Adventure Gold Inc.
TSX VENTURE : AGE

Adventure Gold Inc.

February 09, 2010 13:08 ET

Adventure Gold Releases its First NI 43-101 Resource Estimate on the Lapaska Gold Property in Eastern Val d'Or Mining Camp

MONTREAL, QUEBEC--(Marketwire - Feb. 9, 2010) - Adventure Gold Inc. (TSX VENTURE:AGE) (the "Company"), a junior mining exploration company with strategic properties along main gold breaks in the prolific Abitibi greenstone belt, is pleased to announce its first National Instrument ("NI") 43-101 compliant resource estimate on its 100%-owned Lapaska Property in the eastern Val d'Or mining Camp, Quebec. Table 1 summarizes the gold resource estimates using different cut off grades on the Lapaska Central ("LC") Zone. The Mineral Resources were estimated by independent qualified persons from InnovExplo, a consultant firm based in Val d'Or, Quebec.

Table 1: Inferred Mineral Resource of Lapaska Central Zone, dated February 9, 2009.

Cut-off Grade g/t Au Tonnes Avg. Grade g/t Au Ounces of Gold
0.5 2,144,000 1.15 79,335
1.0 865,000 1.81 50,442
2.0 220,000 3.14 22,239

NB: Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability.

The Lapaska Property is comprised of 26 claims for 352 hectares located 20 km east of the city of Val d'Or, in the eastern part of the Val d'Or gold mining camp, Quebec. The Property, 100%-owned by the Company, is favourably located between the past producing gold deposit Sigma II to the east (150,000 ounces at 2.5 g/t Au: Placer Dome, 1997) which was operated by open pit method and the Simkar gold deposit to the west (43-101 inferred resource of 105,000 oz at 5.3 g/t Au: Megastar – MDV: TSX-V, September 2008). The Property containing three significant gold-bearing zones: LC, West and Lourmet zones is also strategically located along the prolific Cadillac Larder Lake Gold Break, a regionally extensive structure that is spatially related to numerous gold mines.

Exploration potential

InnovExplo states that the probabilities of adding new resources to the existing mineral inventory are excellent. A 3D isometric view of the block model (see figure 1 on Adventure Gold website), show the location of the current resources and the potential to extend these resources by exploration. The ore shoots plunging to the south-east are still open at depth. Additional sub parallel ore shoots that could be repeated in the south-western extension at depth and laterally (east and west) near the surface are still not tested by drilling.

InnovExplo indicates also that the gold mineralization intersected in the West Zone (not included in this estimates) shows similarities to the gold mineralization observed generally in feldspar porphyry dykes ("G Dykes") which represent a significant portion of the mineralization at the Sigma Mines (4M Ounces produced). The West Zone is characterized by a series of sub horizontal veins and veinlets bordered by vertical shear zones hosted by a porphyry G dyke type. A drilling program to test the west down plunge of the system below 200 meters is recommended in the West Zone. A 2-km long underexplored area between the West Zone and the Lapaska Central Zone has also been highlighted in the 43-101 report as an area with good exploration potential for gold.

The Lapaska property lies at the junction of favourable lithologies and deformation corridors associated to the Cadillac Larder lake Gold Break. Regional east-west-trending intermediate to felsic dyke swarms favourable to host gold mineralization are found on the Property and are often associated to induced polarization (IP) anomalies. Their coincidence of favourable lithologies, deformation corridor and IP anomalies represents targets that warrant additional exploration work. InnovExplo recommends a two phase drilling program of over $1.7M to test the targets on the Property.

Mr. Jules Riopel, Vice-President Exploration and Acquisition of Adventure Gold commented this first resource estimate: "The report clearly indicates that the Lapaska project, which shows similarities with the geological environment observed at the Sigma mine, has a stong exploration potential. Modeling of the gold envelope on the Lapaska Central Zone allows us now to better understand the mineral-bearing system and to direct future work of drilling to define new resources."

2008-2009 Drilling

The Company carried out two drilling programs in 2008 and 2009 for a combined total of 5,248 metres in 16 holes. Detailed drill results showing grade by thickness over 3 (g/t Au x metres) are presented in Table 2.

Five drill holes, for a total of 1,639m, were completed during the first phase of drilling in the spring of 2008. All drill holes were designed to test the LC Zone and significant gold values were intersected (Press Release dated September 24, 2008). The best drill intersections (core length and uncut gold value) include 9.7 g/t Au over 2.2 m (LP-08-01), included in a cut of 1.0 g/t Au over 48.3 m and 11.2 g/t Au over 1.5 m (LP-09-02), included in a cut of 1.0 g/t Au over 50.2 m.

A second phase of drilling was undertaken in the fall of 2008 and completed early in 2009 with a 3,609-metre drill program in 11 holes to test the down plunge and lateral extensions of the West Zone, which contains historical drill intersections (core length and uncut gold value) grading 5.1 g/t Au over 4.8 m (N-30) and 9.4 g/t Au over 3.1 m (N-38). The best drill intersections (core length and uncut gold value) from this zone, include 19.7g/t Au over 0.5 m (LP-08-06) and 10.2 g/t Au over 1.1 m (LP-08-07). The latest drill program has tested the down plunge extension of the Lapaska Central Zone and its eastern lateral extensions, from which the best drill intersections (core length and uncut gold value) include 8.5 g/t Au over 0.7m (LP-08-12) and 7.4 g/t Au over 0.6m (LP-08-15).

Gold mineralization at the Central Zone is associated with a network of quartz-carbonate-tourmaline-pyrite veins and veinlets, largely hosted in a silicified felsic volcanic unit. The mineralization and veins geometry are similar to those of the Sigma II mine. The 30-m to 40-m-thick gold-bearing system in the LC Zone has been traced along strike over more than 600 metres and to a depth of 300 metres. 

Table 2: Best assay results (over 3 g/t Au x metres) from the 2008-2009 diamond drilling programs on the Lapaska Property

Hole Number Easting
(Nad 83 Zone 18)
Northing
(Nad 83  Zone 18)
From (m) Length (m) Au g/t Zone
LP-08-01 311885 5326023 154.8 48.0 1.0 Central
    Incl. 154.8 0.6 7.9  
    Incl. 163.5 0.5 10.8  
    Incl. 165.2 0.5 31.9  
    Incl. 168.0 1.2 3.3  
      227.0 0.8 24.1  
LP-08-02 312060 5325930 121.1 51.2 1.0 Central
    Incl. 141.5 0.6 6.2  
    Incl. 156.9 0.6 7.1  
    Incl. 158.4 0.6 7.4  
    Incl. 166.2 0.5 21.9  
    Incl. 166.7 0.5 6.7  
LP-08-03 312072 5325901 193.0 21.3 0.9 Central
    Incl. 195.0 1.0 3.6  
    Incl. 197.3 0.5 9.4  
      240.6 9.4 1.5  
    Incl. 240.6 0.5 9.5  
    Incl. 245.9 0.5 12.1  
LP-08-04EXT 311959 5325859 453.5 17.8 0.5 Central
    Incl. 453.5 0.3 10.3  
LP-08-05 312331 5328971 84.5 0.7 9.3 Central
      244.4 0.6 6.6  
LP-08-06 310620 5326090 219.6 0.5 19.7 West
      256.5 8.0 1.4  
    Incl. 263.3 0.7 6.5  
LP-08-07 310680 5326050 250.1 6.6 0.9 West
      332.8 1.1 10.2  
    Incl. 333.5 0.3 31.2  
LP-08-08 310560 5326110 210.8 0.3 22.5 West
LP-08-09 310377 5326200 198.7 0.3 10.3 West
LP-08-11 310520 5326175 131.0 0.6 8.2 New Zone
LP-08-11A 310520 5326234 207.1 0.3 16.4 New Zone
LP-08-12 311860 5325950 391.5 0.7 8.5 Central
    Incl. 391.5 0.3 18.7  
LP-08-15 312135 5325930 222 11.8 0.8 Central
    Incl. 223.5 0.6 7.4  

The 43-101 report will be available soon on the Sedar and Adventure Gold websites.

Technical Parameters of Resources Estimate

1) The interpretation of the mineralized zones used a 3D modeling and block model interpolation. The block model was established over a 980-metre segment of the known Central Zone mineralization to a depth of 550 metres below surface and 30-40 metres of thickness. Two possible approaches were identified early on: multiple narrow mineralized veins or a wide mineralized envelope. InnovExplo used a wide mineralized envelope based on continuity concerns between the veins;

2) Individual assays were cut to 30 g/t Au, composited to 1.0-metre equal lengths. Many historical holes were not sampled over the entire length of the envelope, resulting in some gaps where no sample appears and no grade was assigned to missing sample intervals;

3) A 3D directional-specific variography investigation yielded the best-fit model of ellipsoid research, which corresponds to main the vein system (strike and dip);

4) The resource estimation used an inverse squared distance algorithm to interpolate block model grades. Block cell dimensions of 2 m long (X) by 1 m wide (Y) by 2 m vertical (Z), a minimum mining width of 1.5 metres (true width) and a specific gravity of 2.75 t/m3 were used. At a cut-off grade of 1 g/t Au, more than seventy percent of the resource blocks are located within the first 200 metres. At a cut-off grade of 2 g/t Au, more than sixty-five percent of the resource blocks are located within the first 200 metres.

Quality control

Assay samples were taken from the NQ core and sawed in half, with one-half sent to a commercial laboratory and the other half retained for future reference. A strict QA/QC program is applied to all drill core samples, which includes mineralized standards, blank for each batch of samples and field duplicates for the first phase of drilling. Analyses were completed by ALS Chemex of Val d'Or, QC by a fire assays, by atomic absorption, and finished and repeated by gravimetry for assays over 3 g/t Au. Jules Riopel P.Geo. Vice-President Exploration and Acquisitions, who acts as the Company's "Qualified Person" as defined by NI 43-101, has prepared this press release and has supervised the drill program. Carl Pelletier, P.Geo, director of InnovExplo and Pierre-Luc Richard, P.Geo, also from InnovExplo have reviewed this press release.

Profile:

Adventure Gold Inc. is a mining exploration company focused on discovering high quality gold deposits in the Abitibi greenstone belt located in north-west Quebec and north-east Ontario - one of the richest gold deposit areas in the world. Adventure Gold holds quality assets in Val-d'Or, Timmins West as well as along the Casa-Berardi-Cameron and Detour Lake Gold Breaks. The Company is led by a determined management and technical team with extensive exploration and mine production experience. 

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.

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