Adventure Gold Discovers New Gold Structure on Senore, Closes Non-brokered Private Placement
MONTREAL, QC - Adventure Gold Inc. (AGE: TSX-V) (the �Company�) is pleased to announce that recent drilling on the Senore and Beaufor North properties has identified a new gold structure grading 8.7 g/t Au over 1.2 metres located 550 metres north of the Resenor Zone and less than 20 metres from the surface. The 100%-owned Beaufor North and Senore contiguous properties are located in the eastern region of the Val-d�Or mining camp in Quebec and are adjacent to the producing Beaufor Gold Mine operated jointly by Richmont Mines and Louvem Mines. The Company is currently designing a drill campaign to evaluate the potential of this new discovery, which remains un-explored in all directions. The drill program is scheduled to begin in mid-March.
�The discovery of this new gold structure confirms the high surface exploration potential on this property, where the Company controls 2.5 km of favourable geology on the eastern border of the Bourlamaque pluton, host of numerous gold deposits. The gold veins intersected are typical of those exploited at the Beaufor Mine,� stated Marco Gagnon, President and CEO of Adventure Gold.
The new discovery, intersected by drill hole SE-08-16, is associated to a quartz tourmaline vein of 0.6 metre in thickness with 2% pyrite, chalcopyrite and pyrrhotite. The gold vein is continuous within a deformation corridor with a thickness of over 4 metres, containing a sheared diorite dyke and a second quartz tourmaline vein of 0.8 metres thick. The angle at which the veins intersect the drill holes suggests that the direction and dip of the new Zone could be parallel to the Resenor Zone. The geological context is similar to that of the Beaufor Mine gold system, which has produced over 990,000 ounces of gold (including the production from the Perron and Pascalis mines; Richmont Mines, 2008). Three other drill holes were completed on the Resenor Zone and on the 104 Zone which intersected mineralized veins containing pyrite, chalcopyrite and pyrrhotite that returned gold values between 0.1 and 3.8 g/t Au.
Please see the website at www.adventure-gold.com for the full results and drill hole locations.
Quality control
Fieldwork on the Senore and Beaufor North properties was supervised by Jules Riopel, PGeo. and Vice-President Exploration and Acquisitions of Adventure Gold, who acts as the Company�s Qualified Person, as defined by National Instrument 43-101. Assay samples are taken from the NQ core and sawed in half; with one-half sent to ALS Chemex of Val d'Or, QC, a commercial laboratory, for analysis and the other half retained for future reference. A strict QA/QC program is applied to all drill core samples; which includes mineralized standards and blank samples for each batch of 25 samples. Samples are fire-assayed with an atomic absorption finish. Repeats are carried out by fire-assay followed by gravimetry on each sample containing 3 g/t Au or more.
Adventure Gold Closes Non-Brokered Private Placement
The Company also announces the closing of a non-brokered private placement offering (the "Offering") of 1,704,546 units (the �Units�) at a price of $0.11 each for gross proceeds of $187,500. Each Unit consists of one common share of the Company and half common share purchase warrant, which entitles the holder to acquire one additional common share of the Company at a price of $0.14 for the first year and $0.20 for the second year. The funds raised pursuant to the Offering will be used to fund the Company�s general working capital. Directors and officers of the Company participated in the private placement for a total amount of $44,000. All securities issued in the Offering are subject to a four month hold period expiring on June 24th, 2009.
Adventure Gold at the PDAC
The management of Adventure Gold would like to extend an invitation our shareholders to visit us at booth # 2151 at the 2009 PDAC International Investors Exchange, Metro Toronto Convention Centre, from Sunday March 2nd to Wednesday, March 4th. For more information, please see our website at www.adventure-gold.com.
Profile
Adventure Gold Inc. is a mining exploration company focused on discovering high quality gold deposits in the Abitibi greenstone belt located in north-west Quebec and north-east Ontario - one of the richest gold deposit areas in the world. Adventure Gold holds quality assets in the Val-d�Or, Quebec and Timmins, Ontario areas and is led by a resolute management and technical teams with extensive exploration and mine production experience. The Company will be active in 2009 with $1,150,000 slated for exploration in the Val-d�Or and Timmins regions and will continue to aggressively seek new properties in compliance with the corporate strategy.
For more information, please contact:
Maureen Doherty
Manager Corporate Communications
maureen@adventure-gold.com
613.745.4041
Marco Gagnon
President & CEO
marco@adventure-gold.com
450.743.5527
www.adventure-gold.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Adventure Gold
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EXPLORATEUR |
CODE : AGE.V |
ISIN : CA00766R1047 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Adventure Gold est une société d’exploration minière d'or basée au Canada. Adventure Gold détient divers projets d'exploration au Canada. Ses principaux projets en exploration sont MEUNIER-144, PASCALIS-COLOMBIÈRE, DUBUISSON PROPERTY, LAPASKA et BEAUFOR WEST AND NORTH au Canada. Adventure Gold est cotée au Canada. Sa capitalisation boursière aujourd'hui est 25,7 millions CA$ (19,8 millions US$, 17,4 millions €). La valeur de son action a atteint son plus bas niveau récent le 14 novembre 2008 à 0,05 CA$, et son plus haut niveau récent le 18 février 2011 à 0,80 CA$. Adventure Gold possède 80 200 000 actions en circulation. |