Adventure Gold Meunier JV Property: Deep Drilling Update
MONTREAL, QUEBEC -- (Marketwire) -- 03/02/12 -- Adventure Gold Inc. (TSX VENTURE: AGE) (the 'Company') announces the conclusion of the Deep Hole at the Meunier JV Property in the West Timmins gold region, Ontario. Lake Shore Gold (TSX: LSG) ('LSG' or the 'Operator'), RT Minerals Corporation (TSX VENTURE: RTM) ('RTM') and the Company has agreed to stop the drilling at 3,444 metres core length due to technical difficulties encountered at depth.
Further to AGE's press release dated November 10, 2011 regarding the Deep Drilling, where LSG announced that the Timmins West Mine Fold Nose Structure was intersected 1.9 kilometres in the down plunge extension from bottom of current mining reserve at the Timmins Mine near the Meunier JV Property boundary, the hole intersected a thick section of pyroxenite and several zones of alteration and deformation anomalous in gold. This includes a broad zone containing local quartz veining, elevated pyrite and tourmaline between 3,023 and 3,052 meters (2,475 meters vertically below surface) with similarities to the mineralization found within the Timmins West Mine Fold Nose Structure. The potential to extend or encounter other similar zones that could bear higher gold grades in areas above, below and on strike of the above zone and on the Meunier JV or adjacent to the LSG property are still considered excellent. In addition, for technical reasons the drill hole was not able to reach the Thunder Creek Horizon target that was interpreted to be intersected at a depth of around 3,500 metres along the hole. AGE was informed by the Operator that no economic gold mineralization was encountered in the Deep Hole on the Meunier JV property (representing approximately the last 462 metres drilled on the property out of the full 3,444 metres core length).
Current budget analysis has indicated drilling costs that are, in the opinion of the Joint Venture participants, too high to warrant further drilling in the immediate future. The Deep Hole set up and casing will be left on place so that future deepening drilling or wedge cuts may be considered and resumed at a later date.
RTM and LSG are on the way to exercise their Second Option of the Agreement. Over $3,000,000 of exploration work has been spent to date by LSG and RTM on the Property. Once the auditing process will be completed on exploration expenditures and 250,000 RTM shares will be delivered to AGE (as per the Agreement), the Meunier JV property ownership will consist of AGE (50%), LSG (25%-Operator) and RTM (25%).
Quality Control
Jules Riopel, P.Geo., Vice-President Exploration and Acquisitions, acting as the Company's 'Qualified Person' as defined by NI 43-101, has reviewed this press release. LSG is the field manager for the deep drilling program carried out on the Property. The Qualified Person ('QP') for Lake Shore Gold's Deep Hole drill program is Jacques Samson, P.Geo. who as QP has prepared or supervised the preparation of the scientific or technical information for the property and verified the data disclosed in this press release.
Lake Shore Gold has implemented a quality-control program to ensure best practice in the sampling and analysis of the drill core. Assays have been completed using a standard fire assay with a 30-gram aliquot. For samples that return a value greater than 10 grams per tonne gold, samples are re-run with a gravimetric finish. Zones with visible gold are tested by pulp metallic analysis. NQ size drill core is saw cut and half the drill core is sampled in standard intervals. The remaining half of the core is stored in a secure location. The drill core is transported in security-sealed bags for preparation at ALS Chemex Prep Lab located in Timmins, Ontario, and the pulps shipped to ALS Chemex Assay Laboratory in Vancouver, B.C. ALS Chemex is an ISO 9001-2000 registered laboratory preparing for ISO 17025 certification.
Profile:
Adventure Gold Inc. is a mineral exploration company focused on discovering high-quality gold deposits in the Abitibi Greenstone Belt located in northwestern Quebec and northeastern Ontario - one of the richest gold deposit areas in the world. Adventure Gold holds quality assets in the Val-d'Or, Rouyn-Noranda and Timmins areas and is led by determined management and technical teams with extensive exploration and mine production experience. Adventure Gold is proud to count on highly regarded partners such as Agnico-Eagle Mines Limited and Lake Shore Gold Corp. to explore its advanced-stage gold properties.
Follow Adventure Gold on:
Twitter: http://twitter.com/Adventure_AGE
LinkedIn: http://www.linkedin.com/company/2253943
ADVENTURE GOLD INVITES YOU TO VISIT US AT THE PDAC MARCH 4 TO 7, 2012 - BOOTH #2151 (Su-Mo) & BOOTH # 2207 (Tu-We)
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.
Contacts:
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
