Mar 4 2014
Adventure Gold Inc. and GFK Resources announce the beginning of the 2014 exploration diamond drilling program on the Casa-Cameron project (the "Project"). The program will be realized in three (3) phases totaling 9,000 metres of drilling, of which Phase 1, for 3,000 metres will start this week on the Florence property.
The Project includes nine (9) properties (the "Properties") strategically located along the prolific Casa-Berardi/Cameron Gold Trend, in the Abitibi Greenstone Belt, Quebec (Figure 1). Phase 2 and 3 drilling programs are slated to start respectively in May and September on other properties of the Casa-Cameron project.
The Florence property is located 23 kilometres north of the town of Lebel-sur-Quevillon, about 70 kilometres east of the Sleeping Giant mine and mill and about 60 kilometres southwest of the Bachelor mine and mill. The property encompasses 14.5 km along the Chieftain shear zone, which is a subsidiary fault of the Casa-Berardi/Cameron gold deformation zone (Figure 2). The Phase 1 drilling program on the Florence property consists of 8 diamond drill holes. Initial drilling is designed to test the Chieftain gold deformation zone with 5 holes over a strike length of 1.5 km between the surface and around 250 metres deep. Historical drilling in this area returned up to 1 g/t Au over 26 metres, including 2.9 g/t Au over 3.9 metres and 1 g/t Au over 18.6 metres, including 2.8 g/t Au over 4.2 metres (holes CH-1 and G-91-7: GM55861). Also of interest, the southeast extension of the Chieftain gold deformation zone remained untested by drilling over a strike of seven kilometres. This area shows historical showings and its potential was enhanced by the discovery of a new gold showing by Adventure Gold returning 7.0 g/t Au, 3.2 g/t Au, 0.7 g/t Au and 0.4 g/t Au in grab samples. Three (3) holes will test induced polarization ("IP") geophysical targets and the new gold showing in this area of the property.
"Adventure Gold is very pleased to start its first drilling program with GFK Resources to explore the Florence property. We believe this initial drilling program will confirm the good potential of the Florence property. Considering our quality drilling targets, we look forward to see the results." stated Marco Gagnon, President and CEO of Adventure Gold.
The Casa-Cameron Project
The Casa Cameron Project includes nine (9) gold Properties: (1) Casagosic, (2) KLM, (3) Vezza North, (4) Vezza Extension, (5) Bell-Vezza, (6) Sinclair-Bruneau, (7) Florence, (8) Céré-113 and (9) Bachelor Extension (Figure 1). The Properties are located north of La Sarre, Amos and Lebel-sur-Quevillon, in the northwest region of the province of Quebec and they are accessible all year long by paved and gravel roads. GFK and AGE have an agreement pursuant to which GFK has acquired the option to earn between 51% or 100% interest in AGE's Casa-Cameron project covering an area of 222 km² (see Press Release dated December 12th, 2013). Since the signing of the agreement, 16 additional claims were acquired or map-staked and are now part of the agreement.
The Properties straddle segment of the major Casa-Berardi/Cameron gold break between the Casa-Berardi Gold Mine (proven and probable reserves of 8.2 Mt at 5.5 g/t Au for 1.5M ounces, measured and indicated resources of 11.0 Mt at 4.1 g/t Au for 1.5M ounces and inferred resources of 4.8Mt at 3.8 g/t Au for 590,000 ounces - Hecla Mining (formerly Aurizon Mines), press release, February 14, 2013) and the Bachelor Gold Mine (also currently in operation by Metanor Resources with proven and probable reserves of 843,800 t at 7.4 g/t Au for 200,200 ounces and inferred resources of 426,100 t at 6.5 g/t Au for 89,400 ounces - Metanor Resources, NI 43-101, April 26, 2011). All the Properties contain already known gold-bearing zones and most of them are also strategically located adjacent and on strike with significant gold mines or deposits.
Very few modern exploration works were completed on the Properties from the 1990's to 2008, prior their acquisition by Adventure Gold. Gold exploration work conducted by Adventure Gold since then returned very encouraging results and many valuable drill targets were outlined (see the Company's press release dated June 11, 2013 and the technical report (the "Report") filed by GFK on SEDAR in connection with the transaction and prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101")). As described in the Report, the geological setting of the Casa-Cameron properties appears to be very favorable for the identification of new high-grade gold-bearing structures or bulk-style ore deposit. Past exploration work did not entirely test the numerous gold occurrences and many positive historical drilling intersections warrant follow-up drilling. In addition, recent geophysical surveys outlined also quality drilling targets. The authors of the Report recommend significant exploration work including a 21,000-meter drilling program (see the Report available on AGE's website).
"For GFK, the announcement of the 2014 drilling program on our Casa-Cameron properties marks the beginning of a new phase of activity. The Company has reviewed many possible property opportunities over the past few years and has preserved its cash position during this process. We are very excited with our new relationship with Adventure Gold and the potential that brings to the Company" remarked Patrick Fernet, CEO of GFK Resources Inc.
Mr. Jules Riopel, Vice-President Exploration and Acquisitions of Adventure Gold and Denis Chenard, P.Eng. of GFK Resources act as the qualified persons (as defined by NI 43-101) and have reviewed and approved the scientific and technical information in this press release. Adventure Gold will act as the field operator for all the exploration work on the Casa-Cameron project during the first option as per the agreement between AGE and GFK.
For more information, please see figures 1 and 2 at :
http://media3.marketwire.com/docs/Figure1Casa.jpg
http://media3.marketwire.com/docs/Figure2Florence.jpg
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 three main projects namely: Val-d'Or East, Detour Quebec, and Casa-Cameron. The Val-d'Or East flagship project encompasses the Pascalis-Colombiere property where Cambior Inc. (now IAMGOLD) produced gold between 1989 and 1993 at the Beliveau Mine. Close to the former mine, Adventure Gold recently discovered a significant new gold system containing 770,000 gold ounces at 2.63 g/t in the inferred resource category (SGS Canada Inc., NI 43-101 Technical Report Mineral Resource Val-d'Or East Property filed on Jan. 4th, 2013) and is actively working on its development. With 68.8M shares issued and outstanding (71.7M shares on a fully-diluted basis) and 10% owned by the management, Adventure Gold is well-positioned to benefit its shareholders.