Vault Minerals to Commence Drilling on Lebel Gold Property
KIRKLAND LAKE, ON,
Phase I Drill Program
An initial 3,100 metre (m) diamond drill program has been designed to test the Boundary, Blue Vein, Contact and Bidgood Break West zones with 24 shallow drill holes. These four zones are located 1,000 m east, 700 m south, 300 m south, and 600 m west, respectively, of the Bidgood Mine, that historically produced 165,000 ounces of gold at a recovered grade of 0.27 ozAu/ton. The targets are a combination of narrow, high-grade zones and broader, near-surface showings that have potential to be exploited by open pit mining.
Drilling of the Boundary zone will follow up on a 150 m wide zone of multiple, near-surface mineralized gold zones. Previous drilling by Vault intersected 10.2 grams of gold per tonne (gAu/t) over 1.1 m, 6.7 gAu/t over 1.4 m (within a zone grading 2.0 gAu/t over 13.7 m), 7.3 gAu/t over 2.1 m (including 18.5 gAu/t over 0.6 m), and 3.1 gAu/t over 4.0 m. Additionally, historical drilling also intersected a wider zone of 1.4 gAu/t over 21.3 m. Grab samples collected by Vault from this area returned up to 27.9 gAu/t from a blue quartz vein. The zones are related to a porphyry rock unit, cover a strike length of 200 m, and are open in all directions.
The Blue Vein zone consists of three parallel structures where channel sampling in trenches in 2000 assayed up to 95.1 gAu/t over 2.7 m. Subsequent drilling in 2003 (& one historical hole) returned intersections of 11.8 gAu/t over 2.8 m, 30.6 gAu/t over 1.3 m, 12.3 gAu/t over 1.1 m, and 18.8 gAu/t over 0.9 m to a vertical depth of 100 m. The structures extend at least 800 m on surface with minimal trenching or drilling having been carried out.
Drilling of the Contact zone will follow up on a near-surface zone which has returned 3.3 gAu/t over 10.2 m, 3.3 gAu/t over 6.4 m, 11.3 gAu/t over 1.5 m, 3.0 gAu/t over 5.3 m, and 3.1 gAu/t over 6.1 m from historical drilling over a strike length of 250 m, and 20 to 80 m below surface. A 2007 drill intersection from this zone returned 14.1 gAu/t over 1.0 m and 6.8 gAu/t over 1.2 m at a depth of 150 m. This mineralization is open to depth and to the east.
Drilling of the Bidgood Break West zone will concentrate on shallow drilling below a surface exposure of blue-grey quartz. Eight grab samples from this area returned gold values that ranged from 12.3 to 91.2 gAu/t and averaged 37.9 gAu/t. One channel sample returned a value of 19.4 gAu/t over 0.5 m.
Excavator trenching on the Blue Vein and Boundary zones has commenced in order to assist in further delineating the zones and calculating mineral resources.
Phase II Drill Program
In addition to following up on Phase I drill results, a planned Phase II drill program will concentrate in the immediate vicinity of the Bidgood Mine. The first target will follow up on a 2007 drill hole that returned 8.3 gAu/t over 2.6 m. Drilling will track multiple ore horizons down and along trend - an approach used successfully by Queenston Mining Inc. at the nearby Upper Beaver deposit, which historically produced 141,000 ounces of gold at 0.24 ozAu/ton, and that now hosts an indicated resource of 427,900 ounces gold at 9.7 gAu/t plus an inferred resource of 291,300 ounces gold at 8.5 gAu/t.
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 Vault's Lebel gold property. Vault's drilling is scheduled to start next week.
Qualified Person
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About Vault
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
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.
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For further information: please contact Joe Horne, President, at (902) 402-8266 or visit www.vaultminerals.com
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