Adventure Gold Inc.
TSX VENTURE : AGE

Adventure Gold Inc.

May 31, 2011 09:01 ET

Adventure Gold Continues to Make Significant Gold Discoveries at the Past Producing Beliveau Mine East of Val-d'Or

MONTREAL, QUEBEC--(Marketwire - May 31, 2011) -Adventure Gold Inc. (TSX VENTURE:AGE) (the "Company") is pleased to report positive gold results on the Phase I drilling program of nine (9) holes totalling 2,790 metres at the 100%-owned Pascalis-Colombiere Property, located in the Val-d'Or East gold camp, in the Abitibi region of Quebec. The Phase I winter 2011 drilling program at Pascalis-Colombiere was aimed at finding new gold zones near existing underground developments at the former LC Beliveau Gold Mine, and was successful in doing so.

This press release shows the results from the five (5) remaining drill holes, which were not released previously. Significant drill results are presented in Table 1. A surface map (Figure 1) and a 3D view (Figure 2) of the recently performed drilling can be found on the Company's website at www.adventure-gold.com. The best gold zones, in core length, yielded values of:

  • Hole PC-11-20: 10.7 g/t Au over 6.3 metres and 8.0 g/t Au over 8.3 metres, included in a section grading 4.8 g/t Au over 33.1 metres at 116 metres depth, within a gold halo of 1.4 g/t / 129.3 m;

  • Hole PC-11-18: 8.6 g/t Au over 4.7 metres at 32 metres depth, included in a section grading 3.2 g/t Au over 13.5 metres, within a gold halo of 0.8 g/t / 116.5 m;

  • Hole PC-11-21: 3.0 g/t Au over 8.0 metres at 131 metres depth included in a section grading 1.1 g/t Au over 32.0 metres, within a gold halo of 0.8 g/t / 111.5 m;

  • Hole PC-11-19: 4.8 g/t Au over 3.4 metres at 159 metres depth, included in a section grading 1.8 g/t Au over 19.0 metres, within a gold halo of 0.6 g/t / 102.2 m;

  • Hole PC-11-15: 8.4 g/t Au over 1.0 metre at 750 metres depth included in a section grading 3.4 g/t Au over 3.2 metres (this hole didn't intersect the entire gold system at depth and will have to be deepened).

"We are pleased to observe that our new exploration model at Pascalis-Colombiere works very well. All our drill holes in the Beliveau West Area have returned high-grade intervals and lower grade halos over very significant widths. Finding gold near mine infrastructure is our main objective at Adventure Gold, and that is exactly what we have achieved at Pascalis-Colombiere", stated Marco Gagnon, President and CEO of Adventure Gold Inc.

As shown on Figure 2, two sets of gold structures have been intersected in the Beliveau West Area (BWA) by holes PC-11-18 to 21. Stacked quartz-tourmaline veins, shallowly dipping to the south, were found inside a diorite dyke similar to the one at the Beliveau Mine. The dyke, ranging from 5 to 8 metres in thickness, is dipping vertically and can be traced over at least 300 metres following an orientation of N345. The mineralization is still open at depth and along strike. Between the two diorite dykes, a set of ENE-trending gold structures, dipping to the south at around 30º, were intersected. This second type of mineralization consists of a quartz-tourmaline veining system developed within a large sericite, carbonates albite alteration halo. At least 7 ENE-trending gold structures have been intersected. These structures are still open to the south and to the west. Extensions to the east and north are limited by the Beliveau diorite dyke and a fault. Additional drilling must be completed to confirm the full extent of gold mineralization in the BWA.

Hole PC-11-15, testing the depth extension of the Beliveau Mine at 750 metres vertical depth, intersected a gold zone grading 3.4 g/t Au over 3.2 metres. Gold veins were intersected in a diorite dyke that is interpreted to be east of the main mineralized system. This hole will be deepened for 250 metres to fully explore the mine at depth. A series of wedge holes is also planned to test the up-dip extension of the mine gold system.

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. Past exploration work did not entirely test the numerous gold occurrences located in the North, South and West extensions of the former L.C. Beliveau Mine associated with the main dyke, other parallel dykes, or the extension of ENE-trending shear zones. Due to the anticipated closure of the mine in October 1993, several drill intercepts with economic gold values were never followed up. No further exploration work was completed on the Property from 1993 until mid­2008, when Adventure Gold acquired the Property.

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 ACTLABS - Techni-Lab S.G.B. Abitibi Inc., Quebec, a commercial laboratory, and the other half retained for future reference. A strict QA/QC program was applied to all samples, which included mineralized standards and blank samples for each batch of 25 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.

Table 1: Final results of the Phase I Pascalis-Colombiere 2011 drilling program.

Drill holeUTM EastUTM NorthAzimuthDipLength (m)From (m)To(m)Core length*(m)Au **(g/t)

PC-11-15
3129595335097270-84849837.0
840.2
3.23.4
PC-11-18312747533509590-7819113.5130.0116.50.8
Inc.13.546.132.61.5
Inc.32.646.113.53.2
Inc.35.740.44.78.6
98.8130.031.21.1
Inc.100.5116.516.01.6
Inc.105.5110.85.32.1
PC-11-19312728533509075-7827940.151.711.61.2
Inc.40.143.43.32.8
159.5261.7102.20.6
Inc.159.5178.519.01.8
Inc.175.1178.53.44.8
252.2261.79.51.2
Inc.257.9261.73.82.2
PC-11-20312722533518175-7817723.7153.0129.31.4
116.0149.133.14.8
Inc.125.2131.56.310.7
Inc.139.3147.68.38.0
PC-11-21312713533515890-7829750.852.82.07.5
95.599.03.53.1
131.5243.0111.50.8
Inc.131.5163.532.01.1
Inc.141.7159.017.31.6
Inc.141.7149.78.03.0
171.6174.63.02.8
212.1243.030.91.4
Inc.212.1216.14.03.0
Inc.240.0243.03.03.1

* Reported gold intersections are measured along the hole. Additional drilling will have to be done to determine the true thickness of mineralized zones.

** Uncut gold value.

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. The Company holds more than $3.5M in cash and securities and will continue to aggressively seek new properties in compliance with its corporate strategy.

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.

Contact Information