Feb 23 2011
ValGold Resources Ltd. (TSX VENTURE:VAL) has announced assay results for seven more diamond drill holes from the ongoing 30,000 meter drill program on the Garrcon Deposit at ValGold's 100% owned Garrison Gold Property.
Northern Gold Mining Inc. (TSX VENTURE:NGM) ("Northern Gold") as project operator is in the second year of an option agreement to earn an interest in the Garrison gold property from ValGold. (See ValGold news release dated September 23, 2010).
Highlights of Drill Program
- Since May 2010, a total of 25 holes (5,367 m) have been reported to date
- Drill results continue to support that the Garrcon Zone has the potential to host a bulk-tonnage gold deposit
- Northern Gold is continuing to aggressively drill with two drill rigs focusing on systematic infill, definition and step out drilling
- Drill results completed prior to December 2010 will be utilized in the pending updated NI 43-101 resource calculation due to be completed in the first quarter of 2011
Highlights of Drill Results
- GAR-10-30 with 27.2m grading 0.63 g/t Au within which is 1.0m of 8.32 g/t Au
- GAR-10-32 with 12.0m grading 0.66 g/t Au of which the last 7.0m of core returned 3.21 g/t Au
- GAR-10-36 with 58.0m grading 1.08 g/t Au with the last 2.0m assaying 13.07 g/t Au.
The Garrison Gold Property
In July 2005, ValGold purchased a 100% interest in the Garrison Gold Property. The Property is located on the Golden Highway of NE Ontario and straddles the Porcupine-Destor Fault and the Munro Fault systems along the prolific Abitibi greenstone belt. The Property hosts several gold zones including the advanced stage Jonpol and Garrcon Deposits and the 903 gold mineralized area. Drilling has been carried out on these gold zones with the earliest work dating back to the 1930's. The Property has good infrastructure with producing gold mines and mills located in close proximity. The Jonpol Project contains an indicated resource of 253,100 tonnes @ 7.77 g/t containing 63,000 ounces of gold and an inferred resource of 1.6 million tonnes @ 4.93 g/t Au containing 247,000 ounces of gold. (See the NI 43-101 Technical Report filed by Northern Gold on SEDAR on 21 October 2009). The Garrcon Project has an initial indicated resource of 3.8 million tonnes @ 1.2g/t containing 144,000 ounces of gold and an initial inferred resource of 18.5M tonnes @ 0.9 g/t containing 530,000 ounces of gold. (See Valgold news release dated September 23 2010). Northern Gold optioned the Property in September 2009 and has been working toward earning an 80% interest.