Vangold Resources Ltd (C-VAN) - News Release
Vangold, New Guinea drill seven metres of 2.95 g/t Au
2007-01-19 16:31 ET - News Release
Shares issued 72,699,806
VAN Close 2007-01-18 C$ 0.40
Also News Release (C-NGG) New Guinea Gold Corp
Mr. Dal Brynelsen of Vangold Resources reports
7M AT 2.95G/T GOLD IN HOLE MPD033 AT MT PENCK
Vangold Resources Ltd.'s joint venture partner, New Guinea Gold Corp. (NGG), manager of the projects owned by Kanon Resources Ltd. in Papua New Guinea (PNG), has provided an update on the Mt. Penck project (EL 1322) (West New Britain, PNG). Kanon is owned 50 per cent by Vangold and 50 per cent by NGG. The Mt. Penck property is beneficially owned 40 per cent by Vangold and 60 per cent by NGG.
Several further gold intersections are present in the latest drill results from the Mt. Penck project in Papua New Guinea. Hole MPD053 intersected seven metres at 2.95 grams per tonne (g/t) gold between three metres to 10 metres downhole. Hole MPD028 intersected five metres at 2.26 g/t gold between 47 metres to 52 metres downhole and 24 metres to 30 metres downhole, respectively. All results above a cut-off of 0.5 g/t are listed in the table below.
Bob McNeil, chief executive officer of New Guinea Gold, stated: "The results of these three holes are regarded as significant, add to the knowledge of the Kavola East zone and extend the known gold mineralization at Kavola East farther to the north. Results from a further six holes completed in 2006, are still pending, but are not expected now until mid-February due to long delays at commercial assay laboratories. Most of the remaining holes have targeted gold mineralization beyond the Kavola East zone and, if successful, would indicate additional bodies of gold mineralization within the Mt. Penck project.
"Drilling will resume in approximately one week and the initial program for 2007 will be deeper holes to target depth extension of known mineralization. Most holes to date have targeted mineralization at less than 80-metre depth."
The Mt. Penck project is beneficially owned 60 per cent by NGG and 40 per cent by Vangold Resources.
Hole No. From (m) To (m) Length (m) Gold (g/t)
MPD028 19 20 1 1.21
24 30 6 1.43
36 38 2 0.60
47 52 5 2.26
61 62 1 1.83
MPD031 67 68 1 1.20
70 71 1 1.01
MPD033 0 1 1 0.60
3 10 7 2.95
24 26 2 0.66
80 84 4 0.85
Note that the true widths of intersections is not
known. The interval from surface to three metres in
hole MPD033 averaged 0.46 g/t gold. Hole locations are
shown in the press release in Stockwatch dated Jan. 3,
2007.
All samples are sawed, half-core samples which are logged and photographed on site before sampling. Assaying was completed at accredited laboratory ALS-Chemex in Townsville, Australia.
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 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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