Adventure Gold Announces the Beginning of a new Drilling Program on the Dubuisson Property
MONTREAL, QUEBEC -- (Marketwire) -- 04/11/12 -- Adventure Gold Inc. (TSX VENTURE:AGE) (the "Company"), is pleased to report that Agnico-Eagle Mines Limited (TSX:AEM) ("AEM") has started a surface diamond drilling program on the Dubuisson property (the "Property") located in the western part of the Val d'Or mining camp, Quebec. The Property is contiguous to the Goldex Mine property (Measured and indicated resources of 2.1M Ounces at 1.8 g/t of gold; Press Release February 16, 2012, AEM) and also straddles a 5-km segment of the prolific Cadillac-Larder Lake Gold break.
The ongoing drilling work will test the Quebec Explorers Gold Deposit lateral extensions. Six (6) drill holes, totaling approximately 2,500 metres, should be drilled during this program. A geological and location map (Figure 1) and a surface map including a longitudinal section (Figure 2) of the proposed drilling can be found on AGE's website at www.adventure-gold.com. Two (2) drill holes (A and B) totaling approximately 1,070 metres will explore the west down plunge extension of the deposit between 100 to 300 metres deep. Three holes (3) holes totaling approximately 980 metres will test the east down plunge extension of the gold system up to 400 metres deep (C, D and E). Additional drilling (at least 450 metres) will be allowed to follow the best drilling intercepts. The exploration program on the Property will be funded and managed by AEM.
The Dubuisson Property
The Dubuisson property, covering 870 hectares, is located at 8 km West of Val d'Or, Quebec. The Property encompasses the Quebec Explorers Gold Deposit (historical resources non-compliant with NI 43-101, totaling 261,000 t at 6.6 g/t Au; source: MRNF GM 55414). This estimate has never been reviewed by AGE or AEM technical teams. The Quebec Explorers 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). Last year AEM's drilling results include 4.8 g/t Au over 6.0 m and 4.3 g/t Au over 4.4 m in the vicinity of the historical drilling. Drill intersections are reported as core length and their true thickness remains to be determined. The gold mineralization is associated with feldspar porphyry and diorite dykes cross cutting deformed ultramafic rocks.
Figures 1 and 2 are available at:
Dubuisson Option Agreement
On July, 22, 2010, Adventure Gold Inc. announced the closing of a partnership with Agnico-Eagle Mines Ltd. through the signing of a selling and an option agreement (the "Agreement") on the 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 signature, 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 brings 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.
Mr. Jules Riopel, Vice-President Exploration and Acquisitions of Adventure Gold, is acting as qualified person (as defined by NI 43-101) and has reviewed and approved the scientific and technical information in this press release.
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.
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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.
Adventure Gold Inc.
President & CEO
Adventure Gold Inc.
Vice-President Exploration and Acquisitions