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Vault Minerals and Goldcorp to commence drill program on Lebel Gold property in Kirkland Lake

  //science-technology.news-articles.net/content/2 .. ram-on-lebel-gold-property-in-kirkland-lake.html
  Published in Science and Technology on Monday, July 20th 2009 at 11:33 GMT, Last Modified on 2009-07-20 11:33:32 by Market Wire

 KIRKLAND LAKE, ON, July 20 /CNW/ - VAULT MINERALS INC. (TSX-V: VMI) ("Vault" or the "Company") announces that, pursuant to amended terms of an option agreement with Goldcorp Canada Ltd. ("Goldcorp"), it intends to proceed with a 1,500 m diamond drill program on its Lebel gold property currently under option to Goldcorp. The large Lebel property is situated in the prolific Kirkland Lake gold camp that continues to attract considerable attention with recent drill successes by Kirkland Lake Gold Inc. and Queenston Mining Inc. to the west and east of Vault's property. This upcoming drill program will follow-up on results from the previous diamond drill program completed in December of 2008 and will primarily focus on the west end of a 1.6 km gold-anomalous corridor currently defined by seven drill holes, a surface trench, and an underground cross-cut at the historic King Kirkland mine. The last drill program resulted in the identification of a distinct mineralized corridor, hosted within a large feldspar-porphyry stock, and that contains a large quartz-stockwork zone (114 m average core length). Within this broader zone, a strong siliceous core (greater than 80% quartz and average core length of 17 m) averages 0.46 gAu/T and 0.10% copper. The current drill program is designed to vector towards increasing grade and width to the west. This recently-identified corridor is supported by previous exploration work. Historic chip samples from a 400 ft (122 m) level cross-cut at the King Kirkland mine identified two separate gold mineralized zones with average grades of 1.0 gAu/t over 36 m and 1.0 gAu/t over 18.2 m. Also, historic drill hole KK82-2 intercepted 1.2 gAu/T over 15 m, and a surface trench returned 1.0 gAu/T over 9.0 m. Additionally, the last drill program discovered gold mineralization 400 m southeast of the corridor in an area without any historic drilling, within the Skinner Claim. Drill hole LB08-46 intersected 11.2 gAu/t over 0.5 m (388.5 to 389 m) and 5.3 gAu/t over 0.65 m (298.8 to 299.45 m), true widths unknown. These drill intercepts are open east and west for a minimum 1900 m strike-length potential and the upcoming drill program will include a follow-up drill hole to test this mineralization 300 m to the west of the discovery hole. The terms of the option agreement with Goldcorp have been amended such that Goldcorp must now spend an aggregate $2,250,000 in exploration expenditures (an increase of $250,000) by October 2, 2009 to earn an initial 60% interest in the Lebel property. Qualified Person The technical content of this press release has been reviewed and approved by disclosure by Michael Sutton, P.Geo, Vault's Vice-President, Exploration, who serves as a Qualified Person for the purposes of National Instrument 43-101 (Standards of Disclosure for Mineral Projects). About Vault Vault Minerals Inc. is a Canadian junior gold exploration company active in the world-renowned Kirkland Lake gold camp of northern Ontario. The Company's capital consists of 33,266,093 issued and outstanding common shares which are listed for trading on the TSX Venture Exchange under the symbol 'VMI'. On behalf of the Board of VAULT MINERALS INC. signed "Joseph D. Horne" ------------------------ Joseph D. Horne, President & CEO This Press Release may contain forward-looking statements that involve inherent risks and uncertainties. Actual events or results could differ materially from the Company's forward-looking statements and expectations, and the Company disclaims any obligation to update these forward-looking statements. "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." 

For further information: Joe Horne, President at (902) 402-8266 or visit [ www.vaultminerals.com ]