PNG Gold Corporation Announces High Grade Gold Results from Imwauna Project, Papua New Guinea
17 11월 2011 - 9:30PM
Marketwired Canada
NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWSWIRE SERVICES
PNG Gold Corporation ("PNG Gold" or the "Company") (TSX VENTURE:PGK) announces
assay results from 31 recently completed diamond drill holes on its Imwauna
Project, Normanby Island, Milne Bay Province, eastern Papua New Guinea. The
drilling was designed to provide additional information in the northern and
central part of the deposit at shallow depths where there were gaps in the
historic drilling and at depth, between 100 m and 150 m below surface, to verify
the continuation of the mineralized vein system. The holes tested a 600 m strike
length of the deposit and a vertical range of 50 m to 150 m below surface.
Imwauna exploration drill hole locations can be viewed at:
http://www.pnggold.com/i/pdf/Imwauna_EL1091.pdf
The results re-affirm the high grade nature of the deposit. The mineralized zone
graded 3.0 g/t or more in 65% of the holes while eleven holes (35%) intersected
zones assaying greater than 10.0 g/t Au. There is no strong correlation observed
between grade and thickness, although the thickest zones (i.e. those greater
than 4 m wide) all grade between 5 and 15 g/t Au. The following highlights table
illustrates the high grade nature of these results:
Table 1: Highlights of Results
(for complete results see Table 2 appended to this release)
-------------------------------------------------------------------
Hole Core length
(m)(i) Au (g/t) Ag (g/t)
-------------------------------------------------------------------
IMH 204 7.4 13.11 14.42
Incl: 3.1 24.60 24.93
-------------------------------------------------------------------
IMH 215 6.3 8.16 32.93
-------------------------------------------------------------------
IMH 209 4.3 6.67 11.11
-------------------------------------------------------------------
IMH 194 5.1 5.38 9.17
-------------------------------------------------------------------
IMH 193 1.4 15.60 10.60
-------------------------------------------------------------------
IMH 210 1.1 16.66 23.85
Incl: 0.4 42.50 43.00
-------------------------------------------------------------------
(i) core lengths are not true thicknesses which have yet to be determined
Drilling confirmed the continuity of the vein system within the deposit envelope
and its extension below the level of previous drilling. The main vein is now
interpreted to dip near vertical suggesting that some of the historic drill
holes and some of the earlier holes in the current program did not drill deep
enough to cut the vein. Selected holes will be deepened to test this
interpretation. The current program also confirms that the mineralized zone is
variable in thickness, ranging from 0.3m wide in a single vein to 7.4 m wide
across zones of multiple veining and silicification.
Dick Whittington, President and CEO of PNG Gold, stated, "These results
significantly enlarge our knowledge of the Imwauna vein system both in terms of
grade and geological interpretation. We continue to be excited about the
property and are looking forward to the results of our ongoing drilling with
great interest as we look to put out a 43-101 resource in the second quarter of
next year."
Ongoing Drilling Programme - Imwauna and Kela's Vein Systems and Sehulea IP Anomaly
Drilling continues on the Imwauna deposit primarily to expand the known deposit
at depth. Two drills are presently working on the Imwauna Project and will drill
test the promising Kela's vein system later this year or early in 2012, while a
third rig has been deployed to the Sehulea property (EL 1069), 10 km to the
northeast of Imwauna. A minimum of four holes totalling 1000 m are planned to
evaluate a very strong, 1.2 km long, chargeability anomaly outlined by a 3D IP
survey completed in August of this year. The program will also fulfill the
company's commitments to the Sehulea exploration license (EL 1069).
Logging, sampling and assaying procedures
All holes drilled by PNG Gold are collared using HQ triple tube drill tools. A
few holes have been reduced to NQ size at depth in the hole in order to continue
the hole. Geotechnical measurements such as core recovery, fracturing and
veining, rock quality designations (RQD's), hardness and photographic logging
are performed systematically prior to sampling and assaying. The core is logged,
samples selected by PNG Gold geologists then systematically sawn in half at the
site. The one half core sample is numbered, sealed in a bag and delivered by PNG
Gold to its base in Alotau where the samples are palletized and placed in a
container for shipment to ALS Chemex in Townsville, Australia. The other core
half is retained on the site.
Core samples are dried, crushed and pulverized to 85% passing through a 75
micron mesh. The pulps are assayed for gold and silver using a 50 g split, fire
assay (FA) and AA finish.
Quality assurance / Quality control (QA/QC)
The ALS Chemex lab is an ISO 9001:2008 qualified assayer that performs and makes
available internal assaying controls. Duplicates, certified blanks and standards
are systematically used as part of PNG Gold's QA/QC program. The company also
inserts blind standards with each sample batch at the rate of about 1:10.
Rejects and pulps are stored at the lab for future reference.
Qualified Person
Mr. Colin McKenzie, P.Geo and COO of PNG Gold is a qualified person in
accordance with National Instrument 43-101 and has reviewed and approved the
technical information contained in this news release.
About the Imwauna Gold Project
The Imwauna exploration license covers an area located on the north side of
Normanby Island approximately 80 km northeast of Alotau, the provincial capital
of Milne Bay Province, Papua New Guinea. Alotau is serviced by daily flights
from Port Moresby the national capital and scheduled coastal freighters. PNG
Gold maintains a logistics base in Alotau to supply the Normanby Island site.
The Imwauna prospect is an epithermal, low sulphidation quartz vein system
comprising two principal veins, the thicker, more continuous Main vein and the
East vein. The mineralized veins consist of finely crystalline quartz, white to
grey in colour and display typical epithermal textures such as vugs, dog tooth
crystals and fine, chalcedonic layering. Sulphides are rare to absent although
some deeper intersections contain a few per cent of fine pyrite. Vein margins
are often brecciated and re-sealed with silica.
Historic exploration drilling in 178 drill holes (see PNG Gold Corp Technical
Report, November 30, 2010 on Sedar) has outlined a narrow zone of gold
mineralization over a strike length of at least 900 m to an average vertical
depth of about 100 m. Widths are usually 1 to 3 m in the Main vein but less in
the East vein. The drilling program is designed to extend the deposit to depth
and obtain sufficient information to support a new resource estimate, now
scheduled for the second quarter 2012.
About PNG Gold Corporation
PNG Gold Corporation is an exploration company with an advanced stage drilling
program in Papua New Guinea. PNG Gold holds a 50% interest in the Imwauna and
Sehulea properties on Normanby Island, Milne Bay Province, Papua New Guinea, and
has earned its option to acquire the remaining 50%. The Company expects the
transfer of the remaining 50% interest will be completed expeditiously, after
which it will be the sole owner of both properties. PNG Gold trades on the TSX
Venture Exchange under the symbol PGK. PNG Gold's mission is to become the
premier exploration and development company in Papua New Guinea.
ON BEHALF OF THE BOARD OF DIRECTORS
J.R.H. (Dick) Whittington, President & CEO
No regulatory authority has approved or disapproved the information contained in
this news release.
Forward-Looking Statements
Certain information set forth in this news release contains forward-looking
statements that involve substantial known and unknown risks and uncertainties.
These forward-looking statements relate to matters such as results of
exploration and development of the Normanby Property and completion of financing
and are subject to numerous risks and uncertainties, certain of which are beyond
the control of PNG Gold, including, but not limited to, the impact of general
economic conditions, industry conditions, financial market conditions,
dependence upon regulatory and shareholder approvals, and the uncertainty of
completing intended financing and obtaining additional financing. Exploration of
mineral properties is subject to the inherent risk that it may not result in
commercial discovery. Readers are cautioned that the assumptions used in the
preparation of forward-looking statements, although considered reasonable at the
time of preparation, may prove to be incorrect and, as such, undue reliance
should not be placed on forward-looking statements. PNG Gold expressly disclaims
any obligation to update forward-looking statements contained herein except as
required by applicable law.
Table 2:Imwauna Assay Results - IMH 186 to IMH 216
----------------------------------------------------------------------------
Vein
Elev Azi- From To Length Au Ag
Hole ID Easting Northing (m) Dip muth (m) (m) (m)(i) (g/t) (g/t)
----------------------------------------------------------------------------
IMH186 289079.0 8887004.9 482.1 -65 106 45.0 46.0 1.0 1.04 1.10
----------------------------------------------------------------------------
IMH187 289075.0 8886926.5 485.6 -60 106 31.2 33.0 1.8 4.88 22.80
----------------------------------------------------------------------------
and 58.3 59.4 1.1 18.30 24.70
----------------------------------------------------------------------------
IMH188 289075.4 8887018.1 484.9 -70 106 112.9 113.3 0.4 4.37 9.10
----------------------------------------------------------------------------
IMH189 289061.5 8887117.7 493.4 -70 106 120.4 120.7 0.3 2.96 1.50
----------------------------------------------------------------------------
IMH190 289044.4 8886953.6 495.4 -70 106 101.4 102.9 1.5 4.50 8.00
----------------------------------------------------------------------------
and 120.7 121.4 0.7 10.50 14.40
----------------------------------------------------------------------------
and 93.6 95.0 1.4 2.90 2.20
----------------------------------------------------------------------------
IMH191 289047.5 8886996.8 492.1 -60 106 111.0 112.0 1.0 1.35 1.50
----------------------------------------------------------------------------
and 148.0 149.0 1.0 1.61 4.50
----------------------------------------------------------------------------
IMH192 289064.7 8887073.9 490.4 -70 106 nsv nsv
----------------------------------------------------------------------------
IMH193 289047.9 8886996.8 492.1 -50 106 89.4 90.8 1.4 15.60 10.60
----------------------------------------------------------------------------
and 103.1 104.7 1.6 3.14 2.20
----------------------------------------------------------------------------
and 116.6 117.8 1.2 1.94 2.10
----------------------------------------------------------------------------
IMH194 289054.3 8886992.6 491.8 -70 106 133.6 138.7 5.1 5.38 9.17
----------------------------------------------------------------------------
including 134.8 135.4 0.6 17.30 15.00
----------------------------------------------------------------------------
IMH195 289075.2 8887155.3 491.8 -60 106 nsv nsv
----------------------------------------------------------------------------
IMH196 288989.4 8886899.1 494.1 -65 106 126.4 127.4 1.0 5.24 9.20
----------------------------------------------------------------------------
and 179.2 184.0 4.8 3.88 18.71
----------------------------------------------------------------------------
including 179.2 180.2 1.0 8.50 12.50
----------------------------------------------------------------------------
and 187.0 188.0 1.0 3.15 1.50
----------------------------------------------------------------------------
IMH197 289000.6 8886926.9 509.1 -60 106 94.8 95.8 1.0 6.91 12.20
----------------------------------------------------------------------------
and 120.8 121.8 1.0 6.45 6.50
----------------------------------------------------------------------------
IMH198 288994.2 8886716.4 533.3 -45 106 nsv nsv
----------------------------------------------------------------------------
IMH199 289021.1 8886866.3 493.3 -65 106 84.5 85.1 0.6 4.15 6.00
----------------------------------------------------------------------------
IMH200 289073.3 8887156.0 493.3 -70 106 139.0 140.0 1.0 3.50 2.00
----------------------------------------------------------------------------
IMH201 288996.9 8886742.1 538.6 -60 106 nsv nsv
----------------------------------------------------------------------------
IMH202 289008.5 8886817.7 514.2 -50 106 77.0 78.0 1.0 5.02 9.30
----------------------------------------------------------------------------
IMH203 289008.5 8886817.7 514.2 -65 106 62.5 63.5 1.0 1.73 9.60
----------------------------------------------------------------------------
and 64.5 65.5 1.0 1.04 9.60
----------------------------------------------------------------------------
and 81.3 83.5 2.2 4.24 11.76
----------------------------------------------------------------------------
and 91.4 93.1 1.7 1.98 6.89
----------------------------------------------------------------------------
IMH204 288963.1 8886812.9 511.2 -70 106 130.0 131.7 1.7 1.51 1.85
----------------------------------------------------------------------------
and 138.0 145.4 7.4 13.11 14.42
----------------------------------------------------------------------------
including 139.4 142.5 3.1 24.60 24.93
----------------------------------------------------------------------------
and 147.0 148.3 1.3 4.16 4.10
----------------------------------------------------------------------------
IMH205 289083.0 8887205 499.0 -60 101 37.8 38.7 0.9 1.40 2.20
----------------------------------------------------------------------------
IMH205A 289083.8 8887205.4 499.0 -60 106 220.0 221.3 1.3 10.31 8.65
----------------------------------------------------------------------------
including 220.0 220.5 0.5 24.70 18.00
----------------------------------------------------------------------------
IMH206 289083.6 8887205.4 498.4 -70 106 nsv nsv
----------------------------------------------------------------------------
IMH207A 289150.2 8887245.0 460.7 -60 106 153.7 154.4 0.7 1.00 3.40
----------------------------------------------------------------------------
IMH208 289149.3 8887245.4 462.5 -70 106 nsv nsv
----------------------------------------------------------------------------
IMH209 288966.2 8886833.1 540.3 -60 106 141.0 142.0 1.0 12.10 13.00
----------------------------------------------------------------------------
and 147.2 151.5 4.3 6.67 11.11
----------------------------------------------------------------------------
and 150.0 151.5 1.5 15.25 14.00
----------------------------------------------------------------------------
IMH210 289129.7 8887039.6 467.2 -55 106 18.7 19.8 1.1 16.56 23.85
----------------------------------------------------------------------------
including 18.7 19.1 0.4 42.50 43.00
----------------------------------------------------------------------------
and 53.9 54.6 0.7 1.34 2.90
----------------------------------------------------------------------------
IMH211 289087.3 8887028.5 476.5 -75 106 63.4 64.3 0.9 3.64 9.70
----------------------------------------------------------------------------
and 99.7 100.6 0.9 24.00 327.00
----------------------------------------------------------------------------
IMH212 288969.6 8886725.4 525.2 -45 106 nsv nsv
----------------------------------------------------------------------------
IMH213 288981.0 8886747.9 537.1 -55 106 64.6 66.1 1.5 7.49 9.77
----------------------------------------------------------------------------
including 65.2 65.7 0.5 16.65 22.30
----------------------------------------------------------------------------
and 68.0 68.9 0.9 1.32 7.50
----------------------------------------------------------------------------
IMH214 288955.5 8886789.1 535.8 -60 106 48.0 49.0 1.0 1.23 5.10
----------------------------------------------------------------------------
IMH215 288981.9 8886747.6 537.0 -70 106 73.5 75.1 1.6 10.73 14.80
----------------------------------------------------------------------------
and 79.4 85.7 6.3 8.16 32.93
----------------------------------------------------------------------------
including 83.0 84.0 1.0 22.13 63.65
----------------------------------------------------------------------------
and 84.8 85.7 0.9 17.50 57.00
----------------------------------------------------------------------------
IMH216 288919.2 8886733.2 528.1 -70 106 nsv nsv
----------------------------------------------------------------------------
nsv = no significant values
(i) true thicknesses have yet to be determined
PNG Gold Corporation (TSXV:PGK)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024
PNG Gold Corporation (TSXV:PGK)
과거 데이터 주식 차트
부터 6월(6) 2023 으로 6월(6) 2024
