NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES
TORONTO, Feb. 14, 2012 /CNW/ - Viking Gold Exploration Inc. (TSX-V: VGC), the "Company", is pleased to announce the completion of a 4200-metre winter drilling program on its Verneuil Project, distributed between 20 new drill holes and 2 holes from previous programs that were deepened.
The Verneuil Project consists of 3 adjacent properties (Verneuil East, Central and West) with a total of 73 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. The area is covered by a basic to intermediate volcanic (intrusive and volcaniclastic) sequence, affected in some areas by a shear zone.
The objective of the Company's winter program was to verify certain new exploration targets revealed by its summer 2011 induced polarization (IP) survey, and to expand and better define the structure of the Toussaint mineralized zone.
Sampling of drill core was completed by mid-January 2012 and most of the assay results are expected to be available by the end of February. Over 275 samples have been submitted for re-assay by metallic sieve method due to the coarse-gold nature of the mineralization.
Most of the drill holes from the winter program were aimed at the Toussaint Zone, originally discovered by Freewest Resources in the early 1990's. Drill core observations now indicate that:
- The original Toussaint Lens, in the western part of the Toussaint Zone, is still present at a depth of 250 metres (drill holes VP-11-25 and extension of drill hole VP-94-48).
- The mineralization is not restricted to the highly sheared, silicified and sericitized units, but is also found in thin, more or less chloritized, shear zones near the main sheared units. Such mineralization could be observed in drill holes VP-11-11, VP-11-14 and VP-11-18, and at the surface in the trench TR-11-02.
- In the Eastern part of the Toussaint Zone, over a strike length of 300 m from section L52+50E to L55+50E, several drill holes intersected a series of consecutive moderately to well-altered silicified zones. (Note: Drill hole VP-93-22, located in section L54+35E, was completed in 1993 at which time it assayed the following results - 3.16 g/t Au over 5.7 m, 2.9 g/t Au over 1.7 m, and 9.87 g/t Au over 6.2 m.)
Samples from the winter program were fire-assayed by ALS Chemex, at its Val d'Or, Quebec laboratory. All samples were initially analyzed for Au by atomic absorption spectroscopy (AAS), and those samples with results above a detection limit of 10 ppm were automatically re-analyzed by the gravimetric method (GRA).
Selected core intervals from drill hole VP-11-18, located on section L55+00E, were assayed by the metallic sieve method in order to verify the presence of coarse gold and its possible effects on the results. The following results are from drill hole VP-11-18 samples, assayed by the different methods:
| Sample #
|M035638||106.0||107.0||1.0||6.47||- - -||12.45|
|M035656||124.0||125.0||1.0||0.016||- - -||<0.05|
|M035657||125.0||126.0||1.0||8.37||- - -||24.5|
|M035658||126.0||127.0||1.0||0.046||- - -||0.05|
|M035660||127.0||128.0||1.0||0.446||- - -||1.55|
|M035661||128.0||129.0||1.0||0.111||- - -||0.16|
|M035671||137.0||138.0||1.0||5.9||- - -||2.27|
The atomic absorption spectroscopy (AAS) and metallic sieve (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.
The above results indicate a significant difference between the conventional AAS and SCR assay methods. Any samples that intersected altered shear zones and/or have higher Au values are currently being re-analysed by SCR. SCR analysis will also be applied to samples from the Company's summer 2011 drilling and channel sampling program. Further, the drill core from the 1990's drilling programs on the Verneuil Project is still available. It will be examined, and selected segments of core will also be sent for SCR analysis, during the spring of 2012.
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.