TORONTO , ONTARIO--VenCan
Gold ("Vencan") (TSX VENTURE:VCG) is pleased to announce that test
drilling on the Fern Elizabeth Property, located in the Atikokan area of
Northern Ontario, has demonstrated some significant gold values. Drill
hole VC-08-01 intersected 12.2 grams/tonne over 1.5 meters, averaging 7.6
grams/tonne over 3.0 meters.
The initial phase of this
diamond drill test program consisted of eight holes, totaling 1,490 meters
and focused, initially, in the area of the old mine workings on the Fern
Elizabeth Property.
The purpose of this
initial phase of drilling was to test a tonalite intrusive - volcanic contact
in the vicinity of the old Fern Elizabeth mine workings which, in the past,
had displayed significant gold values associated with distinct alteration,
quartz veining and commonly visible gold.
Highlights
- VenCan intersected 12.2
grams/tonne over 1.5 meters in VC-08-01, averaging 7.6 grams/tonne of
gold over 3.0 meters
The initial six holes targeted, and intersected the
well-defined contact zone, which can be traced from hole to hole. The lack of
consistent gold assays is interpreted to not being able to intersect a
relatively steep plunging gold bearing structure associated with the contact
zone.
New Zone
The eighth hole of the program tested an arsenic in-soil
geochemical anomaly in an area that had seen little if any exploration work
in the past. The hole intersected a zone of highly sheared rocks containing
abundant multi-generation quartz veins. This included chloritized
meta-volcanic rocks, serecite schists and narrow zones of bedded pyrite along
with quartz. Fuchsite was a common constituent of the rocks. Although, no
gold mineralization of economic consequence was defined, many of these
features are reminiscent of major structural breaks that are associated with
major gold deposits. The Company is ardently planning further work in this
area to explore this favorable geological environment.
2008 Exploration Program
Ground geophysical surveys, additional soil sampling,
geological mapping and prospecting are planned for the late spring/early
summer of 2008.
A full-scale diamond drill program will follow after
analysis of the data, and will test several remaining and new high-priority
targets within the Fern Elizabeth Property.
Technical Summary
A summary of assays from the test drilling is listed in the table below:
|
Hole #
|
From
|
To
|
Length (m)
|
Au g/t
|
|
VC-08-01
|
88.3
|
93.0
|
4.7
|
1.18
|
|
and
|
122.0
|
125.0
|
3.0
|
7.63
|
|
including
|
122.0
|
123.5
|
1.5
|
12.2
|
|
and
|
132.5
|
135.5
|
3.0
|
0.98
|
|
and
|
137.5
|
140.5
|
3.0
|
2.75
|
|
VC-08-02
|
|
|
|
NSV
|
|
VC-08-03
|
63.0
|
64.5
|
1.5
|
4.51
|
|
and
|
93.5
|
94.5
|
1.0
|
1.30
|
|
VC-08-04
|
|
|
|
NSV
|
|
VC-08-05
|
171.0
|
174.0
|
3.0
|
1.10
|
|
VC-08-06
|
|
|
|
NSV
|
|
VC-08-07
|
|
|
|
NSV
|
|
VC-08-08
|
|
|
|
NSV
|
Au =
Gold g/t = grams per
tonne NSV = No Significant Values
A seventh hole drilled 800 meters to the NNE of the old
mine site did not intersect any gold values of interest.
An appropriate QAQC program was in place, which
consisted of inserting standards, duplicates and blanks randomly within the
sample stream. This program ensured accuracy of analytical and assay data
from the commercial laboratory. ALS Chemex in Thunder Bay was contracted to
complete all the assay and analytical work.
The drill program was managed by Doug Cruickshank, P.
Geo. of Taiga Consultants.
Drilling was conducted by Cartwright Drilling based out of Goose Bay,
Labrador.
About the Fern Elizabeth Property
The Fern Elizabeth Property totals 17.8 km� in size,
containing 26 claim blocks and leases with excellent infrastructure,
including both boat and all-weather road access. The Property also benefits
from a very close proximity to The Valerie Falls Power Generating Plant.
The Fern Elizabeth Property is located 9 kilometers
northwest of the town of Atikokan, which is approximately 200 kilometers west
of Thunder Bay. The area has a rich mining and exploration heritage and was a
major iron-mining center in Northern Ontario through the mid 1970's. This
historic gold property contains very high-grade samples of visible gold (to
see these visuals, please visit the Company's website at www.vencan.com).
Bill Nielsen, P.Geo., Director, is the designated
qualified person for the technical information contained in this press
release.
WARNING: The statements made in this news release may
contain forward-looking statements that may involve a number of risks and
uncertainties. Actual events or results could differ materially from
expectations and projections set out herein.
For further information: please contact
Brent Nykoliation, Director of Business Development
(416) 364-7024, (416) 364-2753 (FAX)
bnykoliation@vencan.com;
Website: www.vencan.com
or
J. A. Kirk McKinnon, President and Chief Executive
Officer
Richard Schler, Vice President & CFO
The TSX Venture Exchange does not accept responsibility
for the adequacy or accuracy of this release.