Valgold Resources ltd.

Published : September 15th, 2009

& Northern Gold Sign Option Agreement On Garrison Gold Property

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment
Keywords :   Canada | Gold | Gold Mines | Gold Stock |
Monday, September 14, 2009 www.valgold.com
Ticker Symbol: VAL - TSX Venture Exchange
FWB: VR2
SEC 12g3-2(b) exemption 82-3339

Valgold & Northern Gold Sign Option Agreement On Garrison Gold Property

ValGold Resources Ltd. ("ValGold") is pleased to report that it has entered into an Option Agreement with Northern Gold Mining Inc. ("Northern Gold") to acquire an interest in ValGold's 100%-owned Garrison gold property.

Under the terms of the agreement, Northern Gold may acquire an initial 50 percent undivided interest in the Property by making cash payments to ValGold of $1,000,000 over four years, with all or part of the payments being made in Northern Gold stock at Northern Gold's option, using a 20-day value weighted average price subject to regulatory approval. To earn the 50 percent interest Northern Gold must also complete work on the property in the amount of $4,000,000 over four years, with $500,000 being spent on the property in the first year of the agreement and not less than $750,000 to be expended in each of the subsequent years. After earning the initial 50 percent interest, Northern Gold may increase its interest to 80 percent by making additional cash payments of $1,000,000 over four years with all or part of the payments being made in Northern Gold stock equivalent, priced using a 20-day value weighted average price and completing additional work on the property in the amount of $4,000,000 over four years.

Garrison Project Summary

The Garrison Gold Property is located 40 kilometres (km) north of the Town of Kirkland Lake, 100 km east of Timmins and 8 km west of and on strike with St. Andrew Goldfields' Holloway and Holt-McDermott gold mines. Access to the Property is by Ontario highway 101 that runs along the north boundary of the Property. The mining leases cover approximately 3km of the famous Porcupine-Destor Fault ("PDF") and a major splay, the Munro Fault Zone ("MFZ") located in the Abitibi Greenstone Belt which, as of 2008, has reportedly produced approximately over 150 million ounces of gold or about 70% of all gold produced in Canada.

The gold mineralization on the Property occurs as sulphide-rich bodies within the two major fault zones, and within the intervening Timiskaming sediments associated with quartz-pyrite vein stockworks. Sulphide mineralization within the MFZ forms a series of five high-grade shoots that occur near the footwall of the fault. Previous operators completed a total of 199 drill holes focusing primarily on gold zones over the 1.7 km long strike length of the MFZ and to a depth of 300m (1,000 ft). The individual mineralized shoots are estimated to be up to 300m (1,000 ft) in strike length, average 3.35m (11 ft) in thickness and contain gold associated with albite, sericite and pyrite alteration. An advanced underground exploration program was initiated on the J.P. gold zone in October 1995. The underground development included a 12 x 14-foot, 18-20-degree decline excavated to the 476-level.

Since acquiring the property in 2005, ValGold has drilled a further 74 holes for 32,012m of core of which most were directed at the sulphide gold zones. Following the drilling campaigns, a NI 43-101 technical report was completed where resources were identified for the main sulphide zones. The Indicated and Inferred Resources from the report estimate focused on four, laterally contiguous mineralized zones along the MFZ which is a splay from the regional PDF.

Zone

Indicated Resource

Inferred Resource

Tonnes

Au g/T

Ounces

Tonnes

Au g/T

Ounces

JP Zone

236,100

7.69

58,380

812,400

4.66

121,750

JD Zone

 

 

 

168,000

7.37

39,830

RP Zone

12,100

10.91

4,260

124,300

5.05

20,170

East Zone

4,900

3.58

560

451,100

4.47

64,790

TOTALS

253,100

7.77

63,200

1,555,800

4.93

246,540



Furthermore, the technical report also recommends that a study of the Garrcon Zone be completed to layout a program and budget to test the potential for a bulk tonnage, open-pit operation. It is suggested by the author of the report that the Garrcon Zone which occurs approximately 1,000 metres east of the above resource area has the potential to host a bulk tonnage target of up to 30 million tonnes ranging in grade from 1 to 3 g/T Au.

For more information on ValGold and its portfolio of international projects, visit our website at www.valgold.com.

Stephen J. Wilkinson
President & Chief Executive Officer


For further information please contact:
Tel: (604) 687-4622 Fax: (604) 687-4212
Email: info@valgold.com

No regulatory authority has approved or disapproved the information contained in this news release.

Caution concerning forward-looking statements: The information in this release may contain forward-looking information under applicable securities laws. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied in the forward-looking information. Factors that may cause actual results to vary include, but are not limited to, inaccurate assumptions concerning the exploration for and development of mineral deposits, political instability, currency fluctuations, unanticipated operational or technical difficulties, changes in laws or regulations, the risks of obtaining necessary licenses and permits, changes in general economic condition or conditions in the financial markets and the inability to raise additional financing. Readers are cautioned to not place undue reliance on this forward-looking information. The Company does not assume the obligation to revise or update this forward-looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events except as may be required under applicable securities laws. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

 
<
Data and Statistics for these countries : Canada | All
Gold and Silver Prices for these countries : Canada | All

Valgold Resources ltd.

EXPLORATION STAGE
CODE : VAL.V
ISIN : CA9191472070
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Valgold Res. is a gold exploration company based in Canada.

Valgold Res. holds various exploration projects in Canada.

Its main exploration properties are TOWER MOUNTAIN, GARRISON and GARRISON - JONPOL / MONETA in Canada.

Valgold Res. is listed in Canada and in United States of America. Its market capitalisation is CA$ 4.8 millions as of today (US$ 3.7 millions, € 3.1 millions).

Its stock quote reached its highest recent level on June 06, 1997 at CA$ 9.50, and its lowest recent point on March 04, 2016 at CA$ 0.01.

Valgold Res. has 38 250 407 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Financings of Valgold Resources ltd.
5/4/2011Completes Non-Brokered Private Placement Financing
4/28/2011Announces Increase in Non-Brokered Financing
4/13/2011Reports $1.8 Million Non-Brokered Financing
7/25/2008Completes Non-Brokered Private Placement Financing
6/26/2008Announces Non-Brokered Private Placement Financing
Option Grants of Valgold Resources ltd.
4/8/2011(angl) Grant of 50,000 options to IR provider
5/14/2010Grants Stock Options and Reprices Consolidated Options
Nominations of Valgold Resources ltd.
1/16/2015Announces Appointment of New Director and Director Resignati...
6/22/2012Announces New Directors
Project news of Valgold Resources ltd.
1/23/2013(Tower Mountain)Revises Agreement on Tower Mountain Gold Property, Ontario
9/19/2012(Tower Mountain)and Revolver Enter Option Agreement to Advance Tower Mountai...
10/12/2011Releases MBK Project Media Coverage
9/22/2011to Acquire Past Producing Gold-Silver Mine and Surrounding R...
8/16/2011in Negotiations for a Property Acquisition in Central Europe
5/27/2011(Tower Mountain)Commences Phase 2 Drill Program on Tower Mountain Gold Prope...
5/16/2011(Garrison)and Northern Gold Close Garrison Property Sale
5/12/2011(Tower Mountain)Reports Further Assay Results from the Tower Mountain Gold P...
4/8/2011(Tower Mountain)Reports First Results of 2011 Drill Program on the Tower Mou...
4/7/2011(Garrison)Northern Gold and Valgold Announce Agreement to Consolidate ...
3/31/2011(Garrison)Reports Six Additional Drill Holes for Garrison Gold Project...
3/1/2011(Garrison)Reports Strong Wide Intersections At Garrison Gold Project, ...
2/24/2011(Garrison)Reports Metallurgical Tests Indicate High Gold Recoveries fo...
2/22/2011(Garrison)Reports Further Infill Drill Results at Garrison Gold Projec...
3/5/2010(Garrison)Reports Final Results Of 2009 Drilling On Garrison Project, ...
2/23/2010(Garrison)Reports Additional Drill Results For The Garrcon Area, Garri...
1/29/2010(Garrison)& Northern Gold Issue Update on Drilling on Garrison Project...
9/15/2009(Garrison - Jonpol / Moneta)& Northern Gold Sign Option Agreement On Garrison Gold Prope...
8/25/2008(Tower Mountain)Completes Acquisition of Tower Mountain Property
5/21/2008(Garrison - Jonpol / Moneta) Files Technical Report For Its Garrison Gold Property, Onta...
4/8/2008(Garrison - Jonpol / Moneta) Reports Initial Resource Estimate For Its Garrison Gold Pro...
3/19/2008(Los Patos) Receives Positive Initial Gold Mineral Resource Estimate Fo...
Corporate news of Valgold Resources ltd.
1/16/2015ValGold Announces Appointment of New Director and Director R...
12/4/2014ValGold closes secured convertible financing
11/12/2014ValGold Arranges Non-Brokered Secured Convertible Financing
7/24/2013Announces Annual General & Special Meeting Results
6/5/2013Provides Update And Announces Advance Notice Policy
9/24/2012Grants Stock Options
8/7/2012has Relocated!
1/26/2012Raises Funds for Ukraine Venture from Partial Disposal of No...
11/30/2011Launches its New Corporate Website
7/25/2011(Tower Mountain)Announces Additional Positive Drill Results from the Tower M...
6/22/2011(Tower Mountain)Announces Further Positive Drill Results from the Tower Moun...
4/8/2011Reports On Annual General Meeting; Appointment Of Investor R...
4/22/2010Shareholder Update April 2010
4/13/2010Completes Oversubscribed Financing
3/3/2010Completes Restructuring And Subscription Receipts Offering
2/4/2010Reports On Annual And Special Meeting
1/28/2009Status Report
1/7/2009Default Status Report
5/28/2008for our Shareholder's and Supporters
3/31/2008Defines Gold Targets In NW Guyana
3/17/2008 Discovers New Copper/Nickel/Platinum/Palladium Target In Gu...
1/9/2008 Hiring
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TSX-V (VAL.V)OTHER OTC (VALGF)
0.125+0.00%0.100+11.11%
TSX-V
CA$ 0.125
07/30 16:33 -
0%
Prev close Open
0.125 0.125
Low High
0.120 0.125
Year l/h YTD var.
 -  -
52 week l/h 52 week var.
- -  0.125 -%
Volume 1 month var.
63,400 -%
24hGold TrendPower© : -21
Produces
Develops
Explores for Gold
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
Last updated on : 2/23/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
201878.57%0.140.06
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.02+1.08%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.62+0.96%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 3.49-1.41%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.55-5.80%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.02-25.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.79-0.36%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 6.85+0.44%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.30+1.72%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.28+5.66%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 2.11+0.48%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 56.65+3.96%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.03+0.00%Trend Power :