Welcome!

News Feed Item

Adventure Gold and GFK Resources Outline 1.5 Kilometer Gold Bearing Corridor on the Florence Property

MONTREAL, QC--(Marketwired - June 16, 2014) - Adventure Gold Inc. (TSX VENTURE: AGE) and GFK Resources (TSX VENTURE: GFK) wish to announce the initial results of the 2014 exploration diamond drilling program on the Casa-Cameron project. The program totaling 9,000 metres of drilling, of which the Phase 1, has been completed on the Florence property outlined two gold zones over at least 1.5 kilometre along strike and up to 300 metres at depth. The gold zones are associated with a large alkaline intrusive complex along the Casa-Berardi - Cameron Gold Trend (CBCGT). 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 Phase 1 drilling program on the Florence property consisted of eight (8) diamond drill holes totaling 2,951 metres (Figure 1). The first five (5) drill holes were designed to test the Chieftain gold deformation over a strike length of 1.5 km around a 200 to 300 metres depth (Figure 2). Three (3) other holes tested Induced polarization (IP) and Megatem (EM) anomalies in the area of new gold showing discovered by Adventure Gold (7.0 g/t and 3.2 g/t Au in grab samples). Drilling confirmed the presence of a large gold system associated with two major gold deformation zones up to 45 metres in thickness. The best intersect returned 0.6 g/t Au over 20 metres including 1.0 g/t Au over 9 metres in hole F-14-01 at a 160 metre depth. Other results are presented in Table 1.

The two gold deformations zones are characterized by a large alteration envelop of carbonate, chlorite and hematization and intruded by deformed metric alkaline dykes. Gold is associated with hematite-silica-albite alteration (Pictures 1 and 2) generally located in the central part of the deformation zone. The gold system remains open laterally and at depth. The south-east extension remains untested by drilling for over five (5) kilometres where several promising untested IP anomalies have been outlined (Figures 1 and 2). Additional fieldwork is scheduled this summer to evaluate IP anomalies and to formalize new drilling target. Additional drilling is required to adequately evaluate this large gold system. 

"Initial drilling program on the Florence property confirmed the presence of a large alkaline gold system typical of many gold mining camps in the Abitibi Greenstone Belt. All the key geological features are there and further exploration work is definitively warranted," stated Marco Gagnon, President and CEO of Adventure Gold.

"The confirmation of a 1.5 kilometre gold trend on Florence is proof that this is a significant system with all the indicators of a major gold deposit. We are pleased to be involved in this project, and we look forward to the commencement of the upcoming phases of fieldwork," stated Patrick Fernet, CEO of GFK Resources.

Figure 1: Location of drillhole - Surface map of Florence Property
Figure 2: Long section - Chieftain Gold Deformation Zone
Table 1: Result on the Phase 1 drilling program on Florence property
Picture 1: Alteration zone (F-14-03 - Zone 1)
Picture 2: Alteration, mineralization and Alkaline Dyke (F14-03 - Zone 2)

Other Casa-Cameron properties exploration work

Additional geophysics (IP and Mag) and prospecting work is scheduled for this summer. A total of 33 line-kilometres of IP will be completed on Casagosic, Bell-Vezza and Sinclair-Bruneau properties, 90 km of ground magnetics on Vezza North, Vezza Extension, and Sinclair-Bruneau properties and 40 days of prospecting work on Florence and Bachelor Extension properties. The next 3,000 metres drilling program is slated to begin in August on the Vezza North property to test kilometre-scale gold deformation zones with historical gold values of 11 g/t Au over 4 metres and 4.5 g/t Au over 3.4 metres within a zone grading 2.1 g/t Au over 8.5 metres between 100 to 200 metres of the surface and open in all direction.

The Casa-Cameron Project

The Casa Cameron Project includes nine (9) gold Properties (436 mining claims): (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 (see Press Release dated March 3, 2014 and the web site). 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 231 km² (see Press Release dated December 12th, 2013).

The Properties straddle segments of the major Casa-Berardi/Cameron gold break between the Casa-Berardi Gold Mine (proven reserves of 1.0 Mt at 5.7 g/t Au for 185,200 ounces and probable reserves of 7.2 Mt at 5.2 g/t Au for 1.2M ounces for a total of proven and probable reserves of 8.2 Mt at 5.3 g/t Au for 1.4M ounces; measured resources of 1.8 Mt at 5.9 g/t Au for 340,600 ounces and indicated resources of 9.0 Mt at 3.7 g/t Au for 1.1M ounces for a total of measured and indicated resources of 10.8 Mt at 4.1 g/t Au for 1.4M ounces and inferred resources of 3.4 Mt at 5.5 g/t Au for 601,300 ounces - Hecla Mining (formerly Aurizon Mines), NI 43-101, March 31, 2014) and the Bachelor Gold Mine (also currently in operation by Metanor Resources with proven reserves of 193,100 Mt at 8.3 g/t Au for 51,750 ounces and probable reserves of 650,700 t at 7.1 g/t Au for 148,400 ounces for a total of 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 known gold-bearing zones and most of them are also strategically located adjacent and on strike to significant gold mines or deposits. However, at their exploration stages, the Properties have had insufficient exploration to define mineral resources and despite their strategic locations it is uncertain if further exploration will result in delineating mineral resources.

Very few exploration programs using up to date technology have been completed on the Properties from the 1990's to 2008, prior to 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 (see the Report available on AGE's website).

Quality control

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 is acting as the field operator for the exploration work on the Casa-Cameron project during the first option as per the agreement between AGE and GFK.

During the ongoing drilling program, assay samples were taken from the NQ core and sawed in half, with one-half sent to Agat Laboratory, a commercial laboratory and the other half retained for future reference. A strict QA/QC program was applied to all samples; which includes insertion of mineralized standards and blank samples for each batch of 20 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.

Profile

Adventure Gold Inc. is a mineral exploration company focused on discovering and developing high-quality gold deposits in the Abitibi region located in eastern Canada - one of the richest gold mining areas in the world. Adventure Gold has become, in a few years, an important player in the mineral exploration industry with one of the best portfolios of exploration properties along the main gold-bearing structures of the Abitibi Greenstone Belt. The Company is exploring mainly close to gold mines where mining production infrastructure is already in place, which distinguishes it from several other exploration companies. Adventure Gold's exploration team consists of mining professionals having worked previously for well-established producing companies, who understand industry challenges. The Company owns 100% of the rights on its two main projects namely: Val-d'Or East and Detour Quebec.The Val-d'Or East flagship project encompasses the Pascalis-Colombiere property where Cambior Inc. (now IAMGOLD) produced gold between 1989 and 1993 at the Beliveau Mine. Close to the former mine, Adventure Gold recently discovered a significant new gold system containing 770,000 gold ounces at 2.63 g/t in the inferred resource category (SGS Canada Inc., NI 43-101 Technical Report Mineral Resource Val-d'Or East Property filed on Jan. 4th, 2013) and is actively working on its development. With a total of 74.0M shares issued and close to 10% owned by the management, Adventure Gold is well-positioned to benefit its shareholders.

Twitter: http://twitter.com/Adventure_AGE
LinkedIn: http://www.linkedin.com/company/2253943

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.

Image Available: http://www.marketwire.com/library/MwGo/2014/6/15/11G017042/Images/Fig1_Florence_Surfacemap_june2014-34232349084.jpg
Image Available: http://www.marketwire.com/library/MwGo/2014/6/15/11G017042/Images/Fig2_Florence_Longsection_june2014-726072261249.jpg
Image Available: http://www.marketwire.com/library/MwGo/2014/6/15/11G017042/Images/Table1_Florence_Result2014-388658931124.jpg
Image Available: http://www.marketwire.com/library/MwGo/2014/6/15/11G017042/Images/PR_Florence_Picture1_2_june2014-803150513402.jpg

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and containers together help companies achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, reviewed the current landscape of Dev...
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
Cloud Expo, Inc. has announced today that Andi Mann returns to 'DevOps at Cloud Expo 2017' as Conference Chair The @DevOpsSummit at Cloud Expo will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "DevOps is set to be one of the most profound disruptions to hit IT in decades," said Andi Mann. "It is a natural extension of cloud computing, and I have seen both firsthand and in independent research the fantastic results DevOps delivers. So I am excited to help the great t...
WebRTC services have already permeated corporate communications in the form of videoconferencing solutions. However, WebRTC has the potential of going beyond and catalyzing a new class of services providing more than calls with capabilities such as mass-scale real-time media broadcasting, enriched and augmented video, person-to-machine and machine-to-machine communications. In his session at @ThingsExpo, Luis Lopez, CEO of Kurento, introduced the technologies required for implementing these idea...
Every successful software product evolves from an idea to an enterprise system. Notably, the same way is passed by the product owner's company. In his session at 20th Cloud Expo, Oleg Lola, CEO of MobiDev, will provide a generalized overview of the evolution of a software product, the product owner, the needs that arise at various stages of this process, and the value brought by a software development partner to the product owner as a response to these needs.
The WebRTC Summit New York, to be held June 6-8, 2017, at the Javits Center in New York City, NY, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 20th International Cloud Expo and @ThingsExpo. WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web co...
SYS-CON Events announced today that Enzu will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive ad...
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed ...
Internet of @ThingsExpo, taking place June 6-8, 2017 at the Javits Center in New York City, New York, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo New York Call for Papers is now open.
Who are you? How do you introduce yourself? Do you use a name, or do you greet a friend by the last four digits of his social security number? Assuming you don’t, why are we content to associate our identity with 10 random digits assigned by our phone company? Identity is an issue that affects everyone, but as individuals we don’t spend a lot of time thinking about it. In his session at @ThingsExpo, Ben Klang, Founder & President of Mojo Lingo, discussed the impact of technology on identity. Sho...
Technology vendors and analysts are eager to paint a rosy picture of how wonderful IoT is and why your deployment will be great with the use of their products and services. While it is easy to showcase successful IoT solutions, identifying IoT systems that missed the mark or failed can often provide more in the way of key lessons learned. In his session at @ThingsExpo, Peter Vanderminden, Principal Industry Analyst for IoT & Digital Supply Chain to Flatiron Strategies, will focus on how IoT depl...
Data is an unusual currency; it is not restricted by the same transactional limitations as money or people. In fact, the more that you leverage your data across multiple business use cases, the more valuable it becomes to the organization. And the same can be said about the organization’s analytics. In his session at 19th Cloud Expo, Bill Schmarzo, CTO for the Big Data Practice at Dell EMC, introduced a methodology for capturing, enriching and sharing data (and analytics) across the organization...
With all the incredible momentum behind the Internet of Things (IoT) industry, it is easy to forget that not a single CEO wakes up and wonders if “my IoT is broken.” What they wonder is if they are making the right decisions to do all they can to increase revenue, decrease costs, and improve customer experience – effectively the same challenges they have always had in growing their business. The exciting thing about the IoT industry is now these decisions can be better, faster, and smarter. Now ...
WebRTC is about the data channel as much as about video and audio conferencing. However, basically all commercial WebRTC applications have been built with a focus on audio and video. The handling of “data” has been limited to text chat and file download – all other data sharing seems to end with screensharing. What is holding back a more intensive use of peer-to-peer data? In her session at @ThingsExpo, Dr Silvia Pfeiffer, WebRTC Applications Team Lead at National ICT Australia, looked at differ...