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Valgold Resources ltd.

Publié le 08 avril 2008

Reports Initial Resource Estimate For Its Garrison Gold Property, Ontario

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Tuesday, April 08, 2008www.valgold.com
Ticker Symbol: VAL - TSX Venture Exchange
SEC 12g3-2(b) exemption 82-3339

Valgold Reports Initial Resource Estimate For Its Garrison Gold Property, Ontario

Vancouver, BC - April 8, 2008 - ValGold Resources Ltd. ("ValGold" or the "Company") is pleased to announce that it has received a positive initial NI 43-101 compliant resource estimate for its 100% owned Garrison Gold Property (the "Property") in north eastern Ontario. The estimate 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. Much of this news release is taken directly from the Summary of the report. Highlights of the report include:
  • The main sulphide gold zones as defined by surface and underground diamond drilling to date host an Indicated Resource of 186,725 tonnes grading 8.06 grams per tonne gold ("g/T Au) and an Inferred Resource of 1,233,117 tonnes grading 4.97 g/T Au;
  • The Author recommends proceeding with advanced underground exploration on the JP gold zone to expand the current resource base; and,
  • The Garrcon Gold Zone is recognized as an excellent exploration target with a volume of mineralized rock that has the potential for a deposit of the 20 to 30 million tonne range and an in-situ grade potential in the range 1 to 3 grams for a contained gold potential in the range of 1 to 2 million ounces.

    Note, that the Garrcon Gold Zone estimates of geological grade and tonnage potential are conceptual in nature, there has been insufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
The Indicated and Inferred Resources were estimated for four, laterally contiguous mineralized zones along the Munro Fault which is a splay from the regional Porcupine-Destor Fault ("PDF"). The mineralization is comprised of disseminated sulphides in silica-flooded zones within altered mafic and ultramafic volcanic rocks and is reportedly refractory. The Author is of the opinion that the refractory nature of the mineralization will not be an economic factor at today's gold prices.

The results of the resource estimate are summarized in the following table:

Zone

Indicated Resource

Inferred Resource

 

Tonnes

g/T Au

Ounces

Tonnes

g/T Au

Ounces

JP Zone

173,542

7.98

40,392

679,957

4.43

87,855

JD Zone

 

 

 

130,172

7.34

27,867

RP Zone

9,913

10.89

3,149

111,749

6.22

20,273

East Zone

3,270

3.58

341

311,239

4.72

42,847

TOTALS

186,725

8.06

43,896

1,233,117

4.97

178,749

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

The resources are NI 43-101 compliant and are in-situ and uncapped (uncut). Indicated mineral resources were based upon a maximum 15-metre radius of influence around drill intersection composites and Inferred mineral resources were based upon a maximum radius of influence of 25 metres. A rock specific gravity of 2.8 was used to determine tonnages.

The resources are estimated based on analysis of cross sections and level plans followed by projection of composited assay intervals onto a vertical longitudinal section. Industry-standard polygonal estimation of volume and grade was completed. The Author thoroughly reviewed the assay database, manually determined weighted-average composite assays and an estimation of the horizontal width of the intersection perpendicular to the plane of the vertical longitudinal section. The Author also completed a thorough review of the quality control-quality assurance standards applicable to the database and concludes that the database is suitable for the estimation of NI-43-101 resources and that there are no material sampling or analytical issues that would materially impact on the resource estimation.

During the 1990's a bulk sampling program on 4 sub-levels in the central part of the JP Zone was completed with a total of 50,640 tonnes being shipped to a custom mill in Quebec. The bulk sample produced 13,564 ounces of gold for an average recovered grade of 8.3 g/T Au. Assuming a combined 25% factor for mill recovery and mine dilution, this would equate to approximately 10.4 g/T Au in-situ. Historically, there were approximately 112,400 tonnes of developed, un-mined ore in the bulk sampled area for a total of approximately 163,000 tonnes. The Author estimated the grade and tonnage within the area mined based on the NI 43-101 compliant polygonal resources estimated from surface exploration drill holes and surface plus underground exploration holes in order to reconcile the production versus grade and tonnage determined by drilling. The results were as follows:

Reconciliation

Surface Drilling (part of NI 43-101 Inferred Resources)

Surface plus Underground Drilling (part of NI 43-101 Indicated Resources)

Mined Bulk Sample (part of NI 43-101 Indicated Resources)

Tonnage (diluted recoverable)

60,750

104,900

163,000

Contained Ounces

11,199

16,115

54,508

Estimated Millhead Grade (g/T Au)

5.73

4.78

10.4

Average Horizontal Width of Mineralization (m)

1.8

2.9

5.4


Clearly, drilling underestimates the potential grade by a factor of 2X, the width potential by 2X to 3X, and the tonnage potential by 1.5X to 2.5X. This reconciliation illustrates what geological and management personnel of the Archean gold mines of Ontario and Quebec have intuitively understood for over a century which resulted in operating procedures based on "drill for structure" and "drift for grade". The Author recommended that these factors must be taken into consideration in the evaluation of future surface and underground exploration drilling and in determinations of the geological potential of the Property.

There are a number of other exploration targets on the Property with the most significant in the Author's opinion being the Garrcon Gold Zone. The Garrcon area is located approximately 1,200m east-south-east of the J.P. shaft within the Garrcon claim group of the Property. The Garrcon shaft was constructed in the mid-1930's as part of the exploration program conducted in the footwall of the PDF by Cominco Ltd. Multiple zones of gold mineralization have been identified in the area of the Garrcon shaft including the North Zone, the Shaft Zone ("A", "B", and "C" zones) and the South Zone.

Drilling in the Garrcon Gold Zone has outlined a significant area of widespread, low-grade gold mineralization, which is non-refractory quartz stringer type. The footprint of the area is approximately 175 metres east-west, 300 metres north-south, and drilling indicates depths in excess of 200 metres. The open pit tonnage potential of the area would be in the 20 to 30 million tonne range and the in-situ grade potential would be in the range 1 to 3 grams for a contained gold potential in the range of 1 to 2 million ounces. In addition to existing surface drilling, there is a significant amount of underground exploration and development information that could be digitized and integrated into a resource model. In the Author's opinion, this should be a high priority for the Company. Note, that the Garrcon Gold Zone estimates of geological grade and tonnage potential are conceptual in nature, there has been insufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

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 of the JP Zone and related zones, the Author concludes that the Property has economic potential based on current knowledge of gold recoveries and current gold prices.

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.

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 4 km of the famous Destor Porcupine Fault Zone 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.

 
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Cours de l'or et de l'argent pour les pays mentionnés : Canada | Tous

Valgold Resources ltd.

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CODE : VAL.V
ISIN : CA9191472070
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Valgold Res. est une société d’exploration minière d'or basée au Canada.

Valgold Res. détient divers projets d'exploration au Canada.

Ses principaux projets en exploration sont TOWER MOUNTAIN, GARRISON et GARRISON - JONPOL / MONETA au Canada.

Valgold Res. est cotée au Canada et aux Etats-Unis D'Amerique. Sa capitalisation boursière aujourd'hui est 4,8 millions CA$ (3,7 millions US$, 3,1 millions €).

La valeur de son action a atteint son plus haut niveau récent le 06 juin 1997 à 9,50 CA$, et son plus bas niveau récent le 04 mars 2016 à 0,01 CA$.

Valgold Res. possède 38 250 407 actions en circulation.

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