Vangold Resources Ltd ("Vangold") (TSX-V: VAN) and its joint
venture partner, New Guinea Gold Corporation ("NGG") are pleased to
announce the continuity of coppery-molybdenum mineralisation
demonstrated by drilling results between the Nayam and Misili
Prospects, Simuku.
Vangold holds directly 2,288,700 shares in Coppermoly and a
further 5,263,158 shares indirectly through its 49.7% shareholding
in Pacific Kanon Gold Corp.
The Simuku Project provides an excellent opportunity for
participation in a porphyry copper system with high molybdenum
credits in a relatively accessible and lower cost region of Papua
New Guinea.
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. 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.
Coppermoly Limited Announcement
ASX Announcement
18th February 2009 ASX Code: COY
Continuity Of Copper -- Molybdenum Mineralisation Demonstrated
By Drilling Results Between The Nayam And Misili Prospects,
Simuku
All assay results have now been received from Coppermoly's first
phase of drilling at the Simuku Project (4,194m completed in
fifteen diamond core holes).
Drill hole SMD26 intersected 282m grading 0.58% copper
equivalent* from 18m downhole at the Nayam Prospect (0.45% copper,
64 ppm molybdenum, 0.07g/t gold and 2.0g/t silver).
Approximately 1,000m further to the south at the Misili
Prospect, drill hole SMD30 intersected 84m grading 0.56% copper
equivalent*, from 12m downhole (including 18m grading 0.87% copper
equivalent*).
These results, together with twenty two other drillholes at and
between the Nayam and Misili Prospects, confirm widespread copper
mineralisation up to 364m depth, over an area of more than 1,100m
by 500m (see Table 1).
Trenching results are expected to help demonstrate the
continuity of surface mineralisation, once compiled.
The first resource estimation at Simuku is being undertaken at
and between the Nayam and Misili Prospects. It will cover about one
third of the porphyry style mineralisation that is present
discontinuously over an area about 4.5km by 1.0km (Figure 1).
Peter Swiridiuk (Managing Director) commented, "These latest
results will help us establish a substantial initial resource at
Simuku. It is quite rare to find large copper - molybdenum
mineralised systems only one hour's drive from a functioning deep
water port and essential services. There also remain zones of high
grade molybdenum mineralisation yet to be fully tested by
drilling."
NAYAM PROSPECT
Drill hole SMD26 intersected 282m grading 0.58 copper
equivalent* (0.45% copper, 64ppm molybdenum, 0.07g/t gold and
2.0g/t silver), from 18m downhole. These results confirmed
south-western extensions of copper mineralisation beneath the Nayam
trench at surface, which intersected 117m of 0.60% copper (refer to
Figures 1 - 3). See Table 1 for complete drill hole weighted assay
average results.
MISILI PROSPECT
Drill hole SMD29, located about 800m south of the Nayam
Prospect, intersected 46m grading 0.59% copper equivalent* (0.46%
copper, 51ppm molybdenum, 0.08g/t gold and 2.6g/t silver), from 19m
depth. At 139m depth, a 136m intersection then graded 0.53% copper
equivalent* (0.38% copper, 79ppm molybdenum, 0.09g/t gold and
1.9g/t silver).
Drill hole SMD30 tested for copper in a trench along Misili
Creek, at a low elevation within the Simuku system. The hole
intersected 84m grading 0.56% copper equivalent* (0.41% copper,
104ppm molybdenum, 0.06g/t gold and 1.9g/t silver), from 12m
downhole, including 18m grading 0.87% copper equivalent*. A 60m
section then intersected 0.25% copper from 106m downhole.
TOBARUM PROSPECT
Drill hole SMD31 successfully tested for mineralisation between
the Nayam and Tobarum Prospects, intersecting 101.2m grading 0.52%
copper equivalent* (0.41% copper, 73ppm molybdenum, 0.06g/t gold
and 1.7g/t silver), from 124m downhole. The hole was terminated in
0.55% copper.
H Hole From To Width Cu Mo Au Ag Cu. Eq.*
(m) (m) (m) % ppm g/t g/t %
----------------------------------------------------------
SMD17 7 20 13 0.37 22 0.07 3.5 0.44
(Tobarum) 27 80 53 0.27 15 0.05 1.6 0.31
88 98 10 0.29 28 0.07 1.0 0.34
113 115 2 0.20 12 0.05 1.0 0.24
124 155 31 0.20 51 0.07 2.0 0.29
162 164 2 0.41 47 0.06 1.3 0.48
167 177.3 10.3 0.26 26 0.04 2.2 0.31
----------------------------------------------------------
SMD18 0 115 115 0.39 84 0.07 1.7 0.50
(Nayam) Including
42 74 32 0.71 136 0.08 1.3 0.87
152 172 20 0.24 63 0.05 1.2 0.32
185 238 53 0.34 31 0.05 2.7 0.41
255 258 3 0.17 13 0.07 2.3 0.23
264 273 9 0.19 5 0.03 0.7 0.21
----------------------------------------------------------
SMD19 8 101 93 0.59 68 0.07 2.5 0.69
(Nayam) Including
18 36 18 1.0 140 0.11 4.4 1.2
103 133 30 0.37 142 0.07 1.8 0.53
135 174 39 0.32 62 0.05 1.4 0.40
179 209 30 0.30 12 0.06 1.6 0.34
264 288 24 0.36 27 0.06 1.7 0.42
315 319 4 0.21 24 0.02 1.2 0.25
----------------------------------------------------------
SMD20 8 19 11 0.24 24 0.05 1.9 0.29
(Tobarum) 26 42 16 0.18 31 0.04 1.1 0.23
50 61 11 0.20 108 0.16 4.7 0.38
68 85 17 0.26 49 0.03 1.7 0.32
103 159 56 0.22 38 0.04 1.9 0.28
174 233 59 0.26 23 0.05 4.2 0.32
250 375.9 125.9 0.36 74 0.06 1.4 0.46
----------------------------------------------------------
SMD21 0 44 44 0.38 26 0.11 2.5 0.46
(Misili) 73 92 19 0.26 15 0.06 1.3 0.30
98 133 35 0.27 18 0.08 1.1 0.33
166 183 17 0.26 32 0.12 1.3 0.34
194 239 45 0.37 86 0.08 1.0 0.48
250 258 8 0.26 67 0.06 0.8 0.34
269 277 8 0.31 105 0.04 1.9 0.43
299 302 3 0.22 16 0.03 2.0 0.26
308 364.8 56.8 0.40 76 0.05 2.8 0.51
----------------------------------------------------------
SMD22 5 18 13 0.38 47 0.08 2.5 0.47
(Tobarum) 223 229 6 0.12 25 0.18 2.8 0.23
----------------------------------------------------------
SMD23 87 91 4 0.02 1 0.34 8.4 0.21
----------------------------------------------------------
SMD24 62 66 4 0.22 7 0.04 1.1 0.24
(Magipmo) 74 106 32 0.20 16 0.03 1.1 0.23
142 150 8 0.16 39 0.15 1.6 0.26
----------------------------------------------------------
Hole From To Width Cu Mo Au Ag Cu. Eq.*
(m) (m) (m) % ppm g/t g/t %
----------------------------------------------------------
SMD25 39 161 122 0.33 83 0.04 1.3 0.43
(Nayam) Including
41 55 14 0.49 219 0.04 1.9 0.71
179 199 20 0.18 10 0.14 3.4 0.26
225 253 28 0.20 23 0.04 1.1 0.24
271 300 29 0.24 20 0.03 1.3 0.28
----------------------------------------------------------
SMD26 0 8 8 0.29 22 0.04 1.4 0.35
(Nayam) 18 300 282 0.45 64 0.07 2.0 0.58
314 320 6 0.46 49 0.04 4.0 0.57
----------------------------------------------------------
SMD27 24 122 98 0.41 15 0.05 1.1 0.47
(Tobarum) Including
24 50 26 0.76 16 0.07 1.9 0.84
Plus
126 144 18 0.32 12 0.05 1.0 0.34
Plus
150 268 118 0.43 70 0.08 1.8 0.56
Including
180 194 14 0.67 310 0.14 3.3 1.05
Plus
276 282 6 0.22 19 0.03 0.8 0.26
294 312 18 0.27 21 0.06 1.5 0.35
----------------------------------------------------------
SMD28 9 16 7 0.25 14 0.04 2.5 0.31
(Nayam)
----------------------------------------------------------
SMD29 1 9 8 0.08 144 0.09 3.6 0.29
(Misili) 19 65 46 0.46 51 0.08 2.6 0.59
73 91 18 0.44 49 0.07 1.5 0.55
139 275 136 0.38 79 0.09 1.9 0.53
----------------------------------------------------------
SMD30 12 96 84 0.41 104 0.06 1.9 0.56
(Misili) Including
12 30 18 0.67 126 0.09 3.1 0.87
106 166 60 0.25 58 0.05 1.3 0.35
----------------------------------------------------------
SMD31 124 225.2 101.2 0.41 73 0.06 1.7 0.52
(Tobarum) EOH
----------------------------------------------------------
Table 1: Weighted assay averages for all 2008 drilling (0.2% Cu. Eq* cut-
off)
Hole Prospect Drilled Easting Northing Azimuth Dip End Of Hole
(m) (m) (deg) (deg) Depth
------------------------------------------------------------------
SMD17 Tobarum 169701 9367796 0 -90 177.3m
------------------------------------------------------------------
SMD18 Nayam 169718 9368292 30 -60 299m
------------------------------------------------------------------
SMD19 Nayam 169734 9368202 30 -60 346.1m
------------------------------------------------------------------
SMD20 Tobarum 169802 9367998 0 -90 375.9m
------------------------------------------------------------------
SMD21 Misili 169631 9367378 280 -60 364.8m
------------------------------------------------------------------
SMD22 West Tobarum 169469 9367814 0 -90 261.4m
------------------------------------------------------------------
SMD23 Stan's Hill 169022 9367728 0 -90 100.4m
------------------------------------------------------------------
SMD24 Magipmo North 168895 9368782 100 -50 307.4m
------------------------------------------------------------------
SMD25 Nayam 169587 9368242 30 -60 300m
------------------------------------------------------------------
SMD26 Nayam 169735 9368202 210 -60 321m
------------------------------------------------------------------
SMD27 Tobarum 169657 9367664 100 -75 325.8m
------------------------------------------------------------------
SMD28 Nayam 169867 9368006 45 -60 97.3m
------------------------------------------------------------------
SMD29 Misili 169573 9367454 280 -60 348.2m
------------------------------------------------------------------
SMD30 Misili 169696 9367320 280 -60 344.2m
------------------------------------------------------------------
SMD31 Tobarum Creek 169575 9367923 100 -60 225.3m
------------------------------------------------------------------
Table 2: 2008 Simuku drill collar table (datum AGD66, zone 56)
A total of 6,021m has now been drilled at the Simuku system in
thirty one holes. Refer to Table 2 for hole location and
orientation information.
Coppermoly Limited is focussed on exploring for
copper-gold-molybdenum and gold deposits on the island of New
Britain in Papua New Guinea. It holds title to three Exploration
Licences EL 1077 (Simuku), EL 1043 (Mt. Nakru) and EL 1445
(Talelumas) covering 170 km2. Substantial surface exploration has
been completed, with widespread copper-gold mineralisation defined
relatively close to essential infrastructure including roads, an
airfield and a deep water port.
On behalf of the board,
Peter Swiridiuk
MANAGING DIRECTOR
For further information please contact Peter Swiridiuk on (07)
5592 1001 or visit www.coppermoly.com.au.
The information in this report that relates to Exploration
Results is based on information compiled by Peter Swiridiuk, who is
a Member of the Australian Institute of Geoscientists. Peter
Swiridiuk is a consultant to Coppermoly Ltd. Peter Swiridiuk has
sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the
activity which he is undertaking to qualify as a Competent Person
as defined in the 2004 Edition of the 'Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves.' Peter Swiridiuk consents to the inclusion in the report
of the matters based on his information in the form and context in
which it appears.
*Copper Equivalent
Mineralisation at Simuku consists of copper, molybdenum, gold
and silver. Copper equivalent* is calculated as follows:
Metal (assay results) Metal Price Factors Value Metal Value
9 Dec 2008 Calculation US$
-------------------------------------------------------------------------
A B C
-------------------------------------------------------------------------
1 Copper Cu ppm 1.44 US$/lb 453.59 ppm/lb 1A x (1B/1C) = M
-------------------------------------------------------------------------
2 Molybdenum Mo ppm 11.00 US$/lb 453.59 ppm/lb 2A x (2B/2C) = N
-------------------------------------------------------------------------
3 Gold Au g/t 772.00 US$/oz 31.103 g/oz 3A x (3B/3C) = O
-------------------------------------------------------------------------
4 Silver Ag g/t 10.00 US$/oz 31.103 g/oz 4A x (4B/4C) = P
-------------------------------------------------------------------------
Sum of metal values S M+N+O+P
-------------------------------------------------------------------------
Metal equivalent in Copper ppm CU. EQ S / 1B X 1C
------------------------------------------------------------------------
Notes:
* The copper equivalent* values for intersections are quoted in
addition to individual metal values, as they provide the most
meaningful comparisons between different drill holes and trenches.
The copper equivalent value will vary with the metal prices.
* All stated intersections are weighted assay averages ([Sum of
each total interval x grade] / Total length of intersection) with a
cut-off of 0.1 g/t gold or 0.2% copper.
* Copper Equivalent* (Cu. Eq*) is the contained copper,
molybdenum, gold and silver and that are converted to an equal
amount of pure copper and summed (based on assays of mineralised
rock and actual metal prices). It is used to allow interpretation
of the possible theoretical 'value' of mineralised rock, without
consideration of the ultimate extractability of any of the
metals.
* Island Arc related porphyry copper - molybdenum - gold -
silver deposits such as Simuku typically recover those metals
subject to prevailing metal prices and metallurgical
characteristics.
* The ASX requires a metallurgical recovery be specified for
each metal, however, no testwork has ever been undertaken at Simuku
and recoveries can only be assumed to be typical for Island Arc
porphyry copper - molybdenum - gold - silver deposits.
* It is the Company's opinion that each of the elements included
in the metal equivalents calculation has reasonable potential to be
recovered if the project proceeds to mining.
* Drilling samples were transported to the camp site, logged,
photographed and sampled at 2 metre intervals from core split by
saw. The split samples are then transported to the town of Kimbe
where they are air freighted to Intertek in Lae (PNG) for sample
preparation. Samples are dried to 106 degrees C and crushed to 2-3
mm. Samples greater than 2kg are rifle split down to 1.5kg and
pulverised to 75 microns. The final 300g sized pulp samples are
then sent to Intertek laboratories in Jakarta for geochemical
analysis. Intertek analyse for gold using a 50g Fire Assay with
Atomic Absorption Spectroscopy finish. Other elements are assayed
with ICPAES Finish. Copper values greater than 1000ppm are
re-assayed using a multi acid digest (hydrochloric, nitric,
perchloric and hydrofluoric acid) to leach out the copper with an
ICP finish. Molybdenum samples greater than 100ppm were check
assayed using X-Ray diffraction. Intertek laboratories have an ISO
17025 accreditation.
FIGURE 1
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in your browser.
www.usetdas.com/maps/vangold/vangoldprfeb18-1.pdf
FIGURE 2
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in your browser.
www.usetdas.com/maps/vangold/vangoldprfeb18-2.pdf
FIGURE 3
To View Figure 3, please click on the following link or paste it
in your browser.
www.usetdas.com/maps/vangold/vangoldprfeb18-3.pdf
Distributed by Filing Services Canada and retransmitted by
Marketwire
Contact: Dal Brynelsen Vangold Resources Ltd. 604-684-1974 email
Email Contact www.vangold.ca
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