Vangold Resources Commences Drill Program at Its Allemata Project, Appoints VP of Exploration and Closes Financing
Vangold Resources Ltd. (VAN.V) has commenced core drilling at its Allemata Project, located in Milne Bay Province, Papua New Guinea.
The current 10-hole drill program will test two prospects, Huluba and Ulo Ulo, where significant gold mineralization has been identified in earlier work programs. Holes will be drilled to up to 300m in depth and have been targeted using a combination of surface geochemistry, geophysical surveys and historic work, including previous drilling. Results from the current drill program are expected early in 2013.
The Haluba prospect hosts disseminated and stockwork gold mineralization. Rock chip sampling, trenching and drilling programs have been completed with promising results including 20m at 2.17g/t gold, 16m at 2.87g/t gold and 45m at 1.51g/t gold in trenches. Five holes have previously been drilled at Haluba to a maximum vertical depth of 160m; the drilling results included: 24m at 1.90g/t gold; 29.7m at 1.59g/t gold; 14m at 1.64g/t gold and 24m at 1.54g/t gold.
Ulo Ulo Prospect
The Ulo Ulo prospect hosts vein style gold mineralization and is the site of an historic lode mine. Previous drilling results include: 3m at 19.59g/t gold; 2.0m at 7.55g/t gold; 0.5m at 10.85g/t gold; 21m at 1.31g/t gold and 11.65m at 2.01g/t gold. Only 3 holes were deeper than 100m; no deep drill testing has been undertaken to date. Anomalous values for copper, lead and zinc were also intersected including: 8m at 0.22% copper, 0.34g/t gold & 1.9 g/t silver; 2.35m at 0.33% copper and 0.5m at 0.23% copper, 0.49% lead & 0.45% zinc.
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