SOURCE: Adventure Gold Inc.

Adventure Gold Inc.

Adventure Gold Inc.

July 31, 2014 08:00 ET

Adventure Gold Drills 10.4 g/t Au Over 10 Metres at Val-d'Or East - Pascalis Project, Quebec

MONTREAL, QC--(Marketwired - July 31, 2014) - Adventure Gold Inc. (TSX VENTURE: AGE) is pleased to announce a second set of positive drilling results on its 100%-owned advanced-stage Val-d'Or East - Pascalis gold project (the "Project"). The new results come from four holes totaling 542.5 metres of the recently completed 15 holes drill program (2,966 metres). These four holes were designed to explore the West Dyke close to the Main Dyke mined at the former L.C. Beliveau gold mine (Figures 1 and 2). These holes confirmed the presence of significant gold intercepts in this dyke and in the adjacent ENE shallow dipping gold zones to the west of the dyke. All the results are presented in Table 1 and best drilling intercepts, in core length, are presented below:

  • Hole PC-14-72: 10.4 g/t Au over 10 metres in an intercept grading 2.6 g/t Au over 61.3 metres in the West Dyke, and 3.6 g/t Au over 8.0 metres within an ENE shallow dipping gold zone;
  • Hole PC-14-73: 3.2 g/t Au over 6 metres in an intercept grading 1.1 g/t Au over 40 metres in the West Dyke, and 5.1 g/t Au over 3.9 metres within an ENE shallow dipping gold zone;
  • Hole PC-14-75: 4.1 g/t Au over 4 metres, and 1.2 g/t Au over 8 metres within ENE shallow dipping gold zones.

"The new results continue to confirm the strong continuity of the New Beliveau gold system over at least 350 metres by 250 metres, close to the surface. The significant gold mineralization identified in the West Dyke and in the ENE zones indicate a robust gold system for grade and width that remains open to the south and to the west. The New Beliveau gold deposit provides significant upsides for exploration since the potential of expanding the gold zones has now been shown. We will be focusing on advancing this potential development project this year with additional important work," stated Marco Gagnon, President and CEO of Adventure Gold.

The holes PC-14-72 and PC-14-73 adequately tested the West Dyke however the holes PC-14-74 and PC-14-75 were stopped in underground mining opening before reaching the dyke. The thickness of the West Dyke mineralization varies from 5 to 12 metres and can be traced over a strike length of at least 350 metres along a N340º-trending orientation. All four holes intersected the ENE shallow-dipping gold zones and particularly of interest, hole PC-14-75 confirmed the extension of the ENE shallow-dipping gold zones up to 350 metres to the south.

Table 1: 2014 Drilling program second set of results - Val-d'Or East - Pascalis Project

Drillhole  UTM coordinate*  Az.  Dip  Length  From  To  Core length **  Au ***  Zone
   East  North  (º)  (º)  (m)  (m)  (m)  (m)  (g/t)   
                               
PC-14-72  312850  5335099  360  -74  138  1.5  138.0  136.5  1.4  Over all
               Inc.  64.7  126.0  61.3  2.6  West Dyke
               Inc.  74.0  84.0  10.0  10.4   
                  130.0  138.0  8.0  3.6  ENE
                               
PC-14-73  312841  5335115  360  -71  197  55.0  98.0  43.0  0.6  ENE
               Inc.  55.0  65.0  10.0  1.2   
               Inc.  92.0  96.0  4.0  1.0   
                  100.0  140.0  40.0  1.1  West Dyke
               Inc.  113.0  119.0  6.0  3.2   
                  145.3  151.0  5.7  1.4  ENE
                  164.8  167.8  3.0  3.0  West Dyke
                  193.0  196.9  3.9  5.1  ENE
                               
PC-14-74 ****  312878  5335007  360  -69  119  14.0  19.0  5.0  1.0  ENE
                  39.0  43.0  4.0  1.0  ENE
                  96.0  98.5  2.5  3.2  ENE
                               
PC-14-75 ****  312893  5334917  360  -80  89  38.0  43.0  5.0  1.4  ENE
                  56.0  60.0  4.0  4.1  ENE
                  74.0  82.0  8.0  1.2  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
**** Stop in the underground mining opening before to reach the West Dyke

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

Figure 2: Surface map of New Beliveau area - Second set of drilling results from 2014 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 recent years, 24,000 metres 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-assay 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.

Others news

The Company has confirmed the closing of a private placement through a press release issued June 12, 2014. In this press release, it was announced that as part of the offering, the Company paid finder's fees totaling $ 37,680 in cash. The Company wishes to clarify that today only $ 17,360 was paid as finder's fees. All other terms remain the same.

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 74M shares issued and close to 10% owned by the management, Adventure Gold is well-positioned to benefit its shareholders.

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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