line of channel samples from 2000.

About Vault

Vault Minerals Inc. is a Canadian junior gold exploration company active in the world-renowned Kirkland Lake gold camp of northern Ontario. The Company's capital consists of 40,104,543 issued and outstanding common shares which are listed for trading on the TSX Venture Exchange under the symbol 'VMI'. For further information, please contact Joe Horne, President at 902 402 8266 or visit www.vaultminerals.com.

    
    On behalf of the Board of
    VAULT MINERALS INC.

    signed       "Joseph D. Horne"
    ----------------------------------
    Joseph D. Horne, President & CEO
    

This Press Release may contain forward-looking statements that involve inherent risks and uncertainties. Actual events or results could differ materially from the Company's forward-looking statements and expectations, and the Company disclaims any obligation to update these forward-looking statements.

    
          "Neither 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 release."
    

SOURCE VAULT MINERALS INC.

For further information: For further information: Joe Horne, President at (902) 402-8266 or visit www.vaultminerals.com

Organization Profile

VAULT MINERALS INC.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890