VAN newz -- two drills rigs working at Mt. Penck....
assay results expected soon....
Vangold's partner resumes drilling at Mt. Penck
2006-07-26 14:34 ET - News Release
Mr. Dal Brynelsen reports
MT. PENCK ET AL EXPLORATION UPDATE
Vangold Resources Ltd.'s joint venture partner, New Guinea Gold Corp., has provided an update on the Mt. Penck project and four other jointly owned projects in Papua New Guinea.
Mt. Penck (40-per-cent Vangold)
The Mt. Penck evaluation program which has been beset by rain delays since it was reactivated earlier this year is now proceeding at a fast pace. A second drill was recently mobilized to site and it is expected that the two rigs both of which are currently drilling, will continue operating for at least a further three months. At that time it may be necessary to move the second drill to another project. However, the first drill will continue to drill at Mt. Penck until the evaluation program is completed. Vangold beneficially owns 50 per cent of the first drill, and NGG beneficially owns the remaining 50 per cent.
The initial 239 core samples and 61 trench channel samples were sent from site on June 27 and arrived in Lae where sample preparation was completed. On July 12 these samples were sent to the assay laboratory in Jakarta. The samples were received by the laboratory and accordingly results are expected in the very near future.
In the current program eight holes for approximately 1,000 metres have been completed or are in progress, with initial holes targeting geological concepts. Both drills are now focusing on defining a resource at the Kavola South prospect at Mt. Penck, with holes being drilled to 100 m depth on a nominal 25 m to 50 m grid (depending on topography and access).
The delays in this program have been largely weather related with Papua New Guinea experiencing the worst wet season in many years. Although the weather is still unseasonably wet, drilling is now proceeding satisfactorily.
Mt. Nakru (25-per-cent Vangold)
Assessment of data was undertaken and drill targets defined for action in the last quarter of 2006, subject to drill availability.
Fergusson (50-per-cent Vangold)
A geochemical program was completed at Igwageta and an assessment of the results is currently under way. A report should be available in the near future.
Yup River (50-per-cent Vangold)
A broad soil geochemical program will commence in August to attempt to define drill targets at the Dauri prospect, referred to in earlier press releases.
Bismarck (50-per-cent Vangold)
A geochemical soil program is planned for the last quarter of 2006 to attempt to extend the 300 m long gold zone defined earlier this year (see news reported in Stockwatch March 1, 2006).
The technical data in this release were prepared by or under the supervision of Robert D. McNeil, chief executive officer of New Guinea Gold. Mr. McNeil has an MSc in geology, 44 years of mining industry experience, is a fellow of the Australian Institute of Mining and Metallurgy, and meets the requirements of NI 43-101 for a qualified person.
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