ValGold Reports Further Assay Results From the Tower Mountain Gold Property, NW Ontario
11 Mayo 2011 - 11:32AM
Marketwired Canada
ValGold Resources Ltd. (TSX VENTURE:VAL)(FRANKFURT:VR2) ("ValGold") is pleased
to release assay results for an additional eight holes from the 2011 exploration
program at the 100% owned Tower Mountain Gold Property. The first stage of the
drill program included 2,100m of core drilling in a total of 13 holes. The
results from the first five holes, released April 8, 2011 were highly
encouraging with the best holes returning gold mineralization with a grade of
1.136 g/t Au over widths of up to 16.5 meters and 0.815 g/t Au over 73.5m (core
lengths). Assay results from the additional eight holes announced today confirm
and support the good results of the initial five holes.
Highlights of Drill Results
Highlights included significant intersections (See Table Two for full details):
-- TM-11-66 with 28.5m grading 0.779 g/t Au
-- TM-11-67 with 87.0m grading 0.982 g/t Au
-- TM-11-69 with 84.0m grading 0.535 g/t Au
Stephen Wilkinson, President and CEO of ValGold, commented, "The results from
the additional eight holes meet or surpass our expectations and this reinforces
our confidence in the potential of Tower Mountain as a gold project." ValGold
will drill the next 2,500m in the second phase of the 2011 program immediately
after breakup.
31-Bench Zone
The 31-Bench Zone comprises the former B-, C-, and D-Zones, located
approximately 800m southeast of the UV Zone where ValGold reported an NI 43-101
compliant inferred resource of 151,000 ounces (SEDAR March 6, 2006). Previous
drilling on the 31-Bench Zone by ValGold and earlier operators confirmed wide
intersections of low grade gold mineralization over a large area but the holes
were widely spaced and at diverse azimuths. The eight holes reported today,
(TM-11-64 to 71) were drilled in parallel at approximately 60m spacing. A Drill
hole Location Database is presented in Table One.
These drill holes provided good widths with encouraging values of 0.779 g/t Au
over 28.5m, 0.982 g/t Au over 87.0m and 0.535 g/t Au over 84.0m. Intervals were
calculated generally using a cutoff between 0.25 g/t to 0.30 g/t Au but may
include short intervals of lesser grade. Table Two below has the other
intersections of interest.
The 31-Bench Zone gold mineralization is hosted within a trachy-andesite
fragmental rock unit and a syenodiorite intrusive. Pyrite mineralization ranging
from 1% to 10% is common in the core along with potassic alteration which is
typically a reddish hue. The syeno-diorite lithologies are interpreted as dykes
emanating from the main Tower Mountain Intrusive Complex. The fragmental is
slowly changing to a more mafic composition towards the south as indicated in
the last few holes. True width calculations of the intersections will require
more geological information. A program of quality control and quality assurance
of the sampling was undertaken with the insertion of blanks and standards in the
regular stream of assay samples submitted for analysis. A check of the values
did not find any irregularities in the Certificate of Analysis from Accurassay
Laboratories.
Table One: Drill hole Locations (NAD 83-Zone 16)
---------------------------------------------------------------------------
Hole UTM E UTM N ELEV LENGTH AZIMUTH DIP
---------------------------------------------------------------------------
TM-11-64 300792 5377612 460 167.5 062 -45
---------------------------------------------------------------------------
TM-11-65 300817 5377573 462 107 062 -45
---------------------------------------------------------------------------
TM-11-66 300828 5377526 469 170 062 -45
---------------------------------------------------------------------------
TM-11-67 300873 5377451 499 107 062 -45
---------------------------------------------------------------------------
TM-11-68 300886 5377382 497 190 062 -45
---------------------------------------------------------------------------
TM-11-69 300914 5377341 494 122 062 -45
---------------------------------------------------------------------------
TM-11-70 300975 5377276 517 110 062 -45
---------------------------------------------------------------------------
TM-11-71 301000 5377243 526 110 062 -45
---------------------------------------------------------------------------
The Tower Mountain Project
The Tower Mountain Property (ValGold 100%) is located approximately 40km west of
Thunder Bay, in North West 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 exploration
targets are large low-grade bulk mineable deposits, several zones of interest
being discovered in earlier drill campaigns. Thus far in 2011, ValGold has
drilled the 04-36 Zone (1.136 g/t Au over 16.5m), the 04-9 Zone (0.54 g/t Au
over 18.0m) and the UV Zone (0.815 g/t Au over 73.5m), 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).
Robert Chataway, P.Geo, the qualified person for ValGold, 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.
Table Two: Significant assay results from drill holes; TM-11-64, -65, -66, -67,
-68, -69, -70, -71
Hole From To Length Grade
Number (m) (m) (m) (g/t Au)
TM-11-64 33.5 45.5 12.0 0.397
51.5 80.0 28.5 0.321
87.5 93.5 6.0 0.533
104.0 105.5 1.5 1.168
114.5 125.0 10.5 0.956
TM-11-65 5.0 23.0 18.0 0.354
26.0 42.5 16.5 0.452
48.5 57.5 9.0 0.729
63.5 65.0 1.5 0.630
74.0 75.5 1.5 0.584
90.5 101.0 10.5 0.515
TM-11-66 4.5 32.0 27.5 0.480
42.5 57.5 15.0 0.608
83.0 84.5 1.5 0.494
90.5 92.0 1.5 0.549
102.5 105.5 3.0 0.677
110.0 122.0 12.0 0.332
128.0 131.0 3.0 0.453
141.5 170.0 28.5 0.779
TM-11-67 14.0 101.0 87.0 0.982
TM-11-68 3.0 12.5 8.5 0.411
27.5 32.0 4.5 0.386
38.0 44.0 6.0 0.413
62.0 75.5 13.5 0.517
81.5 120.5 39.0 0.476
168.5 173.0 4.5 1.184
TM-11-69 14.0 18.5 4.5 0.323
24.5 108.5 84.0 0.535
TM-11-70 39.5 54.5 15.0 0.554
66.5 72.5 6.0 0.381
TM-11-71 2.3 20.0 17.7 0.519
41.0 44.0 3.0 0.510
102.5 104.0 1.5 0.842
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