Vault Minerals (TSX:VMI) has announced that Goldcorp Canada Ltd. has allowed to lapse its option agreement to acquire an interest in Vault’s Lebel gold property.
The effective result is that Vault will retain 100 per cent right, title and interest to the large, prospective gold property situated in the prolific Kirkland Lake gold camp, subject only to various underlying royalties.
Upon confirmation of the option termination, Joe Horne, Vault’s president and CEO commented: "While we appreciate having worked with Goldcorp in their search for a low-grade, bulk tonnage deposit, Vault will pursue high-grade targets that have been generated by previous drilling.
"We feel that as a junior explorer, a strategy directed towards high-grade deposits is more consistent with the historical nature of the Kirkland Lake gold camp, where in excess of 24 million-ounces of gold have been produced at a recovered grade of 0.47-ounces per tonne."
Under the amended terms of the option agreement with Goldcorp, a four hole, 1,796 metre diamond drill program was completed on the Lebel gold property in October 2009. Three of the holes targeted grade and continuity of a 1.6 kilometre gold/copper-anomalous corridor known as the King Quartz Stockwork Zone.
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