KIRKLAND LAKE, ON, March 4 /CNW/ - VAULT MINERALS INC. (TSX-V: VMI) ("Vault" or the "Company") is pleased to announce the completion of 20 shallow diamond drill holes on the Blue Vein as part of Phase I drilling on its 100%-owned Lebel property. Results have now been received for the first seven drill holes. Intercept highlights to date include 27.8 gAu/t over 1.4 m (including 50.8 gAu/t over 0.65 m) approximately 32 m below surface (BV10-04) and 8.8 gAu/t over 1.75 m approximately 12 m below surface (BV10-07).
The Blue Vein represents the second of four areas being tested during Phase I drilling on Vault's 3,100-acre Lebel property situated in Kirkland Lake, Ontario. The Blue Vein consists of 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 gAu/t (0.27 ozAu/t). These structures extend at least 800 m on surface along strike with limited historical trenching or drilling having been carried out. Recent exploration work has been confined primarily to the northeast and southwest ends of the structure.
Most drill holes were designed on approximately 8 to 15 m centres to assist in defining a resource in areas where previously-reported trench channel samples returned up to 95.1 gAu/t over 2.7 m and 73.0 gAu/t over 1.0 m. Previous drilling in 2003-4 returned intersections of 11.6 gAu/t over 2.8 m, 30.8 gAu/t over 1.3 m and 18.8 gAu/t over 0.9 m to a vertical depth of 80 m.
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, while numerous fault splays provide conduits for yet broader mineralization.
Since the start of Phase I drilling in early December 2009, a total of 47 drill holes representing 3,705 m have been cored in the Boundary, Blue Vein, Contact and Bidgood Break West areas. Assays are pending for the remaining Blue Vein holes and as well for Contact and Bidgood Break West drill holes.
The Phase I drill program has been expanded to accommodate outboard drilling, proximal extensions (all directions) and in-fill drilling of the Boundary zone. Drilling will particularly concentrate in the vicinity of recent intercepts, as reported on January 5 and January 20, 2010, that returned 5.3 gAu/t over 5.75 m (or 3.4 gAu/t over 11.35m) and 15.9 gAu/t over 1.0 m (or 5.5 gAu/t over 3.5m or 1.7 gAu/t over 14.5 m). Following the completion of Phase I drilling, Phase II will commence in the immediate vicinity of the Bidgood mine.
Deep Geophysical Surveys on Gauthier and Lebel Properties
Concurrent with Phase I drilling, two separate deep-penetrating Induced Polarization/Resistivity (IP) geophysical surveys have been undertaken this winter on the Gauthier and Lebel properties. Field components are now complete and independent, interpretation reports are pending for both surveys. The surveys were conducted on the following exploration targets.
Gauthier: A 2.0-km, single-line deep IP survey, covering the eastern limit of the Gauthier property, was designed to identify the western strike extension of the North Basalt Zones, located at Queenston Mining's Upper Beaver property. The survey was also designed to transect historical ground geophysical anomalies that are analogous (including orientation) to those signatures associated with mineralized structures and a central syenite porphyry intrusive at the neighbouring Upper Beaver deposit.
Lebel (KQS Zone): A multi-line deep IP survey over the KQS zone has also been completed. The KQS zone, discovered in 2008 beneath Mud Lake, is a wide copper-gold anomalous zone west of the Bidgood Mine. A distinct 1.6 km-long mineralized corridor hosted within a large feldspar-porphyry stock contains a large quartz-stockwork zone that averages 114 m in core intercepts. Within this broader zone, a strong siliceous core with greater than 80% quartz averages 0.46 gAu/t and 0.10% copper over an average core length of 17 m. The recent survey was designed to outline mineralized targets along this corridor and at depth for future drill testing.
PDAC Investors Exchange
Vault invites interested parties to visit their exhibitor's booth (No.2217) at the PDAC Investors Exchange on March 7 and 8, 2010 where a selection of core samples, maps and sections will be on display.
Qualified Person and QA/QC Program
Mr. Michael Sutton, P.Geo, Vault's Vice-President of Exploration is the designated Qualified Person pursuant to National Instrument 43-101 (Standards of Disclosure for Mineral Projects) of the Canadian Securities Administrators and is responsible for the verification and quality assurance of the technical content of this news release.
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. True widths for holes BV10-04 and BV10-07 reported herein are interpreted to be 90% of drill intersection widths. True widths for other holes referenced are interpreted to range from between 65% and 90% of drill intersection widths. Tabulated results will be posted on Vault's website following receipt of assays for each entire hole and quarter core results.
Vault Minerals Inc. is a well-financed junior gold exploration company focused on its large property portfolio in the prolific Kirkland Lake gold camp of northern Ontario, 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 Company's capital consists of 40,204,543 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 Vault's website at 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: please contact Joe Horne, President at (902) 402-8266 or visit Vault's website at www.vaultminerals.com