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Message: Kavursuki Mineralised Zone at Sinivit Gold Mine Likely to Be Equal in Size to
Original Sinivit Mineralised Zone-Trench Results to 4m at 118.5g/t Gold
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 23, 2011) -
New Guinea Gold Corporation ("NGG" or the "Company") (TSX VENTURE:NGG)(FRANKFURT:NG8) announces that drilling, trenching, geochemical sampling, and geophysical surveys suggest that the Kavursuki mineralized zone will ultimately equal or exceed the oxide mineralisation at the present Sinivit Mine. The geophysical survey also confirmed there may be sulphide potential at depth below the oxide mineralisation, but at this time, there has been no drilling to explore the Kavursuki Zone at depth.
21 diamond core holes, in excess of 3,000m of excavator trenching, have confirmed a continuous, mineralized structural zone up to 50m in width, and one km in length, variably silicified and mineralized with gold and silver. By analogy with the Sinivit Zone, it is assumed that at depth, below the limit of oxidation, the Kavursuki mineralization will be similar to that at Sinivit - i.e. copper/gold/tellurium sulphides. The Kavursuki Zone is probably continuous with the northern extension of the Sinivit Zone but because of excessive topography, this has not yet been confirmed by drilling.
The relationship between the Kavursuki and Sinivit Zones is shown in Figure 1, and the distribution of drill holes and most trenching at Kavursuki are shown in Figure 2. Topography in the Kavursuki area is steep which can assist trenching (i.e. expose a face approximately 50m high on a hill slope) or hinder trenching. Some parts of the Zone are difficult to sample at surface without very extensive earthworks.
All drill hole summary results are shown in Table 1. Best results include:
20.3m at 3.28g/t gold including 8m at 6.49g/t gold;
5.25m at 9.45g/t gold including 2.6m at 13.74g/t gold;
8.1m at 4.06g/t gold including 0.9m at 12.05g/t gold;
4.1m at 2.65g/t gold;
13.3m at 1.92g/t gold;
1.12m at 33.7g/t gold.
28 trenches have been excavated on or near the Kavursuki mineralized zone, of which, except for Trench H, all contained at least one 2.0 m sample greater than 0.5 g/t gold. All results are shown in Table 2. Best results include:
28m at 19.42g/t gold including 4m at 118.50g/t gold (note - this trench is partly along strike);
16m at 2.79g/t gold;
4m at 13.72g/t gold;
32m at 2.17g/t gold;
14m at 10.21g/t gold including 4m at 26.13g/t gold;
10m at 3.8g/t gold;
12m at 12.29g/t gold;
20m at 8.08g/t gold including 4m at 20.35g/t gold;
38m at 5.2 g/t gold including 4m at 21.15 g/t gold;
4m at 12.02g/t gold including 2m at 23.5g/t gold.
Complete tables of all individual drill and trench locations and assays are available on the web site - >www.newguineagold.ca.
To view the tables and maps accompanying this press release please click on the following link: >www.newguineagold.ca.
ON BEHALF OF THE BOARD
R.D. McNeil, ACTING CEO
Forward Looking Statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of NGG, including, but not limited to the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of resource and reserve estimates, currency fluctuations, dependence upon regulatory approvals, the availability of future financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
FOR FURTHER INFORMATION PLEASE CONTACT: R.D. McNeil
New Guinea Gold Corporation
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