Adventure Gold Defines Quality Drill Targets and Starts New
Adventure Gold Defines Quality Drill Targets and Starts New Geophysical Surveys on Its Detour Gold Trend Properties
MONTREAL, QUEBEC -- (Marketwire) -- 11/14/12 -- Adventure Gold Inc. (TSX VENTURE:AGE) (the "Company") announces the results of its first phase of exploration on its Detour Quebec project along the Detour Gold Trend ("DGT") in Abitibi, Quebec. New exploration work has highlighted promising areas, particularly on the Casgrain property where many geophysical anomalies (from Induced Polarization surveys) close to strong till gold anomalies have been identified as potential new gold-bearing zones. Compilation of previous work also highlighted follow-up drilling targets along proven gold structures close to positive historical drilling intercepts and grab samples (see figures 1 to 8 on the Company's website). Best targets include near-surface follow-up drilling on intercepts grading 3.7 g/t Au over 4.0 metres, 18.3 g/t Au over 1.1 metres, and 3.7 g/t Au over 3.1 metres (MRN: GM 44767, GM 45980 and GM 57512). The Company also announces the commencement of a 50-kilometre ground magnetic survey on the Massicotte property. A 25-kilometre Induced Polarization ("IP") survey should follow the magnetic survey early in 2013.
Since last year, the Company has been quite active to explore its Detour Quebec properties, completing 103 kilometres of IP surveys, 311 kilometres of ground magnetic surveys, and 912 kilometres of high-definition helicopter-borne magnetic surveys. Detailed geological and geophysical compilation maps of our DGT properties initiated earlier are almost all completed, including the new properties acquired last April (see press release dated April 19, 2012, available on the Company's website). The Company is now ready to drill-test targets identified on the Casgrain and Sicotte properties and intends to complete several geophysical surveys to better define new drill targets on other Detour Quebec properties.
The Detour Quebec project includes nine properties, 100%-owned by the Company, totalling 747 claims and covering a surface area of 40,397 hectares or 404 km2 (see Figure 1). The Detour Quebec properties are strategically located along the DGT over 80 km strike length and encompass three major proven gold structures, namely the Sunday Lake, Massicotte and Lower Detour/Grasset deformation zones. The DGT hosts the Detour Lake gold deposit with NI 43-101 proven and probable reserves of 15.6 M ounces of gold (from global measured and indicated resources of 23.3 M ounces and inferred resources of 5.8 M ounces: see Detour Gold Corporation press release dated January 25, 2012). Adventure Gold's Detour Quebec properties are adjacent to Detour Gold Corporation properties located on the Ontario border.
"After doubling its land position along the Detour Gold Trend earlier this year and becoming a major claim holder, Adventure Gold successfully completed its first phase of exploration work by identifying very promising drill targets. We believe that the size and the characteristics of some IP anomalies defined may correspond to disseminated sulphide zones associated with large gold systems. We are now ready to make a significant discovery on the Casgrain property and we will continue to advance our other DGT properties to the drilling stage in the near future," stated Marco Gagnon, President and CEO of Adventure Gold Inc.
Casgrain property drill targets
The contiguous Casgrain, Casgrain Extension, Gaudet and Nantel properties cover more than 74 kilometres of the Lower Detour/Grasset deformation zone, 60 kilometres of the Massicotte deformation zone and 18 kilometres of the Sunday Lake deformation zone (see figures 2 and 3). Till gold anomalies, ranging from 1.0 g/t Au to 4.9 g/t Au, compiled from historical reverse circulation holes drilled on these properties outlined 8 possible distinct bedrock source areas along the Sunday Lake, Massicotte and Lower Detour/Grasset deformation zones. The possible bedrock source areas on the Casgrain property were covered by 3 geophysical surveys performed by Abitibi Geophysics earlier this year totalling 265 kilometres of ground magnetic and 93 kilometres of IP surveys (see Figure 4). The 5 remaining areas have not yet been covered by new geophysical surveys. Details are as follows:
-- In the northeast area, 8 IP anomalies were defined. They are oriented E/W to ENE and located up-ice of till gold anomalies grading 2.2 g/t Au and 1.0 g/t Au; -- For the southwest area, 10 IP anomalies were defined. They are oriented E/W to ENE and located up-ice of till gold anomalies grading 3.6 g/t Au and 1.7 g/t Au; -- For the west area, 11 IP anomalies were defined. They are oriented E/W to ENE and located up-ice of a till gold anomaly grading 2.6 g/t Au.
In the 3 areas, 14 IP anomalies associated with magnetic breaks have been selected as priority drill targets. Considering the quality of several IP trends, Abitibi Geophysics also recommends extending the survey coverage.
In the northern part of the Casgrain property, a 2.3-kilometre segment of the Sunday Lake deformation zone has been locally tested by short holes. Best drilling intersections (see longitudinal section on Figure 5) returned 3.7 g/t Au over 3.1 metres and 3.7 g/t Au over 4.0 metres (MRN: GM 44767). Historical drilling results show multiple low-grade intercepts associated with felsic dykes in altered and deformed sediments. At least 4 distinct parallel gold zones were identified and the thickness of the system remains unknown. Outside of the 2.3-kilometre-long segment that has been locally drill-tested, the Sunday Lake deformation zone remains largely unexplored on our properties.
Along the Massicotte deformation zone, between historical intercepts grading 24.1 g/t Au over 2.5 metres close to the western boundary and 18.1 g/t Au over 1.1 metres in the eastern part of the property, very few holes have been drilled (MRN: GM 46540 and GM 54101). This represents a potentially prospective 35-kilometre-long segment of the Massicotte deformation zone.
Exploration potential for the discovery of volcanogenic massive sulphide ("VMS") deposits also exists on the Casgrain property. Historical diamond drilling successfully outlined a felsic centre over 4.5 kilometres strike length and identified several exhalative horizons which graded up to 1.8% Cu, 2.0% Zn and 7.8 g/t Ag over 1.0 metre (MRN: GM 24482 and GM 54101). Undrilled airborne electromagnetic anomalies (Megatem survey; MRN: DP 2008-26) located at the top of the felsic centre have been identified by compilation work and represent interesting future drilling targets.
New geophysical surveys on Massicotte property
The Massicotte property is located 15 kilometres from the Detour Lake mining project, on the Quebec/Ontario border (Figure 6). The property hosts the Massicotte and the Lower Detour/Grasset deformation zones over a strike length of 6 kilometres. Very limited exploration work has been carried out on these gold structures on the property during the last 25 years despite significant historical gold intercepts respectively grading 4.1 g/t Au over 1.5 metres to the west (OGS diamond drill hole database) and 7.8 g/t Au over 7.2 metres to the east (MRN: GM 46540) on either side.
Till gold anomalies, ranging from 1.0 g/t Au to 5.2 g/t Au, compiled from historical reverse circulation holes drilled close to the Ontario/Quebec border outlined 2 possible distinct bedrock source areas in the northwest part of the Massicotte property. The Company has already completed a ground magnetic survey over a first grid of 25 kilometres covering the possible bedrock sources and is currently completing two new grids totalling 50 kilometres. The Company intends to start a 25-km IP survey over the first grid early in 2013.
Other Detour Quebec properties
The Sicotte property is located 16 kilometres east of the former Selbaie Mine, which produced 53 Mt @ 1% Cu, 1.9% Zn, 0.6 g/t Au and 4.1 g/t Ag between 1982 and 2005 (MRN: DV 2005-01). The property hosts felsic volcanics related to the Selbaie Mine sequence and encloses three gold showings of interest. The first one is the Ruisseau Twinning showing, characterized by a network of quartz-tourmaline sulphide-rich veins hosted in sheared diorite with carbonate and sericite alteration. Mineralization in the diorite consists mainly of disseminated pyrite, chalcopyrite and sphalerite. Best historical grab samples graded between 8 and 54 g/t Au (MRN: GM 6256-A and GM 39935). Several short holes were drilled historically in the area but missed the possible newly interpreted gold structures. Following a 23-kilometre magnetic survey and a field reconnaissance program, a 10-km IP survey was completed to fully evaluate the extent of the gold system. A total of 14 chargeability anomalies have been traced and 4 of them are considered as top priority drilling targets (see Figure 7). Two other showings are located north of the Lac Sicotte area. In the past, both showings were tested by several shallow drill holes and subeconomic intercepts were reported.
The Manthet and Martigny properties are respectively located 15 and 25 kilometres from the Detour Lake mining project in Quebec, adjacent and close to the Ontario border (see Figure 8). Very little exploration work has been completed on these properties historically. However limited drilling in one area outlined VMS-style gold, zinc and copper mineralization. This geological environment shows some similarities with the Martiniere project located to the east, where Balmoral is actively exploring the Bug Lake Zone. To date, the Company has completed 912 kilometres of high-definition helicopter-borne magnetic surveys, including 469 kilometres on Martigny and 443 kilometres on Manthet. New east/west and northwest trends have been outlined by the new surveys and have been interpreted as subsidiary faults of the Sunday Lake deformation zone. The Company is now planning the next geophysical program which should define drill-ready targets.
For more information on the Detour Quebec properties, please see figures 1 to 8 or visit our website at www.adventure-gold.com:
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 exploration program on the Detour Quebec properties.
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 three main projects namely: Val-d'Or East, Detour Quebec and Casa-Cameron. 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 and is actively working on its development. As disclosed in its latest financial statements, the Company is well financed to apply its business plan.
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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.
Contacts: Marco Gagnon President & CEO 450.743.5527 firstname.lastname@example.org
Jules Riopel Vice-President Exploration and Acquisitions 819.797.9770 email@example.com www.adventure-gold.com