ValGold Announces Further Positive Drill Results From the Tower Mountain Gold Project, NW Ontario
Published : June 22, 2011
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Keywords :   Canada | Diamond | Gold | Market | Market Conditions |

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 22, 2011) - ValGold Resources Ltd. (News - Market indicators)(FRANKFURT:VR2) ("ValGold") is pleased to announce completion of the Phase 2 drill program on the 100% owned Tower Mountain Gold Project. Assay results from the first 6 of 16 holes are consistent with the first phase results and exceed expectations which underline the gold potential of the Tower Mountain project. Full details of the first six holes are shown in the attached Tables 1 and 2 and the remaining assay results will be reported as they become available.

Highlights of Drill Results

The Phase 2 drill program included 2,578 meters ("m") of Diamond drilling in sixteen holes, targeting the wide intersection of low-grade gold mineralization encountered on the 31-Bench Zone, in Phase 1 of the 2011 drill program. Highlights included several significant intersections:

  • TM-11-75 with 115.5m averaging 0.70 g/t Au including 27.0m assaying 2.00 g/t Au
  • TM-11-76 with 148.5m averaging 0.40 g/t Au including 40.5m assaying 0.80 g/t Au
  • TM-11-77 with 19.5m averaging 0.93 g/t Au

The results from the first 6 holes confirm the presence of wide intersections of low-grade near-surface gold mineralization with the best intercept assaying 115.5m at 0.70 g/t Au in drill hole TM-11-75, including 27.0m at 2.00 g/t Au. The new drill holes are on section with the Phase 1 holes and are set back 30 meters with 2 holes on each site: a -45 degree undercut and a -90 vertical hole. The mineralized intersections are reported as core lengths because insufficient data is available to calculate true widths. A Drillhole Location Database is presented in Table 1.

Stephen Wilkinson, President and CEO of ValGold commented, "Phase 2 of the 2011 drill program focused on the new 31-Bench gold zone and the widespread gold and pyrite mineralization encountered in the first six holes is highly encouraging. On my recent site visit I saw in the core, the unmistakable strength of the alteration and pyrite enrichment which suggest that the remaining 10 drill holes should show similar success in grades. The Tower Mountain gold project continues to evolve into a valuable Canadian asset for our shareholders at the better end of our expectations."

Please see the news releases on April 8, 2011 and May 11, 2011 for results of Phase 1 drilling on the Tower Mountain Project.

The Tower Mountain Project

The Tower Mountain Property (ValGold 100%) is located approximately 40km west of Thunder Bay, in North West Ontario. It is underlain by Archean-age volcanic and sedimentary rocks with a syenitic intrusive complex being an important focal point for the widespread gold mineralization. The exploration targets are large low-grade bulk mineable deposits, several zones of interest being discovered in earlier drill campaigns. Thus far in 2011, ValGold has drilled the 31-Bench Zone (0.982 g/t Au over 87.0m), 04-36 Zone (1.136 g/t Au over 16.5m), the 04-9 Zone (0.54 g/t Au over 18.0m) and the UV Zone (0.815 g/t Au over 73.5m), the latter of which contains the NI 43-101 compliant inferred resource of 151,000 ounces within 7.15 million tonnes (see ValGold's Technical Report filed on SEDAR, March 6, 2006).

About ValGold

Incorporated in 1987, ValGold is listed on Tier 1 of the TSX Venture Exchange under the symbol VAL. ValGold is an international mineral development company based in Vancouver, Canada with an objective to generate wealth for its shareholders by seeking out, acquiring and advancing properties with recognizable but under-explored mineral resources.

ValGold's commitment is to realize value from significant mineral deposits which satisfy key criteria:

  • Mineral rights to extensive areas in prospective but non-traditional and under-explored regions.
  • Mineral exploration projects with potential for substantial development.
  • Projects that require experienced management with exploration, mining and financial expertise.

Valgold recently exchanged its interest in the Garrison gold project for 16 million shares in Northern Gold Mining Inc. (with a market value of $8 million) plus $650,000 in cash and a 2% Net Smelter Royalty. The cash and marketable securities received through this transaction greatly benefit Valgold's working capital position and enhance the exploration and development plans for Valgold's existing and future properties.

Robert Chataway, P.Geo, the qualified person for ValGold, has reviewed the accuracy of the technical portion of the news release.

For more information on ValGold's Canadian and international gold projects, please visit our website at www.valgold.com.

Stephen J. Wilkinson, President & Chief Executive Officer

This news release includes "forward-looking information". All statements in this release, other than statements of historical facts, that address the private placement or mineral exploration programs contain forward-looking information and are based on a number of assumptions, including, but not limited to, that there will not be substantial changes to market conditions, regulatory requirements or costs associated with mineral exploration. Although the Company believes the expectations expressed in such forward-looking information are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking information. Factors that could cause actual results to differ materially from those in forward-looking information include changes the price of the company's shares, the costs of labor, equipment and other costs associated with exploration, exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements.

SEC 12g3-2(b): 82-3339

Table 1: Drillhole Locations (NAD 83, Zone 16)
   
Hole UTM E UTM N ELEV LENGTH AZIMUTH DIP
TM-11-72 300732 5377597 462 152.0 062 -45
TM-11-73 300732 5377597 462 122.0 000 -90
TM-11-74 300750 5377548 467 152.0 062 -45
TM-11-75 300750 5377548 467 122.0 000 -90
TM-11-76 300786 5377486 473 152.0 062 -45
TM-11-77 300786 5377486 473 122.0 000 -90
   
   
Table 2: Significant assay results from drill holes; TM-11-72, -73, -74, -75, -76 and -77
   
    Length From To Assay
Drill Hole   (m) (m) (m) Au (g/t)
TM-11-72   144.0 8.0 152.0 0.30
  includes 3.0 14.0 17.0 0.40
  includes 4.5 26.0 30.5 0.40
  includes 9.0 36.5 45.5 1.50
  includes 16.5 135.5 152.0 0.80
TM-11-73   114.0 8.0 122.0 0.28
  includes 36.0 27.5 63.5 0.50
  includes 10.5 72.5 83.0 0.26
  includes 7.5 114.5 122.0 0.46
TM-11-74   145.5 6.5 152.0 0.34
  includes 40.5 6.5 47.0 0.60
  includes 4.5 65.0 69.5 0.40
  includes 25.5 89.0 114.5 0.47
  includes 1.5 150.5 152.0 1.00
TM-11-75   115.5 6.5 122.0 0.70
  includes 10.5 20.0 30.5 0.58
  includes 27.0 38.0 65.0 2.00
  includes 13.5 80.0 93.5 0.56
  Includes 10.5 104.0 114.5 0.32
TM-11-76   148.5 3.5 152.0 0.40
  includes 6.0 17.0 23.0 1.10
  includes 21.0 68.0 89.0 0.60
  includes 40.5 98.0 138.5 0.80
TM-11-77   120.0 2.0 122.0 0.33
  includes 19.5 2.0 21.5 0.93
  includes 4.5 42.5 47.0 0.43
  includes 3.0 59.0 62.0 1.15
  includes 13.5 108.5 122.0 0.50
Neither TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

ValGold Resources Ltd.
Cindy Chu
Investor Relations
(604) 687-4622
(604) 687-4212 (FAX)
info@valgold.com
www.valgold.com
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
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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.

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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
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