Adventure Gold and Agnico-Eagle Intersect 4.8 g/t Au Over 6.0 Metres on Dubuisson
MONTREAL, QUEBEC -- (Marketwire) -- 10/19/11 -- Adventure Gold (TSX VENTURE:AGE) ("AGE", the "Company"), is pleased to announce that its partner, Agnico-Eagle Mines Limited (TSX:AEM) ("AEM"), has reported new gold-bearing drill intersections along the extension of the Quebec Explorers Gold Deposit on the Dubuisson property (the "Property"). The Property is contiguous to the Goldex Mine property (reserves of 1.6 M ounces at 1.8 g/t gold; December 2010, AEM) and also straddles a 5-km segment of the prolific Cadillac-Larder Lake Gold Break. Twelve (12) drill holes, totalling 4,536 metres were drilled during the program completed last summer. A geological and location map (Figure 1) and a surface map including a composite longitudinal section (Figure 2) of the recent drilling results can be found on AGE's website at www.adventure-gold.com. AEM is already working on the next drilling program which will be submitted later this fall for approval. The best gold intersections, in core length, are as follows:
-- Hole 160-11-01: 14.0 g/t Au over 1.0 m and 0.5 g/t Au over 46.6 m; -- Hole 160-11-02: 4.8 g/t Au over 6.0 m and 0.5 g/t Au over 33.0 m; -- Hole 160-11-03: 3.0 g/t Au over 5.5 m in an intercept grading 0.5 g/t Au over 57.7 m; -- Hole 160-11-05: 9.7 g/t Au over 1.5 m and 2.8 g/t Au over 3.0 m; -- Hole 160-11-06: 4.3 g/t Au over 4.4 m.
Extension of the Quebec Explorers Gold Deposit
Recent drilling work has resulted in the identification of new gold intercepts along the west down- plunge extension of the Quebec Explorers ("QEX") Gold Deposit from surface to 200 metres depth. The recognition of this trend is significant and adds new exploration potential on Dubuisson to the west. Drill hole 160-11-01, completed along the western extension of the QEX deposit, intersected two gold intervals respectively grading 0.5 g/t Au over 46.6 metres from 105.9 to 152.5 metres, and 2.5 g/t Au over 8.5 metres from 263.3 to 271.8 metres. Drill hole 160-11-02, also completed along the western extension of the QEX deposit intersected two gold intervals respectively grading 0.5 g/t Au over 33.0 metres from 97.7 to 130.7 metres, and 4.8 g/t Au over 6.0 metres from 244.9 to 250.9 metres. Drilling also confirmed that the QEX deposit is still open to the east toward the surface. Drill hole 160-11-06, completed in this area intersected 4.3 g/t Au over 4.4 metres from 102.6 to 107.0 metres.
In addition, drill program was aimed to test the gold system continuity and more specifically within and below the historically explored area. New results confirmed, what was already suspected from historical drilling, that QEX deposit shows variation in grade and thickness along its strike length laterally and at depth. Yet, several higher-grade zones were identified and follow-up drilling will be needed to fully evaluate their extensions. The deepest holes within the QEX deposit also indicate a change in dip of the deformation zone. This structural feature (possible folding) may explain why no significant mineralization was intersected in some areas at depth during this drilling program.
The gold mineralization observed in drill core is associated with feldspar porphyries and diorite dykes crosscutting deformed ultramafic rocks. Best gold intercepts are associated with albite-silica-sericite- carbonate alteration zones with disseminated sulphides. To the north of the QEX deposit trend, hole 160-11-03 intersected a quartz-tourmaline vein grading 1.3 g/t Au over 1.5 metres. This gold discovery, hosted in a granodiorite dyke and associated with hematite-albite alteration, shows similarities with the environment of the Goldex Mine gold-bearing system. Despite its low grade, this new discovery opens a new potential exploration zone, located north of the QEX gold deposit.
The Dubuisson Property
The Dubuisson property, covering 870 hectares, is located 8 km west of Val-d'Or, Quebec. The Property encompasses the QEX Gold Deposit (historical resources non-compliant with NI 43-101, totalling 261,000 t at 6.6 g/t Au; source: MRNF GM 55414). This estimate has never been reviewed by AGE or AEM. The QEX gold system exceeds 20 metres in thickness and can be traced for more than 800 metres along the strike length. The best reported historical drill intersections includes: 19.9 g/t Au over 5.9 m, 8.2 g/t Au over 11.1 m, 6.7 g/t Au over 12.1 m, 4.6 g/t Au over 17.1 m and 11.0 g/t Au over 6.7 m (MRNF SIGEOM database). Drill intersections are reported as core lengths and their true thickness remains to be determined. The gold mineralization is associated with feldspar porphyry and diorite dykes cross cutting deformed ultramafic rocks.
Dubuisson Option Agreement
On July, 22, 2010, Adventure Gold Inc. announced the closing of a significant partnership with AEM through the signing of a selling and option agreement (the "Agreement") on AGE's 100% owned Dubuisson property. Under the terms of the Agreement, AEM acquired 51% of AGE's right, title and interest in the Property by making, on signing, a cash payment of $100,000 and issuing 15,000 shares of AEM to AGE.
Also under the terms of the Agreement, AEM may acquire an additional interest of up to 14% of AGE's right, title and interest in the Property by spending up to $4M in exploration work on the Property over a period of five (5) years from the effective date of the Agreement with a minimum of $600,000 of work to be completed or paid in cash to AGE before the end of the first two (2) years.
As part of the Agreement and following the exercise of the second option, AEM may acquire an additional interest, which would bring AEM up to 70% and AGE to 30% interest in the Property by completing a Bankable Feasibility Study. AEM will act as the operator for all exploration carried out on the Property during the option period.
Table 1: Results of the 2011 Dubuisson drilling program.
Core Drill hole UTM UTM Azimuth Dip Length From To length Au East North (m) (m) (m) (m) (g/t) ---------------------------------------------------------------------------- 160-11-01 283906 5329793 35 -45 303.6 105.9 152.5 46.6 0.5 Inc. 134.2 148.5 14.3 1.0 263.3 283.8 20.5 1.4 Inc. 263.3 264.3 1.0 14.0 Inc. 263.3 271.8 8.5 2.5 160-11-02 283955 5329793 35 -45 304 97.7 130.7 33.0 0.5 Inc. 124.7 127.7 3.0 2.3 244.9 250.9 6.0 4.8 160-11-03 284001 5329784 35 -45 300.5 96.3 154.0 57.7 0.5 Inc. 146.7 152.2 5.5 3.0 290.7 292.2 1.5 1.3 160-11-04 284143 5329716 35 -45 199.8 145.8 172.1 26.3 0.5 Inc. 145.8 150.3 4.5 1.9 160-11-05 284240 5329710 35 -45 151 98.5 116.5 18.0 1.6 Inc. 98.5 100.0 1.5 9.7 Inc. 112.0 115.0 3.0 2.8 160-11-06 284320 5329653 35 -45 175 102.6 107.0 4.4 4.3 160-11-07 284238 5329656 35 -45 201 NSV 160-11-08 284210 5329550 35 -50 459 111.5 113.6 2.1 1.6 411.0 414.0 3.0 1.8 160-11-09 284083 5329566 35 -45 628 NSV 160-11-10 283996 5329609 35 -45 502 NSV 160-11-11 283884 5329662 38 -45 637.5 NSV 160-11-12 283826 5329734 35 -45 674.7 NSV NSV: No significant values
The exploration program on the Dubuisson project is conducted by AEM and the data are reviewed by Jules Riopel, P.Geo., Vice-President Exploration and Acquisitions and Qualified Person as defined by National Instrument 43-101. Assay samples are taken from NQ-size drill core sawn in half; one half is shipped to a commercial laboratory and the other half is kept for future reference. Assays were conducted by ALS Chemex-Chimitec in Val-d'Or. Significant assay results are duplicated at the original laboratory. Quality control samples, standards and blanks, were inserted in the sample stream for mineralized zones. Drill intersections are reported as core lengths and their true thickness remains to be determined.
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:
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.