Friday, 10th October 2008 (272 views)

Vault Minerals has announced that it is to acquire two claims near to its Goldbanks project in the Kirkland Lake gold camp, Ontario.

Seven historic mines that make up the so-called mile of gold are situated nearby along the "prolific" Kirkland Lake Main-04 Break, the firm stated.

Very little modern exploration has been conducted on the new acquisitions, the company claimed, except for one 600ft drill hole that is thought to have veered away from the gold trend.

President and chief executive in office Joe Horne said that he was "pleased" that the organisation has been able to source "excellent" opportunities.

"We remain confident and committed to building a dominant land position in one of Canada's most recognised gold camps," he added.

Ontario's gold mines - many of which are situated in Hemlo, Red Lake and Timmins - produce approximately $1 billion (£5.8 million) worth of the precious metal each year, according to official figures.

 

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