- ValGold Resources Ltd. (TSX VENTURE: VAL)(FRANKFURT: VR2)
("ValGold" or the Company") is pleased to announce the completion
of the first stage of its 2011 exploration program on the Tower
Mountain Gold Property (the "Property"). The first stage included
2,100m of core drilling in 13 holes and the results from the first
five holes are reported below. The Company will release the
remaining assay results as they become available. ValGold will
resume its drilling program of an additional 2,500m in April 2011.
Highlights of Drill Results
The significant intersections for the five reported holes are
listed in the table below.
-- TM-11-59 with 16.5m grading 1.136 g/t Au within the conglomerate unit
-- TM-11-63 with 73.5m averaging 0.815 g/t Au with 0.04% Cu including an
intersection of 21.0m assaying 1.76 g/t Au with 0.10% Cu
The Property is 100% owned by ValGold and is located
approximately 40km west of Thunder Bay, Ontario. It is underlain by
Archean-age volcanic and sedimentary rocks with a syenitic
intrusive complex being an important focal point for the widespread
gold (and copper) mineralization. The Company has been exploring
for large low-grade bulk mineable deposits within the Property that
hosts several zones of interest discovered in earlier drill
campaigns. So far in 2011, ValGold has drilled the 04-36 Zone, the
04-9 Zone and the UV Zone, the latter of which contains the NI
43-101 compliant inferred resource of 151,000 ounces within 7.15
million tonnes (see ValGold's Technical Report filed on SEDAR,
March 6th 2006).
One of the objectives of the multi-faceted 2011 drilling program
as reported in these five holes was to determine the attitude of
the 04-36 Zone mineralization and whether there is an association
between the gold zone and the conglomerate unit which trends
northeasterly toward the UV Zone. Secondly, the 04-9 Zone was
pierced normal to the original discovery holes (2004) as it is
thought the controlling feature is a feldspar porphyry trending
northeasterly.
04-36 Zone Results
The following is a report of the assay results for the first
three holes (372m). Holes TM-11-59 to 61 (3) targeted the 04-36
Zone where previous gold results included 50.03 g/t Au over a width
of 1.5m.
The best hole in 2011 returned gold mineralization over widths
of up to 16.5 meters (core length) with a grade of 1.136 g/t Au in
the conglomerate unit. The conglomerate has small fragments of
jasper, volcanic rock and sulphide iron formation. The mineralized
intersections are reported as core lengths because insufficient
data is available to calculate true widths. The table below has the
other intersections of interest.
The results from the 04-36 Zone are encouraging as the
conglomerate unit has been traced on the property for 1,000m along
its NE-SW strike and has been only tested sporadically along this
length. Based on field examinations, it is noted that the
geological environment of the conglomerate is one of high energy
with the potential of hosting gold. More drilling is
recommended.
----------------------------------------------------------------------------
Hole From To Core Length Grade
Number (m) (m) (m) (g/t Au) Host Unit
----------------------------------------------------------------------------
TM-11-59 29.0 38.0 9.0 0.460 conglomerate
84.5 101.0 16.5 1.136 conglomerate
120.5 125.0 4.5 0.992 conglomerate
TM-11-60 41.0 44.0 3.0 0.620 conglomerate
70.5 72.0 1.5 0.638 conglomerate
TM-11-61 9.5 13.4 3.9 0.880 Volcanic & conglomerate
----------------------------------------------------------------------------
04-9 Zone Results
One hole, TM-11-62, was completed in 2011 to further define the
04-9 Zone. The previous mineralized intersections drilled in 2004
are thought to be near parallel to the NE strike of the zone. The
current hole was thus drilled at a NW azimuth and intersected an
18.0m core length which graded 0.54 g/t Au. The hole deviated from
its intended target and may need to be extended to test for
mineralization at the bottom of the hole which ended at 274.0m.
----------------------------------------------------------------------------
Hole From To Core Length Grade Host Unit
Number (m) (m) (m) (g/t Au)
----------------------------------------------------------------------------
TM-11-62 255.5 273.5 18.0 0.540 Porphyritic dyke
----------------------------------------------------------------------------
The 04-9 Zone has displayed the potential for elevated gold
content in a feldspar porphyry unit which has received limited
drilling. The configuration of the zone is not yet understood at
this time but results are encouraging and more drilling is
warranted.
The sulphide mineralization accompanying the 04-9 Zone gold
mineralization is of a low tenor and the arsenic analysis is low,
usually less than 50ppm. This observation is based on historical
records of multi-element analysis.
UV Zone Results
The UV Zone has been the primary target of the previous drill
programs (2002-2007). In 2011, the aim of the one drill hole,
TM-11-63 was to expand the wide, low-grade copper-gold
mineralization beneath the gold resource. The best intersection in
the current drilling is 0.815 g/t Au over a 73.5m core length with
a copper value of 0.04%. Included in this interval is a section
1.76 g/t Au with 0.10% Cu over 21.0m. Near the bottom of the hole
there is an interval grading 1.75 g/t Au and 0.13% Cu over 9.0m
starting at 356.0m. The host rock is a syenite, part of the Tower
Mountain Intrusive Complex. The mineralization is open to the
northeast and southeast where surface geophysical anomalies may
indicate extensions of the zone.
The mineralized intersections are reported as core lengths as
insufficient data is available to calculate true widths. A
Drillhole Location Database is presented in the table below. The
Drill Location Plan is now available on the Company's website,
www.valgold.com.
----------------------------------------------------------------------------
Hole From To Core Length Grade
Number (m) (m) (m) (g/t Au) Host Unit
----------------------------------------------------------------------------
TM-11-63 152.0 225.5 73.5 0.815 Syenite 0.043% Cu
Including 168.5 189.5 21.0 1.760 averaged 0.10% Cu
Including 180.5 188.0 7.5 3.440
Including 180.5 185.0 4.5 4.930
228.5 239.0 10.5 0.361 Syenite
302.0 312.5 10.5 0.411 Syenite
323.0 341.5 18.5 0.398 Syenite
356.0 365.0 9.0 1.750 Syenite averaged 0.13% Cu
----------------------------------------------------------------------------
Drillhole Location Database
----------------------------------------------------------------------------
UTM E UTM N Length
Hole Zone 16 NAD 83 Elev m Azimuth Dip
----------------------------------------------------------------------------
TM-11-59 299903 5377944 380 125 135 -47
TM-11-60 299963 5377891 384 122 315 -47
TM-11-61 299920 5377966 382 125 135 -47
TM-11-62 300356 5378323 380 274 300 -57
TM-11-63 300417 5378352 380 371 153 -57
----------------------------------------------------------------------------
Sample Preparation, Assays and Quality Assurance/Quality Control
("QA/QC")
ValGold has implemented a QA/QC protocol for its exploration
work. ValGold recently completed a diamond drilling program on the
Tower Mountain Gold Property and the drilling contractor was Cobra
Diamond Drilling Ltd. The NQ core was delivered to the secure Core
Shack facility on the property by the drillers. In addition to
recovery and RQD (Rock Quality Designation) data, geological
parameters including lithology, alteration, quartz veining,
presence and identification of sulfide mineralization along with
other geologic parameters were noted and recorded on logging forms.
Generally, the core was marked in 1.5 meter intervals for
splitting, sampling and assaying, unless geological data indicate a
shorter sample interval. Prior to splitting, all core were
photographed. Core splitting was done with a hydraulic core
splitter and 1/2 of the drill core was submitted to Accurassay
Laboratories in Thunder Bay, Ontario. The remainder of the core was
stored at the property.
The drill core sample (approximately 5kg) was dried, crushed to
70% -8 mesh (2mm), split and pulverised to 90% -150 mesh (106u).
Silica abrasive was used to clean between each sample. Gold was
fire assayed using a 30.0 gram aliquot sample with an Atomic
Absorption finish (AA) and multi-element analysis was by Aqua Regia
Digestion with an Induced Coupled Plasma (ICP) finish.
ValGold inserts gold standard samples and blank samples into the
sample stream at a rate approximating 6% of total original samples.
The laboratory also inserts blank samples for internal quality
control and runs duplicate analysis on every 10th sample. Samples
are normally transported in a Company truck from the Property to
Accurassay in Thunder Bay, Ontario. Chain of Custody protocols are
used for the tracking of sample shipments.
Robert Chataway, P.Geo, the qualified person for the Company,
has reviewed the accuracy of the technical portion of the news
release.
For more information on ValGold's Canadian gold projects (Tower
Mountain and Garrison) and its international projects, please visit
our website at www.valgold.com.
Stephen J. Wilkinson, President and Chief Executive Officer
This news release includes "forward-looking information". All
statements in this release, other than statements of historical
facts, that address the private placement or mineral exploration
programs contain forward-looking information and are based on a
number of assumptions, including, but not limited to, that there
will not be substantial changes to market conditions, regulatory
requirements or costs associated with mineral exploration. Although
the Company believes the expectations expressed in such
forward-looking information are based on reasonable assumptions,
such statements are not guarantees of future performance and actual
results or developments may differ materially from those in the
forward-looking information. Factors that could cause actual
results to differ materially from those in forward-looking
information include changes the price of the company's shares, the
costs of labor, equipment and other costs associated with
exploration, exploration successes, continued availability of
capital and financing, and general economic, market or business
conditions. Investors are cautioned that any such statements are
not guarantees of future performance and actual results or
developments may differ materially from those projected in the
forward-looking statements.
SEC 12g3-2(b): 82-3339
Neither TSX Venture Exchange nor its Regulation Services
Provider (as the term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Contacts: ValGold Resources Ltd. Cindy Chu Investor Relations
(604) 687-4622 (604) 687-4212 (FAX) info@valgold.com
www.valgold.com
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