KIRKLAND LAKE, ON, Nov. 17 /CNW/ - VAULT MINERALS INC. (TSX-V: VMI) ("Vault" or the "Company") announces that Goldcorp Canada Ltd. ("Goldcorp") has allowed to lapse its option agreement to acquire an interest in Vault's Lebel gold property. The effective result is that Vault will retain 100% right, title and interest to the large, prospective gold property situated in the prolific Kirkland Lake gold camp, subject only to various underlying royalties.
Upon confirmation of the option termination, Joe Horne, Vault's President and CEO commented: "While we appreciate having worked with Goldcorp in their search for a low-grade, bulk tonnage deposit, Vault will pursue high grade targets that have been generated by previous drilling. And while potential remains for the large, bulk tonnage model, we feel that as a junior explorer, a strategy directed towards high-grade deposits is more consistent with the historical nature of the Kirkland Lake gold camp, where in excess of 24 million ounces of gold have been produced at a recovered grade of 0.47 oz/t."
Summer - Fall Diamond Drill Program
Under the amended terms of the option agreement with Goldcorp, a four hole, 1,796 m diamond drill program was completed on the Lebel gold property in October 2009. Three of the holes targeted grade and continuity of a 1.6 km gold/copper-anomalous corridor known as the King Quartz Stockwork Zone. To date, nine drill holes have now tested the corridor, indicating multiple mineralized shear/fault structures with up to 22 m of 80% laminar quartz veining within 93 m of 35% quartz veining with intense sericitic-silica alteration. Results from the most recent drilling confirm multiple structures with anomalous gold in a favorable porphyry host.
Drill hole LB09-49 returned up to 2.19 grams gold per tonne (g/t) over 5.15 m within a wider interval of 9.4 m grading 1.40 g/t. This intersection is located 200 m below chip samples in a 400 ft (122 m) level cross-cut at the King Kirkland mine that identified a gold mineralized zone with an average grade of 1.0 g/t over 36 m and 280 m below historic drill hole KK82-2 that intercepted 1.2 g/t over 15 m.
Drill hole LB09-50 returned 1.12 g/t over 5.1 m and 1.91g/t over 2.05 m. Drill hole LB09-51 returned 0.92 g/t over 8.6 m on a porphyry-basic syenite contact, 300 m from the nearest drill hole, that intersected 11.2 g/t over 0.5 m and 5.3 g/t over 0.65 m in the previous drill program. Drill hole LB09-52 returned multiple gold anomalous zones, including 0.29 g/t over 49.05 m. Due to the presence of multiple zones, true widths for this program are unknown at this time.
The drill program was managed by Vault on Goldcorp's behalf. 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 which hosts the past-producing Bidgood Mine that has produced 165,000 oz gold at a recovered grade of 0.27 oz/t.
The technical content of this press release has been reviewed and approved for disclosure by Mr. 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).
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 38,104,543 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: please contact Joe Horne, President at (902) 402-8266 or visit www.vaultminerals.com