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Vedron cuts 1.61 gpt Au over 35.5 m on north mine area
2006-04-05 17:11 ET - News Release
Mr. Tom Meredith reports
EXPLORATION DRILLING EXTENDS NEAR SURFACE GOLD MINERALIZATION ON THE BUFFALO ANKERITE PROPERTY, TIMMINS, ONTARIO
Vedron Gold Inc. has provided drill results from exploration drilling recently completed in the north mine area of the Buffalo Ankerite property. The results, including 1.61 grams per tonne Au (gold) over 35.5 metres and 2.69 grams per tonne Au over 6.37 metres, are from a program designed to test the northerly extension of near-surface gold mineralization in the north mine area of the Buffalo Ankerite property. The program follows up earlier results from the north mine area, including results released in Stockwatch on Dec. 12, 2005, and indicate that the length of the north mine area gold mineralized strike length is approximately 800 metres. Further exploration, beginning with an estimated 10 holes in the central part of north mine area, is planned to test near-surface areas of the regionally folded, gold mineralized stratigraphic horizon that crosses the Buffalo Ankerite property for a strike length of 2,400 metres. During 2001 to 2003, Placer Dome outlined a potentially open-pittable gold mineralized area that is 700 metres long by 140 metres deep in the south mine area. The property is now 100 per cent controlled by Vedron Gold.
Seven drill holes tested north-to-south-trending gold zones that are located in the north area of the Buffalo Ankerite mine. The property saw historical production of 1,018,000 gold ounces between 1926 and 1953 (Ontario Ministry of Northern Development and Mines, Buffalo Ankerite & Ankerite March listings). The property continues to hold significant potential to explore and develop both surface-minable and deeper, downdip gold mineralization. Records of historic underground workings and drilling indicate good potential to expand gold mineralization on this 800-metre section of the known gold mineralized stratigraphy.
The drill holes intersected a number of rock types typical of the Timmins gold camp, including ultramafic volcanic, porphyry and mafic volcanic rock, the main host rock of former gold production at the Buffalo Ankerite and the adjacent Aunor and Dome mine properties. Mineralized quartz tourmaline breccia and/or quartz vein system hosted within pervasive sericite-ankerite altered volcanic sequences or mineralized quartz porphyry was intersected in all of the drill holes. Alteration and mineralization is similar to that found at the Dome and Aunor mines, as well as the Buffalo Ankerite mine.
Holes were mostly targeted to test for mineralization at depths of less than 175 metres below surface.
The three southernmost holes, VBA06-34, VBA06-35 and VBA06-36, cover a 100-metre section of stratigraphy that has seen historic production. Hole VBA06-35 ended at a mine opening intersecting 1.61 grams per tonne Au over the 35.5 metres before the opening, including 3.93 grams per tonne Au over the last 5.82 metres before the opening. The hole intersected numerous mineralized quartz tourmaline breccia zones including one with visible gold. Holes 34 and 36 did not intersect mine workings, indicating that the mining was on a limited scale. Hole 36 intersected two quartz tourmaline breccia zones one of which assayed 2.69 grams per tonne Au over 6.37 metres including 6.24 grams per tonne Au over 1.74 metres.
Two holes, previously drilled by Placer Dome on the property, had intersected 3.93 grams per tonne Au over 5.82 metres and 1.01 grams per tonne Au over 31.55 metres in an altered quartz porphyry. Three holes were drilled to further test these intersections, holes VBA06-37, VBA06-39 and VBA06-40. Only one of the holes intersected mineralized porphyry, VBA06-39, which assayed 1.09 grams per tonne Au over 4.91 metres. A revised interpretation now suggests that the porphyry may strike 045 and dip to the southeast, which would explain the miss in the other drill holes. The mineralized porphyry remains a target to be further tested at a later date.
A complete table of the drill results follows at the end of the news release.
All exploration work was conducted under Kenneth Guy, PGeo, designated qualified person for Vedron Gold, who has reviewed the this news release. Gold analysis of samples collected by Vedron were assayed by Laboratoire Expert in Rouyn-Noranda, Que. Analysis consisted of a fire assay of a 30-gram sample with an atomic absorption finish. Samples assaying over 1.0 gram per tonne Au are reassayed with gravimetric finish. Samples noted to contain visible gold are analyzed via total metallic assay method. A rigorous quality control and assurance program (QA/QC) is in place, using control samples such as blanks and Rocklabs standards and duplicate checks. In addition, duplicate analyses of 10 per cent of the samples were corroborated by check assays on sample performed by Bourlamaque Laboratory of Val d'Or, Que.
Hole No. From To Au Inter.
(m) (m) (g/t) (m)
VBA06-34 127.10 130.10 1.23 3.00
VBA06-35 156.80 194.00 1.61 35.50
Incl. 2.89 9.14
and 3.93 5.82
VBA06-36 203.20 209.60 2.69 6.37
Incl. 6.24 1.74
and 3.63 1.25
VBA06-37 243.20 248.14 1.06 4.94
Incl. 1.94 1.55
1.10 1.86
VBA06-38 nsa
VBA06-39 75.86 80.77 1.09 4.91
Incl. 1.45 0.91
1.14 1.52
VBA06-40 nsa
Bei den derzeitigen Edelmetallpreisen, den guten Unternehmensdaten und der im Vergleich zu anderen Minengesellschaften geringen Marktkapitalisierung, stehen die Chancen für ein Anziehen des Kurses nicht schlecht.
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