ValGold Resources Ltd. ("ValGold") (TSX VENTURE: VAL)(FRANKFURT:
VR2) announces results for ten drill holes, completing its 2011
Phase 2 drill program at its 100% owned Tower Mountain Gold Project
in NW Ontario. The assay reports again indicate wide intersections
of low-grade near surface gold mineralization that could be
amenable to an open-pit bulk mining operation. The three sets of
drill results announced to date cumulatively support a decision to
move onto Phase 3 drilling within 2011. This next stage is planned
to include a detailed airborne geophysical survey, additional line
cutting, ground induced polarization geophysics and more drilling,
all to be completed by year-end.
Highlights of Drill Results
The Phase 2 drill program included 2,580 meters ("m") of diamond
drilling in sixteen holes, bringing the current total diamond
drilling in 2011 to 4,680.5m. The main target to date has been the
wide, low-grade gold mineralization encountered on the 31-Bench
Zone. Highlights include several significant intersections:
-- TM-11-78 with 195.0m averaging 0.34 g/t Au including 39.0m assaying 0.65
g/t Au
-- TM-11-84 with 195.0m averaging 0.35 g/t Au including 45.0m assaying 1.01
g/t Au
-- TM-11-86 with 142.5m averaging 0.30 g/t Au including 33.0m assaying 0.72
g/t Au
The 31-Bench Zone is developing into a near-surface, large,
low-grade gold occurrence which remains open for expansion in all
directions. Currently, the gold zone extends from surface to a
depth of 150 meters with a strike length of more than 300 meters
and width of 120-180 meters.
Stephen Wilkinson, President and CEO of ValGold commented, "We
are most encouraged by the success of our 2011 exploration program.
Each consecutive report we have received, including this current
report, supports our contention that the Tower Mountain property
has the potential to host a significant gold resource. We continue
to expand the areas of widespread gold and pyrite mineralization
and the new 31-Bench Zone has many characteristics that may be
amenable to an open-pit, bulk mining operation."
The Detailed Explanation
Preliminary definition of the 31-Bench Zone used the overall
average value for each hole when assaying the entire hole and not
applying a cut-off grade. For Phase 1 and 2 the average grade of
each hole ranged from 0.2g/t to 0.4g/t Au over widths of 100-200m.
Within this mineralized envelope there are better grading sections
over significant widths such as the following:
Section 1: 0.96g/t Au over 10.5m
Section 2: 2.00g/t Au over 27.0m
Section 3: 0.93g/t Au over 19.5m
Section 4: 0.70g/t Au over 87.0m
Section 5: 0.57g/t Au over 24.0m
Section 6: 0.53g/t Au over 84.0m
The Sections were planned to be 60m apart and 3-5 holes per
section to define the 31-Bench Zone. For a complete listing of the
results refer to Table 1 for Drill Hole Location Database, Table 2
for Assay Results, Figure 1 for Drill Hole Location Map and Figure
2 for Drill Section 4 with significant assays. Some Sections are
composed of multiple intersections of significant gold values and
more drilling is required to fully delineate the potential size of
the Zone.
The mineralized intersections are reported as core lengths
because, as yet, insufficient data is available to calculate true
widths. 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.
On a property-wide scale the drilling has tested only a small
portion of the peripheral extent of the Tower Mountain Intrusive
Complex where previous operators discovered up to 25 occurrences
with grab sample assays of greater than a gram. Detailed AEM
results and ground geophysical surveys should help in targeting new
prospective gold zones as one of the key factors in the 31-Bench
Zone mineralization is pyrite running 3-10%.
Please see the news releases on April 8, 2011, May 11, 2011 and
June 22, 2011 for results of Phase 1 & 2 drilling on the Tower
Mountain Project.
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 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 31-Bench Zone (2.00 g/t Au over 27.0m), 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 6, 2006).
About ValGold
Incorporated in 1987, ValGold is listed on Tier 1 of the TSX
Venture Exchange under the symbol VAL. ValGold is an international
mineral development company based in Vancouver, Canada with an
objective to generate wealth for its shareholders by seeking out,
acquiring and advancing properties with recognizable but
under-explored mineral resources.
ValGold's commitment is to realize value from significant
mineral deposits which satisfy key criteria:
-- Mineral rights to extensive areas in prospective but non-traditional and
under-explored regions.
-- Mineral exploration projects with potential for substantial development.
-- Projects that require experienced management with exploration, mining
and financial expertise.
Valgold recently exchanged its interest in the Garrison gold
project for 16 million shares in Northern Gold Mining Inc. (and
presently holds 17.4M Northern Gold shares with a market value of
$6.4 million) plus $650,000 in cash and a 2% Net Smelter Royalty.
The cash and marketable securities received through this
transaction greatly benefit Valgold's working capital position and
enhance the exploration and development plans for Valgold's
existing and future properties.
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 and international
gold projects, please visit our website at www.valgold.com.
Stephen J. Wilkinson, President & 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 1:Drill Hole Locations (NAD 83, Zone 16)
----------------------------------------------------------------------------
Hole UTM E UTM N ELEV LENGTH AZIMUTH DIP
----------------------------------------------------------------------------
TM-11-78 300805 5377418 482m 200 62 -45
----------------------------------------------------------------------------
TM-11-79 300805 5377418 482m 155 62 -90
----------------------------------------------------------------------------
TM-11-80 300822 5377348 491m 200 62 -45
----------------------------------------------------------------------------
TM-11-81 300822 5377348 491m 152 62 -90
----------------------------------------------------------------------------
TM-11-82 300848 5377313 490m 200 62 -45
----------------------------------------------------------------------------
TM-11-83 300848 5377313 490m 152 62 -90
----------------------------------------------------------------------------
TM-11-84 300936 5377483 496m 200 62 -45
----------------------------------------------------------------------------
TM-11-85 300885 5377556 470m 200 62 -45
----------------------------------------------------------------------------
TM-11-86 300765 5377404 490m 147 62 -70
----------------------------------------------------------------------------
TM-11-87 300823 5377355 491m 152 242 -70
----------------------------------------------------------------------------
Table 2: Significant assay results for Phase 1 & 2 from 31-Bench Zone; TM-
11-64 to 87
----------------------------------------------------------------------------
Length From To Assay
Drill Hole (m) (m) (m) Au (g/t)
----------------------------------------------------------------------------
SECTION 1
----------------------------------------------------------------------------
TM-11-64 1 161.0 6.5 167.5 0.26
----------------------------------------------------------------------------
includes 4.5 33.5 38.0 0.54
----------------------------------------------------------------------------
includes 4.5 42.5 47.0 0.45
----------------------------------------------------------------------------
includes 15.0 51.5 66.5 0.39
----------------------------------------------------------------------------
includes 10.5 69.5 80.0 0.27
----------------------------------------------------------------------------
includes 6.0 87.5 93.5 0.53
----------------------------------------------------------------------------
includes 1.5 104.0 105.5 1.20
----------------------------------------------------------------------------
includes 10.5 114.5 125.0 0.96
----------------------------------------------------------------------------
TM-11-72 2 144.0 8.0 152.0 0.30
----------------------------------------------------------------------------
includes 3.0 14.0 17.0 0.40
----------------------------------------------------------------------------
includes 4.5 26.0 30.5 0.40
----------------------------------------------------------------------------
includes 9.0 36.5 45.5 1.50
----------------------------------------------------------------------------
includes 16.5 135.5 152.0 0.80
----------------------------------------------------------------------------
TM-11-73 2 114.0 8.0 122.0 0.28
----------------------------------------------------------------------------
includes 36.0 27.5 63.5 0.50
----------------------------------------------------------------------------
includes 10.5 72.5 83.0 0.26
----------------------------------------------------------------------------
includes 7.5 114.5 122.0 0.46
----------------------------------------------------------------------------
SECTION 2
----------------------------------------------------------------------------
TM-11-65 1 102.0 5.0 107.0 0.33
----------------------------------------------------------------------------
includes 4.5 5.0 9.5 0.48
----------------------------------------------------------------------------
includes 9.0 14.0 23.0 0.40
----------------------------------------------------------------------------
includes 16.5 26.0 42.5 0.45
----------------------------------------------------------------------------
includes 9.0 48.5 57.5 0.73
----------------------------------------------------------------------------
includes 1.5 63.5 65.0 0.63
----------------------------------------------------------------------------
includes 1.5 74.0 75.5 0.58
----------------------------------------------------------------------------
includes 10.5 90.5 101.0 0.51
----------------------------------------------------------------------------
TM-11-74 2 145.5 6.5 152.0 0.34
----------------------------------------------------------------------------
includes 40.5 6.5 47.0 0.60
----------------------------------------------------------------------------
includes 4.5 65.0 69.5 0.40
----------------------------------------------------------------------------
includes 25.5 89.0 114.5 0.47
----------------------------------------------------------------------------
includes 1.5 150.5 152.0 1.00
----------------------------------------------------------------------------
TM-11-75 2 115.5 6.5 122.0 0.70
----------------------------------------------------------------------------
includes 10.5 20.0 30.5 0.58
----------------------------------------------------------------------------
includes 27.0 38.0 65.0 2.00
----------------------------------------------------------------------------
includes 13.5 80.0 93.5 0.56
----------------------------------------------------------------------------
includes 10.5 104.0 114.5 0.32
----------------------------------------------------------------------------
SECTION 3
----------------------------------------------------------------------------
TM-11-66 1 165.5 4.5 170.0 0.40
----------------------------------------------------------------------------
includes 27.5 4.5 32.0 0.48
----------------------------------------------------------------------------
includes 22.5 42.5 65.0 0.50
----------------------------------------------------------------------------
includes 1.5 83.0 84.5 0.50
----------------------------------------------------------------------------
includes 1.5 90.5 92.0 0.55
----------------------------------------------------------------------------
includes 3.0 102.5 105.5 0.68
----------------------------------------------------------------------------
includes 12.0 110.0 122.0 0.33
----------------------------------------------------------------------------
includes 7.5 128.0 135.5 0.33
----------------------------------------------------------------------------
includes 28.5 141.5 170.0 0.80
----------------------------------------------------------------------------
TM-11-76 2 148.5 3.5 152.0 0.40
----------------------------------------------------------------------------
includes 6.0 17.0 23.0 1.10
----------------------------------------------------------------------------
includes 21.0 68.0 89.0 0.60
----------------------------------------------------------------------------
includes 40.5 98.0 138.5 0.80
----------------------------------------------------------------------------
and 7.5 98.0 108.5 1.00
----------------------------------------------------------------------------
and 13.5 116.0 129.5 1.30
----------------------------------------------------------------------------
TM-11-77 2 120.0 2.0 122.0 0.33
----------------------------------------------------------------------------
includes 19.5 2.0 21.5 0.93
----------------------------------------------------------------------------
includes 4.5 42.5 47.0 0.43
----------------------------------------------------------------------------
includes 3.0 59.0 62.0 1.15
----------------------------------------------------------------------------
includes 13.5 108.5 122.0 0.50
----------------------------------------------------------------------------
TM-11-85 3 195.0 5.0 200.0 0.20
----------------------------------------------------------------------------
includes 6.0 12.5 18.5 0.44
----------------------------------------------------------------------------
includes 1.5 29.0 30.5 1.50
----------------------------------------------------------------------------
includes 12.0 38.0 50.0 1.10
----------------------------------------------------------------------------
includes 3.0 56.0 59.0 0.58
----------------------------------------------------------------------------
includes 4.5 105.5 110.0 0.46
----------------------------------------------------------------------------
SECTION 4
----------------------------------------------------------------------------
TM-11-67 1 102.0 5.0 107.0 0.62
----------------------------------------------------------------------------
includes 87.0 14.0 101.0 0.70
----------------------------------------------------------------------------
and 19.5 42.5 62.0 0.70
----------------------------------------------------------------------------
and 37.5 63.5 101.0 1.00
----------------------------------------------------------------------------
and 4.5 95.0 99.5 3.80
----------------------------------------------------------------------------
TM-11-78 3 195.0 5.0 200.0 0.34
----------------------------------------------------------------------------
includes 9.0 62.0 71.0 0.90
----------------------------------------------------------------------------
and 6.0 65.0 71.0 1.25
----------------------------------------------------------------------------
includes 39.0 86.0 125.0 0.65
----------------------------------------------------------------------------
and 13.5 95.0 108.5 0.99
----------------------------------------------------------------------------
includes 1.5 132.5 134.0 1.26
----------------------------------------------------------------------------
includes 37.5 150.5 188.0 0.57
----------------------------------------------------------------------------
and 1.5 165.5 167.0 3.82
----------------------------------------------------------------------------
TM-11-79 3 151.5 3.5 155.0 0.36
----------------------------------------------------------------------------
includes 6.0 11.0 17.0 0.64
----------------------------------------------------------------------------
includes 28.5 81.5 110.0 0.60
----------------------------------------------------------------------------
and 10.5 81.5 92.0 0.92
----------------------------------------------------------------------------
includes 34.5 117.5 152.0 0.70
----------------------------------------------------------------------------
and 13.5 120.5 134.0 1.00
----------------------------------------------------------------------------
TM-11-84 3 195.0 5.0 200.0 0.35
----------------------------------------------------------------------------
includes 15.0 6.5 21.5 0.44
----------------------------------------------------------------------------
includes 1.5 63.5 65.0 1.10
----------------------------------------------------------------------------
includes 45.0 71.0 116.0 1.01
----------------------------------------------------------------------------
and 7.5 71.0 78.5 2.43
----------------------------------------------------------------------------
and 13.5 81.5 95.0 0.85
----------------------------------------------------------------------------
and 6.0 104.0 110.0 1.93
----------------------------------------------------------------------------
TM-11-86 3 142.5 3.5 146.0 0.30
----------------------------------------------------------------------------
includes 3.0 23.0 26.0 0.48
----------------------------------------------------------------------------
includes 4.5 30.5 35.0 0.45
----------------------------------------------------------------------------
includes 33.0 95.0 128.0 0.72
----------------------------------------------------------------------------
and 15.0 113.0 128.0 1.02
----------------------------------------------------------------------------
includes 6.0 131.0 137.0 0.36
----------------------------------------------------------------------------
includes 1.5 144.5 146.0 0.94
----------------------------------------------------------------------------
SECTION 5
----------------------------------------------------------------------------
TM-11-68 1 188.0 3.0 191.0 0.27
----------------------------------------------------------------------------
includes 10.5 3.0 12.5 0.40
----------------------------------------------------------------------------
includes 4.5 27.5 32.0 0.40
----------------------------------------------------------------------------
includes 3.0 39.5 42.5 0.60
----------------------------------------------------------------------------
includes 58.5 62.0 120.5 0.45
----------------------------------------------------------------------------
and 24.0 95.0 119.0 0.57
----------------------------------------------------------------------------
includes 7.5 168.5 176.0 0.79
----------------------------------------------------------------------------
TM-11-80 3 189.0 11.0 200.0 0.16
----------------------------------------------------------------------------
includes 19.5 92.0 111.5 0.50
----------------------------------------------------------------------------
TM-11-81 3 145.5 6.5 152.0 0.20
----------------------------------------------------------------------------
includes 27.0 71.0 98.0 0.30
----------------------------------------------------------------------------
includes 22.5 111.5 134.0 0.50
----------------------------------------------------------------------------
includes 3.0 140.0 143.0 0.37
----------------------------------------------------------------------------
TM-11-87 3 147.0 5.0 152.0 0.14
----------------------------------------------------------------------------
includes 4.5 5.0 9.5 0.34
----------------------------------------------------------------------------
includes 6.0 95.0 101.0 0.33
----------------------------------------------------------------------------
includes 3.0 138.5 141.5 1.35
----------------------------------------------------------------------------
includes 1.5 150.5 152.0 0.89
----------------------------------------------------------------------------
SECTION 6
----------------------------------------------------------------------------
TM-11-69 1 118.5 4.0 122.0 0.43
----------------------------------------------------------------------------
includes 1.5 6.5 8.0 0.58
----------------------------------------------------------------------------
includes 84.0 24.5 108.5 0.53
----------------------------------------------------------------------------
and 25.5 51.5 77.0 0.85
----------------------------------------------------------------------------
and 9.0 60.5 69.5 1.20
----------------------------------------------------------------------------
TM-11-82 3 195.5 3.5 200.0 0.28
----------------------------------------------------------------------------
includes 7.5 27.5 35.0 0.46
----------------------------------------------------------------------------
includes 85.5 110.0 195.5 0.44
----------------------------------------------------------------------------
and 36.0 150.5 186.5 0.63
----------------------------------------------------------------------------
and 7.5 164.0 171.5 0.90
----------------------------------------------------------------------------
and 12.0 174.5 186.5 0.68
----------------------------------------------------------------------------
TM-11-83 3 148.5 3.5 152.0 0.10
----------------------------------------------------------------------------
includes 18.0 80.0 98.0 0.19
----------------------------------------------------------------------------
Notes:
1. Phase 1 Drill hole results previously announced in news release dated
May 11, 2011
2. Phase 2 Drill hole results previously announced in news release dated
June 22, 2011
3. Phase 2 Drill hole results - as per current news release July 25, 2011
To view Figures 1 and 2 associated with this press release,
please visit the following link:
http://media3.marketwire.com/docs/val725i.pdf.
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.
Contacts: ValGold Resources Ltd. Cindy Chu Investor Relations
(604) 687-4622 (604) 687-4212 (FAX) info@valgold.com
www.valgold.com
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