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New Gold Producer in Papua New Guinea with approx 1 million ozs in gold equivilant resources, and targets exceeding 5 millions ozs
Message: New Guinea Gold: Analysis of Drill Results Indicates Additional High Grade Gold
New Guinea Gold: Analysis of Drill Results Indicates Additional High Grade Gold Potential at Depth at Imwauna
NEW GUINEA GOLD CORP NGG
4/23/2008 5:45:32 PM
VANCOUVER, BRITISH COLUMBIA, Apr 23, 2008 (MARKET WIRE via COMTEX News Network) --
New Guinea Gold Corporation (TSX VENTURE: NGG)(FRANKFURT: NG8) -
Compilation and assessment of drill hole results from the Imwauna Project, Normanby Property, Milne Bay Province, Papua New Guinea, has defined two significant targets for high grade mineralisation at depth (50 to 150m) below the drilled mineralisation. This compilation has been carried out as part of the resource estimate, which is in progress as was noted in our Press Release of 8th April 2008. The initial resource estimate will be based on the drill hole data in the enclosed table.
To provide a visual depiction of the Imwauna system, as it is known at this time, the following plans/figures and table are included:
- Location plan of the presently known, drilled mineralised area at Imwauna within the overall or greater Imwauna project area. This plan also shows all drill hole collars and the anomalous gold in soil. It illustrates that only a small part of the system has yet been explored/drilled.
- The composite gold content of the system is shown in long section view (a vertical section along the line of the drill holes where drill intersections are projected to a single, central, plane). On the same figure as each long section, corresponding drill hole locations, including drill hole traces, in plan view are shown. The long section shows the relative concentration of gold expressed in gram metres, i.e. g/t gold multiplied by the intersection lengths in metres. The gram metres may in some cases be composite intersections (see Table of Assay Results), and may include (added together) between one and eight separate intersections per hole. This results in a visual depiction of where the highest overall gold concentrations occur and is important in understanding the gold distribution of the system and for future exploration such as defining potential targets for further drill holes. It is not used for resource estimation. The north and south extensions are not yet completely assessed and require infill drill holes.
The boundaries of each "gold zone" on the long section were determined using Surpac resource definition software.
- A table showing summary drill assay, significant results (usually above a cut off of 0.5g/t gold), and location data for each drill hole.
The diagrams and drill hole results tables illustrates that our knowledge of the drilled Imwauna system can be summarised as follows:
- Drilled vertical depth of mineralisation (metres below ground surface) varies from 50 to 200m and is open to depth along the entire zone.
- Mineralisation is open, or extends beyond the deepest hole along the complete section - in some places with relatively high grade gold, in other places low grade gold.
- Gold grades, widths of intersection and number of intersections across the zone are variable with two higher grade gold zones, approximately 300m apart, separated along strike by a lower grade zone.
- The central part of the drilled zone appears to be increasing in grade and width with depth. This points to a significant target for future drilling and future addition to resources.
- The higher grade mineralisation at the northern end of the drilled zone is still open at depth.
- The system is open to both the north and the south.
- Only a 1.5km long zone, within the overall 5km by 2km area with known gold mineralisation, has been intensively drilled, and potential to extend known gold mineralisation beyond the drilled area is excellent.
Bob McNeil CEO and Chairman commented: "a system such as the Imwauna System which appears to extend over a wide zone five kilometres in length still requires large numbers of drill holes to determine its ultimate potential. As can be seen from the diagrams, drilling will have to continue for a number of years yet to determine the full potential. Although the main gold zone is more or less continuous there are rapid changes in widths and gold grades. In addition multiple intersections, including parallel veins and discordant "splits", complicate the overall interpretation. The increasing grades with depth in the central part of the system and the likely further extension to depth of the northern high grade zone are exciting in terms of the possibility of defining more high grade mineralisation. In addition, the potential for additional gold mineralisation away from the present drilled area based on a few reconnaissance drill holes, geophysics, soil geochemistry, trenching and rock sampling is excellent. At this point in time we are on track to announce the initial resource estimate, based on the first 140 holes drilled for which assays are available, about mid June, with the independent NI 43-101 being filed on SEDAR before the end of July. Drilling continues with assays for at least a further 10 holes pending."
To view a map of the Imwauna Project Area, please visit the following link: http://media3.marketwire.com/docs/ng...
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Imwauna Drill Hole Assay Summary
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East-
Hole No Northing ing EOH Azi Dip From To Interval Gold Silver
(amg) (amg) (m) (mag) (deg) (m) (m) (m) g/t g/t
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No results
IMD001 8887180 289151 64.5 100 -60 used in resource estimation
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No results
IMD002 8887185 289110 77.5 100 -60 used in resource estimation
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No results
IMD003 8887271 289175 66.4 100 -60 used in resource estimation
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IMD004 8887263 289203 73.2 100 -60 50.5 52.7 2.2 4.1
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No results
IMD005 8887164 289173 72.2 100 -60 used in resource estimation
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IMD006 8887139 289141 70 100 -60 38.5 48.8 10.3 32.4
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50.6 60.0 9.5 13.3
----------------------------------------------------------------------------
IMD007 8887116 289131 51.1 100 -60 36.8 46.3 9.5 6.1
----------------------------------------------------------------------------
No results
IMD008 8887088 289142 60 100 -60 used in resource estimation
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No results
IMD009 8887063 289138 40 100 -60 used in resource estimation
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IMD010 8887112 289185 74.9 280 -50 39.6 40.3 0.7 2.8 12.9
----------------------------------------------------------------------------
IMD011 8887078 289168 83.55 280 -60 41.1 42.5 1.4 6.5 49.5
----------------------------------------------------------------------------
IMD012 8887067 289182 95.45 280 -60 67.1 68.9 1.8 4.0
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IMD013 8887150 289198 51 280 -60 0.0 4.4 4.4 1.1
----------------------------------------------------------------------------
43.7 44.4 0.6 4.6 4.5
----------------------------------------------------------------------------
IMD014 8887105 289204 66 280 -50 59.5 59.9 0.4 14.9 45.1
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No results
IMD015 8886936 289091 102 280 -60 used in resource estimation
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IMD015a 8886936 289092 6 280 -60 2.8 4.5 1.8 7.1
----------------------------------------------------------------------------
IMD016 8887268 289244 85.6 280 -60 32.0 32.8 0.8 2.3
----------------------------------------------------------------------------
IMD017 8887203 289218 64.3 280 -50 24.0 25.5 1.5 16.9 16.7
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IMH001 8887138 289140 75 100 -60 64.3 68.1 3.8 36.1 69.6
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IMH002 8887138 289141 72.6 100 -60 32.0 39.2 7.2 16.5 17.9
----------------------------------------------------------------------------
IMH003 8886539 288908 54 280 -50 42.9 50.0 7.1 1.0 1.7
----------------------------------------------------------------------------
IMH004 8886588 288890 82.6 100 -60 48.0 54.0 6.0 6.4 10.3
----------------------------------------------------------------------------
IMH005 8886600 288841 130 100 -60 63.0 66.5 3.5 1.4 10.6----------------------------------------------------------------------------
IMH006 8886359 288874 139.2 280 -45 126.1 128.9 2.8 4.8 15.6
----------------------------------------------------------------------------
IMH007 8886438 288906 126.2 290 -45 4.0 7.0 3.0 0.9 2.7
----------------------------------------------------------------------------
32.0 73.0 41.0 1.0 1.4
----------------------------------------------------------------------------
112.9 114.2 1.3 6.5 10.4
----------------------------------------------------------------------------
IMH008 8886679 288959 42 100 -45 16.0 18.0 2.0 7.1 21.5
----------------------------------------------------------------------------
IMH009 8886679 288957 56.5 100 -80 29.0 34.0 5.0 1.7 7.6
----------------------------------------------------------------------------
41.0 43.0 2.0 2.5 13.0
----------------------------------------------------------------------------
IMH010 8886780 289025 60 100 -55 52.0 56.5 4.5 1.0 2.7
----------------------------------------------------------------------------
23.0 27.0 4.0 1.3 3.5
----------------------------------------------------------------------------
IMH011 8886780 289024 75 100 -80 35.0 41.0 6.0 3.5 9.0
----------------------------------------------------------------------------
IMH012 8886863 289086 75 280 -45 51.0 57.0 6.0 3.6 17.8
----------------------------------------------------------------------------
IMH013 8886933 289058 55.6 100 -60 43.0 45.0 2.0 3.3 4.0
----------------------------------------------------------------------------
No results
IMH014 8887234 289201 33.1 100 -45 used in resource estimation
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IMH015 8887115 289130 43.6 100 -45 19.2 23.0 3.8 1.5 3.8
----------------------------------------------------------------------------
No results
IMH016 8887115 289131 55 100 -60 used in resource estimation
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IMH017 8887114 289131 124.6 100 -70 35.0 55.0 20.0 6.5 8.4
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No results
IMH018 8887258 288870 150.1 310 -45 used in resource estimation
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No results
IMH019 8887111 289141 55.7 100 -85 used in resource estimation
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IMH020 8887110 289141 42.7 100 -65 9.0 12.0 3.0 2.2 3.3
----------------------------------------------------------------------------
IMH021 8887110 289141 39.7 100 -65 9.0 11.0 2.0 1.2 5.0
----------------------------------------------------------------------------
14.0 16.0 2.0 6.0 10.5
----------------------------------------------------------------------------
No results
IMH022 8887136 289142 71.4 100 -65 used in resource estimation
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No results
IMH023 8887136 289142 37.4 100 -75 used in resource estimation
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IMH024 8887135 289144 45.8 100 -45 14.0 18.0 4.0 7.9 8.5
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No results
IMH025 8887147 289182 69.6 280 -65 used in resource estimation
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No results
IMH026 8887148 289181 48.8 280 -45 used in resource estimation
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No results
IMH027 8887170 289189 69.6 280 -65 used in resource estimation
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No results
IMH028 8887171 289188 37.6 280 -45 used in resource estimation
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IMH029 8887195 289195 61 280 -65 17.5 20.0 2.5 8.5 15.2
----------------------------------------------------------------------------
No results
IMH030 8887195 289194 37.6 280 -45 used in resource estimation
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IMH031 8887217 289206 60.7 280 -65 17.0 22.0 5.0 5.9 4.8
----------------------------------------------------------------------------
No results
IMH032 8887218 289205 34.8 280 -45 used in resource estimation
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IMH033 8887248 289196 79.3 106 -65 54.0 58.0 4.0 1.8 22.3
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IMH034 8887248 289197 49.1 106 -50 21.0 26.0 5.0 5.6 13.6
----------------------------------------------------------------------------
IMH035 8887271 289207 82.8 100 -70 48.0 60.0 12.0 5.5 6.8
----------------------------------------------------------------------------
63.0 65.0 2.0 4.7 23.5
----------------------------------------------------------------------------
No results
IMH036 8887270 289208 43.8 100 -55 used in resource estimation
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No results
IMH037 8887295 289213 73.9 100 -65 used in resource estimation
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IMH037A 8887294 289213 60.2 100 -65 48.3 49.4 1.1 2.8 14.1
----------------------------------------------------------------------------
IMH038 8887294 289214 43.1 100 -55 26.7 29.8 3.1 1.4 6.2
----------------------------------------------------------------------------
No results
IMH039 8887190 289170 71.2 100 -80 used in resource estimation
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IMH040 8887190 289172 30.7 100 -50 13.4 17.0 3.6 6.8 14.9
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IMH040A 8887191 289172 40 100 -50 12.3 15.3 3.0 5.6 30.9
----------------------------------------------------------------------------
IMH041 8887293 289214 41 100 -50 20.8 21.8 1.0 0.8 12.4
----------------------------------------------------------------------------
IMH042 8887209 289184 34.9 100 -50 16.4 19.3 3.0 8.9 14.0
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IMH043 8887122 289144 49.7 100 -50 14.3 15.5 1.2 13.3 22.7
----------------------------------------------------------------------------
IMH044 8887083 289162 46.7 280 -50 30.6 32.2 1.6 6.2 15.2
----------------------------------------------------------------------------
IMH045 8887083 289163 63.1 280 -65 44.5 46.2 1.7 5.2 13.1
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IMH046 8887235 289191 64.7 100 -65 44.1 45.0 0.9 9.0 19.6
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No results
IMH047 8886969 289112 35.3 280 -50 used in resource estimation
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IMH048 8886792 289034 50.1 100 -65 6.5 8.5 2.0 4.7 15.2
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No results
IMH049 8886710 289007 50.8 280 -50 used in resource estimation
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IMH050 8886653 288951 34.9 100 -60 15.9 17.6 1.7 16.7 35.2
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IMH051 8886654 288951 47.1 100 -80 24.0 26.1 2.1 22.5 45.3
----------------------------------------------------------------------------
No results
IMH052 8886603 288924 100 100 -55 used in resource estimation
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IMH053 8886627 288963 35.75 280 -50 22.8 25.2 2.4 4.8 47.9----------------------------------------------------------------------------
IMH054 8886771 289012 55.9 100 -55 30.9 32.9 2.0 3.0 16.7
----------------------------------------------------------------------------
No results
IMH054A 8886759 289001 55.9 100 -55 used in resource estimation
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IMH055 8887182 289196 52.9 280 -65 27.5 30.3 2.8 34.5 44.0
----------------------------------------------------------------------------
IMH056 8886843 289032 54.9 100 -65 34.5 35.5 1.0 23.7 72.2
----------------------------------------------------------------------------
No results
IMH057 8887147 289186 55.9 280 -60 used in resource estimation
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IMH058 8887170 289193 48 280 -60 29.6 31.1 1.5 8.0 23.1
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IMH059 8887078 289176 82.6 280 -50 51.4 52.6 1.2 14.7 31.0
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IMH060 8887052 289171 91 280 -50 60.6 61.5 0.9 15.9 31.5
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IMH061 8886965 289126 82.5 280 -50 79.7 80.5 0.9 6.1 15.7
----------------------------------------------------------------------------
IMH062 8886960 289141 160 280 -50 14.9 16.7 1.8 8.7 91.0
----------------------------------------------------------------------------
31.4 33.2 1.8 9.2 19.5
----------------------------------------------------------------------------
42.4 42.9 0.5 4.1 8.0
----------------------------------------------------------------------------
45.7 47.4 1.7 8.2 9.0
----------------------------------------------------------------------------
98.0 99.0 1.0 6.8 21.0
----------------------------------------------------------------------------
IMH063 8887083 289048 160.9 100 -60 92.9 93.4 0.5 1.2 2.0
----------------------------------------------------------------------------
97.2 97.5 0.3 7.9 2.0
----------------------------------------------------------------------------
114.4 114.8 0.4 1.7 2.0
----------------------------------------------------------------------------
127.9 128.0 0.1 5.8 2.0
----------------------------------------------------------------------------
128.5 128.7 0.2 4.2 4.0
----------------------------------------------------------------------------
149.6 149.9 0.3 8.4 22.0
----------------------------------------------------------------------------
No results
IMH064 8887037 289051 160.2 100 -70 used in resource estimation
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IMH065 8887026 289086 84.5 100 -60 64.0 64.8 0.8 3.6 17.2
----------------------------------------------------------------------------
66.1 70.8 4.7 0.9 1.7
----------------------------------------------------------------------------
70.8 71.1 0.3 13.8 13.0
----------------------------------------------------------------------------
71.9 74.1 2.2 9.2 18.0
----------------------------------------------------------------------------
74.1 75.1 1.0 0.5 1.0
----------------------------------------------------------------------------
IMH066 8887026 289086 84.5 100 -65 48.3 48.8 0.5 0.8 13.0
----------------------------------------------------------------------------
IMH067 8886668 288897 171.2 100 -65 120.2 126.2 6.0 68.0 68.9
----------------------------------------------------------------------------
IMH068 8886608 288905 60 100 -60 38.0 39.0 1.0 0.8 5.8
----------------------------------------------------------------------------
39.8 42.2 2.4 13.7 65.7
----------------------------------------------------------------------------
IMH069 8886610 288870 140 85 -65 99.1 109.1 10.0 18.1 31.4
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IMH070 8886585 288920 55.2 100 -60 22.4 22.9 0.5 2.6 6.3
----------------------------------------------------------------------------
IMH071 8886590 288895 79.8 100 -60 59.7 60.3 0.7 6.1 31.0
----------------------------------------------------------------------------
IMH072 8886565 288915 95 100 -50 37.5 38.5 1.1 3.9 5.0
----------------------------------------------------------------------------
55.9 57.0 1.1 8.3 57.0
----------------------------------------------------------------------------
IMH073 8886570 288890 135.3 100 -60 77.4 78.5 1.1 6.2 12.2
----------------------------------------------------------------------------
IMH074 8886625 288975 100 280 -50 63.0 69.5 6.5 20.9 49.6
----------------------------------------------------------------------------
IMH075 8886663 288910 180.2 100 -60 57.2 57.7 0.5 82.9 146.0
----------------------------------------------------------------------------
79.7 80.2 0.5 5.5 8.0
----------------------------------------------------------------------------
IMH076 8886685 288920 162.6 100 -65 56.2 57.1 0.9 20.5 50.0
----------------------------------------------------------------------------
IMH077 8886715 288965 109.7 100 -60 52.3 53.5 1.2 2.6 13.6
----------------------------------------------------------------------------
IMH078 8886715 288965 110 100 -70 58.7 59.6 0.9 10.8 26.9
----------------------------------------------------------------------------
IMH079 8886776 288986 100.7 100 -60 64.3 65.4 1.2 14.6 20.4
----------------------------------------------------------------------------
IMH080 8886782 288950 165.2 100 -60 108.8 109.7 0.9 11.5 19.0
----------------------------------------------------------------------------
IMH081 8886684 288860 250.0 94 -62.5 186.9 187.8 0.9 2.6 16.0
----------------------------------------------------------------------------
IMH082 8886653 288889 130.7 97 -61 73.6 75.3 1.8 8.4 16.7
----------------------------------------------------------------------------
80.8 86.4 5.6 36.2 44.6
----------------------------------------------------------------------------
IMH083 8886634 288825 230.0 97 -61.5 147.7 149.0 1.3 0.9 1.0
----------------------------------------------------------------------------
152.2 152.5 0.3 0.6 0.0
----------------------------------------------------------------------------
194.0 197.0 3.0 0.7 2.0
----------------------------------------------------------------------------
200.8 201.5 0.7 0.5 0.0
----------------------------------------------------------------------------
210.9 213.6 2.7 1.7 2.0
----------------------------------------------------------------------------
IMH084 8886590 288865 150.0 90 -60 106.2 108.5 2.3 10.6 30.0
----------------------------------------------------------------------------
IMH085 8886650 288830 200 100 -60 165.3 168.4 3.1 7.2 7.9
----------------------------------------------------------------------------
169.7 170.0 0.3 6.8 1.0
----------------------------------------------------------------------------
IMH086 8886611 288811 180 95 -50 43.6 43.8 0.2 3.8 5.0
----------------------------------------------------------------------------
155.6 157.2 1.6 3.9 6.0
----------------------------------------------------------------------------
IMH087 8886590 288824 180 100 -60 150.3 153.4 3.1 5.2 7.0
----------------------------------------------------------------------------
IMH088 8886654 288888 91.3 102 -63 77.8 80.5 2.7 2.3 11.1
----------------------------------------------------------------------------
83.6 84.6 1.1 0.6 0.0
----------------------------------------------------------------------------
IMH089 8886735 288925 130 94 -62 118.5 122.1 2.1 2.7 10.0
----------------------------------------------------------------------------
No results
IMH090 8886705 288883 250.5 100 -60 used in resource estimation
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IMH091 8886652 288956 75 100 -60 8.3 12.1 3.8 21.1 44.0----------------------------------------------------------------------------
27.1 28.6 1.5 7.8 44.0
----------------------------------------------------------------------------
IMH092 8887160 289150 42.3 100 -65 28.5 29.8 1.3 0.8 1.0
----------------------------------------------------------------------------
34.9 35.8 0.9 6.5 22.0
----------------------------------------------------------------------------
No results
IMH093 8887169 289123 70.8 100 -65 used in resource estimation
----------------------------------------------------------------------------
IMH094 8886921 289092 120.1 100 -60 9.1 13.7 4.6 9.5 15.0
----------------------------------------------------------------------------
34.4 36.1 1.7 13.4 16.0
----------------------------------------------------------------------------
50.1 51.1 1.0 0.9 0.0
----------------------------------------------------------------------------
64.7 65.2 0.5 15.5 29.0
----------------------------------------------------------------------------
32.6 33.6 1.0 8.4 27.0
----------------------------------------------------------------------------
59.3 59.9 0.6 5.1 14.0
----------------------------------------------------------------------------
108.3 109.4 1.1 9.1 20.0
----------------------------------------------------------------------------
111.3 114.7 4.6 2.2 6.0
----------------------------------------------------------------------------
IMH096 8886853 289001 201.4 100 -70 41.8 42.5 0.7 2.2 9.7
----------------------------------------------------------------------------
72.4 73.9 1.5 10.4 11.0
----------------------------------------------------------------------------
IMH097 8886844 289011 130.7 100 -60 63.2 63.5 0.3 0.7 11.7
----------------------------------------------------------------------------
68.3 68.9 0.6 5.5 65.0
----------------------------------------------------------------------------
69.8 70.1 0.3 1.1 34.5
----------------------------------------------------------------------------
90.6 90.8 0.2 11.0 9.7
----------------------------------------------------------------------------
IMH098 8886796 289010 115 100 -60 45.0 46.0 1.0 8.7 34.0
----------------------------------------------------------------------------
65.9 66.2 0.3 17.4 52.4
----------------------------------------------------------------------------
IMH099 8886796 289010 130.9 100 -70 51.8 52.6 0.8 9.6 32.9
----------------------------------------------------------------------------
67.8 68.3 0.5 0.8 3.1
----------------------------------------------------------------------------
107.6 107.7 0.1 0.5 0.3
----------------------------------------------------------------------------
IMH100 8886876 289024 130.6 100 -50 16.1 17.1 1.0 0.9 1.5
----------------------------------------------------------------------------
49.9 50.5 0.6 19.9 9.0
----------------------------------------------------------------------------
53.8 55.2 1.5 8.8 48.0
----------------------------------------------------------------------------
IMH101 8886884 289012 153.4 100 -60 119.1 125.0 5.9 4.9 9.0
----------------------------------------------------------------------------
144.1 144.6 0.5 0.7 3.3
----------------------------------------------------------------------------
IMH102 8887590 289304 90.1 280 -55 15.0 16.7 1.7 23.3 10.1
----------------------------------------------------------------------------
IMH103 8887585 289320 94.8 280 -65 30.2 30.5 0.3 16.0 10.1
----------------------------------------------------------------------------
IMH104 8887490 289310 96.1 280 -50 6.1 8.1 2.0 2.8 2.0
----------------------------------------------------------------------------
IMH105 8887478 289331 93.1 280 -50 41.6 42.0 0.4 0.8 2.0
----------------------------------------------------------------------------
56.7 57.3 0.6 1.0 2.0
----------------------------------------------------------------------------
IMH106 8887402 289233 90.1 100 -50 18.2 19.1 0.9 6.1 14.0
----------------------------------------------------------------------------
IMH107 8887402 289233 130.4 100 -75 49.9 50.4 0.5 5.2 17.0
----------------------------------------------------------------------------
No results
IMH108 8887272 289259 100.1 100 -50 used in resource estimation
----------------------------------------------------------------------------
IMH109 8887272 289259 280 -60 48.5 49.3 0.8 4.7 12.0
----------------------------------------------------------------------------
IMH110 8887182 289339 213.3 280 -55 166.1 166.3 0.2 0.9 3.1
----------------------------------------------------------------------------
No results
IMH111 8887197 289263 100.7 280 -55 used in resource estimation
----------------------------------------------------------------------------
IMH112 8887039 289260 106.6 100 -50 91.7 92.9 1.3 2.2 2.0
----------------------------------------------------------------------------
IMH113 8887170 289248 100.7 280 -50 34.7 34.9 0.2 28.6 18.0
----------------------------------------------------------------------------
79.7 80.5 0.8 3.7 4.0
----------------------------------------------------------------------------
IMH114 8887257 289271 102.3 280 -50 70.1 71.1 1.0 1.1 7.0
----------------------------------------------------------------------------
IMH115 8887257 289271 81 100 -50 63.6 64.1 0.5 5.2 8.0
----------------------------------------------------------------------------
70.3 70.5 0.3 0.7 2.0
----------------------------------------------------------------------------
IMH116 8887327 289372 100 100 -70 47.4 47.9 0.6 2.9 4.0
----------------------------------------------------------------------------
59.4 59.6 0.2 0.6 1.0
----------------------------------------------------------------------------
102.3 105.3 3.0 1.0 3.0
----------------------------------------------------------------------------
IMH117 8887327 289372 140 280 -55 Not Drilled yet
----------------------------------------------------------------------------
IMH118 8886486 288801 121.9 100 -70 25.9 29.5 3.6 2.3 12.0
----------------------------------------------------------------------------
48.8 49.1 0.3 3.5 7.0
----------------------------------------------------------------------------
IMH119 8886412 288756 101 100 -75 48.0 49.9 1.9 21.0 29.0
----------------------------------------------------------------------------
92.0 97.1 5.1 6.6 10.0
----------------------------------------------------------------------------
IMH120 8886412 288756 96.1 100 -50 24.0 24.5 0.5 0.6 8.0
----------------------------------------------------------------------------
45.5 45.8 0.3 1.6 5.0
----------------------------------------------------------------------------
IMH121 8886314 288744 100.6 100 -50 48.0 49.5 1.5 7.6 30.0
----------------------------------------------------------------------------
IMH122 8886314 288744 126.9 100 -70 82.1 84.5 2.4 13.2 17.0
----------------------------------------------------------------------------
To view the Imawauna Northern Zone map, please visit the following link: http://media3.marketwire.com/docs/ng...
To view the Imawauna Southern Zone map, please visit the following link: http://media3.marketwire.com/docs/ng...
No results used in resource calculation means all results less than cut off of 0.5g/t gold or narrow intersections usually less than one metre and 1g/t gold which appear not to have continuity.
Background
The Imwauna project is located within the Normanby Property, southeast Papua New Guinea. The Company owns 100% of this property. Imwauna is the second of the Company's key gold projects.
The Imwauna project contains defined gold mineralisation scattered over approximately 10 square kilometers, and occurs in the same geological zone and is along structural trend from Placer Dome's former Misima Mine (5 million ounces of gold). It was selected by management for a major evaluation program in 2006 to extend the known mineralisation and to build a substantial resource base. Two drill rigs have been used on the project through much of 2007. Both rigs are owned and operated by the Company.
Approximately 150 holes have now been drilled at Imwauna (over 200 on the property), with most results available on NGG's web site (all except most recent drill holes yet to be announced).
The project can be summarized as follows:
- The Imwauna Project is, at present a 1.5km long structural zone, up to 100m wide, with several, semi continuous zones of gold mineralisation. The Imwauna Project, in turn, is within a 5 km by 2 km Zone with extensive surface gold anomalism in soils and rock chips, most of which remains to be explored in detail.
- Historical inferred resource, based on initial 15 drill holes, of 990,000 tonnes of 6.1g/t gold and 12g/t silver for 194,000oz gold and 382,000oz silver.
- Drilling to define resources and the potential of the property is in progress. Resource estimate is expected in mid 2008 with the new NI 43-101 report by end of July 2008.
- Best drill results such as 3.7m of 94.4g/t gold and 7.2m of 16.5g/t gold.
- Trial mining completed - had an average grade of 14.1g/t gold over a 2.2 m mining width.
- Bulk sampling of 38 excavator trenches over 1,240m strike length averaged 26.4g/t gold over an average of 1m width in central high grade part of the system with likely open pit mining width defined as 3 to 4 metres.
Drill core is logged and split (all by saw) on site with half core being dispatched to, and assayed by accredited laboratory ALS-Chemex in Townsville, Australia. In house and laboratory standards are used for quality control plus regular check sample assaying. Trench samples are continuous channel samples, in either one or two metre intersects. Usually about 3kg is collected and prepared and assayed at ALS - Chemex in Townsville, Australia.
New Guinea Gold Corporation has disclosed historical resource estimates for the Imwauna (Normanby) project. However, these resource estimates have been based on historical estimates and have not been verified and supported by NI 43-101 compliant, independent technical reports. As such, the historical resource estimates cannot be relied upon until they have been verified and supported by NI 43-101 compliant technical reports.
In addition to the Imwauna Project the Company has commenced gold production at its Sinivit Gold Mine, in East New Britain, Papua New Guinea (see Press Release dated 8th April 2008). The Company also owns an approximate 50% interest in Australian Securities Exchange listed company, Coppermoly Ltd and in Pacific Kanon Gold Corporation which is intended to list on the TSX-V in the near future.
Investors are cautioned that the development of Sinivit is proceeding in the absence of a full feasibility study. These evaluations are preliminary in nature and are based entirely on indicated mineral resources, which have not been categorized as mineral reserves. There is no assurance that the operating and financial projections in the preliminary assessment will be realized. Mineral resources that are not reserves do not have demonstrated economic viability. Measured and indicated mineral resources are that part of a mineral resource of which quantity and grade can be estimated with a level of confidence sufficient to allow the application of technical and economic parameters to support mine planning and evaluation of the economic viability of the deposit.
Full details of the Sinivit Project are described in an Independent N1 43-101 report dated January 2006 which is available at www.newguineagold.ca.
For further information on this release or on other NGG projects such as the Sinivit Gold Mine, contact Forbes West toll free at 888 655 5532, email forbes@sherbournegroup.ca or Judith O'Quinn at 604 662 3598, email ngg@telus.net or access our website - www.newguineagold.ca.
ON BEHALF OF THE BOARD
R.D.McNeil, CHAIRMAN & CEO
The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company.
The TSX Venture Exchange has not reviewed and does not accept the responsibility of the adequacy of this release.
Contacts: New Guinea Gold Corporation Forbes West 1-888-655-5532 Email: forbes@sherbournegroup.ca New Guinea Gold Corporation Judith O'Quinn (604) 662-3598 (604) 669-6257 (FAX) Email: ngg@telus.net Website: www.newguineagold.ca
SOURCE: New Guinea Gold Corporation
mailto:forbes@sherbournegroup.ca mailto:ngg@telus.net http://www.newguineagold.ca
Copyright 2008 Market Wire, All rights reserved.
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