Purecore Metals Inc. press release
Vencan Exploration Update: Initial Cayenne Drill Results - Highgrade Massive Sulphides On Cayenne East. Vencan Targets 3000 Meter Drill Program For Gold and VMS.
CSE - Canadian National Stock Exchange ยท Canada
TORONTO, Nov. 9 /CNW/ - Vencan Gold Corporation (VCG, TSX Venture Exchange)
Cayenne Central Property Initial Drill Results
Although the initial drill holes did not produce meaningful gold assay results the company believes that this early drill program was a first step in providing the necessary insights to the geology and the gold bearing systems on the property. Our geologists remain convinced that this geology fits the profile for hosting gold deposits. We are very early in the process and the whole of Vencan's property in this area has never benefited from a systematic and determined search for a potential gold deposit. Alan Sexton P. Geo., Vencan's project manager who is supported by other GeoVector geologists and geophysicists is responsible for the development of the company's exploration strategy. Their significant experience in the Abitibi and exploration knowledge combined with a large number of surface samples enriched in gold offers and support's the hypothesis that a deposit is feasible. Vencan Gold Corporation has completed its drilling on the Cayenne Central property in Heenan Township. Ten holes were completed totaling 1120 metres. Assays have been received for the first six holes (CC88-01 to CC88-06) that were targeted on IP anomalies located in surveys conducted by Clearview Geophysics Inc. in June, 2005. These drill holes encountered extensive hydrothermal zones of sericite and carbonate alteration with disseminated pyrite mineralization and quartz-carbonate veining in mafic volcanics and quartz feldspar porphyry dykes. Most of the analytical results reported low gold values with the best assays summarized in Table 1. The company is encouraged by the extensive zones of hydrothermal alteration, quartz veining and disseminated pyrite.
<< Table 1: Cayenne Central Drill Intersections Drill Hole ID From (m) To (m) Interval (m) Au (g/t) Zn (%) CC88-05-02 91.00 91.80 0.80 0.08 0.449 CC88-05-04 78.00 79.00 1.00 0.53 (x) (x) This interval was not assayed for Zn.
The remaining four holes (CC88-05-07 to CC88-05-10) were drilled in areas with known Au mineralization from trenches and previous drilling by Falconbridge Ltd. Assay results for the remaining drill holes are pending. Chip samples over 2.0 metres from trenches up dip of holes CC88-05-07 and 08 were taken and assay results are outlined in Table 2.
Table 2: Cayenne Central Trench Chip Sample Gold Assays Sample ID Au (g/t) 4396 17.28 4397 10.29
Cayenne East Property - Reveals Massive Sulphides With High Grade Cu-Zn-Pb
Preliminary reconnaissance exploration was completed during the late September-early October period by Vencan Gold Corporation on the optioned property and the wholly owned contiguous Cayenne East property claims. Sampling of the historical trenches on the Jefferson Deposit during the preliminary work revealed massive sulphides with high grade Pb, Zn and Cu mineralization. Significant assay results from this sampling program are outlined in Table 3. Based on visual inspection of the samples the mineralization is interpreted to be a VMS style deposit with solution sediment laminations and coarse grained massive sulphide replacement textures within widespread sericite alteration of the felsic tuffs.
Table 3: Jefferson Pb-Zn-Cu Deposit Assays Sample ID Cu (%) Pb (%) Zn (%) Ag (g/t) 4972 0.406 2.55 5.05 15.1 4974 0.086 26.05 19.77 21.0 4976 0.92 31.16 17.51 37.7
Cayenne East Property Acquisition A formal Option and Joint Venture Agreement was signed with Falconbridge Limited in September 2005 on the Genoa-Marion property in Genoa Township. Preliminary compilation of the historical data has been completed. The Falconbridge option contains a reported historical resource estimate on the Jefferson Pb-Zn-Cu Deposit based on twelve shallow drill holes and trenching to a depth of 30 metres of 30,100 tons at 7.05% Zn and 4.58% Pb. This resource estimate was completed by Duncan R. Derry in 1948, prior to 43-101 reporting standards and is not considered to be 43-101 compliant. The Jefferson Deposit occurs within chert-magnetite iron formation of the Woman River Iron Formation near the contact with felsic tuffs of the Strata Lake Formation.
Quantec Down Hole Survey Could Provide Major Insights Into VMS Showings
Planned work on the Cayenne East property includes a down hole Pulse EM survey on Falconbridge drill hole GA61-07 to identify any off hole conductors. In addition Vencan plans to carry out a drill program of 1500M to test down plunge extensions to the Jefferson Deposit and to drill untested ground EM conductors along strike to the west in the Jefferson Deposit horizon. Previous work by Falconbridge Ltd. in 1991-1992 consisted of ground magnetics and HLEM which was followed up by 4,014 metres of drilling in seven drill holes. None of these drill holes is reported to have had down hole EM surveys completed on them. Drill holes GA61-01 and 07 were tested beneath the Jefferson Deposit (Table 4). Drill hole GA61-01 intersected the interpreted Jefferson Deposit horizon 110 metres below the surface showing, as well as two additional horizons of disseminated to massive sulphides in iron formation and felsic tuffs at 130 and 140 metres below the surface, respectively. GA61-07 intersected widespread strong to very strong sericite alteration in felsic tuffs 350 metres below the Jefferson Deposit. In addition, base metal mineralization unrelated to the Jefferson Deposit horizon was intersected at the top of GA61-07 (Table 4) at depths of 12 and 33 metres, respectively. This horizon occurs within chert-magnetite iron formation of the Woman River Iron Formation near the contact with mafic to intermediate tuffs of the October Lake Formation. The mineralization is interpreted to be a VMS style deposit based on laminated massive sulphides and local sericite alteration within the felsic tuffs.
Table 4: Cayenne East, Historical Falconbridge Intersections Drill Hole ID From To (m) Interval Cu (%) Pb (%) Zn (%) Ag (g/t) (m) (m) GA61-01 191.5 193.7 2.20 0.23 .80 1.98 4.50 GA61-01 209.5 212.88 3.38 0.16 1.20 2.31 5.03 GA61-07 11.85 13.75 1.90 0.02 0.43 1.31 1.61 GA61-07 35.00 42.22 4.90 0.02 0.55 1.74 1.75
Central Cayenne Drill Program - 1500 Meters Is Targeted In Next Phase of Gold Exploration
Planned work on the Cayenne Central property includes drilling of known gold showings associated with the Gagne optioned ground to the east (Table 5). This property contains a 400 metre by 500 metre altered syenitic intrusion which occurs within mafic volcanic rocks of the October Lake Formation along the northern contact of the Woman River Iron Formation. This gold setting is within the Trailbreaker Group which correlates with the Tisdale Group rocks in the Abitibi portion of the Abitibi-Swayze Greenstone Belt. In the Timmins gold camp the Tisdale Group hosts several past gold producers, in particular, the McIntyre-Hollinger-Coniarum mines which had a combined past production of approximately 30 million ounces. In addition other structural targets identified during compilation studies of previous work, recent mapping and geophysical work will be explored with ground geophysical surveys and follow up drilling.
Table 5: Gagne Option Historical Trench Results Trench Channel Sample Results 02-1 4.99 g/t Au over 6 metres 02-1 3.32 g/t Au over 6 metres 02-1 2.19 g/t Au over 9 metres 02-1 2.49 g/t Au over 1.2 metres 02-2 2.10 g/t Au over 7 metres 02-2 2.86 g/t Au over 4 metres 02-2 5.92 g/t Au over 0.7 metres
Alan Sexton P. Geo., a qualified person under National Instrument 43-101, supervised and directed all technical work associated with the drilling program and is responsible for the technical information presented. Kirk McKinnon stated "that the company's large land position is enriched with Gold and VMS potential that represents a significant opportunity for success. We are reminded that access to the Cayenne East property because of very recent (Aug 2005) logging activities will provide the company with much improved exploration accessibility that historically was not available. Consequently the company now has exploration opportunities on multiple fronts both for Gold and VMS targets".
WARNING: The Company relies upon litigation protection for "forward- looking" statements.
>>