News - Drill HolesValGold drills 35 holes at Lo Increible
2007-08-20 10:17 ET - News Release
Mr. Stephen Wilkinson reports
VALGOLD EXPLORATION PROGRAM UPDATE
ValGold Resources Ltd. is updating investors on the progress of its exploration programs in the Americas. To date in 2007, significant work has been done on the company's existing drill programs in Canada and newly developed targets in the Guiana Shield.
Guiana Shield of South America
Venezuela
The Lo Increible drill program was completed in late July and comprised 35 holes for a total accumulated length of 9,318 metres. Mineralized zones averaging as high as 7.25 grams per tonne (g/t) gold over a true width of 19.0 metres (0.21 ounce per ton over 62.3 feet) have been intersected. Most holes targeted the Los Patos gold occurrence and, although assays are still pending on several of the deeper holes, results so far indicate the presence of a mineralized body to a depth of 200 metres below surface.
Final preparations are under way to mobilize a diamond drill to the Mochila lineament gold occurrence located within the Chicanan West concessions. The minimum 5,000-metre drill program will test several targets hosted by mafic and ultramafic rocks comprising the Mochila layered intrusion. At least 15 holes are planned and will focus on faults and lithological contacts where either artisanal mining or gold soil anomalies are present.
Guyana
A small, first pass drill program was completed on the Erakiri gold occurrence on Aug. 16. A total of nine holes were drilled for a total accumulated length of 1,331 metres. All of the holes targeted porphyry-volcanic contacts along which placer gold is present.
Besides drilling at Erakiri, three large soil sampling programs have been completed over gold targets in the Whana and Piai areas. Follow-up mapping, sampling and trenching, where possible, is planned over the anomalies.
Ontario, Canada
Garrison
A National Instrument 43-101-compliant report is currently being written by ACA Howe International on the Garrison gold property located 100 kilometres east of Timmins, Ont. A resource calculation for the JP zone will comprise part of the report. Drilling on the property was completed in July and has been continuing almost continuously since late 2005. During this period a total of 74 holes have been drilled on the property for an accumulated length of 32,012 metres.
Tower Mountain
An eight-hole drill program was completed Aug. 9 on the Tower Mountain gold property located 40 kilometres west of Thunder Bay. A total of 2,090 metres were drilled to test mostly extensions to previously discovered zones such as that in 04-36 where 50.0 g/t gold was intersected over a core length of 1.5 metres. Assays for all eight holes are currently pending.
Valgold Resources is committed to generating wealth for its stakeholders and developing important new projects in the Guiana Shield of South America. In 2007, the company has reported exploration success on its Los Patos properties in Venezuela and will continue to execute its highly focused drill programs throughout in the fall. The company is committed to implementing its business plan and it expects to bring news to the market on a continuous basis.
Tom Pollock, PGeo, ValGold's vice-president, exploration, is the qualified person for the project, and is responsible for all of the technical reporting in compliance with National Instrument 43-101.