viewAdventure Gold Inc

Adventure Gold up on latest intercepts from Pascalis gold property in Quebec


Montreal-based Adventure Gold (CVE:AGE) unveiled today what it called a second set of positive results from the phase 3 drilling program on its Pascalis-Colombiere gold property in the eastern part of the Val-d'Or mining camp in Quebec. 

Results reported Thursday were from 12 holes drilled mainly in the Beliveau West area. 

Best intercepts included 2.3 grams per tonne (g/t) gold over 51.1 metres, including 8.5 g/t gold over 3.1 metres and 7.1 g/t gold over 11.1 metres in hole PC-12-56. 

In the Beliveau South area, the junior gold explorer returned 1.0 g/t gold over 130.8 metres, including 7.6 g/t gold over 5.7 metres and 6.7 g/t gold over 7.3 metres. 

"These are again really encouraging results with economic grades," said Adventure Gold president and CEO, Marco Gagnon.

"We extended the Beliveau West gold zones with wide, high-grade intervals, while we also continued to intersect lower-grade intervals over larger widths. 

"The gold system is still open to the west, the south and at depth. We are looking forward to the first NI 43-101 resources calculation, which the company expects to release in October."

The drilling program at the property was completed in mid-July, with 37 holes totalling 12,020 metres. 

Results are still pending for 10 holes, the company noted. 

Adventure's Val-d'Or East project consists of the 100 per cent-owned Pascalis-Colombiere, Pascalis Extension, Senore, Beaufor West and North properties, which together total 107 mining claims covering a surface area of 3,708 hectares.

The properties, accessible by gravel roads, are located in the eastern portion of the Val-d'Or-Malartic gold district, which has produced more than 30 million ounces of gold to date, according to a Geological Survey of Canada database. 

From 1989 to 1993, the Pascalis-Colombiere property was the site of gold production at the L.C. Beliveau Mine, where Cambior Inc, now Iamgold (TSE:IMG), mined the New Pascalis gold deposit. 

Shares of Adventure advanced almost 8 per cent to 41 cents Thursday afternoon.

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