Vault Minerals reports discoveries from Lebel drill program



    KIRKLAND LAKE, ON, June 10 /CNW/ - Vault Minerals Inc. (TSX-V: VMI)
("Vault" or the "Company") is pleased to announce results from the
twenty-hole, 5,236-meter, diamond drill program undertaken on the contiguous
Lebel and Gordon-Lebel gold properties between January and May, 2008. Of
eighteen initially-recommended target areas, the program was designed to test
only eight 'grassroots' targets for structures analogous to those controlling
gold mineralization at the former-producing Bidgood Mine.

    
    Program highlights include:

    -   the discovery of a fault horizon that is interpreted to be the
        eastern extension of the prolific Kirkland Lake Main Break onto the
        Lebel gold property;

    -   the delineation of four gold-mineralized structures at the Boundary
        zone; and

    -   the discovery of a strong hydrothermal system with anomalous gold at
        Mud Lake similar to the outboard quartz flooding observed peripheral
        to the Bidgood Mine.
    

    As previously disclosed, the Lebel 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 by May 2009. To date, Goldcorp's expenditures have exceeded
$1,500,000 including 3,859 m of this latest drilling. Vault financed 1,377 m
of the program for holes collared on its Gordon-Lebel property that forms part
of the Boundary Zone and that is not subject to the Goldcorp agreement.

    Eastern Extension of Kirkland Lake Main Break

    Drill holes LB08-35, 36, 38 and 42 have discovered a fault horizon on the
Lebel property interpreted to be the eastern extension of the prolific
Kirkland Lake Main Break that produced over 24 million ounces of gold. Of
particular note, LB08-38 intersected a strong, one-inch chlorite annealed
fault that visually looks identical to the 'Main Break'. The fault is, for the
most part, located proximal to the northern edge of a large porphyry mass and
is characterized by breccia-gouge texture, silica-hematite-sericite-chlorite
alteration, fracture-filled quartz and occasional pyrite-chalcopyrite
mineralization. Anomalous gold is sometimes present within and at the
boundaries of the fault as exhibited in drill holes LB08-35 and 36 with values
of 0.95 gAu/t over 1.2 m and 0.41 gAu/t over 0.7 m respectively. More
significantly, the former-producing Bidgood Mine (165,000 oz Au), which is
located at the northeast extent of the property, is now interpreted to be
situated on splays of this structure. This interpretation renders a
significant primary target horizon, extending 4 kms through the property that
requires considerable exploration follow-up.

    Boundary Zone

    Eight drill holes, LB08-23 to 30 (one of which was abandoned in bad
ground), along with historic drilling, have delineated at least four,
steeply-dipping gold zones that straddle the boundary between Vault's
wholly-owned Gordon-Lebel property and the Lebel property under option to
Goldcorp, known as the Boundary Zone. The quartz-feldspar porphyry and
wacke-hosted gold zones have grades ranging from 1.4 gAu/t over 21.3 m to 3.1
gAu/t over 4 m. Occasionally, these zones contain narrow higher-grade
intercepts as provided in LB08-23 and LB08-25 which returned 10.2 gAu/t over
1.1 m and 7.3 gAu/t over 2.1 m (including 18.5 gAu/t over 0.6 m) respectively.
A surface sample taken in late Fall 2007 from one of the zones returned 27.9
gAu/t over 0.3 m. The zones are open along strike to the southwest requiring
further drilling and, collectively, will be evaluated as a potential,
near-surface open pit target. Significant intercepts from this drilling are
provided in Table 1 below.

    
       Table 1 - Significant Diamond Drill Intercepts for Boundary Zone

    -------------------------------------------------------------------------
                                                              Sample   Assay
    Drill    Azimuth     Dip      Zone        From      To   Interval  (g Au/
    Hole    (degrees) (degrees)                (m)      (m)     (m)    Tonne)
    -------------------------------------------------------------------------
    LB08-23    270       -45    Boundary       10.3    11.85    1.55     1.9
                                Boundary       37.7     39.1     1.4     6.7
                                Boundary       95.1    96.15    1.05     1.9
                                Boundary      100.3    101.0     0.7     2.5
                                Boundary      112.4    113.8     1.4     6.8
                                Boundary      123.7    137.4    13.7     2.0
                                  Including   126.8    127.9     1.1    10.2
                                  Including   134.2    135.7     1.5     3.5
    LB08-25    106       -45    Boundary       88.2     89.0     0.8     2.2
                                Boundary      117.3    129.1    10.8     1.7
                                  Including   120.9    123.0     2.1     1.2
                                  Including   127.0    129.1     2.1     7.3
                                  Including   127.0    127.6     0.6    18.5
                                  Including   128.4    129.1     0.7     5.6
    LB08-26    184       -45    Boundary      146.3    147.0     0.7     1.4
    LB08-28    145       -45    Boundary      143.9    148.0     4.1     1.9
                                  Including   147.0    148.0     1.0     5.6
                                Boundary      248.5    252.5     4.0     3.1
                                Boundary     261.25   261.75     0.5     1.8
    LB08-29    159       -45    Boundary       39.0     51.0    12.0     0.9
                                  Including    39.0     43.1     4.1     1.6
                                  Including    49.3     50.0     0.7     2.6
    -------------------------------------------------------------------------
    Note: Further drilling is required to ascertain true widths, which are
    currently unknown.
    

    Mud Lake Anomaly

    Drill hole LB08-35 intercepted two broad zones of up to 80% quartz
flooding in a porphyry host and that returned 0.52 gAu/t over 17.8 m (456.2 to
474 m) and 0.83 gAu/t over 11.5 m (530 to 541.5 m). Of interest, sections of
malachite and occurrences of chalcopyrite in fractures were observed. This
strong hydrothermal system is very analogous to outboard quartz flooding
observed in drill hole LB07-22 peripheral to the former-producing Bidgood
Mine. Drill hole LB08-36, located 100 m to the northeast of LB08-35,
intercepted a shear zone returning 1.47 gAu/t over 3.0 m and may represent a
related structural horizon. Drill hole LB08-40, located 700 m to the southwest
of LB08-35, intersected an 8.7 m breccia zone from 154.5 to 163.2 m having up
to 25% pyrite mineralization and returning 0.48gAu/t over 4.5 m.

    Bidgood Fault Array

    Drill hole LB08-34 intersected 3.4 gAu/t over 1.5 m in syenite proximal
to a conglomerate contact that is interpreted to be a southwest splay fault of
the Bidgood fault array. Follow-up drilling is recommended as the zone is open
to the southwest.
    In addition to follow-up work on the above-noted areas, at least ten
additional target areas are recommended to be tested. These areas include the
20 Vein and Contact Zone at the former-producing Bidgood Mine and the
85-1/Blue Vein zone which returned high-grade assays of up to 95.1 gAu/t over
2.7m. Maps of the Lebel gold property can be viewed on the Company's website.

    Qualified Person

    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 the Qualified Person for the purposes of National Instrument
43-101 (Standards of Disclosure for Mineral Projects).

    Quality Assurance & Control

    The Company has instituted a quality assurance & quality control (QA/QC)
program to ensure sampling and analysis of all exploration work is conducted
using industry best practices, including assay control samples. Drill core is
logged at a secure facility and selected portions are longitudinally sawn in
half. Half-core samples are shipped with requisite chain of custody forms and
security tags to a certified lab for analysis, while remaining half-cores are
archived for future reference.

    About Vault

    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 Kirkland and Lebel gold properties in
the prolific Kirkland Lake gold camp, Vault is aggressively evaluating
significant gold projects in the region for potential acquisition. The
Company's capital consists of 29,526,093 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.

    "Joe Horne"
    -------------------
    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
statements.

    "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

Organization Profile

VAULT MINERALS INC.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890