Drilling Commences At Mt. Penck
posted on
Apr 28, 2009 11:35AM
New Gold Producer in Papua New Guinea with approx 1 million ozs in gold equivilant resources, and targets exceeding 5 millions ozs
News Releases - Monday, April 27, 2009
Title: Drilling Commences At Mt. Penck
April 27, 2009 - Vancouver, British Columbia - Vangold Resources Ltd ("Vangold") and its joint venture partner, New Guinea Gold Corporation ("NGG") are pleased to announce plans for additional exploration on some of its key projects:
The Mt. Penck property is owned, 80% by Kanon Resources Ltd., and 20% by New Guinea Gold Corporation. Thus, beneficial ownership is 40% Vangold Resources Ltd. and 60% by New Guinea Gold Corporation (NGG). The property consists of Exploration Licence 1322 of approximately 102.6 sq kms and is situated 55 kms west of Kimbe, Provincial Capital of West New Britain. It has road access to Kimbe. The property encompasses a large circular feature and is part of an eroded, extinct stratovolcano.
Gold mineralisation is widespread within the circular feature, but to date detailed work has focussed on the area shown in Figure 1. Most of the licence area is effectively unexplored.
Kanon Resources has completed 38 diamond core holes totalling approximately 4700m. Significant results include intersections such as 72m at 1.79g/t gold, 14m at 2.82g/t gold and 2m at 36.7g/t gold.
Several kilometres of bulldozer and hand dug trenches by Kanon yielded intersections such as 18m at 3.79g/t gold, 8m at 7.72g/t gold, 18m at 1.72g/t gold, 3m at 16.32g/t gold and 3m at 180g/t gold.
Seven diamond core holes totalling 1093m and 1140.5m of Aircore/RC drilling were completed by previous explorers.
To indicate the potential of the project, all drill hole intersections (present and historic) above an 0.5g/t cut off are shown in Table 1. Trench results are shown in Table 2. Drill hole and trench locations are shown in an Independent NI 43-101 report on Sedar or at www.newguineagold.ca.
The present program at Mt. Penck of approximately 25 holes totalling 3000m is designed to complete the evaluation of the Kavola East mineralisation to a point that will allow a resource estimate, in accordance with the guidelines of NI 43-101, to be completed. It is also designed to test high grade gold values at Kavola South, Peni Creek and other projects. This first phase program may be ongoing, depending on assay results and corporate funding.
Drilling will be carried out by two company-owned diamond core rigs, staffed and operated by the Company. The drills are supported by one 20t excavator and tracked vehicles for transportation. Drilling sites are all within a few kilometres of the coast.
Previous drill hole locations and proposed drill sites are shown on Figure 2. The coloured zones represent anomalous gold in soils, any of which may represent significant gold in bedrock.
Bob McNeil, CEO and Chairman of New Guinea Gold Corporation commented: "The Mt.Penck Project is an exciting project for both parties (NGG and Vangold) with excellent potential, based on drill results to date, for the ultimate definition of a significant gold resource. The project has been largely inactive for the last year as the partners prepared an IPO for parent company, Pacific Kanon Gold Corporation. This IPO is presently on hold, the partners are now directly funding the exploration and the IPO could be reactivated if market conditions are favourable.
The project has good access and is close to infrastructure and the Provincial Capital of Kimbe. Drill assay results should become available from mid/late May and be released on a regular basis thereafter".
To find out more about Vangold Resources Ltd. please visit our website at www.vangold.ca or contact Dal Brynelsen at 604-684-1974 or by email brynelsen@vangold.ca.
On Behalf of the Board of
VANGOLD RESOURCES LTD.
"Dal Brynelsen"
Dal Brynelsen, President and CEO
Neither TSX Venture Excange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 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.
TABLE 1 DRILLING RESULTS
Kavola East prospect -- Kanon drilling results
Nominal 0.2g/t gold cutoff
Hole No. |
|
From (m) |
To (m) |
Intercept (m) |
Gold g/t |
MPD001 |
|
30 |
36 |
6 |
0.39 |
|
48 |
88.4 |
40.4 |
0.29 |
|
Incl. |
50 |
52 |
2 |
1.01 |
|
MPD002 |
|
56 |
90 |
34 |
0.79 |
Incl. |
70 |
80 |
10 |
1.99 |
|
|
146 |
153.4 |
7.4 |
0.45 |
|
MPD003 |
|
90 |
139 |
49 |
0.33 |
Incl. |
96 |
100 |
4 |
0.67 |
|
|
163 |
173 |
10 |
1.84 |
|
Incl. |
168 |
171 |
3 |
4.7 |
|
MPD004 |
|
0 |
6 |
6 |
3.67 |
Incl. |
4 |
6 |
2 |
8.95 |
|
|
10 |
12 |
2 |
0.92 |
|
|
69 |
85 |
16 |
0.18 |
|
|
112 |
128 |
16 |
0.26 |
|
|
112 |
114 |
2 |
0.67 |
|
|
119 |
121 |
2 |
20.54 |
|
|
125 |
128 |
3 |
0.40 |
|
MPD005 |
|
0 |
4 |
4 |
0.74 |
Incl. |
1 |
2 |
2 |
1.13 |
|
|
110 |
118 |
10 |
0.89 |
|
Incl. |
116 |
118 |
2 |
1.15 |
|
|
154 |
167 |
13 |
3.06 |
|
Incl. |
157 |
159 |
2 |
15.35 |
|
MPD006 |
|
0 |
72 |
72 |
1.79 |
Incl. |
0 |
3 |
3 |
3.85 |
|
Incl. |
23 |
66 |
43 |
2.35 |
|
Incl. |
41 |
52 |
11 |
3.21 |
|
Incl. |
63 |
64 |
1 |
13.6 |
|
MPD007 |
|
0 |
46 |
46 |
1.2 |
Incl. |
0 |
14 |
14 |
2.82 |
|
|
68 |
70 |
2 |
36.7 |
|
MPD008 |
|
0 |
23 |
23 |
2.29 |
|
|
29 |
32 |
3 |
0.64 |
|
|
52 |
56 |
4 |
2.54 |
|
|
60 |
61 |
1 |
3.71 |
|
|
69 |
70 |
1 |
3.98 |
|
|
140 |
142 |
2 |
0.95 |
|
|
162 |
164 |
2 |
0.62 |
|
|
170 |
174 |
4 |
1.07 |
MPD009 |
|
60 |
62 |
2 |
0.64 |
|
|
69 |
71 |
2 |
1.58 |
|
|
96 |
100 |
4 |
4.04 |
Kavola East prospect -- Kanon drilling results (Cont)
Hole No. |
|
From (m) |
To (m) |
Intercept (m) |
Gold g/t |
MPD010 |
|
24 |
25 |
1 |
2.34 |
|
|
40 |
41 |
1 |
3.82 |
|
|
45 |
46 |
1 |
2.70 |
|
|
53 |
57 |
4 |
2.25 |
|
|
89 |
91 |
2 |
0.52 |
MPD011 |
|
67 |
70 |
3 |
4.3 |
|
|
74 |
76 |
2 |
8.4 |
MPD013 |
|
4 |
6 |
2 |
1.7 |
|
|
8 |
10 |
2 |
0.5 |
|
|
27 |
28 |
1 |
0.5 |
|
|
46 |
47 |
1 |
0.6 |
|
|
48 |
55 |
7 |
1.2 |
MPD014 |
|
20 |
21 |
1 |
0.6 |
|
|
30 |
32 |
2 |
0.6 |
MPD015 |
|
0 |
3 |
3 |
0.7 |
|
|
5 |
12 |
7 |
2.3 |
|
|
13 |
24 |
11 |
1.1 |
|
|
36 |
37 |
1 |
2.1 |
|
|
89 |
90 |
1 |
0.6 |
MPD016 |
|
0 |
1 |
1 |
1.6 |
|
|
4 |
5 |
1 |
1.0 |
|
|
95.9 |
97.4 |
1.5 |
1.5 |
MPD017 |
|
61 |
64 |
3 |
1.4 |
|
|
70 |
71 |
1 |
1.7 |
MPD018 |
|
10 |
23 |
13 |
2.1 |
|
|
27 |
33 |
6 |
1.9 |
|
|
37 |
39 |
2 |
4.5 |
|
|
48 |
53 |
5 |
2.5 |
|
|
61 |
62 |
1 |
1.0 |
|
|
96 |
101 |
5 |
1.3 |
|
|
107 |
109 |
2 |
1.0 |
MPD019 |
|
17.2 |
19.5 |
2.3 |
2.9 |
|
|
35.3 |
37.4 |
1.1 |
1.2 |
|
|
39.3 |
41.4 |
2.1 |
2.6 |
|
|
77.9 |
78.5 |
0.8 |
0.9 |
MPD020 |
|
4 |
5 |
1 |
0.6 |
|
|
7 |
8 |
1 |
0.5 |
|
|
10 |
14 |
4 |
0.9 |
|
|
15 |
18 |
3 |
1.8 |
|
|
20 |
22 |
2 |
3.2 |
|
|
43 |
48 |
5 |
2.9 |
|
|
55 |
58 |
3 |
0.7 |
|
|
65 |
69 |
4 |
0.7 |
|
|
77 |
81 |
4 |
0.5 |
|
|
141 |
142 |
1 |
0.7 |
|
|
146 |
148 |
2 |
0.8 |
MPD021 |
|
45 |
47 |
2 |
1.03 |
Kavola East prospect -- Kanon drilling results (Cont)
Hole No. |
|
From (m) |
To (m) |
Intercept (m) |
Gold g/t |
MPD022 |
|
27 |
29 |
2 |
2.1 |
|
|
33.7 |
42 |
8.3 |
1.7 |
|
|
44 |
46 |
2 |
0.6 |
|
|
48 |
52 |
4 |
7.5 |
|
|
57 |
59 |
2 |
0.9 |
|
|
64 |
67 |
3 |
2.1 |
|
|
87 |
96 |
9 |
6.4 |
|
|
91 |
93 |
2 |
19.1 |
|
|
97 |
98 |
1 |
1.0 |
|
|
99 |
100 |
1 |
1.4 |
|
|
104 |
106 |
2 |
0.9 |
MPD023 |
|
18 |
19 |
1 |
1.3 |
|
|
20 |
26 |
6 |
1.4 |
|
|
30 |
31 |
1 |
2.6 |
|
|
92 |
93 |
1 |
1.0 |
MPD024 |
|
0 |
1 |
1 |
4.5 |
|
|
2 |
3 |
1 |
0.6 |
|
|
29 |
30 |
1 |
2.2 |
|
|
49 |
51 |
2 |
1.4 |
|
|
52 |
54 |
2 |
1.0 |
|
|
66 |
68 |
2 |
1.7 |
|
|
128 |
130 |
2 |
1.5 |
MPD025 |
|
0 |
3 |
3 |
1.4 |
|
|
13 |
14 |
1 |
0.5 |
|
|
17 |
18 |
1 |
0.8 |
|
|
21 |
22 |
1 |
0.8 |
|
|
94 |
96 |
2 |
1.4 |
|
|
98 |
99 |
1 |
0.6 |
MPD026 |
|
4 |
5 |
1 |
1.8 |
|
|
6 |
7 |
1 |
1.8 |
|
|
9 |
13 |
4 |
3.7 |
|
|
74 |
81 |
7 |
2.1 |
|
|
92 |
94 |
2 |
0.5 |
|
|
98 |
100 |
2 |
1.3 |
MPD028 |
|
19 |
20 |
1 |
1.21 |
|
|
24 |
30 |
6 |
1.43 |
|
|
36 |
38 |
2 |
0.60 |
|
|
77 |
81 |
4 |
1.94 |
|
|
90 |
91 |
1 |
1.83 |
MPD029 |
|
13 |
14 |
1 |
3.33 |
|
|
90 |
96 |
6 |
0.90 |
MPD030 |
|
19 |
21 |
2 |
0.99 |
|
|
125 |
126 |
1 |
1.56 |
|
|
130 |
132 |
2 |
1.01 |
MPD031 |
|
67 |
68 |
1 |
1.20 |
|
|
70 |
71 |
1 |
1.01 |
MPD032 |
|
8 |
16 |
8 |
1.41 |
|
|
34 |
36 |
2 |
1.08 |
MPD033 |
|
0 |
10 |
10 |
2.20 |
|
|
24 |
26 |
2 |
0.66 |
|
|
62 |
64 |
2 |
0.55 |
|
|
80 |
84 |
4 |
0.85 |
MPD034 |
|
0 |
3 |
3 |
0.70 |
|
|
58 |
60 |
2 |
1.08 |
|
|
88 |
89 |
1 |
3.34 |
|
|
113 |
117 |
4 |
0.85 |
|
|
124 |
126 |
2 |
2.80 |
Upper Peni Creek prospect -- Kanon drilling results
Hole No. |
|
From (m) |
To (m) |
Intercept (m) |
Gold g/t |
MPD036 |
|
22 |
26 |
4 |
5.71 |
MPD037 |
|
0 |
4 |
4 |
0.74 |
|
incl. |
2 |
4 |
2 |
1.06 |
|
|
26 |
29 |
3 |
1.22 |
|
incl. |
28 |
29 |
1 |
2.45 |
|
|
43 |
44 |
1 |
0.84 |
|
|
66 |
68 |
2 |
2.85 |
MDP038 |
|
0 |
2 |
2 |
0.66 |
|
|
44 |
48 |
4 |
1.13 |
|
incl. |
45 |
47 |
2 |
1.57 |
Peni Creek prospect -- BHP aircore drilling results
Hole No. |
|
From (m) |
To (m) |
Intercept (m) |
Gold g/t |
PA11 |
|
0 |
4 |
4 |
0.24 |
6 |
24 |
18 |
0.56 |
||
PA12 |
|
4 |
14 |
10 |
0.34 |
16 |
20 |
4 |
1.03 |
||
24 |
28 |
4 |
2.41 |
||
30 |
36.5 |
6.5 |
0.51 |
||
PA13 |
|
16 |
18 |
2 |
0.40 |
20 |
22 |
2 |
0.11 |
||
30 |
34 |
4 |
0.30 |
||
44 |
50 |
6 |
1.30 |
||
52 |
58 |
6 |
0.78 |
||
PA14 |
|
16 |
48 |
32 |
0.98 |
PA15 |
|
4 |
28 |
24 |
0.65 |
PA16 |
|
4 |
6 |
2 |
0.57 |
8 |
12 |
4 |
0.17 |
||
22 |
24 |
2 |
0.16 |
||
PA17 |
|
0 |
4 |
4 |
0.72 |
6 |
10 |
4 |
0.16 |
||
18 |
20 |
2 |
0.49 |
||
26 |
30 |
4 |
1.15 |
||
PA18 |
|
8 |
16 |
8 |
1.40 |
18 |
21 |
3 |
0.15 |
||
PA19 |
|
0 |
26 |
26 |
0.95 |
56 |
62 |
6 |
0.13 |
||
PA20 |
|
4 |
6 |
2 |
0.13 |
PA21 |
|
0 |
2 |
2 |
0.15 |
4 |
8 |
4 |
0.16 |
||
26 |
28 |
4 |
0.12 |
||
PA22 |
|
16 |
18 |
4 |
0.12 |
|
|
22 |
26 |
4 |
1.84 |
|
|
28 |
50 |
22 |
0.61 |
|
|
54 |
58 |
4 |
0.25 |
Indo Pacific Resources' reconnaissance diamond drilling results
Hole No. |
|
From (m) |
To (m) |
Intercept (m) |
Gold g/t |
184.0m |
|
145 |
173 |
28 |
1.59 |
|
162 |
173 |
11 |
1.40 |
|
DDH002 |
|
46 |
113 |
67 |
1.68 |
Incl. |
76.3 |
81.3 |
5 |
2.85 |
|
Incl. |
90.6 |
103.6 |
13 |
3.13 |
|
DDH003 |
|
145 |
173 |
28 |
1.59 |
Incl. |
145 |
155 |
10 |
2.54 |
|
DDH004 |
|
58 |
60 |
2 |
0.10 |
|
|
|
0 |
|
|
DDH005 |
|
1 |
6 |
5 |
0.50 |
|
34 |
36 |
2 |
0.99 |
|
|
84 |
90 |
6 |
1.01 |
|
DDH006 |
|
0 |
287 |
287 |
0.05 |
Incl. |
50 |
52 |
2 |
1.14 |
|
DDH007 |
|
0 |
128 |
128 |
0.63 |
Incl. |
0 |
2 |
2 |
4.76 |
|
Incl. |
18 |
38 |
20 |
2.08 |
|
Incl. |
28 |
34 |
6 |
6.08 |
|
Incl. |
29 |
30 |
1 |
23.2 |
|
Incl. |
66 |
120 |
54 |
0.43 |
|
Incl. |
67 |
69 |
2 |
0.83 |
|
Incl. |
85 |
88 |
3 |
1.92 |
|
Incl. |
112 |
115 |
3 |
1.47 |
|
Incl. |
114 |
115 |
1 |
2.85 |
|
Incl. |
119 |
120 |
1 |
1.93 |
|
|
|
|
|
|
Koibua prospect -- BHP aircore drilling results
Hole No. |
|
From (m) |
To (m) |
Intercept (m) |
Gold g/t |
PA7 |
|
0 |
21.5 |
21.5 |
1.43 |
PA8 |
|
0 |
4.0 |
4.0 |
0.20 |
PA9 |
No significant intersection |
||||
PA10 |
|
8.0 |
19.5 |
11.5 |
1.29 |
PA33 |
|
0 |
33.0 |
33.0 |
2.41 |
Koibua prospect -- Indo Pacific Resources' diamond drilling results
Hole No. |
|
From (m) |
To (m) |
Intercept (m) |
Gold g/t |
DDH001 |
|
23 |
24 |
1.0 |
0.58 |
|
27 |
29 |
2.0 |
1.11 |
|
|
47 |
49 |
2.0 |
1.70 |
|
|
74 |
75 |
1.0 |
1.11 |
|
|
79 |
80 |
1.0 |
0.74 |
|
|
128 |
130 |
1.0 |
0.98 |
|
|
138 |
140 |
2.0 |
0.74 |
|
|
142 |
143 |
1.0 |
0.51 |
|
|
145 |
156 |
11.0 |
2.37 |
|
|
|
Incl. |
2.0 |
2.25 |
|
|
159 |
160 |
1.0 |
0.80 |
|
|
161 |
173 |
12.0 |
1.34 |
|
DDH002 |
|
14 |
18 |
4.0 |
0.54 |
|
22 |
24 |
2.0 |
1.79 |
|
|
32 |
34 |
2.0 |
0.91 |
|
|
48 |
54.2 |
6.2 |
1.30 |
|
|
61.2 |
62.2 |
1.0 |
0.63 |
|
|
76.3 |
113.0 |
36.7 |
1.70 |
|
|
|
Incl. |
|
||
|
76.3 |
81.3 |
5.0 |
2.85 |
|
|
91.6 |
96.6 |
5.0 |
5.45 |
|
|
98.6 |
102.6 |
4.0 |
3.59 |
|
|
112.0 |
113.0 |
1.0 |
4.09 |
TABLE 2 TRENCH ASSAY RESULTS (NOT COMPLETE)
Kavola East (Kanon and historic results)
Trench |
Length of trench (m) |
Intercept (m) |
Grade Gold g/t |
Grade Silver g/t |
#1 |
97 |
97 |
3.39 |
|
#2 |
62 |
62 |
0.84 |
|
#3 |
40 |
40 |
0.80 |
|
#4 |
137 |
131 |
2.36 |
|
#5 |
37 |
28 |
2.19 |
|
#6 |
29 |
20 |
1.66 |
|
#7 |
35 |
35 |
0.97 |
|
#8 |
25 |
10 |
1.59 |
|
#11 |
88 |
64 |
2.50 |
|
#12 |
27 |
27 |
1.38 |
|
22 |
18 |
3.79 |
7.54 |
|
E of MPD005 (#21) |
15.8 |
8.8 |
1.43 |
1.0 |
W along MPD005 (#22) |
28.6 |
1 |
10.10 |
44.0 |
S towards MPD005 (#23) |
120 |
3 |
2.89 |
6.0 |
|
|
18 |
7.72 |
|
W of MPD005 (#23 a) |
13 |
13 |
1.01 |
2.9 |
100 m W of and below MPD003 (#24) |
51 |
3 |
6.28 |
29.1 |
E from MPD004 (#25) |
85 |
2 |
1.53 |
6.1 |
|
|
18 |
1.72 |
0.8 |
|
|
4 |
1.28 |
0.5 |
NE of MPD004 (#26) |
89 |
20 |
4.73 |
3.8 |
|
|
20 |
1.34 |
0.9 |
S of MPD0006 (#27) |
49 |
26 |
1.41 |
2.1 |
Trench E of MPD006 (#28) |
122 |
3 |
1.00 |
NSR |
|
|
3 |
16.32 |
NSR |
#29 |
81 |
27 |
1.34 |
7.6 |
#30 |
137 |
12 |
1.75 |
5.8 |
#31 |
134 |
9 |
0.82 |
1.7 |
E of main access track to camp (#32) |
139 |
20 |
NSR |
NSR |
SE of MPD004 (#33) |
114.5 |
13 |
2.65 |
4.3 |
|
|
10 |
0.78 |
NSR |
|
|
2 |
3.03 |
NSR |
|
|
10 |
0.99 |
NSR |
|
|
2 |
1.68 |
NSR |
|
|
3 |
1.81 |
NSR |
SE of MPD005 (#34) |
72 |
9 |
1.75 |
0.8 |
|
|
9 |
0.75 |
NSR |
Old Indo Pacific trench 150 m S of camp (#36) |
201 |
3 |
3.01 |
4.1 |
NSR - No Significant Result
Koibua prospect (historic)
Trench/Costean |
Length (m) of trench |
Intercept (m) |
Gold g/t |
Trench 1 |
220 |
5.0 |
5.84 |
Trench 2 |
90 |
4.0 |
1.73 |
Trench 3 |
100 |
11.0 |
2.19 |
|
Incl. |
7.0 |
3.29 |
Trench 4 |
50 |
8.0 |
1.07 |
Costean 1 |
250 |
12.0 |
1.89 |
55.0 |
2.75 |
||
|
Incl. |
3.0 |
37.04 |
Peni Creek prospect (historic)
Trench |
Length (m) of trench |
Intercept (m) |
Gold g/t |
Costean 4 |
600 m |
14 |
0.93 |
10 |
1.67 |
||
16 |
2.08 |
||
8 |
1.55 |
||
77 |
1.03 |
||
|
|
Incl. 8 |
3.43 |
Costean 5 |
Infrequent interval along Peni Creek |
32 |
1.41 |
24 |
1.36 |
||
4 |
3.87 |
||
2 |
1.55 |
||
6 |
1.28 |
Upper Peni Creek prospect (Kanon)
Trench |
Length (m) of trench |
Intercept (m) |
Gold g/t |
1 |
- |
24.0 |
33.7 |
Incl. |
|
3.0 |
180.0 |
2 |
- |
12.0 |
4.07 |
3 |
- |
33.0 |
1.73 |
4 |
- |
18.0 |
1.82 |
5 |
- |
12.0 |
0.88 |
Kavola South prospect (Kanon)
Trench |
Length (m) of trench |
Intercept (m) |
Gold g/t |
1 |
- |
30.0 |
4.42 |
2 |
- |
48.0 |
4.01 |
3 |
- |
24.0 |
2.82 |
4 |
- |
12.0 |
1.49 |
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Message sent on Tue Apr 28, 2009 at 9:56:07 AM Pacific Time