SOURCE: Adventure Gold Inc.

Adventure Gold Inc.

June 26, 2014 08:00 ET

Adventure Gold Discovers a New Zone Grading 12.4 g/t Au Over 7.0 Metres on the Val-d'Or East- Pascalis Property, Quebec

MONTREAL, QC--(Marketwired - June 26, 2014) - Adventure Gold Inc. (TSX VENTURE: AGE) is pleased to announce initial positive drilling results on its 100%-owned advanced-stage Val-d'Or East gold project (the "Project"). The new results come from the first three (3) drill holes for 552 metres from the 3,000-metre drill program underway (Figures 1 and 2). The first three (3) holes were designed to explore a parallel and vertical mineralized dioritic dyke partially drill tested historically, located 150 metres west of the main dyke hosting the gold mineralization at the former L.C. Beliveau gold mine. The drill program confirmed the presence of a significant gold system in this dyke and also outlined an additional mineralized dyke located 20 metres further to the west which consist of a new discovery on the Project. Best drilling intercepts, in core length, are presented below and in Table 1:

  • Hole PC-14-70: 12.4 g/t Au over 7 metres at 11 metres from the surface (B2 dyke); 2.6 g/t Au over 32 metres including 6.7 g/t Au over 6.5 metres at 142 metres from the surface (B1 dyke);
  • Hole PC-14-69: 6.0 g/t Au over 4 metres at 9.5 metres from the surface (ENE shallow dipping to the south gold zone); 2.3 g/t Au over 8 metres including 5.2 g/t Au over 3.5 metres at 61.5 metres from the surface (B1 dyke).

The gold-bearing zones are associated to a stacking of quartz-tourmaline veins shallowly-dipping to the south within vertical diorite dykes. Metric tourmalitization and pyritization is also observed from the margins of the veins inside the diotitic dykes. These dykes are varying from 5 to 8 metres in thickness and can be traced over a strike length of at least 150 metres oriented N340º. The mineralization is still open at depth and to the south (Figure 2). This gold-bearing system presents strong similarities with the one historically observed at the former L.C. Beliveau mine. 

Additional drilling is required to evaluate adequately this gold system which the geometry seems be controlled by the presence of at least four (4) parallel and vertical dioritic dykes which are crosscut by an E-W brittle faulting system.

"We are very pleased with this discovery and the other initial results. The new zone grading 12.4 g/t Au over 7 metres is one of the richest gold intercept ever drilled on the property. We look forward to see the other drilling results coming," stated Marco Gagnon, President and CEO of Adventure Gold.

More results from the current drilling program are yet to come in the near-term.

Table 1:2014 Initial Drilling Result - Pascalis Colombiere Property

                          
Drillhole  UTM coordonate *  Azimuth  Dip  Length  From  To Core length** Au ***  Note
   East  North  (º)  (º)  (m)  (m)  (m) (m) (g/t)  Zone
                             
PC-14-69  312753  5335133  90  -83  129  9.5  13.5 4.0 6.0  ENE
                  61.5  69.5 8.0 2.3  B1 Dyke
               Inc.  61.5  65.0 3.5 5.2   
                  117.0  119.5 2.5 2.0  ENE
                             
PC-14-70  312735  5335163  90  -85  252  11.0  18.0 7.0 12.4  B2 Dyke
                  80.6  88.6 8.0 1.9  ENE
                  142.0  174.0 32.0 2.6  B1 Dyke
               Inc.  156.5  163.0 6.5 6.7   
                  222.0  225.0 3.0 2.0  ENE
                             
PC-14-71  312767  5335062  90  -86  171  79.0  87.0 8.0 1.9  B1 Dyke
                  133.0  136.0 3.0 2.3  ENE
                             
                   

* UTM NAD83Zone18
** The announced gold intersections are along the hole. Additional drilling will have to be done to determine the true thickness of the mineralized zones.
 *** Uncut gold value.

Figure 1: Val-d'Or East - Pascalis property location map

Figure 2: Surface map - New Beliveau area initial results, 2014 drilling program

The Val-d'Or East Project:

The 100%-owned Project is located 25 kilometres East of Val-d'Or in the eastern portion of the Val-d'Or - Malartic gold district in the heart of the gold-rich Abitibi Greenstone Belt. The Project consists of 107 mining titles totaling 3,708 hectares located and it is also adjacent to the producing Beaufor Gold Mine held by Richmont Mines. The Project was the site of a profitable gold production from 1989 to 1993 when Cambior Inc. (currently IAMGOLD Corporation) mined the New Pascalis gold deposit (Lucien C. Beliveau Mine). In the recent years, 24,000 m of drilling was completed to delineate new gold resources. Best drill results show widths ranging from 60 metres to 300 metres with grades between 1-3 g/t Au. Higher grades zones grading up to 12.9 g/t Au over 8 metres, 4.8 g/t Au over 33.1 metres and 2.7 g/t Au over 65.1 metres. The 2013 Initial NI 43-101 resources estimate outlines: 770,000 ounces of gold at 2.63 g/t Au in the inferred category. In order to evaluate the open pit potential and the economics of the resources, a Whittle pit run was completed on the resources sitting between the surface and a depth of 225 metres. The total in-pit inferred resources are 4.34 Mt at 2.4 g/t Au containing 332,000 ounces of gold using a cut-off grade of 0.7 g/t Au. The underground potential below the Whittle Open Pit at 1.5 g/t Au cut-off grade is 3.91 Mt at 3.13 g/t Au containing 394,000 ounces of gold.

Quality control

During the ongoing drilling program, assay samples were taken from the NQ core and sawed in half, with one-half sent to Agat Laboratory, a commercial laboratory and the other half retained for future reference. A strict QA/QC program was applied to all samples; which includes insertion of mineralized standards and blank samples for each batch of 20 samples. The gold analyses were completed by fire-assayed with an atomic absorption finish on 50 grams of materials. 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 (Metalic Sieve) were carried out on the samples which presented a great variation of their gold contents or the presence of visible gold.

Mr. Jules Riopel, Vice-President Exploration and Acquisitions of Adventure Gold acting as the qualified person (as defined by NI 43-101) reviewed and approved the scientific and technical information in this press release.

Profile

Adventure Gold Inc. is a mineral exploration company focused on discovering and developing high-quality gold deposits in the Abitibi region located in eastern Canada -- one of the richest gold mining areas in the world. Adventure Gold has become, in a few years, an important player in the mineral exploration industry with one of the best portfolios of exploration properties along the main gold-bearing structures of the Abitibi Greenstone Belt. The Company is exploring mainly close to gold mines where mining production infrastructure is already in place, which distinguishes it from several other exploration companies. Adventure Gold's exploration team consists of mining professionals having worked previously for well-established producing companies, who understand industry challenges. The Company owns 100% of the rights on its two main projects namely: Val-d'Or East and Detour Quebec. With 74.0M shares issued and close to 10% owned by the management, Adventure Gold is well-positioned to benefit its shareholders.

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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