Adventure Gold Inc.
TSX VENTURE : AGE

Adventure Gold Inc.

September 13, 2011 08:30 ET

Adventure Gold Discovers Beliveau Gold Mine Extensions to 900 Metres Depth

MONTREAL, QUEBEC--(Marketwire - Sept. 13, 2011) - Adventure Gold Inc. (TSX VENTURE:AGE) (the "Company") is pleased to report positive gold results on the recently completed Phase II drilling program (16 holes totalling 5,144 metres) on the 100%-owned Pascalis-Colombiere gold property (the "Property") located in the eastern part of the Val-d'Or mining camp, Quebec. Preliminary results come from four holes that were deepened (PC-11-15, 17, 19 and 20) and two holes (PC-11-15A and 22) that were drilled to test targets at depth, below and west of the past-producing Beliveau Mine. The best gold intersections, in core length, are as follows:

  • Hole PC-11-15A testing the Beliveau Main gold system at depth: 7.1 g/t Au over 4.3 metres included in a section grading 1.6 g/t Au over 34.8 metres at 810 metres depth along the hole;
  • Holes PC-11-17Ext & PC-11-22 testing the Beliveau West gold system at depth: 4.5 g/t Au over 9.3 metres included in a section grading 1.9 g/t Au over 23.5 metres at 416 metres depth; and 5.2 g/t Au over 3.7 metres included in a section grading 1.8 g/t Au over 14.3 metres at 423 metres depth along the hole;
  • Holes PC-11-19 & 20 Ext testing for new east-northeast (ENE)-trending gold structures up to 550 metres depth: 4.1 g/t Au over 5.8 metres, 4.7 g/t Au over 3.0 metres, 4.3 g/t Au over 3.0 metres and 3.1 g/t Au over 6.8 metres.

"Initial results of the Phase II drilling program clearly indicate that the Beliveau gold system is still open in many directions and at depth. We believe there is still more gold to be discovered on the Property, which offers one of the best exploration potential in the Val-d'Or mining camp. Our short-term priority now is to resume drilling as soon as we have all the pending assay results in hand", stated Jules Riopel, Vice-President Exploration and Acquisitions of Adventure Gold Inc.

Two 3D views (Figures 1 and 2) of the recently performed drilling can be found on the Company's website at www.adventure-gold.com. Gold mineralization intersected in drill holes is typical of the L.C. Beliveau Mine geological environment (see previous press release on Pascalis-Colombiere). Table 1 shows all the significant results from the first six drill holes. Results from the remaining drill holes in the Phase II drilling program will be released when available.

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 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.

Table 1: Preliminary results of the Phase II Pascalis-Colombiere drilling program.

Drill
hole
UTM
East
UTM
North
Azi-
muth
Dip Length
(m)
From
(m)
To
(m)
Core
length
*
(m)
Au
**
(g/t)
PC-11-15Ext 312959 5335097 270 -84 390 865.5
871.0
5.5 1.8
891.9 901.8 9.9 1.4
962.5 976.2 13.7 1.7
Inc. 962.5 967.8 5.3 3.1
PC-11-15A 312959 5335097 270 -84 489 810.0 844.8 34.8 1.6
Inc. 810.0 814.3 4.3 7.1
PC-11-17Ext 312747 5335095 90 -78 405 228.8 234.7 5.9 2.0
308.3 320.0 11.7 1.1
416.0 439.5 23.5 1.9
Inc. 416.0 425.3 9.3 4.5
486.4 493.5 7.1 1.9
PC-11-19Ext 312728 5335090 75 -78 378 300.0 307.6 7.6 1.5
Inc. 304.5 307.6 3.1 3.0
327.5 330.5 3.0 4.3
524.0 539.0 15.0 1.6
Inc. 524.0 527.0 3.0 3.4
PC-11-20Ext 312722 5335181 75 -78 473 212.6 224.0 11.4 1.8
Inc. 212.6 215.6 3.0 4.7
443.9 454.0 10.1 1.3
Inc. 445.0 450.5 5.5 2.4
464.7 475.2 10.5 2.1
Inc. 464.7 471.5 6.8 3.1
517.5 537.9 20.4 1.6
Inc. 524.5 530.3 5.8 4.1
596.7 601.3 4.6 1.4
PC-11-22 312784 5335150 75 -86 705 21.7 34.5 12.8 1.5
Inc. 21.7 26.2 4.5 3.9
340.4 343.5 3.1 1.5
407.7 412.0 4.3 1.8
423.5 437.8 14.3 1,8
Inc. 423.5 427.2 3.7 5.2
474.9 499.4 24.5 1.5
Inc. 474.9 481.2 6.3 2.5
496.9 501.9 5.0 2.3

* 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.

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.

Follow Adventure Gold on:

Twitter: http://twitter.com/Adventure_AGE

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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