Adventure Gold Releases its First NI 43-101 Resource Estimate on the Lapaska Gold Property in Eastern Val d'Or Mining Camp
09 Februar 2010 - 6:09PM
Marketwired Canada
Adventure Gold Inc. (TSX VENTURE:AGE) (the "Company"), a junior mining
exploration company with strategic properties along main gold breaks in the
prolific Abitibi greenstone belt, is pleased to announce its first National
Instrument ("NI") 43-101 compliant resource estimate on its 100%-owned Lapaska
Property in the eastern Val d'Or mining Camp, Quebec. Table 1 summarizes the
gold resource estimates using different cut off grades on the Lapaska Central
("LC") Zone. The Mineral Resources were estimated by independent qualified
persons from InnovExplo, a consultant firm based in Val d'Or, Quebec.
Table 1: Inferred Mineral Resource of Lapaska Central Zone, dated February 9, 2009.
Cut-off Grade g/t Au Tonnes Avg. Grade g/t Au Ounces of Gold
0.5 2,144,000 1.15 79,335
1.0 865,000 1.81 50,442
2.0 220,000 3.14 22,239
NB: Mineral Resources which are not Mineral Reserves do not have demonstrated
economic viability.
The Lapaska Property is comprised of 26 claims for 352 hectares located 20 km
east of the city of Val d'Or, in the eastern part of the Val d'Or gold mining
camp, Quebec. The Property, 100%-owned by the Company, is favourably located
between the past producing gold deposit Sigma II to the east (150,000 ounces at
2.5 g/t Au: Placer Dome, 1997) which was operated by open pit method and the
Simkar gold deposit to the west (43-101 inferred resource of 105,000 oz at 5.3
g/t Au: Megastar - MDV: TSX-V, September 2008). The Property containing three
significant gold-bearing zones: LC, West and Lourmet zones is also strategically
located along the prolific Cadillac Larder Lake Gold Break, a regionally
extensive structure that is spatially related to numerous gold mines.
Exploration potential
InnovExplo states that the probabilities of adding new resources to the existing
mineral inventory are excellent. A 3D isometric view of the block model (see
figure 1 on Adventure Gold website), show the location of the current resources
and the potential to extend these resources by exploration. The ore shoots
plunging to the south-east are still open at depth. Additional sub parallel ore
shoots that could be repeated in the south-western extension at depth and
laterally (east and west) near the surface are still not tested by drilling.
InnovExplo indicates also that the gold mineralization intersected in the West
Zone (not included in this estimates) shows similarities to the gold
mineralization observed generally in feldspar porphyry dykes ("G Dykes") which
represent a significant portion of the mineralization at the Sigma Mines (4M
Ounces produced). The West Zone is characterized by a series of sub horizontal
veins and veinlets bordered by vertical shear zones hosted by a porphyry G dyke
type. A drilling program to test the west down plunge of the system below 200
meters is recommended in the West Zone. A 2-km long underexplored area between
the West Zone and the Lapaska Central Zone has also been highlighted in the
43-101 report as an area with good exploration potential for gold.
The Lapaska property lies at the junction of favourable lithologies and
deformation corridors associated to the Cadillac Larder lake Gold Break.
Regional east-west-trending intermediate to felsic dyke swarms favourable to
host gold mineralization are found on the Property and are often associated to
induced polarization (IP) anomalies. Their coincidence of favourable
lithologies, deformation corridor and IP anomalies represents targets that
warrant additional exploration work. InnovExplo recommends a two phase drilling
program of over $1.7M to test the targets on the Property.
Mr. Jules Riopel, Vice-President Exploration and Acquisition of Adventure Gold
commented this first resource estimate: "The report clearly indicates that the
Lapaska project, which shows similarities with the geological environment
observed at the Sigma mine, has a stong exploration potential. Modeling of the
gold envelope on the Lapaska Central Zone allows us now to better understand the
mineral-bearing system and to direct future work of drilling to define new
resources."
2008-2009 Drilling
The Company carried out two drilling programs in 2008 and 2009 for a combined
total of 5,248 metres in 16 holes. Detailed drill results showing grade by
thickness over 3 (g/t Au x metres) are presented in Table 2.
Five drill holes, for a total of 1,639m, were completed during the first phase
of drilling in the spring of 2008. All drill holes were designed to test the LC
Zone and significant gold values were intersected (Press Release dated September
24, 2008). The best drill intersections (core length and uncut gold value)
include 9.7 g/t Au over 2.2 m (LP-08-01), included in a cut of 1.0 g/t Au over
48.3 m and 11.2 g/t Au over 1.5 m (LP-09-02), included in a cut of 1.0 g/t Au
over 50.2 m.
A second phase of drilling was undertaken in the fall of 2008 and completed
early in 2009 with a 3,609-metre drill program in 11 holes to test the down
plunge and lateral extensions of the West Zone, which contains historical drill
intersections (core length and uncut gold value) grading 5.1 g/t Au over 4.8 m
(N-30) and 9.4 g/t Au over 3.1 m (N-38). The best drill intersections (core
length and uncut gold value) from this zone, include 19.7g/t Au over 0.5 m
(LP-08-06) and 10.2 g/t Au over 1.1 m (LP-08-07). The latest drill program has
tested the down plunge extension of the Lapaska Central Zone and its eastern
lateral extensions, from which the best drill intersections (core length and
uncut gold value) include 8.5 g/t Au over 0.7m (LP-08-12) and 7.4 g/t Au over
0.6m (LP-08-15).
Gold mineralization at the Central Zone is associated with a network of
quartz-carbonate-tourmaline-pyrite veins and veinlets, largely hosted in a
silicified felsic volcanic unit. The mineralization and veins geometry are
similar to those of the Sigma II mine. The 30-m to 40-m-thick gold-bearing
system in the LC Zone has been traced along strike over more than 600 metres and
to a depth of 300 metres.
Table 2: Best assay results (over 3 g/t Au x metres) from the 2008-2009 diamond
drilling programs on the Lapaska Property
---------------------------------------------------------------------------
Easting Northing
Hole Number(Nad 83 Zone (Nad 83 From (m) Length (m) Au g/t Zone
18) Zone 18)
---------------------------------------------------------------------------
LP-08-01 311885 5326023 154.8 48.0 1.0 Central
---------------------------------------------------------------------------
Incl. 154.8 0.6 7.9
---------------------------------------------------------------------------
Incl. 163.5 0.5 10.8
---------------------------------------------------------------------------
Incl. 165.2 0.5 31.9
---------------------------------------------------------------------------
Incl. 168.0 1.2 3.3
---------------------------------------------------------------------------
227.0 0.8 24.1
---------------------------------------------------------------------------
LP-08-02 312060 5325930 121.1 51.2 1.0 Central
---------------------------------------------------------------------------
Incl. 141.5 0.6 6.2
---------------------------------------------------------------------------
Incl. 156.9 0.6 7.1
---------------------------------------------------------------------------
Incl. 158.4 0.6 7.4
---------------------------------------------------------------------------
Incl. 166.2 0.5 21.9
---------------------------------------------------------------------------
Incl. 166.7 0.5 6.7
---------------------------------------------------------------------------
LP-08-03 312072 5325901 193.0 21.3 0.9 Central
---------------------------------------------------------------------------
Incl. 195.0 1.0 3.6
---------------------------------------------------------------------------
Incl. 197.3 0.5 9.4
---------------------------------------------------------------------------
240.6 9.4 1.5
---------------------------------------------------------------------------
Incl. 240.6 0.5 9.5
---------------------------------------------------------------------------
Incl. 245.9 0.5 12.1
---------------------------------------------------------------------------
LP-08-04EXT 311959 5325859 453.5 17.8 0.5 Central
---------------------------------------------------------------------------
Incl. 453.5 0.3 10.3
---------------------------------------------------------------------------
LP-08-05 312331 5328971 84.5 0.7 9.3 Central
---------------------------------------------------------------------------
244.4 0.6 6.6
---------------------------------------------------------------------------
LP-08-06 310620 5326090 219.6 0.5 19.7 West
---------------------------------------------------------------------------
256.5 8.0 1.4
---------------------------------------------------------------------------
Incl. 263.3 0.7 6.5
---------------------------------------------------------------------------
LP-08-07 310680 5326050 250.1 6.6 0.9 West
---------------------------------------------------------------------------
332.8 1.1 10.2
---------------------------------------------------------------------------
Incl. 333.5 0.3 31.2
---------------------------------------------------------------------------
LP-08-08 310560 5326110 210.8 0.3 22.5 West
---------------------------------------------------------------------------
LP-08-09 310377 5326200 198.7 0.3 10.3 West
---------------------------------------------------------------------------
LP-08-11 310520 5326175 131.0 0.6 8.2 New Zone
---------------------------------------------------------------------------
LP-08-11A 310520 5326234 207.1 0.3 16.4 New Zone
---------------------------------------------------------------------------
LP-08-12 311860 5325950 391.5 0.7 8.5 Central
---------------------------------------------------------------------------
Incl. 391.5 0.3 18.7
---------------------------------------------------------------------------
LP-08-15 312135 5325930 222 11.8 0.8 Central
---------------------------------------------------------------------------
Incl. 223.5 0.6 7.4
---------------------------------------------------------------------------
The 43-101 report will be available soon on the Sedar and Adventure Gold websites.
Technical Parameters of Resources Estimate
1) The interpretation of the mineralized zones used a 3D modeling and block
model interpolation. The block model was established over a 980-metre segment of
the known Central Zone mineralization to a depth of 550 metres below surface and
30-40 metres of thickness. Two possible approaches were identified early on:
multiple narrow mineralized veins or a wide mineralized envelope. InnovExplo
used a wide mineralized envelope based on continuity concerns between the veins;
2) Individual assays were cut to 30 g/t Au, composited to 1.0-metre equal
lengths. Many historical holes were not sampled over the entire length of the
envelope, resulting in some gaps where no sample appears and no grade was
assigned to missing sample intervals;
3) A 3D directional-specific variography investigation yielded the best-fit
model of ellipsoid research, which corresponds to main the vein system (strike
and dip);
4) The resource estimation used an inverse squared distance algorithm to
interpolate block model grades. Block cell dimensions of 2 m long (X) by 1 m
wide (Y) by 2 m vertical (Z), a minimum mining width of 1.5 metres (true width)
and a specific gravity of 2.75 t/m3 were used. At a cut-off grade of 1 g/t Au,
more than seventy percent of the resource blocks are located within the first
200 metres. At a cut-off grade of 2 g/t Au, more than sixty-five percent of the
resource blocks are located within the first 200 metres.
Quality control
Assay samples were taken from the NQ core and sawed in half, with one-half sent
to a commercial laboratory and the other half retained for future reference. A
strict QA/QC program is applied to all drill core samples, which includes
mineralized standards, blank for each batch of samples and field duplicates for
the first phase of drilling. Analyses were completed by ALS Chemex of Val d'Or,
QC by a fire assays, by atomic absorption, and finished and repeated by
gravimetry for assays over 3 g/t Au. Jules Riopel P.Geo. Vice-President
Exploration and Acquisitions, who acts as the Company's "Qualified Person" as
defined by NI 43-101, has prepared this press release and has supervised the
drill program. Carl Pelletier, P.Geo, director of InnovExplo and Pierre-Luc
Richard, P.Geo, also from InnovExplo have reviewed this press release.
Profile:
Adventure Gold Inc. is a mining exploration company focused on discovering high
quality gold deposits in the Abitibi greenstone belt located in north-west
Quebec and north-east Ontario - one of the richest gold deposit areas in the
world. Adventure Gold holds quality assets in Val-d'Or, Timmins West as well as
along the Casa-Berardi-Cameron and Detour Lake Gold Breaks. The Company is led
by a determined management and technical team with extensive exploration and
mine production experience.
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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