KIRKLAND LAKE, ON, Oct. 8 /CNW/ - VAULT MINERALS INC (TSX-V: VMI)
("Vault" or the "Company") announces the recent acquisition of the Gauthier
Property in the Kirkland Lake gold camp, Ontario.
The property, comprising eighty-eight staked mining claims totaling
approximately 1,400 ha, is situated about three km north of the past-producing
Upper Canada gold mine (1.4M oz) in northern Gauthier Township.
The claim group covers 5.3 km of strike extent of the west-northwest
trending Victoria Creek Deformation Zone ("VCDZ"), which is a major structural
unconformity and that represents a high-priority gold exploration target. The
VCDZ hosts the Victoria Creek gold deposit, 700 m west of Vault's Gauthier
property, on which Sudbury Contact Mines Limited, one of the Agnico-Eagle
group of companies, expended in excess of $20 million in development during
the late 1990's.
Also, northeast-trending structures that splay off of the VCDZ are
thought to control mineralization at Queenston Mining Inc's Upper Beaver
gold-copper deposit, located 500 m east of the Gauthier property. On September
22, 2008, Queenston announced an initial mineral resource on the Upper Beaver
deposit, which includes 427,900 oz gold at 9.7 g/t (Indicated) and 291,300 oz
gold at 8.5 g/t (Inferred).
A preliminary compilation by Vault of previous exploration work on the
property reveals untested geophysical anomalies along interpreted splays off
of the VCDZ. The anomalies comprise highly magnetic areas with co-incident IP
and VLF conductors surrounding circular magnetic lows (at least one of which
contains an identified felsic intrusive outcrop).
These geophysical signatures are highly analogous to that of the Upper
Beaver deposit, where mineralization is associated with magnetite bordering a
circular felsic intrusive having a magnetic-low expression.
Vault acquired a 100% interest in the claim group from Stornoway Diamond
Corporation, in consideration of the issuance of 100,000 common shares of the
Company and the grant of a 2% royalty in favor of Stornoway. The agreement
remains subject to acceptance of the TSX Venture Exchange.
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).
Vault Minerals Inc. is a Canadian junior exploration company focused on
gold exploration and development in and around the proven gold camps of
northeastern Ontario. In addition to its large portfolio of properties in the
prolific Kirkland Lake gold camp, Vault continues to expend significant
resources in the identification and review of qualified, advanced-stage gold
projects in the region for potential acquisition. The Company's capital
consists of 29,576,093 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 Vault's website at
www.vaultminerals.com or contact Joe Horne at (705) 567-4511