ValGold Reports Further Assay Results From the Tower Mountain Gold Property, NW Ontario
Published : May 11, 2011
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VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 11, 2011) - ValGold Resources Ltd. (News - Market indicators)(FRANKFURT:VR2) ("ValGold") is pleased to release assay results for an additional eight holes from the 2011 exploration program at the 100% owned Tower Mountain Gold Property. The first stage of the drill program included 2,100m of core drilling in a total of 13 holes. The results from the first five holes, released April 8, 2011 were highly encouraging with the best holes returning gold mineralization with a grade of 1.136 g/t Au over widths of up to 16.5 meters and 0.815 g/t Au over 73.5m (core lengths). Assay results from the additional eight holes announced today confirm and support the good results of the initial five holes.

Highlights of Drill Results

Highlights included significant intersections (See Table Two for full details):

  • TM-11-66 with 28.5m grading 0.779 g/t Au
  • TM-11-67 with 87.0m grading 0.982 g/t Au
  • TM-11-69 with 84.0m grading 0.535 g/t Au

Stephen Wilkinson, President and CEO of ValGold, commented, "The results from the additional eight holes meet or surpass our expectations and this reinforces our confidence in the potential of Tower Mountain as a gold project." ValGold will drill the next 2,500m in the second phase of the 2011 program immediately after breakup.

31-Bench Zone

The 31-Bench Zone comprises the former B-, C-, and D-Zones, located approximately 800m southeast of the UV Zone where ValGold reported an NI 43-101 compliant inferred resource of 151,000 ounces (SEDAR March 6, 2006). Previous drilling on the 31-Bench Zone by ValGold and earlier operators confirmed wide intersections of low grade gold mineralization over a large area but the holes were widely spaced and at diverse azimuths. The eight holes reported today, (TM-11-64 to 71) were drilled in parallel at approximately 60m spacing. A Drill hole Location Database is presented in Table One.

These drill holes provided good widths with encouraging values of 0.779 g/t Au over 28.5m, 0.982 g/t Au over 87.0m and 0.535 g/t Au over 84.0m. Intervals were calculated generally using a cutoff between 0.25 g/t to 0.30 g/t Au but may include short intervals of lesser grade. Table Two below has the other intersections of interest.

The 31-Bench Zone gold mineralization is hosted within a trachy-andesite fragmental rock unit and a syenodiorite intrusive. Pyrite mineralization ranging from 1% to 10% is common in the core along with potassic alteration which is typically a reddish hue. The syeno-diorite lithologies are interpreted as dykes emanating from the main Tower Mountain Intrusive Complex. The fragmental is slowly changing to a more mafic composition towards the south as indicated in the last few holes. True width calculations of the intersections will require more geological information. A program of quality control and quality assurance of the sampling was undertaken with the insertion of blanks and standards in the regular stream of assay samples submitted for analysis. A check of the values did not find any irregularities in the Certificate of Analysis from Accurassay Laboratories.

Table One: Drill hole Locations (NAD 83-Zone 16)

Hole UTM E UTM N ELEV LENGTH AZIMUTH DIP
TM-11-64 300792 5377612 460 167.5 062 -45
TM-11-65 300817 5377573 462 107 062 -45
TM-11-66 300828 5377526 469 170 062 -45
TM-11-67 300873 5377451 499 107 062 -45
TM-11-68 300886 5377382 497 190 062 -45
TM-11-69 300914 5377341 494 122 062 -45
TM-11-70 300975 5377276 517 110 062 -45
TM-11-71 301000 5377243 526 110 062 -45

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 (and copper) 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 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 6th 2006).

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 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

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.

Table Two: Significant assay results from drill holes; TM-11-64, -65, -66, -67, -68, -69, -70, -71

Hole
Number
From
(m)
To
(m)
Length
(m)
Grade
(g/t Au)
         
TM-11-64 33.5 45.5 12.0 0.397
  51.5 80.0 28.5 0.321
  87.5 93.5 6.0 0.533
  104.0 105.5 1.5 1.168
  114.5 125.0 10.5 0.956
         
TM-11-65 5.0 23.0 18.0 0.354
  26.0 42.5 16.5 0.452
  48.5 57.5 9.0 0.729
  63.5 65.0 1.5 0.630
  74.0 75.5 1.5 0.584
  90.5 101.0 10.5 0.515
         
TM-11-66 4.5 32.0 27.5 0.480
  42.5 57.5 15.0 0.608
  83.0 84.5 1.5 0.494
  90.5 92.0 1.5 0.549
  102.5 105.5 3.0 0.677
  110.0 122.0 12.0 0.332
  128.0 131.0 3.0 0.453
  141.5 170.0 28.5 0.779
         
TM-11-67 14.0 101.0 87.0 0.982
         
TM-11-68 3.0 12.5 8.5 0.411
  27.5 32.0 4.5 0.386
  38.0 44.0 6.0 0.413
  62.0 75.5 13.5 0.517
  81.5 120.5 39.0 0.476
  168.5 173.0 4.5 1.184
         
TM-11-69 14.0 18.5 4.5 0.323
  24.5 108.5 84.0 0.535
         
TM-11-70 39.5 54.5 15.0 0.554
  66.5 72.5 6.0 0.381
         
TM-11-71 2.3 20.0 17.7 0.519
  41.0 44.0 3.0 0.510
  102.5 104.0 1.5 0.842

SEC 12g3-2(b): 82-3339

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

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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