KIRKLAND LAKE, ON, Jan. 20 /CNW/ - VAULT MINERALS INC. (TSX-V: VMI) ("Vault" or the "Company") announces that it has now completed 16 shallow drill holes on the Boundary zone and has recently mobilized the drill rig to the Blue Vein zone. These zones represent the first two of four areas to be tested during the current phase of drilling on Vault's 100%-owned, 3,100-acre Lebel property in Kirkland Lake, Ontario.
The Boundary zone consists of sub-parallel mineralized structures located 1,000 m east of the past-producing Bidgood Mine that historically produced 165,000 ounces of gold at a recovered grade of 9.2 gAu/t (0.27 oz/t). These structures extend at least 200 m on surface along strike with minimal trenching or drilling historically having been carried out.
As previously reported (January 5, 2010), the first drill hole on the Boundary zone intersected 15.9 gAu/t over 1.0 m (within 5.5 gAu/t over 3.5m; within 1.7 gAu/t over 14.5 m) on the Perreault vein, approximately 48 m below surface.
The Company now announces assay results of four additional drill holes from this area. Follow-up drill hole DDH BZ09-04, located 40 m southwest of the initial intercept, intersected 5.3 gAu/t over 5.75 m (within 3.4 gAu/t over 11.35 m) approximately 14 m below surface.
Three other closely-centred holes drilled on this zone returned 1.09 gAu/t over 23.65 m (DDH BZ09-3); 1.01 gAu/t over 17.15 m (DDH BZ09-2); and 1.0 gAu/t over 16.0 m (DDH BZ09-1). An historic drill hole from this area returned 1.4 gAu/t over 21.3 m and a hole drilled in 2008 returned 2.0 gAu/t over 13.7m (within 1.6 gAu/t over 26.5 m). The latter intersection was originally interpreted to be a separate zone, but the Perreault vein now appears to dip 72 degrees northwest. This dip and the trend of the zone (065 azimuth) are consistent with that of the ore zones mined at the Bidgood mine. The Perreault vein, tested by this first phase of drilling for only 80 m along strike, is located at contacts between porphyries and sheared argillite and remains open in all directions.
The Robert zone, a sub-parallel area located 35-50 m to the southeast of the Perreault, has recently returned assays of 25.23 gAu/t over 0.75 m (DDH BZ09-3) and 3.35 gAu/t over 3.66 m (DDH BZ09-1). This zone appears spatially related to a porphyry-syenite contact, and is also open in all directions.
The anomalous gold zones are readily identified with up to 20% pyrite mineralization in penetrative fractures, 15 to 60% quartz-ankerite veining, and strong pervasive silica-chlorite-sericite alteration within various strongly-sheared host rocks.
Deep Geophysical Survey on King Quartz Stockwork (KQS) Zone
Concurrent with the above Phase I drill program, a deep-penetrating geophysical survey is being undertaken this winter across a wide copper-gold zone that was discovered in 2008 under Mud Lake, west of the Bidgood Mine. A distinct 1.6 km-long mineralized corridor, hosted within a large feldspar-porphyry stock, contains a large quartz-stockwork zone that averages 114 m in core intercepts. Within this broader zone, a strong siliceous core with greater than 80% quartz averages 0.46 gAu/t and 0.10% copper over an average core length of 17 m.
Qualified Person and QA/QC Program
Mr. Michael Sutton, P.Geo, Vault's Vice-President of Exploration is the designated Qualified Person pursuant to National Instrument 43-101 (Standards of Disclosure for Mineral Projects) of the Canadian Securities Administrators and is responsible for the verification and quality assurance of the technical content of this news release.
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. 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 representative. True widths are interpreted to be 70 to 90 percent of drill intersection widths.
Vault Minerals Inc. is a well-financed junior gold exploration company focused on its large property portfolio in the prolific Kirkland Lake gold camp of northern Ontario, 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). The Company's capital consists of 40,204,543 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.
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: please contact Joe Horne, President at (902) 402-8266 or visit Vault's website at www.vaultminerals.com