KIRKLAND LAKE, ON, Sept. 20 /CNW/ - Vault Minerals Inc. (TSX-V: VMI)
("Vault" or "the Company") announces that it has now received and collated
remaining assay results from the four-hole drill program (2,086 m) completed
on its Lebel gold property, Kirkland Lake, Ontario.
As previously reported (news release July 17, 2007), drill hole LB07-19
intercepted three separate mineralized structures with intersections of:
6.84 gAu/t over 1.2 m, 14.1 gAu/t over 1.0 m, and 8.34 gAu/t over 2.6 m.
Of the remaining three drill holes, LB07-22 intersected 11.2 gAu/t over
1.0 m within a 7.5 m envelope anomalous in gold, silver, copper and
molybdenum. This intersection is situated on the footwall of the North Bidgood
fault at the 2025 level elevation of the Bidgood Mine and may represent a new
mineralized zone 500 feet below previously mined veins. Historical records
indicate that there is no drilling or mine development in this area west of
the Bidgood Mine No.2 shaft. Drill hole LB07-22 also intersected two other
significant zones anomalous in gold, silver, copper and molybdenum (core
lengths of 10 m and 16.2 m) which are also spatially related to the North
Bidgood fault and distal to historical underground mine workings.
Drill holes LB07-20 and -21 also intersected multiple structures that are
anomalous in gold, silver, molybdenum and tellurium. The presence of gold and
these elemental pathfinders continues to validate the Company's exploration
model that targets multiple shear and fault structures comprising the
extensive 'Bidgood Fault Array'. Individual structural zones of the 'Bidgood
Fault Array' are interpreted by geophysical data to extend up to 4 km in
Detailed compilation and survey work is being completed to further refine
existing targets, as well as identify new drill targets, along these regional
The drill program, managed by Vault, was financed by Goldcorp Canada
Ltd., a wholly-owned subsidiary of Goldcorp Inc. (TSX:G, NYSE: GG). As
previously reported, Goldcorp Canada Ltd. has an option to earn an initial 60%
interest in the Lebel gold property by spending $2 million over a four-year
In mid-August 2007, Vault initiated geological mapping on the Kirkland
North gold property in addition to a program of overburden stripping/washing,
detailed mapping and channel sampling on several targets including the Boyce
Vein, a regional volcanic-sediment unconformity and a breccia zone that
returned a drill intercept of 22.6 g Au/t over 1.22 m in 2000.
It is anticipated that this detailed program will provide a better
understanding of the local controls on gold mineralization associated with
these structures prior to diamond drilling, as the Kirkland Lake gold camp is
recognized for the laterally-persistent nature of gold-bearing structures and
sporadic nature of gold tenure.
The technical content of this press release has been reviewed and
approved for disclosure by Daniel McCormack, P.Geo, Vice President, who serves
as Qualified Person in accordance with National Instrument 43-101 (Standards
of Disclosure for Mineral Projects).
Mr. McCormack has instituted and is responsible for Vault's program of
Quality Control and Quality Assurance, using industry best practices, that
includes the insertion of assay control samples. NQ-size drill core was logged
and identified core samples were longitudinally sawn in a secure facility.
Half-core samples were submitted with requisite chain of custody forms and
security tags to ALS Chemex, while remaining half-cores have been archived for
Vault Minerals Inc. is a Canadian junior exploration company engaged in
gold and base metal exploration in Ontario. Its principal properties include
the Kirkland Lake and Lebel gold properties in Kirkland Lake and the Percy
Lake VMS base metal property north of Sault Ste. Marie. The Company's capital
consists of 28,651,093 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
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
"The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release."
For further information:
For further information: please visit our website at
www.vaultminerals.com or contact Joe Horne, President, or Dan McCormack,
P.Geo, Vice President at (705) 567-4511