Adventure Gold Inc.
TSX VENTURE : AGE

Adventure Gold Inc.

July 21, 2011 08:30 ET

Adventure Gold and Mazorro Report Lapaska Phase 1 Drill Results Confirming Bulk Tonnage Potential of Shallow Gold Mineralization/Central Zone Strike Length at 500 Metres with Open Extensions

MONTREAL, QUEBEC--(Marketwire - July 21, 2011) - Adventure Gold Inc. (TSX VENTURE:AGE) ("AGE" or the "Company") and Mazorro Resources Inc. (TSX VENTURE:MZO)(FRANKFURT:JAM) ("MZO") are pleased to report final results from the phase 1 surface drilling program on the Lapaska Gold Property (the "Property"). A total of eight (8) holes were completed for a total of 3,117 metres. The Property, located 20 km east of Val-d'Or in the prolific Abitibi Greenstone Belt, is wholly-owned by AGE and under option to MZO (see agreement in press release dated December 15, 2010). The first two holes of the phase 1 program were previously released and highlighted gold intersections of 1.0 g/t Au over 103.4 metres for hole LP-11-16 and 1.2 g/t Au over 156.9 metres for hole LP-11-17 (see press release dated June 16, 2011).

The best gold intersections in the Lapaska Central Zone ("LC Zone"), in core length, for the remaining six holes yielded values of:

  • Hole LP-11-18: 1.0 g/t Au over 56.0 metres, including a section grading 11.6 g/t Au over 3.3 metres, within a gold halo of 0.5 g/t Au over 200.8 metres;
  • Hole LP-11-19: 1.5 g/t Au over 10.5 metres, 1.3 g/t Au over 11.5 metres and 2.6 g/t Au over 3.3 metres, within a gold halo of 0.5 g/t Au over 111.1 metres; and
  • Hole LP-11-22: 1.0 g/t Au over 32.3 metres, including a section grading 6.8 g/t Au over 2.7 metres, within a gold halo of 0.4 g/t Au over 101.8 metres.

"The gold system at the LC Zone presently has a confirmed strike length of approximately 500 metres but remains open in several directions. Hole LP-11-22 indicates a north-south extension in the west area of the gold system, north of LP-11-17. Additional drilling in the next phase will be designed to extend the zone east-west and define the north-south extension in the west part of the deposit. We are now planning a second phase drill program of 4,000 metres which we believe will further highlight the bulk tonnage potential at Lapaska ", stated Marco Gagnon, President and CEO of Adventure Gold Inc.

Final results of the phase 1 drilling program are presented in Table 1 and a longitudinal section and map view (Figure 1 and 2) of the recently completed drilling can be found on AGE's website at www.adventure-gold.com. The diamond drill holes LP-11-18 and LP-11-19 oriented at 280º and dipping at -52º were drilled perpendicular to the strike of the vein system in the LC Zone. Holes LP-11-20 to 23 were drilled in the same direction and tested the lateral north-south extension of the veins system.

Gold mineralization in the LC Zone is associated with a network of quartz-carbonate-tourmaline-pyrite veins and veinlets dipping to the east, largely hosted in a magnetic silicified felsic volcanic unit. Gold mineralization is similar to that observed at the Sigma II former producing gold mine, located 5 kilometres to the east. Measurements taken with a core orientation tool indicate the presence of two vein systems. The first system is N-trending and the second one is ENE-trending. A stacking of veins spaced every 0.5 to 2.0 metres is observed in the best mineralized zones. These holes were entirely assayed from top to bottom in order to fully characterize the gold content of the LC Zone. Historical drill holes were not fully assayed.

Table 1: Final results of the Phase 1 Lapaska 2011 drilling program.

Drill hole UTM
East
UTM North Azimuth Dip Length (m) From (m) To
(m)
Core length* (m) Au **
(g/t)
LP-11-18 312215 5325971 280 -53 723 54.8 255.6 200.8 0.5
Incl. 123.6 179.6 56.0 1.0
Incl. 153.7 157.0 3.3 11.6
LP-11-19 311891 5326056 280 -52 411 24.6 135.7 111.1 0.5
Incl. 24.6 35.1 10.5 1.5
Incl. 75.0 86.5 11.5 1.3
Incl. 132.4 135.7 3.3 2.6
LP-11-20 312109 5325985 280 -50 162 No significant values
LP-11-21 312117 5325968 280 -50 147 No significant values
LP-11-22 311973 5326048 280 -50 192 26.4 128.2 101.8 0.4
Incl. 26.4 58.7 32.3 1.0
Incl. 26.4 29.1 2.7 6.8
LP-11-23 312007 5326006 277 -50 207 157.7 179.2 21.5 0.4
* Reported gold intersections are measured along the hole and are close to the true thickness of the mineralized zones.
** Uncut gold value.

Phase 2 drilling program

A phase 2 drill program, totaling approximately 4,000 metres in 12 holes is being designed to test the east-west extension and the lateral north-south extension of the LC Zone and to drill the West zone. A surface map (Figure 1) of the proposed drilling can be found on AGE's website at www.adventure-gold.com. Seven (7) holes are planned to test the LC Zone near surface extensions, three (3) holes for the deep extension (below 200 metres) of the West Zone and two (2) holes for the West Zone close to the extension of the 2010-11 Eloro new discoveries on the Simkar property.

The Lapaska Property

The Property is favourably located between the past-producing Sigma II gold deposit to the east (161,300 ounces at 2.7 g/t Au: MRNF - SIGEOM Database), which was mined by open pit method, and the Simkar gold deposit to the west (NI 43-101 inferred resource of 105,000 oz at 5.3 g/t Au: Megastar – MDV: TSX-V, September 2008). The Property contains three significant gold-bearing zones: the Lapaska Central, West and Lourmet zones and is also strategically located along the prolific Cadillac-Larder Lake Gold Break, a regionally extensive structure that is spatially related to numerous gold mines.

A NI 43-101 compliant resource estimate was completed by InnovExplo (February 9, 2010) on the Lapaska Central Zone prior to phase 1 drilling. Table 2 below shows the variations with respect to metric tonnes, gold ounces and grades for various cut-off grades in the Inferred Resources of the Lapaska Central Zone deposit.

Table 2: Inferred Mineral Resources of Lapaska Central Zone

Cut-off Grade
(g/t Au)
Tonnes Avg. Grade
(g/t Au)
Ounces of Gold
0.5 2,143,702 1.15 79,324
1.0 864,563 1.81 50,396
2.0 219,590 3.14 22,197
Note: Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability.

Quality Control

Jules Riopel, P.Geo., Vice-President Exploration and Acquisitions, acting as the Company's "Qualified Person" as defined by NI 43-101, has reviewed this press release and has supervised the drilling program. Assay samples were taken from NQ core sawed in half, with one half sent to AGAT Laboratories in Mississauga, Ontario, a commercial laboratory, and the other half retained for future reference. A strict QA/QC program was applied to all samples, which included mineralized standards and blank samples for each batch of 25 samples. The gold analyses were completed by fire assay with an atomic absorption finish on 50 grams of material. 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 (Metallic Sieve) were carried out on samples that showed a great variation in gold content or the presence of visible gold.

Profile:

Adventure Gold Inc. is a mineral exploration company focused on discovering high-quality gold deposits in the Abitibi Greenstone Belt located in northwestern Quebec and northeastern 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 Limited and Lake Shore Gold Corp. to explore its advanced-stage gold properties.

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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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