Vault Minerals expands Goldbanks property in the Kirkland Lake Gold Campadmin
VAULT MINERALS INC announces that it has entered into option agreements to acquire two strategic claim units, contiguous to its Goldbanks property in the Kirkland Lake gold camp, Ontario.
As previously announced, the Goldbanks property is situated in western Teck Township, 800 m west of the high-grade Macassa mine, which is currently operated by Kirkland Lake Gold Inc. The Macassa mine is the western-most of the seven historic gold mines along the prolific Kirkland Lake Main-’04 Break which comprise the famous ‘Mile of Gold’, and that have produced in excess of 24 million ounces of gold at a recovered grade of 0.47 oz/ton.
The Main-’04 Break transects the southern-most claims of the Goldbanks property, and there are at least five other sub-parallel structures of exploration significance across the 1700 m band of favourable Timiskaming geological assemblage that Vault’s claims now cover.
The two new claims are also interpreted to contain the western extension of the ’05 Break which was being mined by Lac Minerals, Barrick, and Kinross at Macassa mine in the 1990′s until underground access was lost. Diamond drilling verified the western extension of the ’05 Break on the adjoining “KL West” property in early 2008, which is a joint-venture between Queenston Mining Inc and Kirkland Lake Gold.
Very little modern exploration has been undertaken on the property, including the two newly-optioned claims. Only one 600-foot drill hole has been drilled on the eastern claim; and it is interpreted to have been drilled south of, and away from, the ’05 Break. Mafic syenite, a common ore host-rock at the Macassa mine, is present on both claims. Geologic contacts of the Timiskaming sediments, with associated geophysical and geochemical anomalies, will be primary exploration targets.
In recent years, renewed exploration in proven gold camps, such as Red Lake, Timmins and Kirkland Lake, has resulted in discoveries of significant gold deposits on structures outboard from the historical workings and yet still “in the shadow of headframes”. Joe Horne, Vault’s president and CEO commented, “Although the junior markets are experiencing very difficult times, I am pleased that Vault continues to be able to source excellent opportunities close to home. We remain confident and committed to building a dominant land position in one of Canada’s most recognized gold camps, for when gold markets invariably recover.”
Vault now intends to extend the recently-established field grids and surveys onto the two new claims. Upon completion of the various surface exploration programs this fall, and the integration of the data into an on-going GIS compilation, Vault intends to design a diamond drill program to test identified gold targets in a subsequent budget.
Vault may earn 100% in the properties for aggregate consideration of $35,000 in cash payments, 120,000 common shares of Vault and $55,000 in work expenditures. First year obligations include $12,000 cash, 40,000 shares and $25,000 in work expenditures. The properties will each be subject to a 2% royalty. The agreements remain subject to acceptance of the TSX Venture Exchange.
Vault Minerals Inc. is a Canadian junior exploration company focused on gold exploration and development in and around the proven gold camps of northeastern Ontario. In addition to its large portfolio of properties in the prolific Kirkland Lake gold camp, Vault continues to expend significant resources in the identification and review of qualified, advanced-stage gold projects in the region for potential acquisition. The Company’s capital consists of 29,576,093 issued and outstanding common shares which are listed for trading on the TSX Venture Exchange under the symbol ‘VMI’.