Adventure Gold Inc.
TSX VENTURE : AGE

Adventure Gold Inc.

June 20, 2012 08:30 ET

Adventure Gold Continues to Extend Beliveau West Gold Zones and Discovers a Significant Gold System 550 Metres Further North

MONTREAL, QUEBEC--(Marketwire - June 20, 2012) - Adventure Gold Inc. (TSX VENTURE:AGE) (the "Company") is pleased to report a first set of results from the Phase 3 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 fourteen (14) holes drilled in the Beliveau West Area (5 holes totalling 1,000 metres) and further north (9 holes totalling 4,000 metres). The best intercepts, in core length, are summarized as follows:

Beliveau West Area

  • Hole PC-12-45: 3.1 g/t Au over 27.0 metres including 8.6 g/t Au over 4.0 metres and 5.0 g/t Au over 4.7 metres;
  • Hole PC-12-46: 0.8 g/t Au over 69 metres and 0.8 g/t Au over 36 metres including 3.7 g/t Au over 5.0 metres and 11.3 g/t Au over 3.3 metres;
  • Hole PC-12-43: 1.1 g/t Au over 43.8 metres including 5.2 g/t Au over 4.3 metres;
  • Hole PC-12-42: 0.5 g/t Au over 73.0 metres including 5.2 g/t Au over 4.0 metres.

North Zone (550 metres north of Beliveau West Area)

  • Hole PC-12-34: 0.9 g/t Au over 111.3 metres, including 5.2 g/t Au over 4.4 metres and 3.2 g/t Au over 4.9 metres;
  • Hole PC-12-39: 1.0 g/t Au over 13.8 metres and 43.7 g/t Au over 0.6 metre.

Loraine East (175 metres east of Loraine showing)

  • Hole PC-12-38: 0.6 g/t Au over 22.7 metres including 2.6 g/t Au over 3.7 metres.

"We continue to report significant gold intersections from the Beliveau West Area and the gold system is still open. The initial results from our exploration drilling in the North Zone and east of the Loraine showing are also very promising. Additional exploration work is definitively warranted in both areas. The drilling program is in progress with two drill rigs now and should be completed in early July", stated Marco Gagnon, President and CEO of Adventure Gold Inc.

Table 1 shows all significant results from the fourteen (14) drill holes. Surface map views (figures 1 and 2) show the location of drill holes on the Property and in the Beliveau West Area. Assay results are still pending for sixteen holes (16) totalling 5,280 metres (PC-12-47 to 62, see location on figures 1 and 2). Final results will be released as soon as the complete set of results is received.

Figures 1 and 2 are available at:

http://www.adventure-gold.com/common/documents/Pascalis_regional_Figure1_18juin2012.pdf

http://www.adventure-gold.com/common/documents/Pascalis_SurfaceMapBW_Figure2_18juin2012.pdf

Gold mineralization encountered in the North Zone is typical of what is observed in the Beliveau Mine geological environment (see previous press release on Pascalis-Colombiere). The mineralization generally consists of disseminated pyrite in quartz-tourmaline veins inside diorite dykes and in altered volcanic rocks. The geometry of the gold-bearing structures and the diorite dykes are also similar.

Gold mineralization intersected in hole PC-12-38 is typical of the mineralization at the Loraine and Highway showings. The E-W-trending subvertical Loraine structure has now been traced over at least 175 metres in strike length and remains open in all directions. Best gold intercepts are associated with strong albitization and silicification with 15% disseminated pyrite.

Table 1: First set of results from Phase 3 drilling program on Pascalis-Colombiere property.

Drill hole UTM East UTM North Azimuth Dip Length (m) From
(m)
To
(m)
Core length*
(m)
Au**
(g/t)
PC-12-33 312610 5335450 360 -56 450 169.0
203.5
34.5 0.5
Inc. 193.0 194.5 1.5 4.1
PC-12-34 312580 5335520 358 -56 471 48.0 62.0 14.0 0.7
Inc. 49.0 50.0 1.0 5.4
179.6 184.8 5.2 2.8
198.7 310.0 111.3 0.9
Inc. 202.6 207.0 4.4 5.2
Inc. 243.4 248.3 4.9 3.2
Inc. 281.6 287.1 5.5 2.1
340.7 342.2 1.5 3.4
PC-12-35 312550 5335605 360 -57 381 239.4 241.0 1.6 4.9
PC-12-36 312866 5335875 55 -70 183 71.1 72.7 1.6 1.7
PC-12-37 312247 5336049 340 -50 491 151.7 152.7 1.0 4.7
PC-12-38 312100 5335855 360 -47 498 21.1 24.3 3.2 1.1
212.9 213.4 0.5 7.4
254.2 276.9 22.7 0.6
Inc. 256.8 260.5 3.7 2.6
PC-12-39 312574 5335588 358 -77 489 176.2 190.0 13.8 1.0
Inc. 176.2 181.5 5.3 1.7
262.7 263.3 0.6 43.7
385.3 388.3 3.0 1.4
PC-12-40 312723 5335265 80 -85 54 Abandoned Hole
PC-12-41 312723 5335265 66 -83 840 577.8 579.7 2.7 1.9
PC-12-42 312762 5335127 358 -48 119 37.6 110.6 73.0 0.5
Inc. 39.6 43.0 3.4 1.5
Inc. 92.0 96.0 4.0 5.2
Inc. 107.6 110.6 3.0 2.1
PC-12-43 312759 5335042 357 -50 321 110.6 214.0 103.4 0.6
Inc. 119.0 121.9 2.9 2.0
Inc. 146.1 189.9 43.8 1.1
Inc. 146.2 150.5 4.3 5.2
Inc. 171.0 176.0 5.0 2.0
PC-12-44 312823 5335164 360 -51 156 35.0 38.0 3.0 1.3
62.1 67.0 4.9 1.1
PC-12-45 312811 5335111 360 -50 186 13.6 128.0 114.4 1.2
Inc. 13.6 18.0 4.4 1.8
Inc. 44.5 71.5 27.0 3.1
Inc. 55.0 59.0 4.0 8.6
Inc. 65.5 71.5 6.0 3.8
Inc. 95.7 100.4 4.7 5.0
Inc. 125.0 128.0 3.0 2.7
163.0 165.8 2.8 1.5
PC-12-46 312817 5334975 360 -54 217 9.0 45.0 36.0 0.8
Inc. 9.0 14.0 5.0 3.7
Inc. 40.8 44.4 3.6 3.1
148.4 217.2 68.8 0.8
Inc. 157.2 160.5 3.3 11.3
Inc. 186.0 190.1 4.1 1.5
Inc. 214.7 217.2 2.5 1.1
* 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, 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 (Geological Survey of Canada website-World Geoscience Database). The Property is also adjacent to the Company's 100%-owned Beaufor North property, located 1.5 kilometre east of the producing Beaufor Gold Mine held by Richmont Mines (over 1 million ounces of gold produced: Richmont Mines press release, March 23, 2010). From 1989 to 1993, the Property was the site of gold production at the L.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 ounces of gold, 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 gold-bearing 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. For more information, please contact:

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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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