Valgold Resources ltd.

Published : April 08th, 2011

Reports First Results of 2011 Drill Program on the Tower Mountain Gold Property, NW Ontario

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Friday, April 08, 2011 www.valgold.com
Ticker Symbol: VAL - TSX Venture Exchange
SEC 12g3-2(b) exemption 82-3339

Valgold Reports First Results of 2011 Drill Program on the Tower Mountain Gold Property, NW Ontario



Vancouver, Canada - ValGold Resources Ltd. ("ValGold" or the Company") is pleased to announce the completion of the first stage of its 2011 exploration program on the Tower Mountain Gold Property (the "Property"). The first stage included 2,100m of core drilling in 13 holes and the results from the first five holes are reported below. The Company will release the remaining assay results as they become available. ValGold will resume its drilling program of an additional 2,500m in April 2011.

Highlights of Drill Results

The significant intersections for the five reported holes are listed in the table below.

  • TM-11-59 with 16.5m grading 1.136 g/t Au within the conglomerate unit
  • TM-11-63 with 73.5m averaging 0.815 g/t Au with 0.04% Cu including an intersection of 21.0m assaying 1.76 g/t Au with 0.10% Cu

The Property is 100% owned by ValGold and is located approximately 40km west of Thunder Bay, 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 (and copper) mineralization. The Company has been exploring for large low-grade bulk mineable deposits within the Property that hosts several zones of interest discovered in earlier drill campaigns. So far in 2011, ValGold has drilled the 04-36 Zone, the 04-9 Zone and the UV Zone, 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 6th 2006).

One of the objectives of the multi-faceted 2011 drilling program as reported in these five holes was to determine the attitude of the 04-36 Zone mineralization and whether there is an association between the gold zone and the conglomerate unit which trends northeasterly toward the UV Zone. Secondly, the 04-9 Zone was pierced normal to the original discovery holes (2004) as it is thought the controlling feature is a feldspar porphyry trending northeasterly.

04-36 Zone Results

The following is a report of the assay results for the first three holes (372m). Holes TM-11-59 to 61 (3) targeted the 04-36 Zone where previous gold results included 50.03 g/t Au over a width of 1.5m.

The best hole in 2011 returned gold mineralization over widths of up to 16.5 meters (core length) with a grade of 1.136 g/t Au in the conglomerate unit. The conglomerate has small fragments of jasper, volcanic rock and sulphide iron formation. The mineralized intersections are reported as core lengths because insufficient data is available to calculate true widths. The table below has the other intersections of interest.

The results from the 04-36 Zone are encouraging as the conglomerate unit has been traced on the property for 1,000m along its NE-SW strike and has been only tested sporadically along this length. Based on field examinations, it is noted that the geological environment of the conglomerate is one of high energy with the potential of hosting gold. More drilling is recommended.

Hole

Number

From
(m)

To
(m)

Core Length (m)

Grade
(g/t Au)

Host Unit

TM-11-59

29.0

38.0

9.0

0.460

conglomerate

 

84.5

101.0

16.5

1.136

conglomerate

 

120.5

125.0

4.5

0.992

conglomerate

TM-11-60

41.0

44.0

3.0

0.620

conglomerate

 

70.5

72.0

1.5

0.638

conglomerate

TM-11-61

9.5

13.4

3.9

0.880

Volcanic & conglomerate


04-9 Zone Results

One hole, TM-11-62, was completed in 2011 to further define the 04-9 Zone. The previous mineralized intersections drilled in 2004 are thought to be near parallel to the NE strike of the zone. The current hole was thus drilled at a NW azimuth and intersected an 18.0m core length which graded 0.54 g/t Au. The hole deviated from its intended target and may need to be extended to test for mineralization at the bottom of the hole which ended at 274.0m.

Hole
Number

From
(m)

To
(m)

Core Length (m)

Grade
(g/t Au)

Host Unit

TM-11-62

255.5

273.5

18.0

0.540

Porphyritic dyke


The 04-9 Zone has displayed the potential for elevated gold content in a feldspar porphyry unit which has received limited drilling. The configuration of the zone is not yet understood at this time but results are encouraging and more drilling is warranted.
The sulphide mineralization accompanying the 04-9 Zone gold mineralization is of a low tenor and the arsenic analysis is low, usually less than 50ppm. This observation is based on historical records of multi-element analysis.

UV Zone Results

The UV Zone has been the primary target of the previous drill programs (2002-2007). In 2011, the aim of the one drill hole, TM-11-63 was to expand the wide, low-grade copper-gold mineralization beneath the gold resource. The best intersection in the current drilling is 0.815 g/t Au over a 73.5m core length with a copper value of 0.04%. Included in this interval is a section 1.76 g/t Au with 0.10% Cu over 21.0m. Near the bottom of the hole there is an interval grading 1.75 g/t Au and 0.13% Cu over 9.0m starting at 356.0m. The host rock is a syenite, part of the Tower Mountain Intrusive Complex. The mineralization is open to the northeast and southeast where surface geophysical anomalies may indicate extensions of the zone.

The mineralized intersections are reported as core lengths as insufficient data is available to calculate true widths. A Drillhole Location Database is presented in the table below. The Drill Location Plan is now available on the Company's website, www.valgold.com.

Hole
Number

From
(m)

To
(m)

Core Length (m)

Grade
(g/t Au)

Host Unit

TM-11-63

152.0

225.5

73.5

0.815

Syenite. 0.043% Cu

Including

168.5

189.5

21.0

1.760

averaged 0.10% Cu

Including

180.5

188.0

7.5

3.440

 

Including

180.5

185.0

4.5

4.930

 

 

228.5

239.0

10.5

0.361

Syenite

 

302.0

312.5

10.5

0.411

Syenite

 

323.0

341.5

18.5

0.398

Syenite

 

356.0

365.0

9.0

1.750

Syenite. averaged 0.13% Cu


Drillhole Location Database

Hole

UTM E

UTM N

Elev

Length

Azimuth

Dip

 

Zone 16

NAD 83

 

m

 

 

TM-11-59

299903

5377944

380

125

135

-47

TM-11-60

299963

5377891

384

122

315

-47

TM-11-61

299920

5377966

382

125

135

-47

TM-11-62

300356

5378323

380

274

300

-57

TM-11-63

300417

5378352

380

371

153

-57


Sample Preparation, Assays and Quality Assurance/Quality Control ("QA/QC")

ValGold has implemented a QA/QC protocol for its exploration work. ValGold recently completed a Diamond drilling program on the Tower Mountain Gold Property and the drilling contractor was Cobra Diamond Drilling Ltd. The NQ core was delivered to the secure Core Shack facility on the property by the drillers. In addition to recovery and RQD (Rock Quality Designation) data, geological parameters including lithology, alteration, quartz veining, presence and identification of sulfide mineralization along with other geologic parameters were noted and recorded on logging forms. Generally, the core was marked in 1.5 meter intervals for splitting, sampling and assaying, unless geological data indicate a shorter sample interval. Prior to splitting, all core were photographed. Core splitting was done with a hydraulic core splitter and � of the drill core was submitted to Accurassay Laboratories in Thunder Bay, Ontario. The remainder of the core was stored at the property.

The drill core sample (approximately 5kg) was dried, crushed to 70% -8 mesh (2mm), split and pulverised to 90% -150 mesh (106u). Silica abrasive was used to clean between each sample. Gold was fire assayed using a 30.0 gram aliquot sample with an Atomic Absorption finish (AA) and multi-element analysis was by Aqua Regia Digestion with an Induced Coupled Plasma (ICP) finish.

ValGold inserts gold standard samples and blank samples into the sample stream at a rate approximating 6% of total original samples. The laboratory also inserts blank samples for internal quality control and runs duplicate analysis on every 10th sample. Samples are normally transported in a Company truck from the Property to Accurassay in Thunder Bay, Ontario. Chain of Custody protocols are used for the tracking of sample shipments.

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

For more information on ValGold's Canadian gold projects (Tower Mountain and Garrison) and its international projects, please visit our website at www.valgold.com.

Stephen J. Wilkinson
President and Chief Executive Officer

Cindy Chu
Investor Relations
ValGold Resources Ltd.

Tel: (604) 687-4622 Fax: (604) 687-4212
Email: info@valgold.com


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.

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.

 
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Valgold Resources ltd.

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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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