|By Marketwired .||
|June 16, 2014 08:00 AM EDT||
MONTREAL, QUEBEC--(Marketwired - June 16, 2014) - GFK Resources Inc. (the "Company" or "GFK") - (TSX VENTURE: GFK) and Adventure Gold Inc. (TSX VENTURE: AGE) wish to announce the initial results of the 2014 exploration diamond drilling program on the Casa-Cameron project. The program totaling 9,000 metres of drilling, of which the Phase 1, has been completed on the Florence property outlined two gold zones over at least 1.5 kilometre along strike and up to 300 metres at depth. The gold zones are associated with a large alkaline intrusive complex along the Casa-Berardi - Cameron Gold Trend (CBCGT). The Florence property is located 23 kilometres north of the town of Lebel-sur-Quevillon, about 70 kilometres east of the Sleeping Giant mine and mill and about 60 kilometres southwest of the Bachelor mine and mill.
The Phase 1 drilling program on the Florence property consisted of eight (8) diamond drill holes totaling 2,951 metres (Figure 1). The first five (5) drill holes were designed to test the Chieftain gold deformation over a strike length of 1.5 km around a 200 to 300 metres depth (Figure 2). Three (3) other holes tested Induced polarization (IP) and Megatem (EM) anomalies in the area of new gold showing discovered by Adventure Gold (7.0 g/t and 3.2 g/t Au in grab samples). Drilling confirmed the presence of a large gold system associated with two major gold deformation zones up to 45 metres in thickness. The best intersect returned 0.6 g/t Au over 20 metres including 1.0 g/t Au over 9 metres in hole F-14-01 at a 160 metre depth. Other results are presented in Table 1.
The two gold deformations zones are characterized by a large alteration envelop of carbonate, chlorite and hematization and intruded by deformed metric alkaline dykes. Gold is associated with hematite-silica-albite alteration (Pictures 1 and 2) generally located in the central part of the deformation zone. The gold system remains open laterally and at depth. The south-east extension remains untested by drilling for over five (5) kilometres where several promising untested IP anomalies have been outlined (Figures 1 and 2). Additional fieldwork is scheduled this summer to evaluate IP anomalies and to formalize new drilling target. Additional drilling is required to adequately evaluate this large gold system.
"The confirmation of a 1.5 kilometre gold trend on Florence is proof that this is a significant system with all the indicators of a major gold deposit. We are pleased to be involved in this project, and we look forward to the commencement of the upcoming phases of fieldwork" stated Patrick Fernet, CEO of GFK Resources.
"Initial drilling program on the Florence property confirmed the presence of a large alkaline gold system typical of many gold mining camps in the Abitibi Greenstone Belt. All the key geological features are there and further exploration work is definitively warranted" stated Marco Gagnon, President and CEO of Adventure Gold.
Figure 1: Location of drillhole - Surface map of Florence Property
Figure 2: Long section - Chieftain Gold Deformation Zone
Table 1: Result on the Phase 1 drilling program on Florence property
Picture 1:Alteration zone (F-14-03 - Zone 1)
Picture 2:Alteration, mineralization and Alkaline Dyke ( F14-03 - Zone 2)
Other Casa-Cameron properties exploration work
Additional geophysics (IP and Mag) and prospecting work is scheduled for this summer. A total of 33 line-kilometres of IP will be completed on Casagosic, Bell-Vezza and Sinclair-Bruneau properties, 90 km of ground magnetics on Vezza North, Vezza Extension, and Sinclair-Bruneau properties and 40 days of prospecting work on Florence and Bachelor Extension properties. The next 3,000 metres drilling program is slated to begin in August on the Vezza North property to test kilometre-scale gold deformation zones with historical gold values of 11 g/t Au over 4 metres and 4.5 g/t Au over 3.4 metres within a zone grading 2.1 g/t Au over 8.5 metres between 100 to 200 metres of the surface and open in all direction.
The Casa-Cameron Project
The Casa Cameron Project includes nine (9) gold Properties (436 mining claims): (1) Casagosic, (2) KLM, (3) Vezza North, (4) Vezza Extension, (5) Bell-Vezza, (6) Sinclair-Bruneau, (7) Florence, (8) Céré-113 and (9) Bachelor Extension (see Press Release dated March 3, 2014 and the web site). The Properties are located north of La Sarre, Amos and Lebel-sur-Quevillon, in the northwest region of the province of Quebec and they are accessible all year long by paved and gravel roads. GFK and AGE have an agreement pursuant to which GFK has acquired the option to earn between 51% or 100% interest in AGE's Casa-Cameron project covering an area of 231 km² (see Press Release dated December 12
The Properties straddle segments of the major Casa-Berardi/Cameron gold break between the Casa-Berardi Gold Mine (proven reserves of 1.0 Mt at 5.7 g/t Au for 185,200 ounces and probable reserves of 7.2 Mt at 5.2 g/t Au for 1.2M ounces for a total of proven and probable reserves of 8.2 Mt at 5.3 g/t Au for 1.4M ounces; measured resources of 1.8 Mt at 5.9 g/t Au for 340,600 ounces and indicated resources of 9.0 Mt at 3.7 g/t Au for 1.1M ounces for a total of measured and indicated resources of 10.8 Mt at 4.1 g/t Au for 1.4M ounces and inferred resources of 3.4 Mt at 5.5 g/t Au for 601,300 ounces - Hecla Mining (formerly Aurizon Mines), NI 43-101, March 31, 2014) and the Bachelor Gold Mine (also currently in operation by Metanor Resources with proven reserves of 193,100 Mt at 8.3 g/t Au for 51,750 ounces and probable reserves of 650,700 t at 7.1 g/t Au for 148,400 ounces for a total of proven and probable reserves of 843,800 t at 7.4 g/t Au for 200,200 ounces and inferred resources of 426,100 t at 6.5 g/t Au for 89,400 ounces - Metanor Resources, NI 43-101, April 26, 2011). All the Properties contain known gold-bearing zones and most of them are also strategically located adjacent and on strike to significant gold mines or deposits. However, at their exploration stages, the Properties have had insufficient exploration to define mineral resources and despite their strategic locations it is uncertain if further exploration will result in delineating mineral resources.
Very few exploration programs using up to date technology have been completed on the Properties from the 1990's to 2008, prior to their acquisition by Adventure Gold. Gold exploration work conducted by Adventure Gold since then returned very encouraging results and many valuable drill targets were outlined (see the Company's press release dated June 11, 2013 and the technical report (the "Report") filed by GFK on SEDAR in connection with the transaction and prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101")). As described in the Report, the geological setting of the Casa-Cameron properties appears to be very favorable for the identification of new high-grade gold-bearing structures or bulk-style ore deposit. Past exploration work did not entirely test the numerous gold occurrences and many positive historical drilling intersections warrant follow-up drilling. In addition, recent geophysical surveys outlined also quality drilling targets. The authors of the Report recommend significant exploration work including a 21,000-meter drilling program (see the Report available on AGE's website).
Mr. Jules Riopel, Vice-President Exploration and Acquisitions of Adventure Gold and Denis Chenard, P.Eng. of GFK Resources act as the qualified persons (as defined by NI 43-101) and have reviewed and approved the scientific and technical information in this press release. Adventure Gold is acting as the field operator for the exploration work on the Casa-Cameron project during the first option as per the agreement between AGE and GFK.
During the ongoing drilling program, assay samples were taken from the NQ core and sawed in half, with one-half sent to Agat Laboratory, a commercial laboratory and the other half retained for future reference. A strict QA/QC program was applied to all samples; which includes insertion of mineralized standards and blank samples for each batch of 20 samples. The gold analyses were completed by fire-assayed with an atomic absorption finish on 50 grams of materials. Repeats were carried out by fire-assay followed by gravimetric testing on each sample containing 3.0 g/t gold or more.
GFK Resources Inc. is a mining exploration company focused on discovering high quality gold deposits close to existing mines in the Abitibi Greenstone Belt located in north-west Quebec and north-east Ontario - one of the most prolific gold deposits areas in the world. GFK holds assets in Val-d'Or and is now optioning / buying from Adventure Gold inc. new quality assets along the Casa-Berardi-Cameron Gold Break - a proven environment with strong potential for new gold discoveries and where exploration costs are low. Flagship Casa-Cameron properties are adjacent to: Hecla Mining Company - Casa Berardi Gold Mine, Metanor Resources inc.- Bachelor Gold Mine, Maudore Minerals ltd.- Vezza, Discovery and Flordin Gold deposits.
Source: Patrick Fernet, CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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For more information, please contact:
Bid Capital Markets
GFK RESOURCES INC.
14 - 3650 Hammonds Plains Road, Suite 348
Upper Tantallon, Nova Scotia B3Z 4R3