KIRKLAND LAKE, ON, Nov. 29 /CNW/ - Vault Minerals Inc. (TSX-V: VMI)
("Vault" or "the Company") provides the following update on several of its
gold properties located within the Kirkland Lake gold camp; including the
scheduled start of drilling on Vault's Kirkland North and Gordon-Lebel
Kirkland North Property
During mid-August through October 2007, Vault conducted a surficial
exploration program on its Kirkland North property, proximal to the regional
Timiskaming-Blake River (sediment-volcanic) geological unconformity. The
program included mechanized overburden stripping & washing, detailed
geological mapping and channel sampling, and was successful in identifying the
targeted surface expression of the Breccia zone along with associated quartz
Channel samples confirmed that the north-northeast trending Breccia zone
is gold-anomalous, with returned values of up to 7.8 gAu/t over 0.55 m. These
surface results correlate well spatially with the previously-reported
discovery drill intercept of 22.6 gAu/t over 1.2 m situated approximately 70 m
The sub-parallel Boyce vein, located 10 to 20 m west of the Breccia zone,
was extended along strike to the southwest where it remains associated with
characteristic strong alteration and shearing in a mafic volcanic host rock.
Vault intends to diamond drill both the Breccia zone and Boyce vein
structures along strike and down dip commencing in early December 2007,
pending rig availability and the award of a drill contract.
The 100%-owned Gordon-Lebel property consists of eight contiguous parcels
adjacent to, and along strike of the Bidgood Mine, a former gold producer
located immediately to the east on Vault's Lebel property.
Historical records indicate that limited mining occurred on the
Gordon-Lebel property from the 2025 level of the Bidgood Mine. In addition,
the majority of historic surface exploratory diamond drilling dates back to
the 1930's and was concentrated along the joint boundary with the Bidgood Mine
property. Recent prospecting on the Gordon-Lebel property by Vault has
identified mineralized shear zones in quartz porphyry and sediment host rocks
that may represent extensions of gold-bearing structures from the Lebel Gold
property. Vault has designed at least five drill holes to test these gold
targets in the upcoming program.
Lebel Property - Goldcorp Option
The 62-unit Lebel property, also 100% Vault-owned, is located from 3 to 9
km west of the Kirkland Lake main deposit from which over 24 million oz of
gold have been produced. As referenced above, it hosts the past-producing
Bidgood Mine (165,000 oz gold). The property is currently under option to
Goldcorp Canada Ltd., a wholly-owned subsidiary of Goldcorp Inc. (TSX:G,
NYSE: GG), who have the right to acquire an initial 60% interest by expending
$2,000,000 on the property.
In preparation for designing a winter-based drill program, Goldcorp
Canada Ltd. is currently reviewing and targeting from the extensive
exploration database that exists on this project, and which now includes the
positive results of the most recent drill program (Vault's September 17, 2007
In addition to strike and plunge potential of identified structures
associated with the Bidgood Mine, multiple structural, geochemical and lake
sediment anomalies remain untested along the entire Bidgood Fault Array that
transects the property. The Fault Array comprises individual faults
interpreted to extend for up to 4 km in strike length and some of these
structures have lithology, alteration and mineralization analogous to that of
the Kirkland Lake main deposit.
To further assist with drill planning, field prospecting and a cadastral
survey are nearing completion. These programs will aid in understanding the
known gold horizons and will improve locational control of existing diamond
drill collars, trenches and shear-fault structures.
The Company also announces that it has entered into a purchase agreement
with an arm's-length party to acquire a 100% interest in the mining rights to
a single patented mining claim situated in Lebel Township. The claim is
strategically located immediately adjacent to the south-central portion of the
Lebel property and this recent acquisition is consistent with Vault's strategy
to acquire and explore under-developed gold properties with favorable geology
within the Kirkland Lake Camp.
Vault is not aware of any recorded exploration on the property, however
early government mapping indicates limited bedrock exposure and that a portion
of the property is underlain by Timiskaming porphyry, a favorable host rock
for gold deposits. A prominent north-northeast trending fault zone and a
northeast trending magnetic linear transect the Skinner property, with the
latter possibly being indicative of one of many fault zones that comprise the
Bidgood Fault Array.
Consideration for the property is a cash payment of $15,000 and the
issuance of 50,000 common shares of Vault to the vendor upon TSX Venture
Exchange approval. The vendor has also been granted a 2% royalty on any
production from the property of which one-half may be purchased at any time by
Vault for $500,000.
In an ongoing effort to increase shareholder value, the Company continues
to aggressively seek out and review gold projects of merit for potential
The technical content of this press release has been reviewed and
approved for disclosure by Daniel McCormack, P.Geo, who serves as 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 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 29,426,093 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