KIRKLAND LAKE, ON, Dec. 21 /CNW/ - VAULT MINERALS INC. (TSX-V: VMI) ("Vault" or the "Company") announces further results of a surface sampling program completed in November 2009 on Vault's 100%-owned Lebel gold property. Chip samples of up to 8.9 gAu/t over 3.2 m were returned from the Boundary zone.
The Boundary zone is hosted on one of nine major mineralized structures identified on Vault's 3,100-acre Lebel property (74 claims) situated in the prolific Kirkland Lake gold camp, where in excess of 24 million ounces of gold have been produced at a recovered grade of 16.1 gAu/t (0.47 oz/ton). This 150 m wide zone comprises three sub-parallel mineralized gold structures located 1,000 m east of the past-producing Bidgood mine that historically produced 165,000 ounces gold at a recovered grade of 9.2 gAu/t (0.27 oz/t). The Boundary zone, which is now exposed on surface, hosts potential for open-pit mining.
Excavator trenching has uncovered the central Perreault zone, a strong structure with blue-grey quartz veining carrying a high content of pyrite that previously returned a chip sample of 27.9 gAu/t over 0.3m from an old pit. On each side of this zone are wider, lower-grade zones. The Martin zone, situated 20 m northwest, returned 2.03 gAu/t over 13.7 m within a wider zone of 1.60 gAu/t over 26.5 m, and including higher grade assays such as 10.2 gAu/t over 1.1 m from previous drilling in 2008. The Robert zone, situated 50 m southeast of the Perreault zone, returned 1.4 gAu/t over 21.3 m from historical drilling. A 2008 drill hole located 145 m northeast returned 7.3 gAu/t over 2.1m (including 18.5 gAu/t over 0.6m) from the interpreted extension of the Robert zone.
A total of 52 chip samples were taken from the Perreault zone along 10 sample lines that were spaced, on average, at 4 m intervals and representing 41 m of strike extent. Mineralization generally consists of 3-20% coarse disseminated pyrite hosted within 0.2 to 0.6 m dark blue quartz veining along heavily oxidized fault structures in altered porphyry. The fault splits into several splays that provide conduits for wider mineralization. This mineralization is characteristic of that mined at the Bidgood mine.
The sampling returned an average of 5.1 gAu/t across 3.0 m along an 18 m strike length. Individual higher grade assays include 42.5 gAu/t over 0.4 m, 41.2 gAu/t over 0.5 m and 16.9 gAu/t over 0.6 m. The zones are related to a porphyry rock unit, cover a minimum strike of 200 m, and are open in all directions.
Vault feels that gold resources can be quickly delineated on various zones on the property, by pursuing high-grade targets that have been generated by previous drilling. Vault intends to resume the surface stripping and sampling program in the spring of 2010, to extend the structure along strike and to uncover the additional parallel mineralization.
Diamond Drill Program
As previously disclosed, the Company has recently commenced a 3,100 m Phase I drill program to test a select portion of identified targets on the Lebel property that include both narrow, high-grade zones, and broader, near-surface showings that host potential for open-pit mining. Upon completion of the current drilling on the Boundary zone, the drill will commence testing the Blue Vein zone located 700 m south of the Bidgood Mine. The Blue Vein zone also returned numerous high-grade gold values from recent trenching, including 73.0 gAu/t over 1.0 m (see Vault's December 18, 2009 press release).
The Kirkland Lake gold camp continues to attract considerable attention with recent drill successes by Kirkland Lake Gold Inc. and Queenston Mining Inc. to the west and east of the Lebel gold property.
Qualified Person and QA/QC
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).
The Company has instituted a quality assurance and quality control (QA/QC) program to ensure sampling and analysis of all exploration work is conducted using industry best practices, including assay control samples. Historical assay values have not been verified; however most have been generated subsequent to 1980 by companies believed to be reputable and Vault considers these results to be representative. True widths of the above drill intersections are unknown at the present time, but are generally estimated to be approximately 60-70% of core length.
Vault Minerals Inc. is a Canadian junior gold exploration company active in the world-renowned Kirkland Lake gold camp of northern Ontario. The Company's capital consists of 40,104,543 issued and outstanding common shares which are listed for trading on the TSX Venture Exchange under the symbol `VMI'. For further information, please contact Joe Horne, President at 902 402 8266 or visit www.vaultminerals.com.
On behalf of the Board of
VAULT MINERALS INC.
signed "Joseph D. 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.
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
SOURCE VAULT MINERALS INC.
For further information: For further information: Joe Horne, President at (902) 402-8266 or visit www.vaultminerals.com