SOURCE: Adventure Gold Inc.

Adventure Gold Inc.

September 16, 2014 08:00 ET

Adventure Gold Drills 11.2 g/t Au Over 5 Metres at Val d'Or East -- Pascalis Project, Quebec

MONTREAL, QC--(Marketwired - September 16, 2014) - Adventure Gold Inc. (TSX VENTURE: AGE) is pleased to announce a third 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 the last eight (8) holes totaling 1,920 metres from the 15 holes drill program (2,966 metres) completed this summer. These holes were mainly designed to test the western and southern extensions of the New Beliveau gold system close to the surface (Figures 1 and 2). These holes outlined significant new gold intercepts in many ENE shallow dipping structures to the south, to the west and to the east of the historical gold production at the former Beliveau gold mine. All the results are presented in Table 1 and best drilling intercepts, in core length, are presented below:

  • Hole PC-14-80: 11.2 g/t Au over 5 metres within an ENE shallow dipping gold zone;
  • Hole PC-14-77: 6.0 g/t Au over 3.1 metres within an ENE shallow dipping gold zone;
  • Hole PC-14-79: 0.9 g/t Au over 14 metres, 1.9 g/t Au over 13 metres and 2.6 g/t Au over 5.1 metres within of ENE shallow dipping gold zones;
  • Hole PC-14-78: 3.0 g/t Au over 3 metres within ENE shallow dipping gold zones.

"This final batch of assay results continues to meet our expectations. With all the positive results from our latest 3,000 metres drilling program, we demonstrated the strength and continuity of the mineralization and confirmed the strong potential to add resources to the New Beliveau gold deposit. We made a new discovery to the east and the gold deposit is still open to the south and to the west," commented company president and CEO Marco Gagnon. "We are now executing mechanical stripping work between hole PC-14-69 and PC-14-72 and planning additional drilling for this fall."

Holes PC-14-77 to PC-14-80 intersected many ENE shallow-dipping gold zones between the surface and 200 metres deep. In hole PC-14-80, a cut of 11.2 g/t Au over 5 metres at 147 metres depth was intercepted in an ENE shallow-dipping gold zone, extending the New Beliveau gold system further to the south. From its part, hole PC-14-77 confirmed the extension of several ENE shallow-dipping gold zones 200 metres to the west with an intercept of 6 g/t Au over 3.1 metres at a depth of 55 metres.

Hole PC-14-76 intersected a new dyke-type mineralization close to the western boundary property limit with a cut of 0.9 g/t Au over 7 metres. Hole PC-14-82 which was testing an IP anomaly 1 kilometre south of the New Beliveau deposit intersected a gold structure grading 1.0 g/t over 3 metres at 11 metres depth. The hole PC-14-83 which was exploring east of the historical production intersected a new gold structure grading 3.0 g/t Au over 3 metres at 135 metres depth. Hole PC-14-81 targeting an ENE gold structure intersected barren dykes swarm.

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

     Azimuth Dip Length From To Core
length**
Au
***
 Note
Drillhole East*North*(deg.) (deg.)
(m) (m) (m) (m) (g/t)  Zone
PC-14-76 312656 5334941 360 -57 234 219.0 226.0 7.0 0.9  New
Dyke
                      
PC-14-77 312660 5335039 360 -55 231 67.0 70.1 3.1 6.0  ENE
            154.0 157.0 3.0 1.0  ENE
                      
PC-14-78 312815 5334923 360 -58 150 31.0 34.0 3.0 3.0  ENE
                      
PC-14-79 312830 5335076 360 -71 405 102.0 116.0 14.0 0.9  ENE
          Inc. 102.0 107.0 5.0 1.6   
            173.5 186.5 13.0 1.9  ENE
          Inc. 178.5 181.5 3.0 3.7   
            228.5 251.0 22.5 0.9  ENE
          Inc. 228.5 231.5 3.0 1.5   
          Inc. 245.9 251.0 5.1 2.6   
                      
PC-14-80 312766 5334939 360 -59 213 94.0 99.0 5.0 0.9  ENE
            172.0 177.0 5.0 11.2  ENE
            205.0 207.5 2.5 2.0  DykeB2
                      
PC-14-81 312753 5334862 360 -59 189     NSV     
                      
PC-14-82 312890 5335117 341 -45 249 16.0 19.0 3.0 1.0  PP
                      
PC-14-83 312890 5335117 341 -72 249 142.9 145.9 3.0 3.0  New
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 of New Beliveau area -- Third 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 the recent years, 27,000 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.

New Internet site

The investors are invited to visit the new redesigned Company website. The website will retain the same online address: www.adventure-gold.com -- a source of relevant information concerning the Company and its projects. Interested parties may also wish to join the mailing list to receive press releases and other company information.

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 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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