Vencan Gold Corporation
(VCG, TSX Venture Exchange) is pleased
to announce that it has targeted the recently optioned
Falconbridge Limited's Genoa Property which includes
the Jefferson VMS Deposit for an early spring exploration
program. After careful review of Falconbridge Limited's
historical exploration work including drill logs, core
samples and reports, Vencan's Consulting Geologists,
GeoVector Management in conjunction with their assessment
of local geology and assay results of grab samples have
outlined a Geco Type VMS Deposit. GeoVector believes there is significant potential for
VMS Cu-Zn-Pb deposits on the Cayenne East portion of
the property, which could be analogous to the Geco Cu-Zn
VMS deposit in Manitouwadge (60 Mt @ 1.9% Cu and 3.8%
Zn).
The Jefferson Deposit The Jefferson Deposit environment is interpreted to
be 7 kilometres in strike length but has only seen intermittent
drilling along its length with some areas being untested
by drilling. The Jefferson Zn-Pb VMS Deposit occurs within
a strongly sulphidized iron formation of the Woman River
Iron Formation and strong sericite altered felsic fragmental
rocks of the Strata Lake Formation. This deposit featured
historical assay values of up to 7.05% Zn and 4.58% Pb.
The historical resource estimate is not NI 43-101 compliant
and therefore has not been included in this release.
In addition, an historic drill hole (1958) intersected
11.98% Zn over 3.2 metres in strongly sulphidized iron
formation of the Woman River Iron Formation twp (2) kilometres
west of the Jefferson Deposit.
Spring 2006 Geophysics Survey
Kirk McKinnon, President & CEO
reports that Vencan's exploration Manager Alan Sexton
P. Geo has arranged for the geophysical surveys to
commence following completion of the current logging
activity on Vencan's Jefferson target area. This
logging activity as previously outlined in our Press
Releases has brought much needed road infrastructure
to the area, which had presented a significant barrier
and cost to past exploration efforts.
The current logging activity over the targeted drill
sites will facilitate access and exploration work such
as required line grids, ground geophysics and geological
surveys resulting in more cost effective exploration.
The Fall 2005 work programs produced
grab samples from the Jefferson trench with significant
Cu-Zn-Pb values(see table below).
Jefferson Trench Grab Samples
| Sample ID |
Cu (%) |
Pb (%) |
Zn (%) |
Ag (g/t) |
| 4972 |
0.41 |
2.55 |
5.05 |
15.1 |
| 4974 |
0.09 |
26.05 |
19.77 |
21.0 |
| 4976 |
0.92 |
31.16 |
17.51 |
37.7 |
2006
Spring Drill Program
The Company plans to conduct a 2000 metre drill program
over the targeted area following the completion of the
geophysical work and its interpretation by GeoVector.
SHEAR ZONE HOSTED LODE GOLD POTENTIAL There is significant potential for shear zone hosted
lode gold deposits on the Gagne and Cayenne Central/Chili
portions of the property, which would be analogous to
the gold deposit of the Timmins gold camp. In particular,
the mafic volcanic rocks of the Trailbreaker Group have
been correlated with the Tisdale Group rocks in the Timmins
gold camp.
Gagne Target
The Gagne target consists of a 400 metre by 500 metre
gold bearing feldspar porphyry intrusion that is hosted
within the mafic volcanic rocks of the Trailbreaker Group.
The gold occurs in quartz veins and pyrite mineralized
portions of the feldspar porphyry intrusion along east-west
and northwest- southeast trending shear zones. The best
assays to date are from historic (2002) trenches and
consist of 2.10 g/t Au over 6m and 4.99 g/t Au over 6m.
Based on re-interpretation of the regional aeromagnetic
data and geological mapping surveys several second and
third order shear zones are interpreted within the mafic
volcanic rocks along the untested northern contact of
this intrusion. The Camflo deposit located in North-west
Quebec is being used as an analogous model.
Cayenne Central/Chili The Cayenne Central/Chili targets consist of shear zone
hosted lode gold in mafic volcanic rocks of the Trailbreaker
Group and in the banded iron formation of the Woman River
Iron Formation. Vencan completed six (6) drill holes
during September, 2005 on several IP anomalies. These
drill holes encountered low level gold in extensive zones
of sericite and carbonate alteration with disseminated
pyrite mineralization and quartz-carbonate veining in
mafic volcanics and quartz feldspar porphyry dykes within
the Trailbreaker Group. In addition, property scale mapping
during 2005 defined an east-west trending shear zone
of quartz-ankerite-pyrite mineralization within mafic
volcanic rocks, which assayed up to 5.4 g/t Au in a grab
sample. Based on the 2005 work and a re-interpretation
of the regional aeromagnetic data several un-tested second
and third order shear zones have been interpreted within
the mafic volcanic rocks on this area.
Banded Iron Formation Gold Targets
An additional four (4) drill holes were completed within
the banded iron formation of the Woman River Iron Formation
by Vencan during September, 2005. This work occurred
in areas of known gold mineralization intersected in
historic (1980-1983) trenches and drilling. The known
gold mineralization consisted of strongly brecciated
chert-magnetite iron formation with 5-10% pyrite and
quartz veins. The gold bearing zones intersected in the
historic trenches (16.87 g/t Au over 2 metres) were also
intersected by Vencan at vertical depths of 25 metres
(3.76 g/t Au over 0.68 metres) and 85 metres (0.88 g/t
Au over 0.60 metres).
Financing
Richard Schler, Vice President & CFO
stated that the company will raise approximately
$575,000 , which will provide the necessary financing
for this drill program with some contingency to add
extra holes. This exploration program is scheduled
to commence this Spring.
Alan Sexton , P. Geo is the qualified person responsible
for the technical information presented in this release.
WARNING: The
Company relies upon litigation protection for "forward-looking" statements. |
