news
posted on
Nov 12, 2008 05:12AM
A Canadian company focused on the acquisition, exploration and development of quality mineral properties world wide.
I-Zone Returns High-Grade Gold
At Mengold - Solomon’s Goldcreek Project
MONTREAL, QUÉBEC, November 12, 2008.
Mengold Resources Inc.
("Mengold")
(MNI: TSX.V) and Solomon Resources Limited (SRB: TSX-V) have encountered high-grade
gold – up to 234.0 gpt – in surface sampling programs conducted this fall at the I-Zone on the
Goldcreek Property, located in the Shebandowan area, west of Thunder Bay, Ontario. The I-Zone
is part of structurally complex series of twenty-six dykes previously mapped on the Goldcreek
Property. A structural model is currently being developed to provide insight into the nature of the
gold emplacement within this particular system.
The sampling programs were carried out by Mengold, Solomon and Caracle Creek International
Consulting (“CCIC”). CCIC recently completed an independent NI 43-101 Technical Report on
the Goldcreek Property which can be found on SEDAR, as well as, Mengold’s and Solomon’s
websites at
www.mengold.ca and www.solomonresources.ca
.
Mengold stripped and sampled a 10m x 4m area at the west end of the I-Zone that is now exposed
on surface for approximately 70m. A total of twenty-two oversize samples, each weighing
approximately 50kg to 75kg, were taken over the granodioritic dykes containing quartz-healed
ladder veins carrying pyrite mineralization. Due to the occurrence of coarse visible gold in some
of the samples, total metallic assaying was utilized instead of fire assay in order to determine a
more accurate result of the gold content. The twenty-two oversize samples averaged 9.9 gpt gold
with the highest assay being 34.9 gpt gold. Much of the gold recovered was course in the +100
mesh range which would be amenable to a milling process using a gravity concentrator. The
results of the sampling program provide evidence of increasing gold content along the western
extension of the I-Zone which averages 4m in width.
As part of an independent study, CCIC selected five grab samples over the I-Zone which
averaged 31.5 gpt gold. The samples ranged from 22.3 gpt to 44.5 gpt gold. The samples were
all analyzed by fire assay. Mengold’s joint venture partner, Solomon, selected three due
diligence samples over the western end of the I-Zone which returned assays of 0.8 gpt, 19.9 gpt,
and a spectacular 234.0 gpt gold. These samples were also analyzed by fire assay.
As reported in News Release 08-16, dated Sept. 25, 2008, Mengold’s joint venture partner,
Solomon Resources, plans to expend $5.4 million on exploration expenditures over a three-phase
program on the Goldcreek Property including a total of 24,000m of diamond drilling. Funding of
$650,000 is a firm commitment to be spent prior to December 31, 2008.
The Qualified Person responsible for this news release is Joel Scodnick, P.Geo., President & CEO
of Mengold Resources Inc.
Mengold is engaged in mineral exploration for precious and base metals. The Company is also
actively exploring the Burchell Lake Property which is prospective for gold, copper, zinc, nickel,
2
and molybdenum, and the Greenwater Lake Project which is prospective for nickel and PGE’s,
both of which are located in the Shebandowan area of Northwestern Ontario.