KIRKLAND LAKE, ON, Feb. 13 /CNW/ - Vault Minerals Inc. (TSX-V: VM I)
("Vault" or "the Company") has recently commenced the first of two
winter-based drill programs planned for its 100%-owned Lebel gold properties.
The large contiguous group of properties is located from 3 to 10km east of
Kirkland Lake, Ontario.
Gordon-Lebel Gold Property
In late January 2008, Vault commenced an eight-hole drill program on its
Gordon-Lebel property. The 200-acre property is situated along the
northeastern strike extent of several gold-bearing structures, including
projected structures from the former-producing Bidgood No.2 gold mine, located
on Vault's Lebel property. As previously reported, historical plan maps
indicate that the Bidgood No.2 mine extended underground development into the
Gordon-Lebel property on the 2025 ft level and that one small stope was mined.
The initial 1,500m program is designed to test several targets, including
the Boundary Zone, where recent prospecting by Vault has identified several
strongly-altered, mineralized shear zones. Grab samples recently collected
from this area assayed as high as 27.9 gAu/t over 0.3m from a blue quartz vein
and historical drilling in this area has also returned a near-surface interval
of 1.4 gAu/t over 21.3m.
To date, six drill holes have been completed totaling 1,225m and
preliminary analytical results have been received and tabulated for the first
two holes. Drill hole LB08-23 encountered multiple gold intercepts including
10.2 gAu/t over 1.1m, 6.7 gAu/t over 1.4m, 6.6 gAu/t over 1.4m and 3.4 gAu/t
over 1.5m. Three of the four intersections are within mineralized envelopes of
lower grade ranging in width from 3.2m to 4.7m. The majority of these
intercepts are found within low-angle (approximately 25 to 35 degrees to core
axis) mineralized structures that require further study to understand the
geometry and to calculate true widths. Follow-up work will be contingent on
these and future results.
Lebel Gold Property - Goldcorp Option
Vault also announces that, pursuant to the terms of an option agreement,
Goldcorp Canada Ltd. ("Goldcorp") intends to proceed with a 4,500m diamond
drill program on Vault's Lebel property.
During November 2007, Vault commenced an extensive review of the
historical technical data on the Lebel property. The program, conducted on
Goldcorp's behalf, identified several structures with orientation, host
lithology, mineralization, and alteration analogous to that of the Kirkland
Lake `Main Break' that produced over 24 million ounces of gold. To date, 18
target areas have been identified for proposed diamond drilling along 12 known
mineralized structures on the 2,300-acre property.
Goldcorp intends to initially spend approximately $700,000 to drill-test
a select portion of the identified targets that include both narrow,
high-grade zones typical of underground mines in the Abitibi Greenstone Belt,
and broader, near-surface showings that may represent potential open-pit
Existing high-grade drill intersections and surface channel samples that
require follow up include: 95.1 g/t over 2.7m, 124.8 g/t over 0.2m, 14.1 g/t
over 1.0m, and 30.6 g/t over 1.3m; while those representing open-pit potential
include: 1.0 g/t over 36.5m, 3.3 g/t over 10.2m, and 1.4 g/t over 21.3m. True
width geometry of these intersections has yet to be determined.
Goldcorp has elected to have Vault manage the program, which is scheduled
to commence immediately upon completion of the Gordon-Lebel drill program. As
previously reported, 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 on
the property by May 2009.
Kirkland North Gold Property
During December 2007, Vault completed a small, four-hole diamond drill
program on its Kirkland North gold property, proximal to the regional
Timiskaming-Blake River (sediment-volcanic) geological unconformity. Final
assay results have now been received and include 8.3 gAu/t over 0.5m and 2.3
gAu/t over 1.1m from drill hole MB07-11. Vault is considering a summer-based
surface stripping program to further access the merit of these intercepts.
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 & control (QA/QC) program
to ensure sampling and analysis of all exploration work is conducted using
industry best practices and 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.
Vault Minerals Inc. is a Canadian junior exploration company actively
exploring its Kirkland Lake and Lebel gold properties in the Kirkland Lake
Gold Camp of northeastern Ontario. 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.
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
material y 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