MONTREAL, QUEBEC–(Marketwired – Jan. 27, 2016) –
Editors Note: There are two figures associated with this press release.
Adventure Gold Inc. (TSX VENTURE:AGE) in partnership with SOQUEM INC. (“SOQUEM”), is pleased to announce the start of a first diamond drilling program on its Detour Quebec SOQUEM Option project (the “Project”) located along the Lower Detour Gold Trend (LDGT). The main objective of the program is to test high-priority induced polarization (IP)-type geophysical anomalies along major deformation zones in two prospective areas of the Project previously identified by Adventure Gold.
The Project which consists of 531 contiguous claims covering an area of 286 square kilometres along the LDGT is located 125 kilometres north of the town of La Sarre, in the Abitibi region of Quebec. It hosts the Sunday Lake, Massicotte and Lower Detour Lake gold deformation zones. Recently, the company Detour Gold Corp. announced a series of very positive drilling results (up to 11.8 g/t Au over 32.4m) from a significant infill program on the Zone 58N along the LDGT, located approximately six kilometers south of the Detour Lake mine (15 million ounces of proven and probable mineral gold reserves – National Instrument 43-101 compliant, Detour Gold Corp. website) and about 10 kilometers west of the Project.
SOQUEM was granted the option to acquire a 50% undivided interest in the 531-claim Project in return of making exploration expenditures totalling $4,000,000 over a period of four (4) years of which $1,000,000 during the first year. Following the acquisition by SOQUEM of its 50% interest in the Project, Adventure Gold and SOQUEM will enter into a standard joint venture agreement. Adventure Gold will be project operator during the option period.
Winter 2016 exploration program
During the next three months, exploration work including line cutting, induced polarization surveys as well as 3,400 metres of drilling will be conducted in two areas on the Project. Project location (Figure 1) and exploration program (Figure 2) can be seen at:
In the western part of the Project, seven holes totaling 1,800 metres will test IP targets located along the LDGT between 10 to 12 kilometres east of Detour Gold’s 58N Zone. In the central part of the Project, six holes totaling 1,600 metres have been also planned along the Massicotte gold deformation zone.
Line cutting and geophysical surveys are already underway on the Project. Last month, a total of 34 line-kilometres of IP and 6 line-kilometres of ground magnetic survey have been completed in the central part of the Project. Additional geophysics will be carried out during the next two months for a total of 125 line-kilometres of IP and 85 line-kilometres of ground magnetic surveys. Surveys will cover the extensions of the Lower Detour Lake and the Massicotte gold deformation zones and will further characterize historical EM anomalies identified during a MegaTEM airborne electromagnetic survey completed by Noranda Inc. in 2004.
Mr. Jules Riopel, Vice-President Exploration and Acquisitions of Adventure Gold acting as the qualified person (as defined by NI 43-101) reviewed and approved the scientific and technical information in this press release. He will supervise the work program on the Project.
About SOQUEM INC. and Investissement Québec
SOQUEM INC. is a wholly-owned subsidiary of Ressources Québec, which is a subsidiary of Investissement Québec. Investissement Québec’s mission is to promote growth and investment in Quebec, thereby contributing to economic development and job creation in all regions of the province. It offers businesses a full range of financial solutions, including loans, loan guarantees, and equity investments to provide support at every stage of their development. It also administers tax measures and oversees prospecting for foreign investment.
Profile of the Company
Since its listing on the TSX Venture Exchange in 2007, Adventure Gold focused on discovering and developing high-quality gold deposits in the Abitibi region located in eastern Canada – one of the richest gold mining areas in the world. Adventure Gold has become, in a few years, an important player in the mineral exploration industry with one of the best portfolios of exploration properties along the main gold-bearing structures of the Abitibi Greenstone Belt. The Company is exploring mainly close to gold mines where mining production infrastructure is already in place, which distinguishes it from several other exploration companies. Adventure Gold’s exploration team consists of mining professionals having worked previously for well-established producing companies, who understand industry challenges. The Company owns 100% of the rights on its Val-d’Or East main project (90km²; 770,000 ounces of gold at 2.6 g/t Au in Inferred resources of which 332,000 ounces at 2.4 g/t Au in-pit resources – January 2013, 43-101 technical report). With 80M shares issued, 35 % owned by institutions, close to 9 % owned by the management, no debt, core business mining titles in good standing, JV properties with gold producers in Timmins and in Val-d’Or and a new partnership with SOQUEM on the Detour Quebec project, Adventure Gold is well-positioned to benefit its shareholders.
The foregoing information may contain forward-looking statements and events relating to the future performance of the Company. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties are detailed from time to time in the Company’s filings with the appropriate regulatory authorities. We seek safe harbour.
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.
President & CEO
Adventure Gold Inc.
Vice-President Exploration and Acquisitions