Adventure Gold Inc.
TSX VENTURE : AGE

Adventure Gold Inc.

March 03, 2011 10:11 ET

Adventure Gold Intersects 5.4 g/t Au Over 20 Metres on Its Pascalis Colombiere Property in Val-d'Or East Area

MONTREAL, QUEBEC--(Marketwire - March 3, 2011) - Adventure Gold Inc. (TSX VENTURE:AGE) (the "Company") is pleased to announce positive drill results from the first two holes of its winter 2011 program on its Pascalis Colombiere property. The two holes successfully intersected significant gold-bearing structures near surface located 150 metres West of the former producing L.C. Beliveau mine (167,000 ounces produced, Cambior 1993). The best gold zones yielded values of:

  • Hole PC-10-13 : 9.7 g/t Au over 2.1 metres included in a cut of 4.0 g/t Au over 5.3 metres at 38.4 metres deep; 34.6 g/t Au over 2.9 metres, included in a cut of 5.4 g/t Au over 20 metres at 143.1 metres deep.

  • Hole PC-10-14 : 7.0 g/t Au over 4.8 metres included in a cut of 2.0 g/t Au over 24.9 metres at 278.4 metres deep.

A surface map (Figure 1) of the recently performed drilling can be found on the Company's website at www.adventure-gold.com. This first phase of diamond drilling program totalling 2,790 metres for 9 holes was recently completed. Significant drill results of the first two holes are presented in Table 1 and results from the other seven drill holes will be released when available. Six of them were drilled West of the former mine and the seventh was drilled to test the geometry of the gold system under the underground mine developments. Follow-up drilling is planned to start after the Company has received all results.

Gold-bearing zones intersected by drill holes PC-10-13 and PC-10-14 are characterized by sub metric to metric quartz-tourmaline veins or vein networks. Host rocks are altered in iron-carbonates, sericite, albite and tourmaline. Veins and host rocks are mineralized with up to 15% disseminated sulphides and visible gold was also observed in some sections. This gold-bearing system presents strong similarities with the one observed at the L.C. Béliveau mine. A detailed interpretation and integration of the new and upcoming results is already in progress. At this time, it is hard to correlate the gold-bearing zones intersected by drill holes PC-10-13 and PC-10-14 or, with gold-bearing zones intersected by historical drillings in this area. However, the use of a core orientation system has allowed us to observe that most of the veins were cut at a strong angle with the core axis, which means that gold veins should be dipping to the South. The core orientation system represents a valuable tool to ease the interpretation and the correlation of the drill gold-bearing intercepts with the mineralized system.

The Company believes that there is a strong potential to increase the gold resource identified by Cambior at the L.C. Béliveau Mine prior to 1993. Once the winter drilling program will be completed, a NI43-101 compliant resource estimate calculation report will be prepared by SGS Geostat, a consulting firm based in Blainville, Quebec.

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. 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) 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 I Pascalis-Colombiere 2011 drilling program preliminary results.

Drillhole UTM
East
UTM
North
Azimuth Dip Length
(m)
from
(m)
Core
Length
* (m)
Au
 
(g/t)

PC-10-13
312755 5335086 345 -55 219 11.7 6.8 0.9
            38.4 4.3 4.9
          Incl. 38.4 2.1 9.7
            143.1 20.0 5.4
          Incl. 143.1 2.9 34.6**
            174.5 1.8 6.3
                 
PC-10-14 312770 5335021 345 -57 381 15.3 0.9 7.5
            133.5 1.0 4.4
            199.3 4.0 1.1
            278.4 24.9 2.0
          Incl. 284.7 4.8 7.0
          Incl. 298.4 3.5 3.6
            317.0 1.0 7.2

* 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, Lake Shore Gold and RT Minerals to explore advanced stage gold properties. The Company owns more than $4M in cash and stocks 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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