VenCan Gold Corporation Commences Diamond Drill Program at Fern Elizabeth Property
15 Fevereiro 2008 - 11:00AM
Marketwired
TORONTO, ONTARIO (TSX VENTURE: VCG) is pleased to announce the
commencement of its winter diamond drill program on the Fern
Elizabeth Property, located in the Atikokan area of Northern
Ontario.
Exploration of the Property in the form of extensive data
compilation, prospecting and detailed soil sampling of specific
areas was completed in the latter half of 2007, under the direction
of Taiga Consultants Ltd.
The current drill program will consist of 7 to 8 holes totaling
approximately 1,500 meters and will focus, initially, in the area
of the old mine workings on the Fern Elizabeth Property.
The results of a recently completed geochemical soil sampling
have revealed a strong arsenic anomaly which has coincident
anomalies in a number of other elements, including gold. An
IP/resistivity survey is underway to determine if this newly
discovered zone has a distinct geophysical signature. Additional
claims to the east and west have been acquired to protect the
strike extensions of this anomalous area. Once the geophysical
survey is completed and all recently compiled data is analyzed then
the Company will formulate another drill program to test this new
area.
Geochemical sampling, by the Ontario Geological Survey in recent
years, defined this new area as being anomalous in gold and Vencan
is anxious to determine the extent of any potential mineralization
that might underlie this zone, which has received no exploration
attention in the past.
Bill Nielsen, P. Geo., Director, is overseeing the overall
exploration program on behalf of VenCan.
The current drill program is being managed by Doug Cruickshank,
P. Geo. of Taiga Consultants
The Fern Elizabeth Property totals 17.79 km2 in size, containing
25 claim blocks and leases with excellent infrastructure, as well
as both boat and all-weather road access. The Property also
benefits from a very close proximity to The Valerie Falls Power
Generating Plant.
Drilling is being conducted by Cartwright Drilling.
History
The Fern Elizabeth Property is located 9 kilometers northwest of
the town of Atikokan, which is approximately 200 kilometers west of
Thunder Bay. The area has a rich mining and exploration heritage
and was a major iron-mining center in Northern Ontario through the
mid 1970's. This historic gold property contains very high-grade
samples of visible gold (to see these visuals, please visit the
Company's website at www.vencan.com).
Bill Nielsen, P.Geo., Director, is the designated qualified
person for the technical information contained in this press
release.
Administration
The Board granted the issuance of 2,930,000 stock options to
Directors, Officers and Consultants of the Corporation under the
terms of an Incentive Stock Option Plan approved by shareholders at
the last AGM held on January 17, 2008. The options are exercisable
at $0.10 "per share" for a period of period of four years after
closing.
WARNING: The statements made in this news release may contain
forward-looking statements that may involve a number of risks and
uncertainties. Actual events or results could differ materially
from expectations and projections set out herein.
Contacts: VenCan Gold Corporation Brent Nykoliation Director of
Business Development (416) 364-7024 (416) 364-2753 (FAX) VenCan
Gold Corporation J. A. Kirk McKinnon President and Chief Executive
Officer (416) 364-7024 (416) 364-2753 (FAX) VenCan Gold Corporation
Richard Schler Vice President & CFO (416) 364-7024 (416)
364-2753 (FAX) Email: info@vencan.com Website: www.vencan.com
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