03:02:04 EDT Sun 28 Apr 2024
Enter Symbol
or Name
USA
CA



Adventure Gold Inc
Symbol AGE
Shares Issued 56,097,287
Close 2011-11-30 C$ 0.45
Market Cap C$ 25,243,779
Recent Sedar Documents

Mazorro, Adventure drill 60 m of 3.1 g/t Au at Lapaska

2011-12-01 08:58 ET - News Release

See News Release (C-MZO) Mazorro Resources Inc

Mr. Dean Hanisch of Mazorro reports

MAZORRO RESOURCES AND ADVENTURE GOLD INTERSECT 60.6 METRES OF 3.1 G/T AU AT THE LAPASKA BULK TONNAGE GOLD PROPERTY

Mazorro Resources Inc. and Adventure Gold Inc. have released initial assay results from the phase 2 surface diamond drilling program on the Lapaska gold property, located in the prolific Abitibi greenstone belt, 20 kilometres east of Val d'Or, Que. The property, totalling 352 hectares, is wholly owned by AGE and under option to MZO (see press release dated Dec. 15, 2010). The initial phase 2 results come from four holes drilled in the Lapaska Central (LC) zone, with the best intercepts, in core length, yielding:

  • Hole LP-11-27 -- 3.1 grams per tonne gold over 60.6 metres, including a section grading 7.4 g/t Au over 11.8 metres at a depth of 70.7 metres;
  • Hole LP-11-25 -- 1.2 g/t Au over 43.2 metres, including a section grading 4.8 g/t Au over 5.5 metres at a depth of 35.1 metres;
  • Hole LP-11-24 -- one g/t Au over 65.6 metres, including a section grading 8.8 g/t Au over 4.4 metres at a depth of 271.8 metres within a gold halo of 0.6 g/t Au over 144 metres.

The phase 2 drill program, totalling approximately 4,000 metres in 10 holes, is designed to test the extensions of the LC zone laterally and to the North zone, the West Zone and several new targets. The drilling program is still in progress, and should be completed by mid-December.

Dean Hanisch, president and chief executive officer of MZO, commented, "We are extremely pleased with the initial assays in the phase 2 drill program, as expectations continue to be exceeded with higher-grade results over significant intervals within our bulk-tonnage Lapaska project."

Gold mineralization intersected in phase 2 drill holes is typical of the LC zone geological environment. In drill core, visible gold was locally observed, but generally the mineralization consists of disseminated pyrite in quartz-tourmaline veins and in altered host rocks. The accompanying table shows all the significant results from the first four drill holes. Holes 25 and 27, drilled north of the longitudinal section, did not fully crosscut all of the gold mineralization, as they finished in a historical underground ramp. Two subsequent phase 2 holes will be completed shortly to evaluate this area in detail.

        FIRST SET OF RESULTS FROM THE PHASE 2 
              LAPASKA DRILLING PROGRAM

Drill hole  Length    From     To       Core      Au(2)
                (m)     (m)    (m)    length(1) (g/t)
                                          (m)

LP-11-24       444   175.7  319.9      144.2     0.6
              Incl.  234.9  300.5       65.6     1.0
              Incl.  271.8  276.2        4.4     8.8
LP-11-25        77    22.5   65.7       43.2     1.2
              Incl.   35.1   40.6        5.5     4.8
LP-11-26       204       No significant values
LP-11-27        85    24.4   85.0       60.6     3.1
              Incl.   70.7   82.5       11.8     7.4 

(1) The length of the gold intervals mentioned in the
    table refers to the length in the axis of drilling. 
    The veins are usually crossreferenced with a strong  
    angle by the holes for drilling. This indicates 
    that the length of the mineralized intervals is 
    close to the actual thickness of the zones. However,
    additional drilling will be necessary to assess 
    their lateral extensions (north-south).                                                
(2) Uncut gold value.                                                      

The Lapaska property

The property is favourably located between the past-producing gold deposit Sigma II to the east (161,300 ounces at 2.7 g/t Au -- MRNF-SIGEOM database), which was operated by open pit method, and the Simkar gold deposit to the west (National Instrument 43-101 inferred resource of 105,000 ounces at 5.3 g/t Au -- Megastar, September, 2008). The property contains three significant gold-bearing zones, the Lapaska Central, West and Lourmet zones, and is also strategically located along the prolific Cadillac Larder Lake gold break, a regionally extensive structure that is spatially related to numerous gold mines.

Jules Riopel, PGeo, vice-president of exploration and acquisitions of AGE, is acting as the qualified person as defined by National Instrument 43-101. He has reviewed this press release and has supervised the drilling program. Assay samples were taken from NQ core sawed in half, with one-half sent to AGAT Laboratories in Mississauga, Ont., a commercial laboratory, and the other half retained for future reference. A strict quality assurance/quality control program was applied to all samples, which included mineralized standards and blank samples for each batch of 25 samples. The gold analyses were completed by fire assay with an atomic absorption finish on 50 grams of material. Repeats were carried out by fire assay followed by gravimetric testing on each sample containing three g/t Au or more. Total gold analyses (metallic sieve) were carried out on samples that showed a great variation in gold content.

Figuery, Quebec, property option agreement

MZO also announces that it has provided notice of termination to Pershimco Resources Inc. with respect to the Figuery property option agreement. The termination of the Figuery, Quebec, property option agreement allows MZO to focus its financial and other resources on the Lapaska property.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.