Viper Gold Ltd. ("Viper Gold" or the "Company") (TSX VENTURE:VPR)
is pleased to announce the assay results of 39 grab samples taken
from the Campbell Lake Property. The samples were provided to Viper
Gold by the vendor ("Vendor") of the option to acquire an undivided
100% interest in the Campbell Lake Property pursuant to an option
agreement between the Vendor and Viper Gold (see the Company's
press release dated September 9, 2011). A total of 21 of 25 samples
taken with variable spacing along the 175 metre strike length of
the Campbell Lake quartz vein returned assays of greater than 10
grams per tonne ("gpt") gold. The Campbell Lake Zone is also
anomalous in copper, zinc, lead, tin and scandium. Highlights of
the initial results include:
-- Grab samples from Campbell Lake quartz vein assayed up to 1,721 gpt gold
and 3,582 gpt silver
-- Gold mineralization identified in grab samples over full 175 metre
strike length of Campbell Lake quartz vein
-- Grab samples from Blue Bottle Lake shear zone assayed up to 73.9 gpt
gold and 11.8 gpt silver
Given the high grade results returned from initial assay
testing, the Company determined to confirm the results by
conducting a second run of check assays on a rush basis. The
Company recognizes that grab samples are selective by nature and
are unlikely to represents average grades on the property. The
following tables summarize the full set of results for the 39
samples analyzed from the property.
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Campbell Lake Zone
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Sample
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Weight Au (ppm) Fire Assay Au (gpt)
(kg) ICP-OES Gravimetric
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Run 1 Run 2 Run 1 Run 2
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1 2.82 greater than 10 175
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2 3.04 greater than 10 59.1
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3 1.48 greater than 10 102
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4 0.88 8.65 greater than 10 8.44
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5 2.14 greater than 10 58.1
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6 0.68 greater than 10 18.7
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7 1.14 greater than 10 18.8
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8 2.38 2.09 2.39
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9 1.22 greater than 10 20.1
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10 1.00 greater than 10 1105
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11 1.36 greater than 10 49.2
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12 2.08 greater than 10 16.3
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14 1.22 greater than 10 22.3
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15 1.88 greater than 10 23.6
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16 3.02 greater than 10 68.0
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17 1.66 greater than 10 18.9
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Sample
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Weight Au (ppm) Fire Assay Au (gpt)
(kg) ICP-OES Gravimetric
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Run 1 Run 2 Run 1 Run 2
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18 2.14 greater than 10 16.5
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19 2.46 greater than 10 103
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34 0.80 greater than 10 259
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35 1.90 1.47 2.23
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36 1.30 greater than 10 1721
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37 0.92 greater than 10 15.4
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38 0.54 greater than 10 10.8
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39 2.02 0.518 0.493
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40 2.18 greater than 10 37.5
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- Blank cell indicates sample was not analyzed using specified analytical
technique.
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Campbell Lake Zone
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Ag (ppm) Aqua Regia Ag (ppm) Au (gpt)
Digest ICP-OES Gravimetic Metallics
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Run 1 Run 2 Run 1 Run 2 Run 2
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1 28.7 40.6 83.2
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2 8.5 2.7 78.4
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3 59.8 57.4 220
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4 1.7 1.7
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5 22.4 47.0 29.1
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6 82.4 78.4 46.6
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7 82.5 80.6 51.3
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8 greater than 100 greater than 100 137 141
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9 11.4 10.6 67.4
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10 greater than 100 greater than 100 1114 1036 75.1
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11 3.4 3.8 31.2
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12 4.8 3.8 119
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14 4.6 5.8 81.8
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15 11.1 4.4 31.8
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16 greater than 100 greater than 100 240 221 24.9
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17 28.6 27.5 39.1
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Ag (ppm) Aqua Regia Ag (ppm) Au (gpt)
Digest ICP-OES Gravimetic Metallics
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Run 1 Run 2 Run 1 Run 2 Run 2
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18 15.0 14.8 18.1
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19 42.9 60.4 79.9
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34 64.0 58.6 329
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35 69.3 greater than 100 1114
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36 91.8 greater than 100 1499 1920 1260
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37 41.9 41.8 5.66
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38 greater than 100 greater than 100 3582 3598 2.06
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39 93.5 greater than 100 2050 1975
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40 15.2 17.1 96.4
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- Blank cell indicates sample was not analyzed using specified analytical
technique.
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Blue Bottle Lake Zone
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Sample
Login
Weight Au (ppm) Fire Assay Au (gpt)
(kg) ICP-OES Gravimetric
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Run 1 Run 2 Run 1 Run 2
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20 1.66 4.81 7.94
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21 1.70 0.255 0.285
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22 2.60 7.81 3.81
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23 2.00 4.53 greater than 10 7.93
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24 3.06 greater than 10 10.3
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25 2.02 greater than 10 14.7
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26 2.66 0.034 0.083
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27 1.76 0.053 0.051
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28 1.26 0.237 0.268
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29 2.00 greater than 10 23.4
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30 1.94 greater than 10 9.22
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31 1.48 greater than 10 73.9
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32 1.26 greater than 10 42.1
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33 2.00 4.18 0.790
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- Blank cell indicates sample was not analyzed using specified analytical
technique.
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Blue Bottle Lake Zone
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Ag (ppm) Aqua
Regia Ag (ppm) Au (gpt)
Digest ICP-OES Gravimetic Metallics
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Run 2 Run 2 Run 1 Run 2 Run 2
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20 1.3 0.8
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21 1.2 1.0
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22 2.1 1.9
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23 4.2 3.8
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24 2.2 1.9 22.5
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25 1.2 1.0 4.37
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26 0.3 0.2
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27 0.7 0.7
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28 5.9 5.5
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29 5.2 5.4 7.70
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30 2.6 3.0 18.6
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31 11.8 6.7 33.3
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32 2.3 3.3 65.2
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33 2.2 2.5
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- Blank cell indicates sample was not analyzed using specified
analytical technique.
"I am excited about the high grade gold and silver results from
the preliminary sampling on the Campbell Lake Property" said Paul
Davis, President and Chief Executive Officer of Viper Gold. "The
distribution of high grade gold and silver along the entire exposed
length of the Campbell Lake quartz vein indicates to me that this
is a highly mineralized system that is yet to be closed off along
strike and down plunge. I am also excited by the results from the
Blue Bottle Lake zone, located approximately 700 metres east of the
Campbell Lake Zone, which indicates that there is potential
throughout this area for additional high grade gold and silver
mineralization."
The Company understands that the 39 grab samples submitted for
analysis were taken by the Vendor using accepted sampling best
practices and that the chain of custody of the samples was
maintained by the Vendor until the samples were collected by AGAT
Laboratories in Timmins, Ontario. The Vendor provided the Company
with sample descriptions and sample location maps for the 39 grab
samples submitted. The Company was not directly involved in the
sampling process but is confident in the integrity of the samples
based on representations made by the Vendor.
As reported above, given the high grade nature of the results,
the Company requested that the samples be re-analyzed by AGAT
Laboratories on a rush basis. All 27 samples that assayed greater
than 10 gpt gold were re-analyzed using the Fire-Assay Metallic
Gold with Induced Coupled Plasma Finish procedure. The Fire Assay
Metallic Gold analysis is considered the best technique on high
grade gold values and helps to identify coarser gold that could be
indicative of a "gold nugget effect". The rigorousness of the
metallic procedure results in the greatest accuracy on high grade
gold samples.
Variation noted in the gold contents of the 27 high grade gold
samples in the metallic gold analysis can be attributed to a "gold
nugget effect", as gold is distributed throughout both the coarse
and fine fractions. The variations are not unexpected as the
re-analysis was completed on a separate portion of the original
sample than the first analysis. Values for silver displayed the
same variability, however, copper, zinc and lead were similar in
both sample runs as the same pulp sub-samples were used in both
analyses.
As an additional verification, Viper Gold has hired an
independent arm's-length consultant to conduct a site visit as soon
as possible to re-sample both the Campbell Lake Zone and the Blue
Bottle Lake zone to confirm the presence of high grade gold and
silver. Analytical results from the consultant's site visit are
anticipated by year end.
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 potentially represent the westerly trend 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.
Twenty-five (25) samples were taken from the Campbell Lake Zone
and fourteen (14) samples were taken from the Blue Bottle Lake
zone. A map identifying the sample locations for all of the
Campbell Lake samples and 9 of the 14 Blue Bottle Lake zone samples
was provided by the Vendor. Sample locations for the Campbell Lake
zone have been identified based on the distance from the southwest
end of the Campbell Lake quartz vein that extends for 175 metres to
the east-northeast. UTM coordinate locations for the two zones have
been extrapolated to the centre of the stripped outcrops over the
two zones. The following table summarizes the sample locations
disclosed in this news release.
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Table of Sample Locations and Sample Types
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Campbell Lake Zone: UTM NAD 83, Zone 17, 494207E, 5306318N
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Sample # Distance from Southwest Sample Type
End of Quartz Vein (m)
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1 18 grab/outcrop
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2 43 grab/outcrop
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3 43 grab/outcrop
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4 49 grab/outcrop
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5 91 grab/outcrop
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6 98 grab/outcrop
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7 107 grab/outcrop
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8 111 grab/outcrop
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9 111 grab/outcrop
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10 111 grab/outcrop
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11 128 grab/outcrop
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12 152 grab/outcrop
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14 158 grab/outcrop
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15 158 grab/outcrop
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16 171 grab/outcrop
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17 174 grab/outcrop
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18 183 grab/outcrop
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19 189 grab/outcrop
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34 98 grab/outcrop
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35 98 grab/outcrop
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36 98 grab/outcrop
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37 98 grab/outcrop
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38 98 grab/outcrop
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39 98 grab/outcrop
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40 43 grab/outcrop
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Blue Bottle Lake Zone: UTM NAD 83, Zone 17, 494935E, 5306385N
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Sample # Sample Type
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20 grab/float
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21 grab/float
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22 grab/outcrop
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23 grab/outcrop
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24 grab/outcrop
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25 grab/outcrop
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26 grab/outcrop
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Sample # Sample Type
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27 grab/outcrop
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28 grab/outcrop
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29 grab/outcrop
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30 grab/outcrop
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31 grab/outcrop
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32 grab/outcrop
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33 grab/outcrop
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Assay Information
Samples were picked up by AGAT Laboratories in Timmins, Ontario
and shipped to their preparation Lab in Sudbury, Ontario. Assaying
is carried out at AGAT Laboratories Facilities in Mississauga,
Ontario. AGAT Laboratories has a quality control system that
complies with International Standards ISO 9001:2000 and ISO
17025:2005. All samples were analyzed using an aqua regia digestion
with a 3:1 hot mixture of hydrochloric and nitric acids followed by
Inductively Coupled Plasma - Optical Emission Spectroscopy
(ICP-OES) finish. Samples analyzing over the ICP limits for silver,
(greater than 100 ppm), were re-analyzed using a gravimetric
finish. Copper and zinc analysis over the ICP limits, (greater than
10,000 ppm), were re-analyzed using a Flame Atomic Adsorption (AAS)
analysis. Gold is assayed using a fire assay with an ICP-OES
finish. Samples analyzing over the ICP limits for gold, (greater
than 10 ppm), were re-analyzed using a gravimetric finish. All
samples that analyzed over 10 gpt gold in the first batch analysis
were re-analyzed using the Metallic Gold assay procedure. A secure
chain of custody is maintained in storing and transporting all
samples by AGAT Laboratories. AGAT Laboratories maintains an
Internal Quality Assurance Program consisting of standards, blanks
and duplicate analysis.
In the metallic gold assay procedure, the sample is two-stage
crushed to minus 10 mesh and split to achieve a 500 gram pulp
assay-sample that is pulverized to a fineness such that
approximately 95% will pass through a minus 140 mesh screen. The
sample is then screened through a 140 mesh screen where the
fraction that passes through the screen is called the "Minus"
fraction and the portion that does not pass through the screen is
called the "Plus" fraction. The minus fraction is then weighed and
rolled to ensure homogeneity and two 30 gram sub-samples are taken
from this fraction and fire assayed for gold. The Plus fraction is
assayed entirely. Each metallic assay requires three fire assay
analyses to achieve a result. The gold values are then calculated
back to the original sample weight which provides a net gold value
for the sample that is based on two Minus and a single Plus value.
Final results are collated by computer.
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. 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
independent arm's length consultant the Company intends to engage
to re-sample the Campbell Lake Property is unable to confirm the
initial results reported in this press release. In addition, as the
Company was not involved in the collection of the initial grab
samples, the testing results of which are reported in this press
release, the Company is unable to confirm independently the chain
of custody of the initial grab samples, though it has tried to do
so with the Vendor and, as a result, is relying on representations
made by the Vendor. If the representations made by the Vendor are
not correct then there is a specific risk that the Company and its
reputation may be harmed. 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
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