June 02, 2008 15:47 ET

VenCan Gold Corporation Adds Mount Logano Porphyry Property in the Porcupine Gold Camp Near Timmins, Ontario

TORONTO, ONTARIO--(Marketwire - June 2, 2008) - VenCan Gold ("Vencan" or the "Company") (TSX VENTURE:VCG) is pleased to announce it has acquired 100% ownership of the Mount Logano gold property, located approximately 18 kilometres due east of Timmins Ontario.

About the Property

The Mount Logano Porphyry Property consists of 21 claim blocks equalling 212 claim units or 8,480 acres in Whitney, Shaw, Carman and Cody townships of the Porcupine Mining Division of Northern Ontario.

- The Mount Logano Property was acquired as part of Vencan's Abitibi West Property package agreement from famed prospector Don McKinnon, well known for his role in the discovery of the lucrative Hemlo Gold Mines.

Good Potential for an Economic Gold Deposit

The Mount Logano quartz-feldspar porphyry was coeval with the Pearl Lake porphyry, which played an important role in gold mineralization at two of the largest gold producers in the Porcupine gold camp; the McIntyre and Hollinger gold mines. In addition to both porphyry intrusions occurring during the same time period, both porphyry bodies have intruded Tisdale age mafic and ultramafic rocks, which host much of the gold mineralization on the McIntyre and Hollinger properties. Also, there is geological evidence that the Mount Logano porphyry has undergone considerable deformation and fracturing similar to that observed within the Pearl Lake porphyry.

Randall Salo, P.Geo. commented, "The geological setting is as good as it gets. The Property is in an area with strong gold potential and it has all the geological attributes that would lead one to believe that there is potential for an economic gold deposit. A limited amount of previous work has been carried out over the property and much of this was focused within the intrusion itself."

Summer Exploration Program Planned

A first phase exploration program is currently underway and will consist of approximately 65 km of line cutting at 100-metre line spacing and subsequent I.P. and magnetometer surveys at 50 and 12.5-meter intervals respectively.

Exploration will focus on the contact of the Mount Logano porphyry intrusion with Tisdale age mafic/ultramafic rocks and related faults and fractures. According to the Ontario Geological Survey (OGS), gold bearing fractures within porphyry bodies in the Porcupine camp are generally not stand alone ore deposits. The gold tenor and deposit size is greater in the contacting mafic/ultramafics where quartz veining appears to 'blow out'.

Phase two will consist of prospecting and mapping in the areas of anomalous geophysical signatures, closely followed by a 600 meter diamond drill program to test these anomalies and assess their gold potential.

Randall Salo, P.Geo. is the Exploration Manager and is overseeing the overall exploration program on behalf of VenCan, and is the designated qualified person for the technical information contained in this press release.

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)