NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES
TORONTO, June 26, 2012 /CNW/ - Viking Gold Exploration Inc. (TSX-V: VGC), the "Company", is pleased to announce that it has now received the final assays for its Verneuil Project, winter drilling program. The 4200-metre winter drilling program was conducted in late 2011 and was distributed between 20 new drill holes and 2 holes from previous programs that were deepened.
The Verneuil Project consists of 3 adjacent mineral exploration properties (Verneuil East, Central and West) with a total of 72 claims located approximately 15 kilometres east of Lebel-sur-Quevillon, 210 kilometres northeast of Val d'Or, Quebec. Golden Tag Resources Ltd. holds a 30% joint venture interest in the 44 claims of Verneuil Central.
Assay results for the winter drilling program, based on the atomic absorption spectroscopy (AAS) method, were presented in the Company's February 14, 2012 press release, at which time it was reported that 275 samples would be re-assayed using the metallic sieve method (SCR) method due to the possible coarse-gold nature of the mineralization. The Company has now received the new SCR assay results and compared them to the original AAS assay results, and confirms that the two sets of results are mutually consistent. Several instances were noted where the gold content increased significantly under SCR when compared to AAS. All samples were fire-assayed by ALS Chemex, at its Val D'Or, Quebec laboratory. The AAS and SCR-based assays used 30-gram and 1000-gram charges of prepared sample pulp, respectively. For additional explanations of the assay procedures used, please refer to the Company's website.
Below are some of the most significant assay results from the Toussaint Zone, split into the Main and East Zones, identified by drill hole # (including year of drilling - 1992, 1993, 1994 and 2011):
Toussaint Main Zone (West, corresponding to the historical Toussaint Main Lens):
- 10.748 g/t Au over 4.85m (VP-92-10)
- 7.241 g/t Au over 3.84m (VP-93-16)
- 5.109 g/t Au over 3.0m (VP-92-32)
- 33.245 g/t Au over 3.0m (VP-11-11)
- 20.160 g/t Au over 2.6m (VP-94-45)
- 4.745 g/t Au over 4.9m (VP-93-21)
- 4.937 g/t Au over 2.0m (VP-93-31)
Toussaint East Zone:
- 7.840 g/t Au over 3.0m (VP-11-15)
- 11.707 g/t Au over 5.2m (VP-93-22)
- 8.70 g/t Au over 3.0m (VP-11-18)
- 20.01 g/t Au over 2.0m (VP-11-05)
- 30.1 g/t Au over 1.0m (VP-11-18)
- 30.252 g/t Au over 0.8m (VP-93-25)
- 4.445 g/t Au over 3.0m (VP-11-18)
- 4.465 g/t Au over 2.0m (VP-11-18)
A brief discussion of the 2011 winter drilling program at Verneuil follows.
The winter drilling program was distributed between the Toussaint Zone and 3 new target areas identified in the 2011 induced polarization (IP) survey.
Target #1 and #5 are respectively located near the JD Showing and west along the strike of the Moneta Porcupine Showing. Target #4 is south and parallel to the Toussaint Zone. The reconnaissance holes over these targets returned occasional low Au values.
Over the Toussaint Zone, considered to be the most important mineralized zone on the property, the objective of the drilling program was to further define the extents of the main Toussaint lens (located under trenches TR-11-01 & 02), and to verify the continuity of mineralized zones towards the East.
Please view the Company's longitudinal sections for the Toussaint Main and East Zones, which summarize the Au results by drill hole from both historical and recent drilling programs. These sections accompany the branded version of this press release for SEDAR and the Company's website. Some interpretive information from the longitudinal sections is presented below.
The drill sections for the Toussaint Main Zone indicate that the higher Au values are relatively well grouped into a planar feature, which ranges from a few metres up to 10 metres or more in thickness.
The geometry of the mineralized zones becomes more complex in the Toussaint Main Zone. Between lines L5250E and L5400E (see detailed grid), two main altered zones are present in the drill holes, the southern one interpreted as the continuity of the Toussaint Main Zone, and the northern one identified as the "Hanging Wall Zone" in the previous works. The "Hanging Wall Zone", which returned occasional Au values up to 2.42 g/t over 1.0 metre, was not tested further east.
From line L5400E to line 5600E (Toussaint East Zone), a number of holes intersected successive altered zones over several tens of metres. With the 50 metres spacing between the drill holes sections and the complexity of the geology, specifically the pattern of the altered zones and the distribution of Au values, further detailed work is required to better define the structure, extent and Au contents of the East Toussaint Zone.
Sample results and observations from the trenches and drill holes indicate that some of the higher Au values are not only limited to the main altered shear zones, but can also be located near the edges or up to several metres outside.
Pierre Poisson, P.Geo., an independent "Qualified Person" as that term is defined in NI 43-101, has reviewed and approved the technical disclosures in this news release.
Neither the 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 press release.
This press release contains forward-looking statements. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding the estimation of mineral resources, exploration results, potential mineralization, potential mineral resources and mineral reserves) are forward-looking statements. Forward-looking statements are often identifiable by the use of words such as "anticipate", "believe", "plan", may", "could", "would", "might" or "will", "estimates", "expect", "intend", "budget", "scheduled", "forecasts" and similar expressions or variations (including negative variations) of such words and phrases. Forward-looking statements are subject to a number of risks and uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company's expectations, the price of commodities and other risks identified in the Company's documents filed with the Canadian securities regulatory authorities on SEDAR.com. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement.
For further information:
please contact Mark Edwards, CEO at (905) 752-2008 or visit the Company's website at: www.vikinggold.ca.