KIRKLAND LAKE, ON, Jan. 5 /CNW/ - VAULT MINERALS INC. (TSX-V: VMI) ("Vault" or the "Company") announces that a 3,100 m Phase I diamond drill program has recommenced on its 100%-owned Lebel property, subsequent to the holiday break. The Company also reports results of the first drill hole of the program, including an intersection of 15.9 gAu/t over 1.0 m (5.5 gAu/t over 3.5 m), located approximately 48 m below surface at the Boundary Zone.
"It is gratifying to see immediate progress in Vault's renewed effort to develop near-term gold resources since regaining control and direction of the property." noted Joe Horne, Vault's President. "By pursuing numerous high-grade and open-pit targets that have been generated by limited previous drilling, the potential of the property may be significantly and quickly enhanced".
The Boundary Zone is hosted on one of nine major mineralized structures identified on Vault's 3,100-acre Lebel property 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 Boundary Zone consists of three, sub-parallel mineralized structures located 1,000 m east of the past-producing Bidgood Mine that historically produced 165,000 oz gold at a recovered grade of 9.2 gAu/t (0.27 oz/ton). These structures extend at least 200 m on surface along strike with minimal trenching or drilling having been carried out.
The intersection of 15.9 gAu/t over 1.0 m lies within a broader, lower grade mineralized zone that averages 2.4 gAu/t over 9.0 m or 1.7 gAu/t over 14.5 m. This first drill hole is a 30 m 'step-out' northeast of a recent trench on the Perreault Zone where chip sampling returned an average of 5.1 gAu/t across 3.0 m along an 18 m strike length, including one chipped line of 8.9 gAu/t over 3.2 m. As previously reported, individual higher grade assays within the trench include 42.5 gAu/t over 0.4 m, 41.2 gAu/t over 0.5 m and 16.9 gAu/t over 0.6 m. Strong mineralization was observed in the trench up to where it became covered by swamp.
The drill hole is the first of several proposed holes intended to define a higher grade, near-surface zone, as observed by surface trenching, and that may be included in a broad, lower grade open-pit scenario. The three zones are hosted within a porphyry unit with minor mudstone and wacke sequences. The anomalous gold zones are easily identified with up to 20% pyrite mineralization in penetrative fractures, 15 to 60% quartz-ankerite veining, and strong pervasive silica-chlorite-sericite alteration; all of which are strongly sheared.
Qualified Person and QA/QC Program
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 and quality control (QA/QC) program to ensure sampling and analysis of all exploration work is conducted using industry best practices, including assay control samples. True widths are estimated to be approximately 70% of core length.
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