KIRKLAND LAKE, ON, Oct. 9 /CNW/ - VAULT MINERALS INC (TSX-V: VMI)
("Vault" or the "Company") announces that it has entered into option
agreements to acquire two strategic claim units, contiguous to its Goldbanks
property in the Kirkland Lake gold camp, Ontario.
As previously announced, the Goldbanks property is situated in western
Teck Township, 800 m west of the high-grade Macassa mine, which is currently
operated by Kirkland Lake Gold Inc. The Macassa mine is the western-most of
the seven historic gold mines along the prolific Kirkland Lake Main-'04 Break
which comprise the famous 'Mile of Gold', and that have produced in excess of
24 million ounces of gold at a recovered grade of 0.47 oz/ton.
The Main-'04 Break transects the southern-most claims of the Goldbanks
property, and there are at least five other sub-parallel structures of
exploration significance across the 1700 m band of favourable Timiskaming
geological assemblage that Vault's claims now cover.
The two new claims are also interpreted to contain the western extension
of the '05 Break which was being mined by Lac Minerals, Barrick, and Kinross
at Macassa mine in the 1990's until underground access was lost. Diamond
drilling verified the western extension of the '05 Break on the adjoining "KL
West" property in early 2008, which is a joint-venture between Queenston
Mining Inc and Kirkland Lake Gold.
Very little modern exploration has been undertaken on the property,
including the two newly-optioned claims. Only one 600-foot drill hole has been
drilled on the eastern claim; and it is interpreted to have been drilled south
of, and away from, the '05 Break. Mafic syenite, a common ore host-rock at the
Macassa mine, is present on both claims. Geologic contacts of the Timiskaming
sediments, with associated geophysical and geochemical anomalies, will be
primary exploration targets.
In recent years, renewed exploration in proven gold camps, such as Red
Lake, Timmins and Kirkland Lake, has resulted in discoveries of significant
gold deposits on structures outboard from the historical workings and yet
still "in the shadow of headframes". Joe Horne, Vault's president and CEO
commented, "Although the junior markets are experiencing very difficult times,
I am pleased that Vault continues to be able to source excellent opportunities
close to home. We remain confident and committed to building a dominant land
position in one of Canada's most recognized gold camps, for when gold markets
Vault now intends to extend the recently-established field grids and
surveys onto the two new claims. Upon completion of the various surface
exploration programs this fall, and the integration of the data into an
on-going GIS compilation, Vault intends to design a diamond drill program to
test identified gold targets in a subsequent budget.
Vault may earn 100% in the properties for aggregate consideration of
$35,000 in cash payments, 120,000 common shares of Vault and $55,000 in work
expenditures. First year obligations include $12,000 cash, 40,000 shares and
$25,000 in work expenditures. The properties will each be subject to a 2%
royalty. The agreements remain subject to acceptance of the TSX Venture
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