Vangold Resources Ltd. (TSX VENTURE: VAN) ("Vangold" or "the
Company") is pleased to provide further results from the 2009
diamond drill program at Mt Penck.
Vangold entered into a fully binding agreement (the "Agreement")
with New Guinea Gold ("NGG"), under which Vangold will acquire from
NGG, the remaining 50% to bring their ownership to 100% of four
well-advanced gold properties in Papua New Guinea ("PNG") along
with equipment and two drill rigs. These four gold properties are:
Mt Penck, Feni Island, Fergusson and Allemata. For details on the
Agreement, which is subject to the approval of the TSX Venture
Exchange and description of the four properties, please see our
news release dated September 2, 2009.
Mt Penck is an extinct stratovolcano with gold mineralization
associated with an intrusive complex. Mineralization is found on
surface and extends to at least 130 meters in places. Historic work
by Indo Pacific and BHP in the 1980s and 1990s included trenching,
mapping and 22 drill holes totalling 1300m. Extensive drilling and
labour has been completed on the Mt Penck property over the last
six years and have produced convincing indications of a large
low-grade gold deposit. To date, five main prospects are identified
at Mt Penck: (1) Kavola East, (2) Kavola South, (3) Koibua, (4) Big
Bend and (5) Peni Creek. Combined, they cover an area of 1.2km by
0.8km. Figure 1 shows the location of the five prospects. Visible
gold and nuggets have been panned in the Big Bend and Peni Creek
prospects.
From April 27, 2009 to August 10, 2009, a 4,111.6m diamond drill
program was conducted at Mt Penck. Kavola East drill holes, MPD-039
to MPD-049, included high grade intervals of 69.5m from surface at
1.82 g/t gold (MPD039); 21m at 3.13 g/t gold from 2m depth
(MPD040); and 66m from surface of 1.91 g/t gold (MPD042) and some
higher grade intervals such as 6.9m at 3.97 g/t gold (please see
news release dated June 4, 2009). Further drilling in Kavola East
returned assay results of 133m at 1.83 g/t gold (MPD042); including
8m at 3.85 g/t gold (see news release dated June 10, 2009). MPD045
returned 16m at 3.72 g/t Au and 20.37 g/t silver (see news release
dated July 10, 2009). MPD-050 through to MPD-072 drilled targets
generated from strong gold-in-trench results in Peni Creek, South
Kavola and Koibua, and also tested new zones, such as Koibua South
and Kavola Central. Drilling was carried out by two company-owned
diamond core rigs (TGD500s), staffed and operated by the Company.
The drills were supported by one 20t excavator and two
crawlers.
Table 1 lists assay results from drill core samples taken from
holes drilled into Kavola East and several other gold prospects at
Mt Penck. Table 2 lists the drillhole collar information. Results
from the last five holes drilled in the 2009 drill program at Mt
Penck (Peni Creek, Kavola South, and Koibua) are still pending.
MPD046 to MPD049 were drilled into Kavola East, where drill
holes continue to return wide intervals with low-grade gold
mineralization (see Table 1), such as 10m at 2.98 g/t gold,
including 3.2m at 6.67 g/t gold. MPD050 to MPD059 were drilled into
a new zone, Kavola Central. Assays from these holes returned 3.3m
at 5.32 g/t gold (MPD-052), including a 0.9m section of massive
sulfide running 15.45 g/t gold. MPD061 drilled into Big Bend, an
area where gold nuggets have been panned from the creek. Big Bend
returned encouraging results of 5.5m at 1.8 g/t gold and 2.8m at
2.86 g/t gold. MPD066 drilled into Kavola South and aimed at a gold
and arsenic in soil anomaly as well as a trench result of 11m at
1.77 g/t gold. The hole reached its target and returned 6.4m at
1.51 g/t gold.
Danae A. Voormeij, M.Sc., P.Geo., VP Exploration for Vangold and
Qualified Person under CIM's National Instrument 43-101 standards
reports: "Mt Penck shares many similarities with the multi-million
ounce gold deposits at Lihir. They both have epithermal vein
systems associated with young alkaline porphyry intrusives; both
are located within an inactive volcanic crater; they contain
numerous phases of brecciation, which act as permeable hosts for
gold deposition; the gold is fine and the majority of the gold is
contained in sulphides; and gold mineralization is strongly
structurally controlled. We have expanded out our drilling to test
new prospects surrounding Kavola East. The new results from Kavola
South indicate further continuity of the mineralized systems to the
south. These prospects together cover an area of 1.2km by 0.8km.
Keeping in mind that the extinct volcano hosting the hydrothermally
altered porphyry gold system has a surface area of approximately 38
square kilometres (see Figure 1), one can see that we have barely
scratched the surface at Mt Penck. We are fortunate in that there
is currently active logging taking place at Mt Penck, which is
opening up the mountain for us to explore, sample and make new
discoveries."
Mt Penck is located 55km west of the town of Kimbe, Provincial
Capital of West New Britain Island, PNG. Figure 1 shows the license
location. Access is along regularly upgraded logging access roads
to the exploration base camp and one way travel takes approximately
three hours by vehicle. A Bell Longranger helicopter is based in
Kimbe (Niugini Helicopters). EL1322 area covers the rugged slopes
of Mt Penck, an extinct stratovolcano with maximum elevation of 643
meters above sea level (masl). The project area sits at 300-400
masl with moderate relief. Hills are jungle covered with second
growth forest and is currently being logged in parts. Mt Penck is
situated on the coast and there are several small coastal villages
(including Poi, Airipi, Makati and Meto) located along its base.
Just east of Mt Penck, at Silivuti, is a port with a loading dock
for barges. Kimbe has a deep water port and is serviced by daily
jet passenger flights from Port Moresby to Hoskins Airport, less
than an hour's drive from Kimbe.
The Mt Penck project is located on the former Mt Penck volcano,
which was active during the Pliocene-Pleistocene. The stratovolcano
consists of a series of andesites and volcaniclastics, pebble
dykes, diatremes and possible pillow basalts. Calcareous mudstones
have been identified at the Koibua prospect. At the base of the
extinct volcano there are outcrops of limestone. The diameter of
the Mt Penck volcano is approximately 8km by 5km. The area of past
and current exploration is about 5% of the volcano, which leaves a
lot of open ground for exploration.
As seen from the extensive trench samples collected across the
five main prospects, low to medium gold grades (0.5-3 g/t Au) are
widespread throughout, often where quartz veining or mineralized
breccias occur, and at intersections of major through-going
deep-seated structures such as faults and shears. There is strong
structural control on the gold mineralization, as is evident from
Figure 1, which shows gold-in-trench results and structural
lineaments as interpreted from air photos. Kavola East and Peni
Creek each are located at the intersection of major north-northeast
normal faults with northeast trending and east-west trending
extensional faults.
PNG has an extensive history of exploration and mining. Deposits
of gold, gold-copper and nickel are being developed. There are
currently seven gold and gold-copper mines operating in PNG. World
class gold deposits such as Porgera (7.8 Moz gold), Simberi (5 Moz
gold) and Lihir (45 Moz gold) are being mined. Major gold
producers, such as Barrick, Harmony Gold, Allied Gold and
Anglo-American are active in PNG. As a result of exploration during
the last 30 years, a well-established exploration service sector
has emerged. There is a substantial labour pool comprised of
geologists, drillers, field assistants and miners with years of
practical experience. Foreign investment is welcomed and encouraged
by the local government.
Dal Brynelsen, President and CEO of Vangold states: "Vangold is
now focused on becoming a major exploration company in PNG. The
Company has four highly prospective properties with strong local
management and infrastructure support. We are confident based on
exploration results to date that our properties provide the
potential for a major gold discovery. Management is committed to
making that a reality."
To view Location Map please click on the following link:
http://media3.marketwire.com/docs/Fig1VAN.jpg
TABLE 1. DRILLHOLE ASSAY RESULTS FOR MT PENCK
-------------------------------------------------------------------------
Drillhole ID Prospect From (m) To (m) Interval (m) Grade (g/t Au)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
MPD046 Kavola East 15 22 7 1.16
-------------------------------------------------------------------------
32 33 1 0.58
-------------------------------------------------------------------------
38 41 3 0.55
-------------------------------------------------------------------------
48 49 11 0.76
-------------------------------------------------------------------------
-------------------------------------------------------------------------
MPD047 Kavola East 95 99 4 0.60
-------------------------------------------------------------------------
-------------------------------------------------------------------------
MPD048 Kavola East 0 10 10 2.98
-------------------------------------------------------------------------
14 23 9 0.57
-------------------------------------------------------------------------
26 28 2 0.93
-------------------------------------------------------------------------
53.5 55.5 2 0.90
-------------------------------------------------------------------------
65 67 2 0.72
-------------------------------------------------------------------------
-------------------------------------------------------------------------
MPD049 Kavola East 0 6 6 0.71
-------------------------------------------------------------------------
33 39 6 0.59
-------------------------------------------------------------------------
-------------------------------------------------------------------------
MPD050 Kavola Central 145 148 3 1.24
------------------------------------------------------------------------
150 153.5 3.5 0.71
-------------------------------------------------------------------------
-------------------------------------------------------------------------
MPD052 Kavola Central 14 17 3 0.61
-------------------------------------------------------------------------
152.7 156 3.3 5.32
-------------------------------------------------------------------------
incl 153.6 154.5 0.9 15.45
-------------------------------------------------------------------------
-------------------------------------------------------------------------
MPD053 Kavola Central 95 97 2 1.39
-------------------------------------------------------------------------
-------------------------------------------------------------------------
MPD054 Kavola Central 7 9 2 0.59
-------------------------------------------------------------------------
13.9 15.4 1.5 0.77
------------------------------------------------------------------------
51 52 1 0.64
-------------------------------------------------------------------------
122 126 4 1.19
-------------------------------------------------------------------------
-------------------------------------------------------------------------
MPD055 Kavola Central 62 64 2 0.67
-------------------------------------------------------------------------
67 68.4 1.4 2.57
-------------------------------------------------------------------------
98.5 105 6.5 0.75
-------------------------------------------------------------------------
113.5 115.4 1.9 4.99
------------------------------------------------------------------------
incl 113.5 114.4 0.9 6.38
-------------------------------------------------------------------------
116.4 120 3.6 0.65
-------------------------------------------------------------------------
-------------------------------------------------------------------------
MPD056 Kavola Central 34.2 36.7 2.5 0.61
-------------------------------------------------------------------------
51 52.5 1.5 0.66
-------------------------------------------------------------------------
-------------------------------------------------------------------------
MPD057 Kavola Central 39 41 2 0.71
-------------------------------------------------------------------------
-------------------------------------------------------------------------
MPD058 Koibua South 136 137.4 1.4 3.72
-------------------------------------------------------------------------
138.5 140.8 2.3 0.51
-------------------------------------------------------------------------
-------------------------------------------------------------------------
MPD059 Kavola Central 208 209 1 0.82
-------------------------------------------------------------------------
-------------------------------------------------------------------------
MPD061 Big Bend 2 7.5 5.5 1.8
-------------------------------------------------------------------------
32.2 35 2.8 2.86
-------------------------------------------------------------------------
-------------------------------------------------------------------------
MPD062 Kavola Creek 45 46 1 0.65
-------------------------------------------------------------------------
-------------------------------------------------------------------------
MPD063 Kavola South 4 5 1 0.55
-------------------------------------------------------------------------
7 8 1 0.99
-------------------------------------------------------------------------
9 13 4 1.16
-------------------------------------------------------------------------
24 25 1 0.49
-------------------------------------------------------------------------
-------------------------------------------------------------------------
MPD066 Kavola South 3 4 1 2.17
-------------------------------------------------------------------------
46 47 1 1.32
-------------------------------------------------------------------------
54.6 61 6.4 1.51
-------------------------------------------------------------------------
66.4 67.5 1.1 0.69
-------------------------------------------------------------------------
77 78 1.0 0.77
-------------------------------------------------------------------------
-------------------------------------------------------------------------
TABLE 2. LIST OF DRILLHOLES FOR MT PENCK 2009 DRILL PROGRAM
------------------------------------------------------------------------
RL Date
Drillhole ID Prospect Easting Northing (m) Azimuth Dip EOH Drilled
------------------------------------------------------------------------
MPD046 Kavola 790744 9388451 245 120 -75 109.7 17-May-09
East
------------------------------------------------------------------------
MPD047 Kavola 790777 9388594 243 250 -50 119.5 25-May-09
East
------------------------------------------------------------------------
MPD048 Kavola 790767 9388489 256 90 -50 179.9 22-May-09
East
------------------------------------------------------------------------
MPD049 Kavola 790609 9388482 186 145 -50 120 28-May-09
East
------------------------------------------------------------------------
MPD050 Central 790703 9388784 210 151 -50 153.5 3-Jun-09
Kavola
------------------------------------------------------------------------
MPD051 Central 790655 9388800 234 151 -50 120 3-Jun-09
Kavola
------------------------------------------------------------------------
MPD052 Central 790647 9388817 233 151 -50 156 9-Jun-09
Kavola
------------------------------------------------------------------------
MPD053 Central 790676 9388767 221 151 -50 120 9-Jun-09
Kavola
------------------------------------------------------------------------
MPD054 Central 790662 9388755 227 151 -50 141 17-Jun-09
Kavola
------------------------------------------------------------------------
MPD055 Central 790613 9388699 210 151 -50 156 18-Jun-09
Kavola
------------------------------------------------------------------------
MPD056 Central 790565 9388646 184 245 -50 90.2 24-Jun-09
Kavola
------------------------------------------------------------------------
MPD057 Central 790624 9388702 218 151 -50 159.1 28-Jun-09
Kavola
------------------------------------------------------------------------
MPD058 Koibua 790536 9388897 228 294 -50 140.8 29-Jun-09
South
------------------------------------------------------------------------
MPD059 Central 790624 9388702 218 61 -60 241.5 14-Jul-09
Kavola
------------------------------------------------------------------------
MPD060 Koibua 790382 9389135 208 230 -50 81 5-Jul-09
------------------------------------------------------------------------
MPD061 Big Bend 790524 9388768 165 209 -50 154 13-Jul-09
------------------------------------------------------------------------
MPD062 Peni 790390 9388793 149 209 -50 87 17-Jul-09
Creek
------------------------------------------------------------------------
MPD063 South 790704 9388222 251 179 -60 87 20-Jul-09
Kavola
------------------------------------------------------------------------
MPD064 Peni 790067 9388756 122 150 -50 66 17-Jul-09
Creek
------------------------------------------------------------------------
MPD065 Peni 790035 9388780 127 224 -50 99 25-Jul-09
Creek
------------------------------------------------------------------------
MPD066 South 790987 9388260 327 309 -50 98 25-Jul-09
Kavola
------------------------------------------------------------------------
In undertaking exploration in PNG, it is essential to liaise
continually with local landowners in planning the early stages of
exploration through to potential mine development. Vangold has
established an excellent relationship with the local landowners of
Mt Penck through mutual respect, clear communication and a common
goal: to develop Mt Penck into a mineable deposit. Many of the
local landowners' chiefs and their sons work on the Mt Penck
property.
All technical information in this news release has been reviewed
and approved by Danae A. Voormeij, M.Sc., P.Geo., VP Exploration
for Vangold and a Qualified Person as defined by NI 43-101.
To find out more about Vangold Resources Ltd. please visit our
website at www.vangold.ca.
On Behalf of the Board of VANGOLD RESOURCES LTD.
Dal Brynelsen, President and CEO
Disclaimer for Forward-Looking Information
Information in this news release respecting the transaction with
NGG constitutes forward-looking information. Statements containing
forward-looking information express, as at the date of this news
release, the Company's plans, estimates, forecasts, projections,
expectations, or beliefs as to future events or results and are
believed to be reasonable based on information currently available
to the Company.
Forward-looking statements and information are based on
assumptions that financing and personnel will be available when
required and on reasonable terms, and all necessary regulatory
approvals and shareholder approval will be obtained, none of which
are assured and are subject to a number of other risks and
uncertainties.
There can be no assurance that forward-looking statements will
prove to be accurate. Actual results and future events could differ
materially from those anticipated in such statements. Readers
should not place undue reliance on forward-looking information.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Vangold Resources Ltd. Dal Brynelsen 604-684-1974
604-685-5970 (FAX) brynelsen@vangold.ca www.vangold.ca
Vangold Mining (TSXV:VAN)
Historical Stock Chart
From Jul 2024 to Aug 2024
Vangold Mining (TSXV:VAN)
Historical Stock Chart
From Aug 2023 to Aug 2024
