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.
>>
