KIRKLAND LAKE, ON, Sept. 11 /CNW/ - VAULT MINERALS INC (TSX-V: VMI)
("Vault" or the "Company") provides the following update of field activities
on its Goldbanks and Lebel gold properties, situated in the Kirkland Lake gold
As announced June 24, 2008, Vault entered into an option agreement to
acquire the Goldbanks property that is situated 2700 ft west of the high-grade
Macassa gold mine, which is currently operated by Kirkland Lake Gold Inc.
Vault subsequently designed and initiated an initial surface exploration
program on the property that has received negligible modern exploration. Work
completed to date includes; a compilation of historical work dating back to
the 1930's (including three shafts), a cut field grid, geological mapping and
a high-resolution ground magnetic survey. Mechanized stripping, to be followed
by detailed trench mapping and sampling, is scheduled to commence in September
on several identified structures that parallel the gold camp's prolific
Main-'04 Break, that also transects the southernmost portion of the property.
Vault anticipates that an IP geophysical survey will also be completed this
fall to assist in tracing the strike extent of the more favorable structures.
Upon completion of these programs, a diamond drill program will be designed to
test the identified gold targets.
As follow up to diamond drilling completed in May 2008, a program of
surface trenching and mapping has commenced on the Lebel gold property that is
currently under option to Goldcorp Canada Ltd ("Goldcorp"), a wholly-owned
subsidiary of Goldcorp Inc (TSX:G, NYSE: GG). Goldcorp has also approved an
additional $500,000 diamond drill budget that is primarily designed to
investigate a strong, broad, gold-anomalous hydrothermal system at Mud Lake
and peripheral to the past-producing Bidgood Mine. The drill program, to be
managed by Vault, is scheduled to commence in late September. Upon completion
of these programs, Goldcorp will have acquired the right to vest an initial
60% in the Lebel gold property.
The technical content of this press release has been reviewed and
approved for disclosure by Daniel McCormack, P.Geo, Vault's Vice President,
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 Goldbanks, Kirkland and Lebel gold
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
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