V.VMI / .19 x .23 here is an early stage grass roots play with lots of historical data in the Kirkland Lake camp...they should be financing a drill program with flo-thru later this year...plenty of deep pockets behind it...northfield capital backstopped last $150k finance in june to crunch this data
Vault Minerals Inc
Symbol VMI
Shares Issued 16,820,468
Close 2005-09-06 C$ 0.185
Recent Sedar Documents
Vault's historical Kirkland results include 413 g/t Au
2005-09-06 13:16 ET - News Release
Mr. Joseph Horne reports
VAULT UNCOVERS HISTORIC HIGH-GRADE GOLD DRILL INTERCEPTS AND OCCURRENCES ON KIRKLAND GOLD PROPERTY
Vault Minerals Inc. is nearing completion of its desktop evaluation and compilation of historical work conducted on its Kirkland gold property. Diamond drilling completed between 1932 and 1962, and that either collared on or entered into the Kirkland gold property from the adjacent Lake Shore mine, returned intersections of high-grade gold and perhaps more significantly, discovered several zones of alteration, quartz veining and breaks (faults) similar to that of the prolific, gold-producing Kirkland Lake main break. Highlights of the diamond drill intersections situated between 2,060 and 2,150 metres below surface include:
413 grams per tonne gold over 0.46 metre (uncut) from diamond drill hole 6370;
183 g/t gold over 0.46 metre (uncut) from diamond drill hole 6391; and
39 g/t gold over 0.61 metre (uncut) from diamond drill hole 7149.
Near-surface gold occurrences were also identified in grab samples taken from a drainage tunnel approximately 18 metres below surface, at two different locations, with gold values of 19.5 g/t and 82.2 g/t returned. All historic gold assay values were provided in dollars per ton and converted to grams per tonne using the average gold price for the year the samples were assayed and recorded.
After completion of the compilation, Vault intends to conduct an interpretation of potential gold-bearing structures which are parallel and subparallel to the Kirkland Lake main break that produced greater than 24 million ounces of gold. Vault management is also encouraged by the implications of the significant gold discoveries made by Kirkland Lake Gold Inc. in zones crosscutting historical mine structures on which it recently announced drill hole intercepts of 2.3 ounces per ton gold over 90.4 feet (uncut) and 1.43 ounces of gold over 124.5 feet (uncut) (see Stockwatch on July 11 and Aug. 15, 2005).
To date, the compilation has revealed 1,818 metres of underground drift and crosscut development on the property, on eight different elevation levels, originating from the Lake Shore mine. More than 87 per cent of the development is found at and below the 4,450 level. Only three levels have known geology mapping and there were no level assay plans found. Of the geology information available, 12 vein-fault and vein-fracture systems were indicated on the 4,450 level. Limited drift development completed on the 6,575 and 8,075 levels, as indicated on geology plans, were found to follow vein-fault and vein-fracture systems parallel and subparallel to that of the Kirkland Lake main break.
With respect to drill coring, 43 diamond drill holes, in whole or in part, were found either collared on or running into the property. A total of 2,737 metres was cored with 77 per cent of total metres drilled at or below the 6,575 level. Drill logs were obtained for 41 of the 43 diamond drill holes. The drill logs were descriptive in identifying zones of alteration, quartz veining, breaks, molybdenum and other mineral occurrences. Drill logs also provided core sampling intervals with their respective gold assay results. Diamond drill gold assays of interest are summarized in the following table.
TABLE 1
SIGNIFICANT HISTORICAL DIAMOND
DRILL INTERCEPTS
Diamond Depth Depth Gold
drill from to (g/t)
hole (m) (m)
No.
639 0 1.52 5.31
6500 4.11 4.41 12.93
6370 1.52 2.13 5.94
6370 2.13 2.59 413.73
6370 19.51 20.42 5.49
6391 7.31 7.77 183.39
6662 3.05 3.35 8.17
6664 2.74 3.66 14.20
7149 58.22 58.83 39.14
Interpretation of potential gold structures will commence after all of the data have been entered into digital format.
The technical content of this press release has been reviewed and approved for disclosure by Ray Zalnieriunas, PGeo, who serves as the qualified person for the purposes of National Instrument 43-101 (Standards of Disclosure for Mineral Projects).
|
