August 06, 2008 13:11 ET

Drilling Underway on Mt. Logano Property in Timmins, Ontario

TORONTO, ONTARIO--(Marketwire - Aug. 6, 2008) - VenCan Gold ("Vencan" or the "Company") (TSX VENTURE:VCG) is pleased to announce it has commenced a drilling program on its Timmins area Mt. Logano gold property in order to test newly defined geophysical targets. The drill program consists of 6-8 diamond drill holes totaling about 1,000 meters.

The first drill hole is at Target L-5, located at a felsic porphyry/ultramafic volcanic rock contact, which displays an IP anomaly along at least 800 meters of this important contact. A distinct magnetic low is coincident with this IP response, which may be indicative of the destruction of magnetite in an area of intense alteration.

Recently completed IP/resistivity and magnetometer surveys defined a minimum of five anomalous zones, several located where a porphyry system intrudes the mafic volcanic rocks in a geological setting similar to those of the major gold deposits in the Timmins area. All five IP anomalies will be drill tested with a minimum of one hole on each target.

The Logano claim group is underlain by similar age rocks to those that host the prolific Timmins area gold deposits, which have produced in excess of 65 million ounces. The contact between felsic porphyries and ultramafic/mafic volcanic rocks presents a significant gold environment target. The Nighthawk Lake gold deposit (Goldcorp Inc.) lies to the east while the Pamour, Hallnor and Hoyle Pond Mines (Goldcorp Inc.) lie to the north. The prolific Dome Mine, Hollinger Mine and MacIntyre Mine, as well as a host of other significant past producing gold deposits are situated to the west of the Mt. Logano Property.

About the Property

The Mt. Logano Property, located 9 kilometres east of Timmins, Ontario has recently been acquired from famed prospector Don McKinnon, known for his significant contribution to the discovery of the Hemlo gold deposit and major land holder in the Timmins area.

The property is located in the Abitibi Greenstone Belt, in the northern part of Shaw Township, extending well into the southern part Whitney Township and east into Carmen and Cody Townships, over to the western shore of Nighthawk Lake. It is made up of 212 claim units covering an area of approximately 33.9km(2). A map of the property can be viewed on the Company's web site.

Initial field work by Vencan Gold has consisted of IP/resistivity and magnetometer surveys over an area underlain by porphyritic rocks that are in contact with ultramafic/mafic volcanic rocks. Initial interpretations by the Company's consulting geophysicist indicate five IP anomalies of significance, one of which lies at an extensive contact between porphyries and ultramafic vocanic rocks. Another strong IP target lies proximal to a northeast trending diabase dyke which is virtually perpendicular to regional strike. This anomaly straddles a porphyry/ultramafic volcanic contact. Another three geophysical targets lie at or close to the previously mentioned contact in the more northwesterly part of the property.


The Board has reallocated and granted the issuance of 1,415,000 stock options to Directors, Officers and Consultants of the Corporation under the terms of an Incentive Stock Option Plan filed with the TSX Venture Exchange and approved by shareholders at the last AGM held on January 17, 2008. The options are exercisable at $0.10 "per share" for a period of 4 years and are subject to a four month hold period from date of issuance.

Bill Nielsen, P.Geo., Director, is the designated qualified person for the technical information contained in this press release.

Randall Salo, P.Geo. is the Exploration Manager and is overseeing the field exploration program on behalf of VenCan Gold.

WARNING: The statements made in this news release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from expectations and projections set out herein.

SEDAR: 00004007E

Contact Information

  • VenCan Gold
    Brent Nykoliation
    Director of Business Development
    (416) 364-7024
    (416) 364-2753 (FAX)

    VenCan Gold
    J. A. Kirk McKinnon
    President and Chief Executive Officer
    (416) 364-7024
    (416) 364-2753 (FAX)

    VenCan Gold
    Richard Schler
    Vice President & CFO
    (416) 364-7024
    (416) 364-2753 (FAX)