SOURCE: GFK Resources Inc.

March 03, 2014 08:00 ET

GFK Resources and Adventure Gold Announce a 9,000 Metres Drilling Program on the Casa-Cameron Project, Quebec -- 3,000-Metre Phase 1 to Start on Florence Property

MONTREAL, QC--(Marketwired - March 03, 2014) - GFK Resources Inc. (the "Company" or "GFK") - (TSX VENTURE: GFK) and Adventure Gold Inc. (TSX VENTURE: AGE) announce the beginning of the 2014 exploration diamond drilling program on the Casa-Cameron project (the "Project"). The program will be realized in three (3) phases totaling 9,000 metres of drilling, of which Phase 1, for 3,000 metres will start this week on the Florence property. The Project includes nine (9) properties (the "Properties") strategically located along the prolific Casa-Berardi/Cameron Gold Trend, in the Abitibi Greenstone Belt, Quebec (Figure 1). Phase 2 and 3 drilling programs are slated to start respectively in May and September on other properties of the Casa-Cameron project.

The Florence property is located 23 kilometres north of the town of Lebel-sur-Quevillon, about 70 kilometres east of the Sleeping Giant mine and mill and about 60 kilometres southwest of the Bachelor mine and mill. The property encompasses 14.5 km along the Chieftain shear zone, which is a subsidiary fault of the Casa-Berardi/Cameron gold deformation zone (Figure 2). The Phase 1 drilling program on the Florence property consists of 8 diamond drill holes. Initial drilling is designed to test the Chieftain gold deformation zone with 5 holes over a strike length of 1.5 km between the surface and around 250 metres deep. Historical drilling in this area returned up to 1 g/t Au over 26 metres, including 2.9 g/t Au over 3.9 metres and 1 g/t Au over 18.6 metres, including 2.8 g/t Au over 4.2 metres (holes CH-1 and G-91-7: GM55861). Also of interest, the southeast extension of the Chieftain gold deformation zone remained untested by drilling over a strike of seven kilometres. This area shows historical showings and its potential was enhanced by the discovery of a new gold showing by Adventure Gold returning 7.0 g/t Au, 3.2 g/t Au, 0.7 g/t Au and 0.4 g/t Au in grab samples. Three (3) holes will test induced polarization ("IP") geophysical targets and the new gold showing in this area of the property.

 "Adventure Gold is very pleased to start its first drilling program with GFK Resources to explore the Florence property. We believe this initial drilling program will confirm the good potential of the Florence property. Considering our quality drilling targets, we look forward to see the results." stated Marco Gagnon, President and CEO of Adventure Gold.

The Casa-Cameron Project

The Casa Cameron Project includes nine (9) gold Properties: (1) Casagosic, (2) KLM, (3) Vezza North, (4) Vezza Extension, (5) Bell-Vezza, (6) Sinclair-Bruneau, (7) Florence, (8) Céré-113 and (9) Bachelor Extension (Figure 1). The Properties are located north of La Sarre, Amos and Lebel-sur-Quevillon, in the northwest region of the province of Quebec and they are accessible all year long by paved and gravel roads. GFK and AGE have an agreement pursuant to which GFK has acquired the option to earn between 51% or 100% interest in AGE's Casa-Cameron project covering an area of 222 km² (see Press Release dated December 12th, 2013). Since the signing of the agreement, 16 additional claims were acquired or map-staked and are now part of the agreement.

The Properties straddle segment of the major Casa-Berardi/Cameron gold break between the Casa-Berardi Gold Mine (proven and probable reserves of 8.2 Mt at 5.5 g/t Au for 1.5M ounces, measured and indicated resources of 11.0 Mt at 4.1 g/t Au for 1.5M ounces and inferred resources of 4.8Mt at 3.8 g/t Au for 590,000 ounces -- Hecla Mining (formerly Aurizon Mines), press release, February 14, 2013) and the Bachelor Gold Mine (also currently in operation by Metanor Resources with proven and probable reserves of 843,800 t at 7.4 g/t Au for 200,200 ounces and inferred resources of 426,100 t at 6.5 g/t Au for 89,400 ounces -- Metanor Resources, NI 43-101, April 26, 2011). All the Properties contain already known gold-bearing zones and most of them are also strategically located adjacent and on strike with significant gold mines or deposits.

Very few modern exploration works were completed on the Properties from the 1990's to 2008, prior their acquisition by Adventure Gold. Gold exploration work conducted by Adventure Gold since then returned very encouraging results and many valuable drill targets were outlined (see the Company's press release dated June 11, 2013 and the technical report (the "Report") filed by GFK on SEDAR in connection with the transaction and prepared in accordance with National Instrument 43-101 -- Standards of Disclosure for Mineral Projects ("NI 43-101")). As described in the Report, the geological setting of the Casa-Cameron properties appears to be very favorable for the identification of new high-grade gold-bearing structures or bulk-style ore deposit. Past exploration work did not entirely test the numerous gold occurrences and many positive historical drilling intersections warrant follow-up drilling. In addition, recent geophysical surveys outlined also quality drilling targets. The authors of the Report recommend significant exploration work including a 21,000-meter drilling program.

"For GFK, the announcement of the 2014 drilling program on our Casa-Cameron properties marks the beginning of a new phase of activity. The Company has reviewed many possible property opportunities over the past few years and has preserved its cash position during this process. We are very excited with our new relationship with Adventure Gold and the potential that brings to the Company" remarked Patrick Fernet, CEO of GFK Resources Inc.

Mr. Jules Riopel, Vice-President Exploration and Acquisitions of Adventure Gold and Denis Chenard, P.Eng. of GFK Resources act as the qualified persons (as defined by NI 43-101) and have reviewed and approved the scientific and technical information in this press release. Adventure Gold will act as the field operator for all the exploration work on the Casa-Cameron project during the first option as per the agreement between AGE and GFK.

About GFK

GFK Resources Inc. is a mining exploration company focused on discovering high quality gold deposits close to existing mines in the Abitibi Greenstone Belt located in north-west Quebec and north-east Ontario -- one of the most prolific gold deposits areas in the world. GFK holds assets in Val-d'Or and is now optioning / buying from Adventure Gold inc. new quality assets along the Casa-Berardi-Cameron Gold Break -- a proven environment with strong potential for new gold discoveries and where exploration costs are low. Flagship Casa-Cameron properties are adjacent to: Hecla Mining Company -- Casa Berardi Gold Mine, Metanor Resources inc. -- Bachelor Gold Mine, Maudore Minerals ltd. -- Vezza, Discovery and Flordin Gold deposits. As of today, GFK has $1.8M in cash and has 37.5M shares outstanding.

Source: Patrick Fernet, CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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Contact Information

  • For more information, please contact:

    Louis Morin
    Bid Capital Markets
    514.845.1101