TORONTO, July 15 /CNW/ - VenCan Gold ("Vencan" or the "Company")
(TSX VENTURE:VCG) is pleased to announce it will immediately commence drilling
on its Timmins area Mt. Logano gold property in order to test newly defined
geophysical targets. The planned program consists of 6-8 diamond drill holes
totaling about 1,000 meters.
Recently completed IP/resistivity and magnetometer surveys have defined a
minimum of five anomalous zones several of which have geological
characteristics similar to those of major gold deposits in the Timmins area.
All five IP anomalies will be drill tested with a minimum of one hole on
each target. Target L-5 that is located at a felsic porphyry/ultramafic
volcanic rock contact displays an IP anomaly along at least 800 meters of this
important contact. A distinct magnetic low is coincident with this IP response
which may be indicative of the destruction of magnetite in an area of intense
Bill Nielsen, P.Geo. a Director of the Company commented, "We are very
pleased to have identified five highly prospective targets within such close
proximity to large producing and former producing gold mines. One target area
in particular is quite intriguing in that it displays a strong IP anomaly at
the contact between volcanic and intrusive rocks which also displays a
signature of magnetic destruction."
The claim group is underlain by similar age rocks to those that host the
prolific Timmins area gold deposits which have produced in excess of
65 million ounces. The contact between felsic porphyries and ultramafic/mafic
volcanic rocks presents a significant gold environment target. The Nighthawk
Lake gold deposit (Goldcorp Inc.) lies to the east while the Pamour, Hallnor
and Hoyle Pond Mines (Goldcorp Inc.) lie to the north. The prolific Dome Mine
as well as a host of other significant past producing gold deposits are
situated to the west of the Mt. Logano Property.
The Mt. Logano Property, located east of Timmins, Ontario has recently
been acquired from famed prospector Don McKinnon, known for his significant
contribution to the discovery of the Hemlo gold deposit and major land holder
in the Timmins area.
The property is located in the northern part of Shaw Township, extending
well into the southern part Whitney Township and east into Carmen and Cody
Townships. It is made up of 212 claim units covering an area of approximately
33.9km(2). A map of the property can be viewed on the Company's web site.
Initial field work by Vencan Gold has consisted of IP/resistivity and
magnetometer surveys over an area underlain by porphyritic rocks that are in
contact with ultramafic/mafic volcanic rocks. Initial interpretations by the
Company's consulting geophysicist indicate five IP anomalies of significance,
one of which lies at an extensive contact between porphyries and ultramafic
vocanic rocks. Another strong IP target lies proximal to a northeast trending
diabase dyke which is virtually perpendicular to regional strike. This anomaly
straddles a porphyry/ultramafic volcanic contact. Another three geophysical
targets lie at or close to the previously mentioned contact in the more
northwesterly part of the property.
Moffatt Property - Atikokan, Ontario
Vencan is also planning on completing additional exploration work on its
Moffatt Property located in the Atikokan area of northern Ontario. A
comprehensive compilation of the historical data acquired by Vencan relating
to the past producing Fern Elizabeth mine area will be completed and will play
a key role in the exploration strategy going forward. Past work has defined a
prospective structural zone that has distinct possibilities of hosting a
significant gold deposit. Field work is due to commence later this summer with
additional drilling planned for the fall.
Bill Nielsen, P.Geo., Director, is the designated qualified person for
the technical information contained in this press release.
Randall Salo, P.Geo. is the Exploration Manager and is overseeing the
overall exploration program on behalf of VenCan Gold
WARNING: The statements made in this news release may contain
forward-looking statements that may involve a number of risks and
uncertainties. Actual events or results could differ materially from
expectations and projections set out herein.
For further information:
For further information: Brent Nykoliation, Director of Business
Development, (416) 364-7024, (416) 364-2753 (FAX), firstname.lastname@example.org,
www.vencan.com; or J. A. Kirk McKinnon, President and Chief Executive Officer,
Richard Schler, Vice President & CFO