Adventure Gold Inc. (the "Company") is pleased to report new results of the on-going 2013 exploration program on its 100%-owned Detour Quebec and Casa-Cameron projects situated respectively along the Detour Gold Trend ("DGT") and the Casa Berardi-Cameron Gold Trend ("CBCGT") in Abitibi, Quebec.
The Company also wishes to provide an update on its recent activities on the wholly-owned Val-d'Or East project which encompasses the Pascalis-Colombiere property where an initial resource calculation outlined 9.13 Mt at 2.63 g/t containing 770,000 gold ounces in the inferred resource category (SGS Canada Inc., NI 43-101 Technical Report Mineral Resource Val-d'Or East Property filed on Jan. 4th, 2013).
The latest exploration work has consisted of helicopter-borne and ground geophysical surveys on the best areas previously targeted on the Detour Quebec and Casa-Cameron projects. A total of 618 line-kilometers of helicopter-borne electromagnetic VTEM-type survey ("VTEM"), 50 line-kilometers of Induced Polarization ("IP") survey and 265 line-kilometres of detailed ground magnetic survey have been completed on both projects since the beginning of 2013 (see Figure 1 and 2 on AGE's website). This work has led to the identification of many new promising gold drilling targets within the favorable geological environment outlined by Adventure Gold's previous exploration work and along strike of the proven gold bearing deformation zones. Results of the new IP and VTEM surveys are presented on Figure 3 to 7 on AGE's website. Also of interest, Detour Gold Corp. continues to explore aggressively its large land holdings with an on-going 25,000-meter exploration drilling program as they have recognized that the Lower Detour Deformation Zone ("LDDZ") has many similarities with the Sunday Lake Deformation Zone situated 5 km to the North which host the Detour Lake Mine. As seen on Figure 1, the LDDZ major structural break is mainly controlled by Adventure Gold on the Quebec side and remains largely underexplored. Additional work will be completed during this summer including a 75-kilometre long ground magnetic survey on properties along the Detour Gold Trend as well as follow-up field work and drilling target generation on the Casa-Cameron project. All properties for both projects are in good standing and the Company does not currently intend to let any of the mining claims covering 600km² of very prospective Abitibi geology lapse.
Additionally, Adventure Gold is currently evaluating different scenarios regarding its wholly-owned Val-d'Or East flagship project (Pascalis-Colombiere property). Based on the 770,000 gold ounces resource estimate, which includes an in-pit inferred resource of 330,000 ounces of gold at a grade of 2.4 g/t gold, Adventure Gold has proceeded to an internal economic model calculation. Results of the model appear to be positive for the outlined in-pit resource and are helping the management of the Company to elect which exploration and development strategies are the most favorable to fully deliver on the value of the asset. To date, it is premature to conclude which scenario is optimal however, in most scenarios, additional drilling within and around the projected pit to firm up and potentially increase the current gold resource is scheduled for this fall. Considering the strategic location and the geometry of the New Beliveau Gold Deposit, where most of the in-pit resource is outlined, the management of the Company believes that this gold resource is well positioned to be a low-cost producing gold mine in the near future.
"Adventure Gold is a well-established mining exploration company with a balance sheet capable of moving its projects forward. We explore in a favorable mining environment, we have valuable mining assets and we recently made a significant gold discovery. Coupled with our strong management team and very supportive major shareholders base, we strongly believe that the ingredients are in place to reward our shareholders" stated Marco Gagnon, President and CEO of Adventure Gold Inc.
For more information about the Company's activities and expenditures, please look at our financial statement and management's discussion and analysis available on our website. Documents for the quarter ended April 31th will be filed on the last week of this month.
For more information on the Detour Quebec and Casa-Cameron properties new results, please see Figure 1 to 7 and visit our website at www.adventure-gold.com:
Jules Riopel, P.Geo., Vice-President Exploration and Acquisitions, acting as the Company's "Qualified Person" as defined by NI 43-101, has reviewed this press release and supervised the exploration program on the projects.
Adventure Gold Inc. is a mineral exploration company 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 three main projects namely: Val-d'Or East, Detour Quebec, and Casa-Cameron. The Val-d'Or East flagship project encompasses the 100%-owned Pascalis-Colombiere property where Cambior Inc. (now IAMGOLD) produced gold between 1989 and 1993 at the Beliveau Mine. Close to the former mine, Adventure Gold recently discovered a significant new gold system containing 770,000 gold ounces at 2.63 g/t in the inferred resource category (SGS Canada Inc., NI 43-101 Technical Report Mineral Resource Val-d'Or East Property filed on Jan. 4th, 2013) and is actively working on its development. As of today, the Company owns more than $2.3M in cash and tax credits. With 68M shares issued and outstanding (72.7M shares on a fully-diluted basis) and 10% owned by the management, Adventure Gold is well-positioned to benefit its shareholders.