Vangold Resources Ltd. ("Vangold" or the "Company") (TSX VENTURE:
VAN) and its joint venture partner, New Guinea Gold Corporation
("NGG"), are pleased to announce that Coppermoly Limited
("Coppermoly"), an Australian listed company, has issued the
following news release.
Vangold directly holds 2,288,700 shares in Coppermoly and a
further 5,263,158 shares indirectly through its 50% shareholding of
Pacific Kanon Gold Corp (PKG). Further to the Company's news
release of August 20, 2009, Vangold has agreed to acquire the
remaining 50% of PKG from NGG, subject to Stock Exchange approval.
This would increase Vangold's direct holdings in Coppermoly to
12,815,016 shares or 15.6%.
TALELUMAS ROCK SAMPLE RESULTS OF 9.47 G/T GOLD AND 552 G/T
SILVER IN A NEW STYLE OF MINERALISATION
An outcrop rock chip sample from the Isme Creek prospect
returned assays of 9.47 g/t gold, 7.94% zinc, 552 g/t silver, 0.15%
copper and 7.05% lead. The Mt. Misusu copper-molybdenum prospect
returned eight copper anomalous rock samples including 1.07% copper
and 109 ppm molybdenum.
Other anomalous outcrop samples from a total of thirteen taken
along Isme Creek include:
- Sample 97290: 1.09 g/t gold, 1.32% zinc, 3.6 g/t silver, 507
ppm lead;
- Sample 97293: 0.27 g/t gold, 8.01% zinc, 5.8 g/t silver, 6370
ppm lead;
- Sample 97294: 0.66 g/t gold, 1.87% zinc, 3.0 g/t silver, 2360
ppm lead;
- Sample 97295: 0.40 g/t gold, 1.56% zinc, 3.6 g/t silver, 561
ppm lead; and
- Sample 97296: 0.08 g/t gold, 1.38% zinc, 3.5 g/t silver, 711
ppm lead.
Isme Creek (refer to Figure 1) was initially identified from
historical stream sediment anomalies and historical rock samples
which included 0.86% copper, 0.77 g/t gold, 0.74 g/t gold and 0.58
g/t gold (refer to Figure 2). The prospect is located on a major
structural corridor "Kulu-Awit" which traverses the island. These
results present a promising target for ongoing exploration,
particularly in light of last year's drilling at our Nakru-2
prospect where zinc and other base metals were encountered in
semi-massive sulphide.
To view Figures 1 and 2 please click on the following link:
http://media3.marketwire.com/docs/VAN0827.pdf
At the Nakru-2 prospect in the south of New Britain Island,
historical outcrop samples in creeks obtained values up to 21%
zinc. The first two holes drilled by Coppermoly last year
encountered significant base metal and precious metal
mineralisation associated with semi-massive sulphide including 7
metres grading 3.36% copper, 2.0% zinc, 0.19g/t gold and 11g/t
silver.
Previous explorers have paid little attention to high lead and
zinc occurrences (refer to Figure 1) as they were more interested
in copper and gold mineralisation in the Talelumas/Simuku area.
This promising newly identified style of mineralisation within the
Talelumas tenement represents additional economic potential to the
larger copper systems under evaluation. There are some similarities
between the Nakru-2 mineralisation and that found in the outcrop
rock sampling at Isme Creek.
At the Mt. Misusu copper-molybdenum prospect (formerly known as
Nakru Creek), Coppermoly collected eighteen rock samples. Four rock
outcrop samples assayed greater than 0.6% copper. These samples
occur within a copper anomalous area of 850 metres by 500 metres
defined from rock and historical trench sample results.
Sample results at Mt. Misusu include:
- Sample 97267: 1.07% copper and 109 ppm molybdenum;
- Sample 97265: 0.73% copper;
- Sample 97266: 0.94% copper;
- Sample 97268: 0.43% copper and 102 ppm molybdenum; and
- Sample 97269: 0.68% copper and 384 ppm molybdenum.
Historical rock chip samples in the area assayed 7.89% copper
and 0.85 g/t gold, 3.66% copper and 0.80 g/t gold. The prospect
occurs one kilometre northwest of the Simuku copper-molybdenum
porphyry system where an Inferred Resource has been estimated
(refer to Figure 1).
The Isme Creek and Mt. Misusu prospects are within a one hour
drive from the provincial capital of Kimbe with access through
tracks built in 2008 for the Simuku camp. The area was explored
previously by CRA Exploration, BHP, Nord Resources, Esso, City
Resources, Macmin NL and Placer (PNG) Exploration from 1965 to
1995.
ABOUT COPPERMOLY LIMITED:
Coppermoly currently has a Rights Issue to Shareholders to raise
approximately $2 million to enable the company to undertake further
drilling and progress its projects to a stage of feasibility.
The Nakru project is a very significant and sought after
discovery with high grade copper intersected near surface possibly
associated with Volcanogenic Massive Sulphide style of
mineralisation. Further drilling will test the extent of this
mineralisation and associated Induced Polarisation geophysical
anomalies.
Additional drilling is planned at Simuku to enable a resource
estimate of supergene (near surface enriched) secondary copper
mineralisation prior to undertaking feasibility studies. Simuku is
located within a one hour drive from an operating deep water port
and a regional airport near the provincial capital of Kimbe. The
Nakru project is located about four hours drive from Kimbe.
For information please visit www.coppermoly.com.au.
On Behalf of the Board of VANGOLD RESOURCES LTD.
Dal Brynelsen, President and CEO
On Behalf of the Board of COPPERMOLY LIMITED
Peter Swiridiuk, MANAGING DIRECTOR
This news release was prepared by management of Vangold which
takes full responsibility for its contents.
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.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Vangold Resources Ltd. Dal Brynelsen 604-684-1974
604-685-5970 (FAX) brynelsen@vangold.ca www.vangold.ca
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