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VANGOLD RESOURCES LTD. TSX-V:VAN
NEWS RELEASE
TECHNICAL REPORTS FILED ON ALLEMATA & FERGUSSON PROPERTIES
Vancouver 17th July 2007. New Guinea Gold Corporation (NGG:TSX-V) (“NGG”) and Vangold Resources Ltd. (VAN:TSX ) (“Vangold”) (collectively the “Companies”) have previously announced a corporate restructuring whereby, a separate company, Pacific Kanon Gold Corp. (“Kanon”), will acquire all the shares of Kanon Resources Limited (“KRL”), currently owned 50% by NGG and 50% by Vangold. Further details of the restructuring including details of retained equity in and of the financing for, Kanon, are expected to be announced in the near future. The restructuring is effectively an alternate method of financing five of the properties owned by Kanon (the “Properties”) rather than issuing further shares in the parent companies.
As a part of the restructuring, NI 43-101 technical reports have been completed on the properties. Reports for the Allemata and Fergusson properties have been on SEDAR (http://www.sedar.com) and posted to the Companies’ websites (http://www.newguineagold.ca, and http://www.vangold.ca), with the remaining reports expected to be filed in the near future.
The Technical Reports were jointly prepared by Ralph Stagg, Bsc. MSc. FAusIMM, MIMMM, CE, and Peter Swiridiuk BSc. (Hons), Dip Ed. MAIG, Independent Qualified Persons for the purposes of NI 43-101. In each case, the Independent Qualified Persons recommend exploration programs for the projects and express the opinion that the properties are of sufficient merit to justify the proposed investment in exploration.
“We are pleased to be able to announce concrete progress in the corporate restructuring related to Kanon” said Bob McNeil Chairman and CEO of New Guinea Gold and Dal Brynelsen, President and CEO of Vangold. “Both Companies look forward to continued progress over the coming weeks.” Concluded the two CEO’s.
SUMMARY DESCRIPTION OF PROPERTIES
ALLEMATA PROPERTY (KRL 100%)
The Allemata Property is owned by KRL and will be financed in future separately from the Companies. Allemata EL (1322) covers 24.3km2 and is located in the Suau Peninsula on the southeast tip of the Papuan mainland in Milne Bay Province. An all weather road connects the tenement area to Gurney International Airport and on towards Alotau. Numerous agricultural and logging tracks provide good access to within a few hundred metres of many of the prospects. Alotau is an important shipping port and most supplies can be sourced there. Gurney International Airport is 15km >from the license by sealed road (½ hours drive) and the main administrative centre and port, Alotau is 20km to the north-east (one hour’s drive). Alotau is serviced by Coastal Shipping or chartered barge to a wharf. Equipment such as drill rigs can be transferred by truck on-site then pulled on skids on existing bulldozer tracks. The prospect areas are uninhabited, with minor gardens in the area. Local creeks are used for drinking water.
The property covers the Milne Bay Goldfield, which was proclaimed in 1899, and was a productive area for alluvial gold, producing approximately 14,320 oz to 1926 when mining lapsed. Alluvial platinum was discovered and mined from 1933 for approximately eight years, and produced a total of 6kg (193 oz) of platinum.
Three small-scale mines were brought into production in 1938/39 being the Louise (Ulo Ulo), Jumbo/Juno and Rough Ridge Mines, with total production of approximately 30kg (960oz) of gold. The Rough Ridge Mine appears to have been the most viable, producing 22kg (700oz) of gold >from 1,320 tonnes of ore (~17g/t Au).
Mineralisation on the Allemata property is associated with emplacement of intrusives of Oligocene/Miocene age into Cretaceous age sediments (mainly shales). The intrusions have caused argillic and silicic alteration, which is closely associated with the various styles of mineralisation. Skarn mineralisation may also be present as sediments in the area including carbonate units.
At Mt Haluba gold is associated with a series of moderate to steeply dipping structures. Gold mineralisation in the oxidized zone is disseminated in argillically altered minor silica/mangano – carbonate stockworked zones.
At Ulo Ulo the mineralisation is confined to mineralized structures of up to 10m widths of sulphidic veins. Gabbro has been intruded by granodiorite and aplite dykes. The emplacement of the dykes brought heat and accumulated gold and base metal sulphides along the margins of the dyke-gabbro and duke-fine grained volcanics. It is thought that the gold source is both the volcanics and gabbro.
Intrusive rock types observed ranging >from syenite through monzonite and gabbro, with breccia, imply a complex intrusive history and fractionation. The rocks are of alkaline type and similar to those associated with gold mineralisation in southeast PNG. Gold and possibly platinum mineralisation in pyritic shear zones and quartz-pyrite veins, indicate the development of mineralized hydrothermal systems. Skarn mineralisation potential is also present as the country rocks are known to include carbonate bearing units.
In 2005 KRL drilled six holes totaling 764.9m. All holes encountered gold intersections, mainly at depths of less than 50m down-hole.
At the Ulo Ulo prospect, several relatively narrow intersections were encountered such as 1.0 m of 17.65g/t gold, 1.55m of 5.87g/t gold, 1.9m of 9.39g/t gold, 0.5m of 6.02g/t gold, 0.1m of 32.2g/t gold, 33g/t silver, 2.35% copper and 0.11% zinc, plus other intersections of up to 7m in width at gold grades of less than 5g/t gold.
At Ulo Ulo, the drilling has defined numerous relatively narrow and wider high grade zones, lower grade gold zones which will require further drill testing to evaluate their economic potential. The drilling and surface geochemistry shows that anomalous gold occurs over a 2 square kilometer area and much of this area remains to be drill tested.
The controls on mineralisation at Ulo Ulo are not fully understood.
The drilling at Mt Haluba has confirmed significant mineralisation within 60 metres of the surface and within a 100 m by 100 m area, high on the slopes of Mt Haluba. Further trenching and drilling will be required to obtain an estimate of the amount of such mineralisation and this will be carried out after all surface and drill information have been completely evaluated.
FERGUSSON PROPERTY (KRL 100%)
The Fergusson Property is owned by KRL and will in future be financed separately from the companies.
Fergusson Island lies within the D’Entrecasteaux Island Group that is located just to the north of the south- eastern tip of mainland Papua New Guinea, within the Milne Bay Province.
The D’Entrecasteaux Islands consist largely of complexly deformed metamorphic basement which forms mountainous domes, and which are intruded by bodies of granodiorite. The metamorphic basement is surrounded by curved, shallow dipping faults (less than 45º dip). Below these faults, parallel shear zones are developed in the basement. Fault slices of ultramafic and mafic rocks overlie the basement. Where these slices of rock are large (more than a few metres in diameter) they are undeformed, except near their boundaries. Areas of volcanism are spatially associated with faulting.
Previous exploration on Fergusson Island focused on epithermal style gold and silver mineralisation, localised within detachment fault zones (“DFZ”) in metamorphic rocks.
The model reflects the presence of multiple, stacked zones of gold mineralisation associated with the DFZ. These stacked horizons formed >from the imbricate playing off of blocks of earth which slid down to become lodged upon the in-situ DFZ. This compounding of the DFZ by gravity-slide faults is due to the continual domal uplifting of the young, emerging island group and allows for multiple ore horizons.
In the D’Entrecasteaux Islands, mineralisation related to the dome bounding faults, at gold deposits such as Gameta and Wapolu (not Kanon properties), is not directly related to nearby magmatism, whereas at Kanon’s main projects, Igwageta and Unagala, mineralisation is likely to be directly associated with nearby volcanic centers. Consequently, different alteration assemblages and structural controls can be expected in these different mineralisation styles.
Gold mineralisation at Igwageta and Unagala prospects is associated with Pleistocene to Recent volcanism and specific structural zones.
At Igwageta Prospect the basement metamorphics host up to three metre wide, epithermal quartz-carbonate veins. Previous exploration by others (Union Capital), and confirmed in 2006 by Kanon, outlined a 1,500m long by 500m wide zone of anomalous gold from geochemical soil sampling. Examples of Union’s trench results, now confirmed by Kanon are:
Line/Trench
Intercept (m)
Au g/t
Trench 7
incl.
46
8
1.00
3.14
Trench 14
incl.
84
6
0.97
7.87
Trench 22
incl.
incl.
incl.
38
24
6
4
3.28
4.86
8.44
12.30
The trenching revealed an epithermal quartz stockwork zone developed within sericite altered, flow banded, volcanic tuff which trends east west over a distance of at least 70m. It is open-ended to both the east and west, is up to 15m to 20m wide and appears to dip to the south at 30-50 degrees. The high-grade intervals obtained from Trenches 14 and 22 are associated with altered volcanics containing vein breccia stringers.
Reverse circulation drilling by Union encountered the following results (hole locations are shown at http://www.newguineagold.ca).
Hole No
From – to
(m)
Best Intercept (m)
Au (g/t)
001
0 - 19
19
0.51
002
2 - 6
4
1.78
002a
2 - 5
3
1.20
003
incl.
0 - 44
0 - 26
44
26
0.70
1.06
005
0 - 13
13
0.27
007
incl.
0 - 10
0 - 3
10
3
8.14
20.82
008
23 - 27
4
0.28
009
incl.
0 - 6
4 - 5
6
1
2.81
11.20
010
0 - 14
14
0.46
010a
incl.
0 - 12
7 - 8
12
1
5.88
64
011
15 - 16
1
1.56
020
incl.
0 - 25
3 - 6
25
3
2.93
19.84
021
5 - 6
1
2.33
023
1 - 9
8
1.02
025a
3 - 13
10
1.12
041
32 - 33
1
1.93
042
incl.
incl.
incl.
0 - 20
10 - 20
14 -19
14 - 15
20
10
5
1
3.04
5.83
10.83
42.18
044
10 - 11
1
1.02
046
incl.
8 - 14
10 - 12
27 - 30
6
2
3
1.41
3.16
1.30
At the Unagala prospect, 4.5km north of the Igwageta Prospect, Esso in the 1980’s intersected 9.55m averaging 4.18g/t gold in UND2. A second mineralised interval in this hole yielded 8m averaging 1.70g/t gold from a depth of 68.0m.
A number of the RC drill holes also intersected gold mineralisation, the best values being UNR4 with 2m at 1.18g/t gold and UNR13 with 2m at 1.11g/t gold.
All drilling results are summarized in the technical report.
Approximately 20 other prospects have been located within the property.
The technical data in this release was prepared by or under the supervision of Robert D. McNeil, CEO of New Guinea Gold Corporation. Mr McNeil has an MSc in Geology, 44 years mining industry experience, is a Fellow of the Australian Institute of Mining and Metallurgy, and meets the requirements of NI 43-101 for a qualified person.
On Behalf of the Board of
To find out more about Vangold Resources Ltd. please visit our website at http://www.vangold.ca or contact Dal Brynelsen at 604-684-1974 or by email brynelsen@vangold.ca.
VANGOLD RESOURCES LTD.
“Dal Brynelsen”
Dal Brynelsen, President and CEO
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