Valgold Resources ltd.

Published : May 21st, 2008

Files Technical Report For Its Garrison Gold Property, Ontario

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment
Keywords :   Canada | Gold | Gold Mines | Market |
Wednesday, May 21, 2008www.valgold.com
Ticker Symbol: VAL - TSX Venture Exchange
SEC 12g3-2(b) exemption 82-3339

Valgold Files Technical Report For Its Garrison Gold Property, Ontario


Vancouver, BC - May 21, 2008- ValGold Resources Ltd. ("ValGold" or the "Company") is pleased to announce that it has received and filed on SEDAR the NI 43-101 report entitled "TECHNICAL REPORT, MINERAL RESOURCE ESTIMATE AND PRELIMINARY ASSESSMENT OF GARRISON GOLD PROPERTY" (the "Report "). The Report was prepared by Peter George, B.Sc., P.Geo. of A. C. A. Howe International Limited. Mr. George ("the Author") is a Qualified Person as defined by NI 43-101 and has over 40 years experience in the mining industry including extensive experience in the gold exploration and mining sector in Canada. The Garrison Gold Property (the "Property") is situated in the Timmins-Kirkland Lake area of north eastern Ontario.

The Report contains concise details on the Property including its location, history, previous and current work, geology and mineralization styles, descriptions of ore and its metallurgy, and a preliminary assessment of the economic potential of the deposit. In addition, the Author has reported on the value of continuing the exploration of the project, emphasising the necessity of moving the project to the advanced stage of re-opening the underground workings to expand the known resources by more accurately measuring the size and grade of the zones. Another described attribute of the Property is the amount of existing underground development for which the zones containing the mineral resources are accessed by a decline, lateral workings and a service shaft all of which would have a replacement cost well in excess of ValGold's current market cap.

The Indicated and Inferred Resource estimates focused on four, laterally contiguous mineralized zones along the Munro Fault which is a splay from the regional Porcupine-Destor Fault ("PDF"). The results of the resource estimate were previously announced on April 8th 2008. The current estimate of the resources reflects a modest upgrading of the resources due to a minor correction applied by the Author and the resources are summarized in the following table:

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
NOTE - Summation of ounces may not add exactly due to rounding


The Author concludes that the Property is a property of merit as defined in NI 43-101 and warrants additional expenditures. In addition, based on a preliminary economic assessment the Property has economic potential based on current knowledge of gold recoveries and current gold prices for an 11-year life-of-mine subject to the confirmation of the resources that can be categorized as proven and probable reserves. The Preliminary Assessment is preliminary in nature, and includes inferred resources that are considered too speculative geologically to have economic considerations applied to them that would allow them to be categorized as mineral reserves and thus there is no certainty that the preliminary assessment will be realized.

The Author recommends that the Company plan an underground exploration and development program and budget for the JP Zone and adjacent JD and RP Zones. The program should include sufficient lateral development to provide access for drilling to upgrade sufficient inferred and indicated resources to indicated and measured resources that would justify a production decision. In tandem with the underground exploration program, the Company should do additional metallurgical test work to determine the optimum milling process for the refractory ores. In addition, the Company should initiate environmental studies in anticipation of needing to generate an environmental impact statement before permits could be granted for mining.

Furthermore, the Author recommends that the Company commence a study of the Garrcon Zone and once completed to layout a program and budget to test the potential for a bulk tonnage, open-pit operation. It is suggested by the Author that the Garrcon Zone 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.

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 PDF and a major splay, the Munro Fault Zone ("MFZ").

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 fault zone 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.

Mr. Tom Pollock, P.Geo., ValGold's Vice-President, Exploration, is the Qualified Person for the project, and is responsible for all of the technical reporting in compliance with NI 43-101. Mr. Pollock has instituted and is responsible for ValGold's program of Quality Control and Assurance ("QC/QA"), using assay control samples and duplicates. The Author has reviewed and agrees with the technical content of this news release as an accurate representation of the report.

For 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:
Jeff Stuart, Investor & Corporate Communications
Tel: (604) 687-4622 Fax: (604) 687-4212
Email: jstuart@valgold.com or 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
 
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$ 7.05-0.84%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.20+0.00%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$ 7.04-1.81%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 0.70-2.91%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.08-21.05%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 1.97+4.79%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$ 9.41+2.84%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.18-5.41%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.32+3.23%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$ 2.30+0.88%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 62.20+1.58%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+12.00%Trend Power :