Adventure Gold Drills 10.4 g/t Au Over 10 Metres at Val-d'Or East - Pascalis Project, Quebec
July 31 2014 - 7:00AM
Marketwired Canada
Adventure Gold Inc. (TSX VENTURE: AGE) is pleased to announce a second set of
positive drilling results on its 100%-owned advanced-stage Val-d'Or East -
Pascalis gold project (the "Project"). The new results come from four holes
totaling 542.5 metres of the recently completed 15 holes drill program (2,966
metres). These four holes were designed to explore the West Dyke close to the
Main Dyke mined at the former L.C. Beliveau gold mine (Figures 1 and 2). These
holes confirmed the presence of significant gold intercepts in this dyke and in
the adjacent ENE shallow dipping gold zones to the west of the dyke. All the
results are presented in Table 1 and best drilling intercepts, in core length,
are presented below:
-- Hole PC-14-72: 10.4 g/t Au over 10 metres in an intercept grading 2.6
g/t Au over 61.3 metres in the West Dyke, and 3.6 g/t Au over 8.0 metres
within an ENE shallow dipping gold zone;
-- Hole PC-14-73: 3.2 g/t Au over 6 metres in an intercept grading 1.1 g/t
Au over 40 metres in the West Dyke, and 5.1 g/t Au over 3.9 metres
within an ENE shallow dipping gold zone;
-- Hole PC-14-75: 4.1 g/t Au over 4 metres, and 1.2 g/t Au over 8 metres
within ENE shallow dipping gold zones.
"The new results continue to confirm the strong continuity of the New Beliveau
gold system over at least 350 metres by 250 metres, close to the surface. The
significant gold mineralization identified in the West Dyke and in the ENE zones
indicate a robust gold system for grade and width that remains open to the south
and to the west. The New Beliveau gold deposit provides significant upsides for
exploration since the potential of expanding the gold zones has now been shown.
We will be focusing on advancing this potential development project this year
with additional important work," stated Marco Gagnon, President and CEO of
Adventure Gold.
The holes PC-14-72 and PC-14-73 adequately tested the West Dyke however the
holes PC-14-74 and PC-14-75 were stopped in underground mining opening before
reaching the dyke. The thickness of the West Dyke mineralization varies from 5
to 12 metres and can be traced over a strike length of at least 350 metres along
a N340 degrees -trending orientation. All four holes intersected the ENE
shallow-dipping gold zones and particularly of interest, hole PC-14-75 confirmed
the extension of the ENE shallow-dipping gold zones up to 350 metres to the
south.
Table 1: 2014 Drilling program second set of results - Val-d'Or East - Pascalis
Project
---------------------------------------------------------------------------
Core
length Au
Drillhole UTM coordinate* Az. Dip Length From To ** *** Zone
East North (deg.) (deg.) (m) (m) (m) (m) (g/t)
---------------------------------------------------------------------------
Over
PC-14-72 312850 5335099 360 -74 138 1.5 138.0 136.5 1.4 all
West
Inc. 64.7 126.0 61.3 2.6 Dyke
Inc. 74.0 84.0 10.0 10.4
130.0 138.0 8.0 3.6 ENE
PC-14-73 312841 5335115 360 -71 197 55.0 98.0 43.0 0.6 ENE
Inc. 55.0 65.0 10.0 1.2
Inc. 92.0 96.0 4.0 1.0
West
100.0 140.0 40.0 1.1 Dyke
Inc. 113.0 119.0 6.0 3.2
145.3 151.0 5.7 1.4 ENE
West
164.8 167.8 3.0 3.0 Dyke
193.0 196.9 3.9 5.1 ENE
PC-14-74
**** 312878 5335007 360 -69 119 14.0 19.0 5.0 1.0 ENE
39.0 43.0 4.0 1.0 ENE
96.0 98.5 2.5 3.2 ENE
PC-14-75
**** 312893 5334917 360 -80 89 38.0 43.0 5.0 1.4 ENE
56.0 60.0 4.0 4.1 ENE
74.0 82.0 8.0 1.2 ENE
----------------------------------------------------------------------------
* UTM NAD83Zone18
** The announced gold intersections are along the hole. Additional drilling will
have to be done to determine the true thickness of the mineralized
zones
*** Uncut gold value
**** Stop in the underground mining opening before to reach the West Dyke
Figure 1: Val-d'Or East - Pascalis property location map
Figure 2: Surface map of New Beliveau area - Second set of drilling results from
2014 program
The Val-d'Or East Project:
The 100%-owned Project is located 25 kilometres East of Val-d'Or in the eastern
portion of the Val-d'Or - Malartic gold district in the heart of the gold-rich
Abitibi Greenstone Belt. The Project consists of 107 mining titles totaling
3,708 hectares located and it is also adjacent to the producing Beaufor Gold
Mine held by Richmont Mines. The Project was the site of a profitable gold
production from 1989 to 1993 when Cambior Inc. (currently IAMGOLD Corporation)
mined the New Pascalis gold deposit (Lucien C. Beliveau Mine). In recent years,
24,000 metres of drilling was completed to delineate new gold resources. Best
drill results show widths ranging from 60 metres to 300 metres with grades
between 1-3 g/t Au. Higher grades zones grading up to 12.9 g/t Au over 8 metres,
4.8 g/t Au over 33.1 metres and 2.7 g/t Au over 65.1 metres. The 2013 Initial NI
43-101 resources estimate outlines: 770,000 ounces of gold at 2.63 g/t Au in the
inferred category. In order to evaluate the open-pit potential and the economics
of the resources, a Whittle pit run was completed on the resources sitting
between the surface and a depth of 225 metres. The total in-pit inferred
resources are 4.34 Mt at 2.4 g/t Au containing 332,000 ounces of gold using a
cut-off grade of 0.7 g/t Au. The underground potential below the Whittle Open
Pit at 1.5 g/t Au cut-off grade is 3.91 Mt at 3.13 g/t Au containing 394,000
ounces of gold.
Quality control
During the ongoing drilling program, assay samples were taken from the NQ core
and sawed in half, with one-half sent to Agat Laboratory, a commercial
laboratory and the other half retained for future reference. A strict QA/QC
program was applied to all samples; which includes insertion of mineralized
standards and blank samples for each batch of 20 samples. The gold analyses were
completed by fire-assay with an atomic absorption finish on 50 grams of
materials. Repeats were carried out by fire-assay followed by gravimetric
testing on each sample containing 3.0 g/t gold or more. Total gold analyses
(Metalic Sieve) were carried out on the samples which presented a great
variation of their gold contents or the presence of visible gold.
Mr. Jules Riopel, Vice-President Exploration and Acquisitions of Adventure Gold
acting as the qualified person (as defined by NI 43-101) reviewed and approved
the scientific and technical information in this press release.
Others news
The Company has confirmed the closing of a private placement through a press
release issued June 12, 2014. In this press release, it was announced that as
part of the offering, the Company paid finder's fees totaling $ 37,680 in cash.
The Company wishes to clarify that today only $ 17,360 was paid as finder's
fees. All other terms remain the same.
Profile
Adventure Gold Inc. is a mineral exploration company focused on discovering and
developing high-quality gold deposits in the Abitibi region located in eastern
Canada -- one of the richest gold mining areas in the world. Adventure Gold has
become, in a few years, an important player in the mineral exploration industry
with one of the best portfolios of exploration properties along the main
gold-bearing structures of the Abitibi Greenstone Belt. The Company is exploring
mainly close to gold mines where mining production infrastructure is already in
place, which distinguishes it from several other exploration companies.
Adventure Gold's exploration team consists of mining professionals having worked
previously for well-established producing companies, who understand industry
challenges. The Company owns 100% of the rights on its two main projects namely:
Val-d'Or East and Detour Quebec. With 74M shares issued and close to 10% owned
by the management, Adventure Gold is well-positioned to benefit its
shareholders.
Twitter: http://twitter.com/#!/Adventure_AGE
LinkedIn: http://www.linkedin.com/company/2253943
The foregoing information may contain forward-looking statements and events
relating to the future performance of the Company. Forward-looking statements,
specifically those concerning future performance, are subject to certain risks
and uncertainties, and actual results may differ materially. These risks and
uncertainties are detailed from time to time in the Company's filings with the
appropriate regulatory authorities. We seek safe harbour.
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.
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FOR FURTHER INFORMATION PLEASE CONTACT:
For more information, please contact:
Marco Gagnon
President & CEO
marco@adventure-gold.com
450.743.5527
www.adventure-gold.com
Jules Riopel
Vice-President Exploration and Acquisitions
jules@adventure-gold.com
819.797.9770
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