Valgold Resources ltd.

Published : February 23rd, 2010

Reports Additional Drill Results For The Garrcon Area, Garrison Gold Property, Ontario

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Keywords :   Diamond | Gold | Lead |
Tuesday, February 23, 2010 www.valgold.com
Ticker Symbol: VAL - TSX Venture Exchange
SEC 12g3-2(b) exemption 82-3339

Valgold Reports Additional Drill Results For The Garrcon Area, Garrison Gold Property, Ontario

ValGold Resources Ltd. ("ValGold" or the "Company") is pleased to announce additional drill results from holes six, seven, and eight of the 2009 Diamond drilling program on its 100%-owned Garrison gold property. Northern Gold Mining Inc. ("Northern Gold") is the operator of the exploration program and is in the first year of an option agreement under which it is earning its interest in the Garrison gold property from ValGold. For more information on the option agreement, please see ValGold's news release dated September 14, 2009.

Eleven Diamond drill holes totaling 2,333 metres ("m") were completed in 2009 designed to lead to a resource calculation on the Garrcon area. To date, the Garrcon shaft zones have been drilled at 30-m intervals over a strike length of 195 m (640 feet). It is possible that the zones could extend to a strike length of about 500 m (1600 feet) as indicated by previous drilling and underground development by Cominco in the 1930's. The Garrcon zones have also been successfully tested to depths beyond 200 m in C-06-07 (see ValGold release dated November 22, 2006) which intersected 3.48 g/t Au over 13.5 m at a depth of 275.5-289.0 m.

The following table highlights the significant intersections from Northern Gold's most recent results:

HOLE ID FROM TO LENGTH GRADE ZONE
  (m) (m) (m) (g/t Au)  
GAR-09-06 68.0 152.2 84.2 1.48 Shaft B+C+ South Zone
including 68.0 85.5 17.5 2.44 Shaft B
  68.0 69.0 1.0 11.56 *VG  
76.5 77.5 1.0 8.08 *VG  
and 115.0 152.2 37.2 2.03 Shaft C
including 115.0 116.0 1.0 16.29  
  151.2 152.2 1.0 15.61 *VG South Zone
GAR-09-07 4.4 14.0 9.6 2.22 Shaft A
including 6.0 8.0 2.0 5.53 *VG  
GAR-09-07 17.0 18.0 1.0 1.60t  
GAR-09-07 68.0 76.5 8.5 3.24 Shaft B
including 76.0 76.5 0.5 27.02 *VG  
GAR-09-08 54.0 57.5 3.5 0.70  
GAR-09-08 125.0 138.0 13.0 0.60t North B
including 137.0 138.0 1.0 2.14  
GAR-09-08 153.0 154.0 1.0 1.14  
GAR-09-08 176.0 193.0 17.0 0.75 *VG North A
including 192.0 193.0 1.0 1.72  

Note: All widths are downhole thickness; *VG-visible gold observed in sample interval

Drill holes, GAR-09-06 and -07, were to test the Shaft zones and South zone east of the Garrcon shaft. GAR-09-08 was designed to test the North zones. GAR-09-06 was drilled south and collared 195 m (640 feet) east of the Garrcon shaft. Multiple occurrences of visible gold were noted in the shaft zones.

GAR-09-07 was drilled south 25 m below GAR-09-06 at 195 m (640 feet) east of the Garrcon shaft. Visible gold was noted within 1.0 m (3.3 feet) of bedrock surface where it appears that the hole was collared into the surface Shaft A zone. The surface Shaft A zone occurs beneath 3 m (10 feet) of overburden and represents a high priority surface stripping target. This hole intersected mine workings on the 73-m (240-feet) level. Visible gold mineralization was noted 6.0 m before the mine workings.

GAR-09-08 was collared 15m west of and drilled 50m below GAR-09-01 into the North zones. Broad low grade results were noted in the North Zones accompanied by occasional small flecks of visible gold.

Northern Gold reports that it is pleased with the results from the 2009 drill program, and is currently developing targets for Phase II drilling on the Garrison gold property. Because of the potentially low cost of exploration per ounce, the program will focus on proving a resource at the Garrcon prospect as it represents the greatest exploration value.

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 the company at:
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.

 

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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