Adventure Gold Inc.
TSX VENTURE : AGE

Adventure Gold Inc.

November 15, 2011 08:30 ET

Adventure Gold Continues to Extend Beliveau West Gold Zones: 65.1 Metres at 2.7 g/t Gold and Still Open to Exploration

MONTREAL, QUEBEC--(Marketwire - Nov. 15, 2011) - Adventure Gold Inc. (TSX VENTURE:AGE) (the "Company") is pleased to report a second set of very positive gold results from the Phase 2 drilling program on its 100%-owned Pascalis-Colombiere gold property (the "Property"), located in the eastern part of the Val-d'Or mining camp, Quebec. Results come from ten holes totalling 2,310 metres that were drilled to test the new Beliveau West gold system extensions. The best gold intersections, in core length, are as follows:

  • Hole PC-11-30 testing the northernmost extension of the gold system near surface: 2.7 g/t Au over 65.1 metres, including 8.1 g/t Au over 4.2 metres and 8.3 g/t Au over 4.5 metres;
  • Hole PC-11-32 testing the northernmost extension of the gold system near surface: 1.5 g/t Au over 85.0 metres, including 6.1 g/t Au over 7.0 metres, 5.8 g/t Au over 3 metres, 6.0 g/t Au over 3.8 metres and 5.5 g/t Au over 6.9 metres;
  • Hole PC-11-24 testing the westernmost extension of the gold system: 10.9 g/t Au over 6.0 metres and 3.6 g/t Au over 3.5 metres;
  • Hole PC-11-26 testing the southernmost extension of the gold system: 3.3 g/t Au over 10.1 metres;
  • Hole PC-11-25 testing the gold system near surface: 4.6 g/t Au over 5.7 metres.

"We are very pleased with these impressive drilling results, which clearly confirmed our geological model and expand the size of the gold system that opens a large exploration potential close to the former Beliveau mine. Our short-term priority is to continue the near-surface drilling to the north and south close to the underground developments. We are currently designing the Phase 3 drilling program, which is scheduled to start as soon as the ground is frozen," stated Marco Gagnon, President and CEO of Adventure Gold Inc.

Gold mineralization types encountered in drill holes from the Phase 2 program are typical to those observed in the Beliveau Mine geological environment (see previous press release on Pascalis-Colombiere). Visible gold was locally observed in the drill core but the mineralization generally consists of disseminated pyrite in quartz-tourmaline veins and in altered host rocks. Table 1 shows all the significant results from the last ten drill holes. A surface map view (Figure 1) shows the location of drill holes west of the former Beliveau mine. Figure 2 shows the location of the best new results on a 3D isometric view and the stacking of ENE-trending gold structures dipping south at about 30º. On Figure 3, two NNW-trending diorite dykes were added to the 3D view to present our current understanding of the Beliveau West gold system. The gold system remains open in all directions to exploration.

Figures 1, 2 and 3 are available at :

http://www.adventure-gold.com/common/documents/Pascalis_Figure1_nov09_2011.pdf

http://www.adventure-gold.com/common/documents/Pascalis_Figure2_nov09_2011.pdf

http://www.adventure-gold.com/common/documents/Pascalis_Figure3_nov09_2011.pdf

Table 1: Second set of results from the Phase 2 Pascalis-Colombiere drilling program.

Drill hole UTM
East
UTM North Azimuth Dip Length (m) From
(m)
To
(m)
Core length* (m) Au**
(g/t)

PC-11-23
312753 5335143 88 -81 270 40.0
58.8
18.8 1.1
Incl. 50.3 54.0 3.7 2.4
93.9 109.0 15.1 1.0
Incl. 93.9 98.0 4.1 1.8
148.7 152.8 4.1 2.7
174.3 187.4 13.1 1.1
Incl. 179.0 181.5 2.5 3.9
227.6 232.8 5.2 1.0
PC-11-24 312683 5335164 85 -82 444 8.0 11.7 3.7 1.9
135.0 138.5 3.5 3.6
177.0 180.0 3.0 1.1
326.5 332.5 6.0 10.9
372.6 398.3 25.7 1.1
Incl. 372.6 375.9 3.3 2.2
Incl. 387.9 390.9 3.0 1.5
Incl. 395.5 398.3 2.8 3.3
PC-11-25 312761 5335185 84 -80 241 22.6 26.2 3.6 1.5
69.0 97.9 28.9 1.1
Incl. 69.0 74.7 5.7 4.6
Incl. 95.4 97.9 2.5 1.5
114.0 117.0 3.0 1.4
PC-11-26 312713 5334926 85 -83 165 95.4 105.5 10.1 3.3
PC-11-27 312870 5334950 84 -83 201 119.7 122.8 3.1 1.7
PC-11-28 312658 5335084 85 -80 359 13.4 15.5 2.1 1.3
31.5 44.3 12.8 1.0
Incl. 37.5 41.5 4.0 2.6
224.6 229.7 5.1 1.3
239.5 244.2 4.7 1.0
328.5 331.5 3.0 1.7
PC-11-29 312802 5335187 357 -51 99 13.6 39.1 25.5 0.7
Incl. 36.0 39.1 3.1 3.7
PC-11-30 312810 5335137 357 -51 201 26.6 91.7 65.1 2.7
Incl. 30.0 34.2 4.2 8.1
Incl. 85.2 89.7 4.5 8.3
PC-11-31 312785 5335151 358 -51 153 20.0 46.8 26.8 1.2
Incl. 20.0 23.0 3.0 6.6
Incl. 42.0 46.8 4.8 1.9
PC-11-32 312742 5335131 358 -51 177 8.0 93.0 85.0 1.5
8.0 15.0 7.0 6.1
24.7 34.5 9.8 2.3
Incl. 30.0 33.0 3.0 5.8
51.5 55.3 3.8 6.0
85.0 91.9 6.9 5.5
* Reported gold intersections are measured along the hole. Additional drilling will have to be done to determine the true thickness of the mineralized zones.
** Uncut gold value.

Pascalis-Colombiere Property

The Property consists of 33 mining titles totalling 637 hectares. It is located in the eastern portion of the Val-d'Or–Malartic gold district, which has produced more than 30 million ounces of gold to date (GSC website - World Geoscience Database). The Property is also adjacent to the Company's 100%-owned Beaufor North property, located 1.5 kilometres east of the producing Beaufor Gold Mine held by Richmont Mines. From 1989 to 1993, the Property was the site of gold production at the Lucien C. Beliveau Mine, where Cambior Inc. (now IAMGOLD) mined the New Pascalis gold deposit. A total of 1.8 Mt of ore was extracted at a grade of 3.2 g/t Au, from the surface to 300 metres depth (total of 167,000 oz Au, official production from Cambior postmortem report, Nov. 1996). The geological setting of the Property appears to be very favourable for the identification of new high-grade goldbearing veins and structures or bulk-style ore shoots.

Quality Control

Jules Riopel, P.Geo., Vice-President Exploration and Acquisitions, acting as the Company's "Qualified Person" as defined by NI 43-101, has reviewed this press release and has supervised the drilling program. Assay samples were taken from NQ core sawed in half, with one half sent to Agat Laboratories, a commercial laboratory in Mississauga, Ontario, and the other half retained for future reference. A strict QA/QC program was applied to all samples, which includes mineralized standards and blank samples for each batch of 20 samples. The gold analyses were completed by fire assay with an atomic absorption finish on 50 grams of material. Repeats were carried out by fire assay followed by gravimetric testing on each sample containing 3.0 g/t gold or more. Total gold analyses (Metallic Sieve) were carried out on samples that showed a great variation in gold content.

Profile:

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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LinkedIn: http://www.linkedin.com/company/2253943

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.

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