Toronto, ON, November 15, 2011 – Viking Gold Exploration Inc. (TSX-V: VGC), the “Company”,
is pleased to announce the final results of its Summer 2011 exploration drilling program in Verneuil Township, in the Abitibi region of Northwestern Quebec, and the commencement of a Fall/Winter drilling program scheduled for completion in 2011.
In July, five shallow holes (VP-11-01 to 05) were drilled over the Toussaint Shear Zone (TSZ), covering a strike length of 550 metres (m) east from the main Toussaint lens. All the holes intersected the TSZ at a depth ranging from 40 to 70 m, confirming the continuity of the shear zone at shallow depth. The most significant results were as follows:
Drill hole VP-11-05 is located 450 metres east of the main Toussaint lens, above a series of holes from previous programs that returned significant values including 9.87 g/t Au over 6.2 m, 3.16 g/t Au over 5.7 m, 30.25 g/t Au over 0.8 m, 4.9 g/t Au over 0.5 m, 3.69 g/t Au over 1.0 m, and 2.6 g/t Au over 2.0 m.
An Induced Polarization (IP) survey, completed in August, revealed several extensive “textbook case” anomalies distributed throughout the property. Five new main target zones were outlined from the IP survey, the majority of which have not been previously explored. On October 28, 2011, the Company commenced a 4500 m, 25-hole drilling program aimed at the new target areas and the TSZ. A series of ten holes is planned on the TSZ, to test the extension of the zone laterally and at depth. The first two holes have already successfully intersected the shear zone over widths exceeding 15 m.
The Company sends all samples to ALS Chemex Lab in Val d’Or for a conventional 35-element ICP analysis with an aqua regia digestion process, and a 30-gram fire assay with Atomic Absorption Spectroscopy finish for gold. Samples with gold values above 10.0 ppm are re-analyzed using a 30-gram fire assay with gravimetric finish.
The Company is currently completing a $1,050,000 non-brokered private placement consisting of 7,000,000 units at $0.15 per unit, each unit consisting of one common share and one-half warrant.
Each full warrant entitles the holder to purchase an additional common share at $0.20 over the next two years. Seventy-five percent (75%) of the placement proceeds will be eligible for flow-through share treatment.
Pierre Poisson, P.Geo., an independent "qualified person" as that term is defined in NI 43-101, has reviewed and approved the technical disclosure in this news release.
For further information, please contact Mark Edwards, CEO at (905) 752-2008 or visit the Company’s website at: www.vikinggold.ca.
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 press release.
This press release contains forward-looking statements. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding the estimation of mineral resources, exploration results, potential mineralization, potential mineral resources and mineral reserves) are forward-looking statements. Forward-looking statements are often identifiable by the use of words such as “anticipate”, “believe”, “plan”, may”, “could”, “would”, “might” or “will”, “estimates”, “expect”, “intend”, “budget”, “scheduled”, “forecasts” and similar expressions or variations (including negative variations) of such words and phrases. Forward-looking statements are subject to a number of risks and uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company's expectations, the price of commodities and other risks identified in the Company’s documents filed with the Canadian securities regulatory authorities on SEDAR.com. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement.
