ValGold Reports Six Additional Drill Holes for Garrison Gold Project, Ontario
Published : March 31, 2011
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VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 31, 2011) - ValGold Resources Ltd. (News - Market indicators)(FRANKFURT:VR2) ("ValGold") is pleased to announce assay results for six more Diamond drill holes totalling 1,427.3 meters ("m") of drill core from the ongoing 30,000m in-fill drill program on the Garrcon Deposit at ValGold's 100% owned Garrison Gold Property. Northern Gold Mining Inc. (TSX VENTURE:NGM) ("Northern Gold") as project operator, is in the second year of an option agreement to earn an interest in the Garrison gold property from ValGold (see ValGold news release dated September 23, 2010).

Northern Gold reported in its news release dated March 31, 2011 that these new drilling results continue to intersect long intervals of mineralization supporting the development of a significant near surface mineral resource at the Garrcon Deposit. The results demonstrate both the continuity and consistency of the gold mineralization within the resource area. In addition, the step out drill holes appear to be expanding the mineralized footprint of the Garrcon.

Highlights of Drill Program

  • A total of 37 drill holes (8,153m) have been reported to date for the drill program that began May 2010
  • Drill results continue to support that the Garrcon Zone has the potential to host a bulk-tonnage gold deposit
  • Northern Gold is continuing to aggressively drill with two drill rigs focusing on systematic infill, definition and step out drilling

Highlights of Drill Results

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

  • GAR-10-43 with 293.0m grading 0.54 g/t Au within which is 5.0m of 4.95 g/t Au
  • GAR-10-44 with 292.5m grading 0.60 g/t Au with several intervals of greater than 3.0 g/t Au over lengths of 1.0m or greater
  • GAR-10-46 with 284.6m averaging an uncut grade of 1.62 g/t Au (0.38 g/t Au cut grade)
  • GAR-10-50 with 287.0m averaged an uncut grade of 0.47 g/t Au (0.36 g/t Au cut grade) within which a 1.0m interval assayed 64.86 g/t Au.

Table One contains all of the highlights for the six holes of this report.

Drill Hole Descriptions

For a full detailed description of the drill holes, please refer to the Northern Gold Mining Inc. News Release dated March 31, 2011 at www.northerngold.ca.

The Garrison Gold Property

In July 2005, ValGold purchased a 100% interest in the Garrison Gold Property. The Property is located on the Golden Highway of NE Ontario and straddles the Porcupine-Destor Fault and the Munro Fault systems along the prolific Abitibi greenstone belt. The Property hosts several gold zones including the advanced stage Jonpol and Garrcon Deposits and the 903 gold mineralized area. Drilling has been carried out on these gold zones with the earliest work dating back to the 1930's. The Property has good infrastructure with producing gold mines and mills located in close proximity. The Jonpol gold deposit contains an indicated resource of 253,100 tonnes @ 7.77 g/t containing 63,000 ounces of gold and an inferred resource of 1.6 million tonnes @ 4.93 g/t Au containing 247,000 ounces of gold (see the NI 43-101 Technical Report reported in the ValGold news release dated May 21, 2008). The Garrcon Project has an initial indicated resource of 3.8 million tonnes @ 1.2 g/t containing 144,000 ounces of gold and an initial inferred resource of 18.5M tonnes @ 0.9 g/t containing 530,000 ounces of gold (see Valgold news release dated September 23, 2010). Northern Gold optioned the Property in September 2009 and has been working toward earning an 80% interest.

The technical aspects of this press release has been reviewed by Dr. A. Darryl Drummond, P.Eng., a Director of ValGold, who is the "Qualified Person" as defined by NI 43-101 for this project.

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 One: Significant assay results from Diamond drill holes; GAR-10-43, -44, -46, -50, -52 and -53


Hole ID


From

Incl
(m)

To
(m)

Interval
(m)*
Au
(g/t)
Un-Cut
Au
(g/t)
Cut to 34 g
GAR-10-43 7.0   300.0 293.0 0.54  
    29.0 274.0 245.0 0.62  
    29.0 30.0 1.0 10.84  
    131.0 210.0 79.0 1.00  
    131.0 164.0 33.0 1.36  
    138.0 151.0 13.0 2.38  
    146.0 151.0 5.0 4.95  
    146.0 147.0 1.0 10.97  
    204.0 206.0 2.0 4.11  
    232.0 236.0 4.0 1.46  
    249.0 261.0 12.0 1.02  
GAR-10-44 37.5   330.0 292.5 0.60  
    59.0 316.0 257.0 0.66  
    59.0 66.0 7.0 1.33  
    64.0 65.0 1.0 3.17  
    106.0 107.0 1.0 4.00  
    120.0 121.0 1.0 3.26  
    166.0 168.0 2.0 3.85  
    175.0 176.0 1.0 4.07  
    202.0 316.0 114.0 0.93  
    203.0 227.0 24.0 1.40  
    207.0 213.0 6.0 2.42  
    212.0 213.0 1.0 6.89  
    226.0 227.0 1.0 3.83  
    278.0 316.0 38.0 1.40  
    307.0 316.0 9.0 2.14  
    309.0 310.0 1.0 7.84  
GAR-10-46 15.4   300.0 284.6 1.62 0.38
    18.5 114.0 95.5 0.67  
    22.0 40.0 18.0 1.40  
    25.0 28.0 3.0 4.15  
    25.0 26.0 1.0 6.90  
    62.0 68.0 6.0 2.11  
    64.0 65.0 1.0 4.29  
    178.0 185.0 7.0 55.78 5.38
    178.0 181.0 3.0 129.68 12.09
    178.0 179.0 1.0 386.76 34.00
GAR-10-50 13.0   300.0 287.0 0.47 0.36
    153.0 278.0 125.0 0.92 0.67
    216.0 278.0 62.0 1.64 1.14
    256.0 278.0 22.0 3.69 2.29
    277.0 278.0 1.0 64.86 34.00
GAR-10-52 4.50   198.0 193.5 0.04  
GAR-10-53 10.3   87.0 76.7 0.33  
    19.0 55.0 36.0 0.66  
    52.0 55.0 3.0 6.02  
    53.0 54.0 1.0 15.4  
 
* Note all intervals are downhole intervals and not true widths
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.
Stephen J. Wilkinson
President and Chief Executive Officer
(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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