New Guinea Gold is the next big gold producer
New Gold Producer in Papua New Guinea with approx 1 million ozs in gold equivilant resources, and targets exceeding 5 millions ozs
Message: New Guinea Gold Announcement-Drill Hole KVD025 Intersects 4.20m of
31.74g/t Gold in Kavursuki Zone, Sinivit Project, Papua New Guinea
Apr. 19, 2011 (Marketwire Canada) --
VANCOUVER, BRITISH COLUMBIA -- New Guinea Gold Corporation ("NGG" or the "Company") (TSX VENTURE:NGG)(FRANKFURT:NG8) has received assay results from hole KVD025 at Kavursuki. From surface to a depth of 28.3m the mineralised zone averaged 5.79g/t gold within which there were several higher grade zones such as the 4.20m at 31.74g/t as quoted above. Complete assays are shown in the table below.
|Assay Results Kavursuki|
|Hole No.||(m)||(m)||(m)||(g/t)||(gold g/t)|
|True width is estimated at 80% of the above lengths|
|*The combined interval 0 – 28.2m includes several assay results below 0.5g/t gold|
|Kavursuki Hole Location Data|
Hole KVD025 was drilled near the northern end of the Kavursuki zone to intersect the mineralisation below trenches 20 and 21 (see Figure 3, press release dated March 23, 2011). These trenches intersected 20m at 8.08g/t gold (including 4m at 20.35g/t gold) and 12m at 12.29g/t gold including 6m at 18.98g/t gold). The nearest drill hole to KVD025 is KVD009, approximately 25m north (intersected 5.25m at 8.18g/t gold, including 1.4m at 19.50g/t gold).
Bob McNeil, Acting CEO, commented: "this is an exciting result and is the highest gold grade so far intersected in drill holes at Kavursuki. It further confirms the potential of this one kilometer long zone to the north of the Sinivit Mine to be equal to or exceed the original Sinivit Zone. Drilling is continuing."
Drill core is logged and split (all by saw) on site with half core being dispatched to, and assayed by accredited laboratory ALS–Chemex in Townsville, Australia.
The information in this release was prepared under the direction of Robert D. McNeil a Fellow of the Australasian Institute of Mining and Metallurgy and a "qualified person" as defined by National Instrument 43-101. Mr McNeil has read and approves the information contained herein.
Full details of Sinivit are described in an Independent National Instrument 43-101 report dated January 2006 which is available at www.newguineagold.ca.
For further information on this release or on other NGG projects such as the Sinivit Gold Mine, contact [email protected], or access our website – 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
New Guinea Gold Corporation
Source: Marketwire Canada (April 19, 2011 - 12:08 PM EDT)
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