VenCan Gold Intersects Significant Gold Values on Fern Elizabeth Property, Atikokan Area

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[{"type":"text","content":"\n\n\n\nTORONTO, April 24 /CNW/ - VenCan Gold ("Vencan") (TSX VENTURE:VCG) is\npleased to announce that test drilling on the Fern Elizabeth Property, located\nin the Atikokan area of Northern Ontario, has demonstrated some significant\ngold values. Drill hole VC-08-01 intersected 12.2 grams/tonne over 1.5 meters,\naveraging 7.6 grams/tonne over 3.0 meters.\n\n\nThe initial phase of this diamond drill test program consisted of eight\nholes, totaling 1,490 meters and focused, initially, in the area of the old\nmine workings on the Fern Elizabeth Property.\n\n\nThe purpose of this initial phase of drilling was to test a tonalite\nintrusive - volcanic contact in the vicinity of the old Fern Elizabeth mine\nworkings which, in the past, had displayed significant gold values associated\nwith distinct alteration, quartz veining and commonly visible gold.\n\n\nHighlights\n\n- VenCan intersected 12.2 grams/tonne over 1.5 meters in VC-08-01,\n averaging 7.6 grams/tonne of gold over 3.0 meters\n\n\nThe initial six holes targeted, and intersected the well-defined contact\nzone, which can be traced from hole to hole. The lack of consistent gold\nassays is interpreted to not being able to intersect a relatively steep\nplunging gold bearing structure associated with the contact zone.\n\n\nNew Zone\n\n\nThe eighth hole of the program tested an arsenic in-soil geochemical\nanomaly in an area that had seen little if any exploration work in the past.\nThe hole intersected a zone of highly sheared rocks containing abundant\nmulti-generation quartz veins. This included chloritized meta-volcanic rocks,\nserecite schists and narrow zones of bedded pyrite along with quartz. Fuchsite\nwas a common constituent of the rocks. Although, no gold mineralization of\neconomic consequence was defined, many of these features are reminiscent of\nmajor structural breaks that are associated with major gold deposits. The\nCompany is ardently planning further work in this area to explore this\nfavorable geological environment.\n\n\n2008 Exploration Program\n\n\nGround geophysical surveys, additional soil sampling, geological mapping\nand prospecting are planned for the late spring/early summer of 2008.\n\n\nA full-scale diamond drill program will follow after analysis of the\ndata, and will test several remaining and new high-priority targets within the\nFern...

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