Adventure Gold Inc.
TSX VENTURE : AGE

Adventure Gold Inc.

April 07, 2011 09:41 ET

Adventure Gold Intersects 12.9 g/t Au Over 8 Metres at Pascalis Colombiere Property in Val d'Or East Area

MONTREAL, QUEBEC--(Marketwire - April 7, 2011) - Adventure Gold Inc. (TSX VENTURE:AGE) (the "Company") is pleased to report on its latest drilling results at the 100%-owned Pascalis Colombiere property, located in the Val d'Or East gold camp, Abitibi region of Quebec. The phase I winter 2011 drilling program at Pascalis is aimed at finding and defining new gold zones surrounding the existing underground developments of the former gold producing L.C. Beliveau Mine, previously owned and operated by Cambior inc.

Assay results were received for 2 new drill holes. Significant drill results are presented in Table 1 and the best gold zones yielded values of:

  • Hole PC-11-16 : 8.3 g/t Au over 3.0 metres included in a cut of 5.5 g/t Au over 5.9 metres at 130 metres deep;
  • Hole PC-11-17 : 5.7 g/t Au over 4.3 metres at 6 metres deep, 4.6 g/t Au over 5.7 metres at 29 metres deep, 12.9 g/t Au over 8 metres at 158 metres deep and 5.0 g/t Au over 6.1 metres at 187 metres deep.

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. Gold mineralisation intersected in holes PC-11-16 and PC-11-17 is typical of the L.C. Beliveau geological environment (see March 3, 2011 press release). Results from the other five drill holes from the phase I program will be released when available. Follow-up drilling is planned to start after the Company has received all results. Once additional drill programs will be completed, a NI43-101 compliant resource estimate calculation report will be prepared by SGS Geostat, a consulting firm based in Blainville, Quebec.

"I'm very proud of the work done by our technical team: the drilling results confirm our new exploration model at Pascalis. I believe that there is strong potential to extend the gold mineralisation recently intersected by our drilling and to find new gold zones near the existing L.C. Beliveau gold mine" stated Marco Gagnon, President and CEO of Adventure Gold Inc.

Pascalis-Colombiere Property

The Company's wholly-owned 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 25 million ounces of gold to date (GSC Website - World General Geoscience Database ). The Pascalis-Colombiere property is also adjacent to the Company's 100%-owned Beaufor North property, located 1.5 kilometers east of the producing Beaufor Gold Mine owned by Richmont Mines. The Property has been the site of gold production from 1989 to 1993 when Cambior Inc. (now IAMGOLD) mined the New Pascalis gold deposit (Lucien C. Béliveau Mine). A total of 1.8 Mt of ore was extracted at a grade of 3.2 g Au/t (total of 167,000 Au oz, official production from Cambior postmortem report, nov 1996) from the surface down to 300 m deep.

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 producer L.C. Béliveau 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, there was no follow-up on several drill intercepts with economic gold values. No further exploration work was completed on the Property between 1993 and mid­2008 when the Company acquired the Property.

Quality control

Jules Riopel P.Geo. Vice-President Exploration and Acquisitions, who acts as the Company's "Qualified Person" as defined by NI 43-101, has reviewed this press release and supervised the drilling program. Assay samples were taken from the NQ core and 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 includes mineralized standards and blank samples for each batch of 25 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.

Table 1: Phase 1 Pascalis-Colombiere 2011 drilling program preliminary results.

Drillhole UTM
East
  UTM
North
  Azimuth Dip Length
 (m)
  From
(m)
  To
 (m)
  Core
length
* (m)
Au
 **
(g/t)
 
PC-10-16
312672   5335118   75 -78 198   44.0   46.0   2.0 2.4
                  97.5   98.5   1.0 9.5
                  129.8   135.7   5.9 5.5
              Inc.   131.7   134.7   3.0 8.3
                  162.0   163.5   1.5 1.9
                             
PC-10-17 312730   5335131   75 -78 195   3.7   10.5   6.8 4.0
              Inc.   6.2   10.5   4.3 5.7
                  28.9   34.6   5.7 4.6
              Inc.   31.9   34.6   2.7 9.2
                  112.1   131.8   19.7 1.5
              Inc.   119.0   120.8   1.8 5.7
                  152.6   168.8   16.2 6.7
              Inc.   157.7   165.7   8.0 12.9
                  183.8   195.0   11.2 3.2
              Inc.   186.9   193.0   6.1 5.0
                             
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.

Profile:

Adventure Gold Inc. is a mining exploration company focused on discovering high quality gold deposits in the Abitibi greenstone belt located in north-west Quebec and north-east 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 and Lake Shore Gold to explore advanced stage gold properties. The Company owns more than $3.5M in cash and securities and will continue to aggressively seek new properties in compliance with its corporate strategy.

The forgoing 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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