Viper Gold Reports Verification Sampling on Campbell Lake Property Does Not Confirm High Grade Results
24 Ottobre 2011 - 8:28PM
Marketwired Canada
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.
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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
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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
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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.
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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.
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