Viper Gold Reports Verification Sampling on Campbell Lake Property Does Not Confirm High Grade Results
25 10월 2011 - 3:28AM
Marketwired
Viper Gold Ltd. ("Viper Gold" or the "Company") (TSX VENTURE:VPR)
reports the analytical results for the verification sampling
completed on the Campbell Lake Property does not confirm the high
grade gold values previously announced on October 11, 2011. The
verification samples contained weakly anomalous values of gold in 5
samples while the remaining 12 samples were below detection level.
Silver values are similar in nature to those reported in the
previous press release.
Mr. G. A. Harron, a qualified person as defined under National
Instrument 43-101, of G.A. Harron & Associates Ltd., an arm's
length consultant to the Company, was contracted by Viper Gold to
visit and sample the Campbell Lake Property to verify the high
grade gold and silver results reported from the Campbell Lake and
Blue Bottle Lake zones. Mr. Harron visited the property and took a
total of 17 samples from the Campbell Lake (10) and Blue Bottle
Lake (7) Zones using accepted industry sampling best practices.
Samples were submitted for analysis to Activation Laboratories of
Ancaster, Ontario and were analyzed using the fire assay
gravimetric analytical technique as summarized in the following
table.
-----------------------------------------------
Campbell Lake Zone
-----------------------------------------------
Au (gpt) Ag (gpt)
Fire Assay Fire Assay
Gravimetric Gravimetric
-----------------------------------------------
N698527 less than 0.03 27
-----------------------------------------------
N698528 less than 0.03 5
-----------------------------------------------
N698529 less than 0.03 55
-----------------------------------------------
N698530 less than 0.03 24
-----------------------------------------------
N698531 less than 0.03 less than 3
-----------------------------------------------
N698532 less than 0.03 10
-----------------------------------------------
N698533 0.30 381
-----------------------------------------------
N698534 0.30 982
-----------------------------------------------
N698535 0.69 54
-----------------------------------------------
N698536 0.22 less than 3
-----------------------------------------------
Blue Bottle Lake Zone
-----------------------------------------------
N698537 0.32 4
-----------------------------------------------
N698538 less than 0.03 4
-----------------------------------------------
N698539 less than 0.03 less than 3
-----------------------------------------------
N698540 less than 0.03 less than 3
-----------------------------------------------
N698541 less than 0.03 less than 3
-----------------------------------------------
N698542 less than 0.03 less than 3
-----------------------------------------------
N698543 less than 0.03 3
-----------------------------------------------
UTM coordinates identifying the sample locations for all of the
Campbell Lake samples and Blue Bottle Lake zone samples was
provided by Mr. Harron. Grab samples are selective by nature and
are unlikely to represents average grades on the property. The
following table summarizes the sample locations disclosed in this
news release.
-----------------------------------------------------------
Table of Sample Locations and Sample Types
-----------------------------------------------------------
UTM NAD 83, Zone 17
-----------------------------------------------------------
Sample ID Easting (m) Northing (m) Sample Type
-----------------------------------------------------------
Campbell Lake Zone
-----------------------------------------------------------
N698527 494345 5306410 grab/outcrop
-----------------------------------------------------------
N698528 494341 5306409 grab/outcrop
-----------------------------------------------------------
N698529 494334 5306403 grab/outcrop
-----------------------------------------------------------
N698530 494334 5306404 grab/outcrop
-----------------------------------------------------------
N698531 494317 5306387 grab/outcrop
-----------------------------------------------------------
N698532 494299 5306354 grab/outcrop
-----------------------------------------------------------
N698533 494295 5306354 grab/outcrop
-----------------------------------------------------------
N698534 494294 5306356 grab/outcrop
-----------------------------------------------------------
N698535 494284 5306349 grab/outcrop
-----------------------------------------------------------
N698536 494235 5306309 grab/outcrop
-----------------------------------------------------------
Blue Bottle Lake Zone
-----------------------------------------------------------
N698537 494927 5306391 Chip
-----------------------------------------------------------
N698538 494927 5306388 Chip
-----------------------------------------------------------
N698539 494930 5306387 Chip
-----------------------------------------------------------
N698540 494933 5306382 Chip
-----------------------------------------------------------
N698541 494935 5306382 Chip
-----------------------------------------------------------
N698542 494917 5306376 Chip
-----------------------------------------------------------
N698543 494925 5306384 Chip
-----------------------------------------------------------
The Company is taking a number of steps to try and identify the
root cause for this major discrepancy in the gold values reported
for the Campbell Lake and Blue Bottle Lake zones on October 11,
2011 and those reported in this press release. The steps will
include, but not be limited to, a third analysis of the original 39
sample rejects reported on October 11, 2011 at another independent
accredited analytical laboratory.
The Campbell Lake Property consists of 96 claim units
representing approximately 1,500 hectares in Halliday and
Midlothian Townships in Northeastern Ontario, Canada. The property
is located approximately 30 kilometres west of Matachewan, Ontario
and may represent the western extension of the Kirkland Lake -
Larder Lake Break. Pursuant to the Option Agreement, Viper Gold can
earn a 100% interest in the Campbell Lake Property over a 2 year
period by making option payments totalling $100,000 and issuing an
aggregate 600,000 common shares, of which to date $10,000 has been
paid and 200,000 shares have been issued. The Vendor retains a 2%
Net Smelter Royalty, 1% of which can be purchased by Viper Gold for
$1,000,000.
Assay Information
Samples were submitted to Activation Laboratories in Ancaster,
Ontario. Activation Laboratories has a stringent quality assurance
- quality control system that complies with International Standards
ISO 17025:2005. All samples were analyzed using the gold, silver
fire assay - gravimetric finish analytical technique. A secure
chain of custody is maintained in storing and transporting all
samples.
Company Profile
Viper Gold Ltd. is an emerging Canadian based junior exploration
company focused on the precious metals potential of the "Gold
Corridor" in Northern Peru and the Abitibi Greenstone Belt of
Ontario, Canada.
QP Statement
The information in this release was prepared under the direction
of Paul Davis, P.Geo. President and CEO of Viper Gold, and, a
Qualified Person as defined in National Instrument 43-101 -
Standards of Disclosure for Mineral Projects. Mr. Davis is
responsible for all technical information contained in this news
release.
Further Information
For further information relating to the Company or this release
please visit the Viper Gold website at www.vipergoldltd.com.
Statements in this press release may contain forward-looking
information, including expectations of the results of future
exploration and the potential of the Campbell Lake Property, the
Currie-Bowman Property and the Corongo Property and the presence of
potential gold and other mineralization. The reader is cautioned
that assumptions used in the preparations of such information,
including the ability to find suitable targets, the ability to
obtain necessary government approvals for proposed exploration
plans, the ability to control operating costs, commodity price risk
management activity, the ability to make suitable acquisitions and
dispositions, and the ability to access capital and credit
facilities may prove to be incorrect. The reader is also cautioned
that grab samples are selective by nature and are unlikely to
represent average grades on the Campbell Lake property. Events or
circumstances may cause actual results to differ materially from
those predicted, a result of numerous known and unknown risks,
uncertainties, and other factors, many of which are beyond the
control of the Company. These risks include, but are not limited
to, the risks associated with the mining industry, commodity
prices, exchange rate changes, and potential regulatory changes.
Industry related risks could include, but are not limited to,
operational risks in exploration, development and production,
delays or changes in plans, risks associated to the uncertainty of
reserve estimates, health and safety risks and the uncertainty of
estimates and projections of production, costs and expenses. There
is a specific risk that the company will be unable to determine the
root cause of the discrepancy between the high grade gold values
reported on October 11, 2011 and the lower values reported in this
press release. There is also a specific risk, as previously
mentioned in the Company's October 11, 2011 press release, that the
Company and its reputation may be harmed as a result of being
unable to confirm the previously reported high grade results from
the Campbell Lake Property. There is a specific risk that no
exploration activities will be undertaken on any of the Company's
properties if sufficient capital to do so is unavailable. The
reader is cautioned not to place undue reliance on this
forward-looking information.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Viper Gold Ltd. Investor Relations
1-800-797-0193vipergold@advanturecapital.comwww.vipergoldltd.com
(TSXV:VPR)
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