Vault Minerals Inc. (TSX-V: VMI) announces that it has entered into an option agreement with a syndicate of arm's-length parties to acquire six mining leases, comprising eight claim units, in the Kirkland Lake gold camp, Ontario.
The property, historically referred to as the Goldbanks, is situated in western Teck Township west of the Macassa mine, which is currently operated by Kirkland Lake Gold Inc. The Macassa mine is the western-most of the seven historic gold mines along the prolific Kirkland Lake Main-`04 Break which comprise the famous `Mile of Gold', and that have produced in excess of 24 million ounces of gold at a recovered grade of 0.47 oz/ton.
The Goldbanks property has received negligible modern exploration, in large part owing to the fragmented title history involving a number of owners, and including several estates. There are however three historic shafts on the property, dating back to the camp's early history.
The camp's Main-'04 Break transects the southern-most claim for a strike-extent of 1700 ft. There are at least five other sub-parallel structures interpreted to strike up to 3,000 ft across the newly-acquired property, referenced by their approximate distance (in feet) north of the Main-'04 Break; viz. 1400, 3200, 3800, 4200, and 4900.
The 1400 structure is interpreted to be the `05 Break that was partially mined by LAC Minerals/Barrick/Kinross and that currently hosts reserves 2700 ft to the east of the Goldbanks property. Diamond drilling verified the western extension of the '05 Break on the adjoining "KL West" property which is a joint-venture between Queenston Mining Inc. and Kirkland Lake Gold. The "KL West" property was recently purchased by the joint-venture from Newmont Mining Corporation of Canada Ltd. (announced February 6, 2008), and from which a drill intercept of 0.33 oz/ton over 2.2 ft on the Main-'04 Break was also reported.
The northern-most 4900 structure hosts two shafts, situated 1200 ft apart, and has a number of drill holes from 1936. Historical chip samples from this zone includes 1.43 oz/ton over 0.8 ft from the No.1 shaft, and 0.20 oz/ton over 2.0 ft and 2.00 oz/ton over 0.2 ft from the No.2 shaft. Drill hole intersections include 0.71 oz/ton over 1.0 ft 400 ft west of the No.2 shaft, 0.09 oz/ton over 3.0 ft midway between the No.1 and No.2 shafts, and 0.19 oz/ton over 5.8 ft under the No.1 shaft. -- www.cnxmarketlink.com
Comment and add to the story without registration, but keep the comments meaningful please. Links are not accepted.
