MONTREAL, QUEBEC–(Marketwired – Feb. 4, 2016) –
Editors Note: There are three figures associated with this press release.
Adventure Gold Inc. (TSX VENTURE:AGE) is pleased to announce the start of a new diamond drilling program on its Detour Quebec North project (the “Project”) located 140 kilometers north of the town of La Sarre, in the Abitibi region of Quebec. The main objective of the program is to test three high-priority helicopter-borne electromagnetic VTEM-type geophysical anomalies previously identified by Adventure Gold along the Detour Gold Trend (DGT).
The Project, which consists of 101 claims in two distinct properties (Manthet and Martigny) covers an area of 53 square kilometres located east of the Detour Lake mine (16.4 million ounces of proven and probable mineral gold reserves – National Instrument 43-101 compliant, Detour Gold Corp. website).
Winter 2016 exploration program on Detour Quebec North
The 2016 exploration work, including 700 meters of drilling as well as ten line-kilometers induced polarization (IP) surveys, will be conducted in four areas on the Project. Two holes totaling 400 meters will test two VTEM anomalies close to gold, copper and zinc low grades intercepts from historical drilling on Manthet property. One hole totaling 300 meters will test another VTEM anomaly on Martigny where there is little geological information. Of interest is the original discovery of the main zone at the Detour Lake mine in 1974 is directly attributed to the presence of an airborne electromagnetic anomaly detected during an Input-type survey. Project location (Figure 1) and exploration program (Figure 2) can be seen at:
During the winter 2016, eleven line-kilometers induced polarization (IP) surveys should also be conducted in two areas on the Detour Quebec East project. The surveys will cover interesting magnetic and Megatem-type anomalies.
Last fall, the Company did several days of prospecting work along the Turgeon River on the western part of the Detour Quebec East project. Strong deformation zones were observed in outcrops and are interpreted as the extension of the Lower Detour Gold deformation zone to the East. Strong ankerite and sericite alteration zones were sampled but no significant gold values were returned. Additional work should be conducted next summer in this area.
Recently, Adventure has acquired 21 claims adjacent to the Detour Quebec East project for a 2% Net Smelter Royalty of which 1% can be buy back for $1,000,000. This acquisition increases 1,165 hectares to our land position on the project. Exploration program and new claims acquired on the Detour Quebec East project (Figure 3) can be seen at:
Mr. Jules Riopel, Vice-President Exploration and Acquisitions of Adventure Gold acting as the qualified person (as defined by NI 43-101) reviewed and approved the scientific and technical information in this press release. He will supervise the work program on the Detour Quebec North and East project.
Profile of the Company
Since its listing on the TSX Venture Exchange in 2007, Adventure Gold 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 Val-d’Or East main project (90km²; 770,000 ounces of gold at 2.6 g/t Au in Inferred resources of which 332,000 ounces at 2.4 g/t Au in-pit resources – January 2013, 43-101 technical report). With 80M shares issued, 35 % owned by institutions, close to 9 % owned by the management, no debt, core business mining titles in good standing, JV properties with gold producers in Timmins and in Val-d’Or and a new partnership with SOQUEM on the Detour Quebec project, Adventure Gold is well-positioned to benefit its shareholders.
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.