Adventure Gold Inc.

Adventure Gold Inc.

February 16, 2012 08:30 ET

Adventure Gold Starts a 15,000-Metre Drilling Program at the Past Producing Beliveau Mine East of Val-D'or, Quebec

MONTREAL, QUEBEC--(Marketwire - Feb. 16, 2012) - Adventure Gold Inc. (TSX VENTURE:AGE) (the "Company") is pleased to announce the start of a Phase 3 drilling program on its 100%-owned Pascalis-Colombiere gold property (the "Property"), located in the eastern part of the Val-d'Or mining camp, Quebec. The program will consist of approximately 15,000 metres of drilling aimed at better defining the new Pascalis Gold System recently identified West, North and South of the former L.C. Beliveau Mine (see press releases dated March 3 to November 15, 2011). The drilling program will be distributed as indicated on figure 1 and as follows:

  • 7,000 metres to test the extensions of the Beliveau West Area (BWA) gold zones where hole PC-11-17 had returned 0.8 g/t Au over 297 metres, including 12.9 g/t Au over 8 metres and hole PC-11-30 had returned 2.7 g/t Au over 65.1 metres including 8.3 g/t Au over 4.5 metres (see figure 2). The BWA gold zones remain open to the North, the South and at depth.
  • 2,500 metres to test the North Zone Area where a historical drill hole returned 6.8 g/t Au over 8 metres;
  • 2,000 metres to test the Zone 2 Area where a historical drill intercept returned 5 g/t Au over 12.7 metres;
  • 3,500 metres to test the Highway Zone Area where hole PC-11-05 had returned 3.2 g/t Au over 14.2, and the new Loraine Zone where recent channel sampling results returned 5.9 g/t Au and 0.4% Cu over 4.4 metres.

"Last year, the 20-hole drill program for close to 8,000 metres around the former Beliveau Mine and the mechanical trenching performed on two areas of the Property successfully outlined a gold trend over at least 3-kilometre long strike and up to 900 metres depth and 500 metres wide. The results confirmed our geological model and the presence of gold bearing zones of strong amplitudes close to the surface, which could be recovered by open pit mining. In 2012, we will continue the near-surface drilling to test the extensions of the gold system, complete a first 43-101 technical report and evaluate the economic potential. The drilling program started last week on the North Zone Area and should be completed during the summer 2012." stated Marco Gagnon, President and CEO, Adventure Gold Inc.

Figures 1 and 2 are available at:

Resource Estimates

Once the Phase 3 drilling program has been completed, a 43-101 resource estimate calculation technical report will be completed and released. SGS Geostat, a consulting firm based in Blainville, Quebec, has already started the NI 43-101 compliant gold resource estimate and report. New results from the Phase 3 drilling program will be included in the report.

Pascalis-Colombiere Property

The Property consists of 33 mining titles totaling 637 hectares. It is located in the eastern portion of the Val-d'Or-Malartic gold district, which has produced more than 30 million ounces of gold to date (Geological Survey of Canada website-World Geoscience Database). The Property is also adjacent to the Company's 100%-owned Beaufor North property, located 1.5 kilometres east of the producing Beaufor Gold Mine held by Richmont Mines (over 1 million ounces of gold produced: Richmont Mines press release, March 23, 2010). From 1989 to 1993, the Property was the site of gold production at the L.C. Beliveau Mine, where Cambior Inc. (now IAMGOLD) mined the New Pascalis gold deposit. A total of 1.8 Mt of ore was extracted at a grade of 3.2 g/t Au, from the surface to 300 metres depth (total of 167,000 ounces of gold, official production from Cambior postmortem report, Nov. 1996). The geological setting of the Property appears to be very favorable for the identification of new high-grade gold-bearing veins and structures or bulk-style ore shoots.

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 will supervise the drilling program.


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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