Nakru Project Update
VANCOUVER, BC, Aug 05, 2008 (MARKET WIRE via COMTEX News Network) --
Vangold Resources Ltd. (TSX-V: VAN) ("Vangold") announces that its joint venture partner, New Guinea Gold Corporation ("NGG"), has reported that Coppermoly Ltd., an Australian Securities Exchange listed company with the trading symbol of COY, issued the following press release relating to their Nakru Project entitled "Nakru Project Update and Tenement status." Vangold holds directly 1,000,000 shares in Coppermoly and a further 5,263,158 shares indirectly through its shareholding in Pacific Kanon Gold Corp.
SUMMARY
-- Drill pads being prepared at Nakru 1 -- Diamond drilling rig currently being mobilised to Nakru 1 -- 7,500m of cleared track access lines completed and ready for a three dimensional Induced Polarisation geophysical survey at Nakru -- Tenement application for EL 1445 (Talelumas) granted
NAKRU PROJECT
Track access continues to be upgraded to 4WD status at Nakru 1 and new trenches will be mapped and sampled for gold, copper, molybdenum and tellurium in order to define the limits of mineralisation.
Highlights of the historical trenching and drilling programmes at Nakru 1 include:
Trench intercepts (sample intervals) of: 95m @ 2.88g/t gold 25m @ 1.43% copper Drill Intercepts of: 94m @ 0.43% copper, 0.46g/t gold 205m @ 0.40% copper, including 74m @ 0.78% copper
A minimum of 4 x 50m holes will be drilled to confirm the presence of a vent and test the extents of gold mineralisation. At least two deeper holes will test for gold bearing fissures at depth. A minimum of 2 x 300m holes will test the large tonnage porphyry model at Site 7 and 8. Drilling pads are currently being constructed and a diamond drilling rig is being mobilised to site.
Geophysical I.P. surveying will begin in August to help define drilling targets. A total of 7,500m of lines have been cut in readiness for the survey.
At the Nakru 2 Prospect (Figure 2), the planned work programme will involve re-opening, sampling and mapping of all previous trenches, re-interpreting creek geology and re-sampling creek exposures to develop a geological interpretation in light of a potential breccia pipe model. Geophysical I.P. surveys over the circular feature is planned to help develop drilling targets.
The Mt Nakru project is well located near the town of Kimbe and close to essential infrastructure including roads, an airfield and a deep water port (Figure 1). The Mt Nakru system includes four defined prospects, Nakru 1 to Nakru 4.
These systems are located within the well-mineralised Kulu-Awit Corridor, which trends west-north-west through Central New Britain and contains other systems including Kulu (copper-gold), and Simuku (copper-gold).
To view the New Britain Island site map, please click on the link provided: http://www.usetdas.com/maps/Vangold/... Image hosted by Filing Services Canada Inc. website.
To view the Nakru 1 Proposed Stage 1 drilling map, please click on the link provided: http://www.usetdas.com/maps/Vangold/... Image hosted by Filing Services Canada Inc. website.
TENEMENT TRANSFER AND APPROVAL
1. The tenement EL 1445 (Talelumas) surrounding the northern part of the
Simuku tenement (Figure 1) was granted by the Minister of the Mineral
Resources Authority, PNG on 29th May, 2008 for a period of two years.
2. At the time of listing of Coppermoly Ltd., it was agreed that through
its wholly owned subsidiary Copper Quest (PNG) Ltd., the tenements EL1077
(Simuku) and EL1043 (Nakru) were to be acquired from New Guinea Gold Ltd.
The two tenements were transferred to Copper Quest (PNG) Ltd. on the 11th
April, 2008.
SIMUKU PROJECT UPDATE
The first drilling and trench assays results for Simuku are currently being compiled and these results are expected to be released in a few days.
To find out more about Vangold Resources Ltd. please visit our website at www.vangold.ca or contact Dal Brynelsen at 604-684-1974 or by email brynelsen@vangold.ca.
On Behalf of the Board of
VANGOLD RESOURCES LTD.
"Dal Brynelsen"
Dal Brynelsen, President and CEO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
Distributed by Filing Services Canada and retransmitted by Marketwire
Contact: Dal Brynelsen 604-684-1974 Email Contact
SOURCE: Vangold Resources Ltd.
http://www2.marketwire.com/mw/emailp...
Copyright 2008 Market Wire, All rights reserved.
