Lapaska
The Lapaska property, 100%-owned by Adventure Gold inc , is located in Louvicourt Township 20 km East of Val d'Or and includes 26 claims and covers an area of 333 hectares. This property is favourably located between the past producing gold mine Sigma II to the east (161,300 ounces at 2.7 g/t Au: MRNF - SIGEOM Database) which was operated by open pit method and the Simkar gold deposit to the west (NI 43-101 inferred resource of 105,000 oz at 5.3 g/t Au: ELO - NI43-101 September 2008). The Property contains three significant gold-bearing zones: the Lapaska Central (LC), West and Lourmet zones and is also strategically located along the prolific Cadillac Larder Lake Gold Break, a regionally extensive structure that is spatially related to numerous gold mines.
The Company announced its first NI 43-101 compliant resource estimate for the Property on February 9, 2010. The Central Zone deposit has Inferred Resources of 220,000 metric tonnes grading 3.14 g/t Au for a total of 22,197 ounces at a cut-off grade of 2.0 g/t Au. The NI 43-101 report was prepared by independent qualified persons from InnovExplo, a consultant firm based in Val d'Or, Quebec.
In December 2010, Adventure Gold and Mazorro Resources Inc. ("Mazorro"; TSX-V: MZO; Frankfurt: JAM), have signed a letter of agreement pursuant to which Mazorro has acquired an exclusive option to earn up to 70-per-cent interest in the Company's Lapaska Gold property by spending $7.7M in exploration expenditures, issuing 3,000,000 shares of Mazorro, paying $250,000 in cash payment and paying $2,000,000 (in cash and shares) over the next 6 years. Adventure Gold will be the operator until Mazorro earns 70% interest (AGE - Press Release Decembre 15, 2010).
History:
Between 1935 and 1996, several mining companies; including Lapaska Mines and Placer Dome; completed exploration programs on the property that included mechanical stripping, drilling and geophysical surveying. A 75m-deep well and exploration drift were also constructed in 1947 (MRNF - SIGEOM Database). Between 1948 and 1989, more than 18,700m of drilling was completed on the property which identified three gold-bearing zones (MRNF - SIGEOM Database). Some of the best intersections returned 9.4 g/t Au over 4.7 meters (core length) (hole 245-43 in the Central Zone: AGE - NI43-101, Feb.2010) and 6.2 g/t Au over 2.5 meters (core length) (hole 245-54 in the West Zone: AGE - NI43-101, Feb.2010) and 14.9 g/t Au over 0.3 meter (core length) (hole 245-30 in the Lourmet Zone: AGE - NI43-101, Feb.2010). Since 1996, no work has been completed.