Drilling Commences at Kafunjo, Uganda
June 02 2008 - 6:49PM
Marketwired
VANCOUVER, BC (PINKSHEETS: VNGRF) ("Vangold"), further to a news
release of May 21, 2008 announcing the drill program, drilling
commenced at the Kafunjo concession on May 25th. Mr. Locke
Goldsmith, P.Eng., P.Geo., reports that as of June 1, the drilling
was going well and that the first hole, logged to 288 meters,
showed pyrrhotite with specks of chalcopyrite in the bedding. This
is similar to rock in previous holes that were drilled in 1995. The
target depth of this hole is 800 to 1000 meters. The drill program
is designed to drill to the targeted depth of the anomaly between
650 to 800 meters as defined by the geophysics and gravity surveys.
Work on Kafunjo is carried out under the supervision of Mr.
Goldsmith a qualified person as defined by National Instrument
43-101.
Vangold is the largest concession holder in Uganda through its
wholly owned subsidiary, Rwenzori Copper & Nickel Limited.
Vangold previously conducted exploration programs in Uganda from
1994 to 1998 and resumed active exploration efforts in 2007.
Vangold's Ugandan projects include the Kafunjo, Kilembe and West
Nile properties.
The Kilembe property consists of 5 contiguous licenses that
cover copper-cobalt anomalies identified by Falconbridge and are
located near the past-producing copper-cobalt mine operated by
Falconbridge from 1956 to 1972. Geological mapping and sampling are
planned for 2008.
The West Nile properties cover known gold occurrences in the
Ugandan greenstone belt directly east of the Kilo Moto goldfields
in the adjacent Democratic Republic of the Congo. Anglogold Ashanti
has been actively exploring the district surrounding the old Kilo
mine since 2005 and Moto Goldfield's Moto Mine currently has
indicated resources in excess of 10 million ounces of gold and
another 11 million ounces in the inferred category. In Uganda,
small scale mining of placer gold at West Nile suggests that
potential exists for similar gold deposits in the geological
continuity of this mineralized belt. In 2008 the Company plans to
commence reconnaissance exploration on the West Nile properties in
the form of geological mapping and sampling.
All technical information in this press release has been
reviewed by Danae A. Voormeij, P.Geo, a qualified person as defined
by National Instrument 43-101.
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
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of this
news release.
Distributed by Filing Services Canada and retransmitted by
Marketwire
Contact: Vangold Resources Ltd. Suite 1730, 650 West Georgia
Street P.O. Box 11622 Vancouver, BC V6B 4N9 Phone: (604) 684-1974
Fax: (604) 685-5970 www.vangold.ca
Vangold Mining (TSXV:VAN)
Historical Stock Chart
From Dec 2024 to Jan 2025
Vangold Mining (TSXV:VAN)
Historical Stock Chart
From Jan 2024 to Jan 2025