ValGold Announces Further Positive Drill Results From the Tower Mountain Gold Project, NW Ontario
22 Junio 2011 - 8:30AM
Marketwired
ValGold Resources Ltd. (TSX VENTURE: VAL)(FRANKFURT: VR2)
("ValGold") is pleased to announce completion of the Phase 2 drill
program on the 100% owned Tower Mountain Gold Project. Assay
results from the first 6 of 16 holes are consistent with the first
phase results and exceed expectations which underline the gold
potential of the Tower Mountain project. Full details of the first
six holes are shown in the attached Tables 1 and 2 and the
remaining assay results will be reported as they become available.
Highlights of Drill Results
The Phase 2 drill program included 2,578 meters ("m") of diamond
drilling in sixteen holes, targeting the wide intersection of
low-grade gold mineralization encountered on the 31-Bench Zone, in
Phase 1 of the 2011 drill program. Highlights included several
significant intersections:
-- TM-11-75 with 115.5m averaging 0.70 g/t Au including 27.0m assaying 2.00
g/t Au
-- TM-11-76 with 148.5m averaging 0.40 g/t Au including 40.5m assaying 0.80
g/t Au
-- TM-11-77 with 19.5m averaging 0.93 g/t Au
The results from the first 6 holes confirm the presence of wide
intersections of low-grade near-surface gold mineralization with
the best intercept assaying 115.5m at 0.70 g/t Au in drill hole
TM-11-75, including 27.0m at 2.00 g/t Au. The new drill holes are
on section with the Phase 1 holes and are set back 30 meters with 2
holes on each site: a -45 degree undercut and a -90 vertical hole.
The mineralized intersections are reported as core lengths because
insufficient data is available to calculate true widths. A
Drillhole Location Database is presented in Table 1.
Stephen Wilkinson, President and CEO of ValGold commented,
"Phase 2 of the 2011 drill program focused on the new 31-Bench gold
zone and the widespread gold and pyrite mineralization encountered
in the first six holes is highly encouraging. On my recent site
visit I saw in the core, the unmistakable strength of the
alteration and pyrite enrichment which suggest that the remaining
10 drill holes should show similar success in grades. The Tower
Mountain gold project continues to evolve into a valuable Canadian
asset for our shareholders at the better end of our
expectations."
Please see the news releases on April 8, 2011 and May 11, 2011
for results of Phase 1 drilling on the Tower Mountain Project.
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 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 31-Bench Zone (0.982 g/t Au over 87.0m), 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 6, 2006).
About ValGold
Incorporated in 1987, ValGold is listed on Tier 1 of the TSX
Venture Exchange under the symbol VAL. ValGold is an international
mineral development company based in Vancouver, Canada with an
objective to generate wealth for its shareholders by seeking out,
acquiring and advancing properties with recognizable but
under-explored mineral resources.
ValGold's commitment is to realize value from significant
mineral deposits which satisfy key criteria:
-- Mineral rights to extensive areas in prospective but non-traditional and
under-explored regions.
-- Mineral exploration projects with potential for substantial development.
-- Projects that require experienced management with exploration, mining
and financial expertise.
Valgold recently exchanged its interest in the Garrison gold
project for 16 million shares in Northern Gold Mining Inc. (with a
market value of $8 million) plus $650,000 in cash and a 2% Net
Smelter Royalty. The cash and marketable securities received
through this transaction greatly benefit Valgold's working capital
position and enhance the exploration and development plans for
Valgold's existing and future properties.
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 and international
gold projects, please visit our website at www.valgold.com.
Stephen J. Wilkinson, President & 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
Table 1: Drillhole Locations (NAD 83, Zone 16)
----------------------------------------------------------------------------
Hole UTM E UTM N ELEV LENGTH AZIMUTH DIP
----------------------------------------------------------------------------
TM-11-72 300732 5377597 462 152.0 062 -45
----------------------------------------------------------------------------
TM-11-73 300732 5377597 462 122.0 000 -90
----------------------------------------------------------------------------
TM-11-74 300750 5377548 467 152.0 062 -45
----------------------------------------------------------------------------
TM-11-75 300750 5377548 467 122.0 000 -90
----------------------------------------------------------------------------
TM-11-76 300786 5377486 473 152.0 062 -45
----------------------------------------------------------------------------
TM-11-77 300786 5377486 473 122.0 000 -90
----------------------------------------------------------------------------
Table 2: Significant assay results from drill holes; TM-11-72, -73, -74,
-75, -76 and -77
---------------------------------------------------------------------------
Length From To Assay
Drill Hole (m) (m) (m) Au (g/t)
---------------------------------------------------------------------------
TM-11-72 144.0 8.0 152.0 0.30
---------------------------------------------------------------------------
includes 3.0 14.0 17.0 0.40
includes 4.5 26.0 30.5 0.40
includes 9.0 36.5 45.5 1.50
includes 16.5 135.5 152.0 0.80
---------------------------------------------------------------------------
TM-11-73 114.0 8.0 122.0 0.28
---------------------------------------------------------------------------
includes 36.0 27.5 63.5 0.50
includes 10.5 72.5 83.0 0.26
includes 7.5 114.5 122.0 0.46
---------------------------------------------------------------------------
TM-11-74 145.5 6.5 152.0 0.34
---------------------------------------------------------------------------
includes 40.5 6.5 47.0 0.60
includes 4.5 65.0 69.5 0.40
includes 25.5 89.0 114.5 0.47
includes 1.5 150.5 152.0 1.00
---------------------------------------------------------------------------
TM-11-75 115.5 6.5 122.0 0.70
---------------------------------------------------------------------------
includes 10.5 20.0 30.5 0.58
includes 27.0 38.0 65.0 2.00
includes 13.5 80.0 93.5 0.56
Includes 10.5 104.0 114.5 0.32
---------------------------------------------------------------------------
TM-11-76 148.5 3.5 152.0 0.40
---------------------------------------------------------------------------
includes 6.0 17.0 23.0 1.10
includes 21.0 68.0 89.0 0.60
includes 40.5 98.0 138.5 0.80
---------------------------------------------------------------------------
TM-11-77 120.0 2.0 122.0 0.33
---------------------------------------------------------------------------
includes 19.5 2.0 21.5 0.93
includes 4.5 42.5 47.0 0.43
includes 3.0 59.0 62.0 1.15
includes 13.5 108.5 122.0 0.50
---------------------------------------------------------------------------
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
ValGold Resources Ltd. (TSXV:VAL)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
ValGold Resources Ltd. (TSXV:VAL)
Gráfica de Acción Histórica
De May 2023 a May 2024