Sept. 14, 2010, 9:36 a.m. EDT · Recommend · Post:
New Guinea Gold Announcement: Induced Polarization Survey at Sinivit Defines 18 New Drill Target Zones and Advances Geological Understanding of Sinivit Mineralisation
VANCOUVER, BRITISH COLUMBIA, Sep 14, 2010 (MARKETWIRE via COMTEX) -- New Guinea Gold Corporation ("NGG" or "the Company") /quotes/comstock/11v!ngg (CA:NGG 0.11, +0.01, +4.76%) (FRANKFURT: NG8) has received a geophysical interpretation from geophysical consultants, Aimex Geophysics Pty Ltd, assessing the results of a 3D Induced Polarization ("IP") Survey recently completed at Sinivit (in Papua New Guinea) by SJ Geophysics Ltd. of Vancouver, Canada. The area covered by the survey is shown in Figure 1.
"The IP Survey confirms the potential for substantial gold and/or gold/copper/tellurium sulphide mineralisation at depth, along strike and adjacent to the Sinivit Structure," said Bob McNeil, Chairman and CEO.
The consulting geophysicist defines and describes 18 target zones, either chargeability (IP), resistivity or conductivity anomalies. In most cases these anomalies can be correlated with surface indications of known mineralisation. The IP Survey was also conducted over the known Central Sulphide Zone. Although the IP response here was of modest intensity, it has shown that this mineralisation did give an IP response and thus, by analogy, similar intensity anomalies defined at Gorocha, Kavursuki, and Memgmut could also be defining similar sulphides. The results of the northern part of the survey are illustrated on the accompanying chargeability and resistivity images and in several cross sections (Figures 2 to 6). Because of the amount of detail available from the survey, it is not possible to show all results in a press release or the results for the areas south of the Sinivit Mine.
In addition to targets related to the Sinivit structure, the survey has defined a strong IP anomaly in the valley to the west of Sinivit (known as Magiabi). There are extensive surface indications of copper in this area and it has been noted previously as a potential porphyry copper system. The IP response is shown in Figures 2 and 4.
The complete results of the IP survey, including survey specifications, cross sections and commentary will be able to be accessed at www.newguineagold.ca in the near future.
Bob McNeil commented: "the geophysical summary in Figures 2 and 3 shows that the area between the northern oxide pit and Kavursuki could be highly prospective. There are major resistivity anomalies (Figures 3 and 5) which could be indicating gold bearing silicification, extending from close to surface to depths of plus 300m. Chargeability anomalies at Kavursuki (Figure 6) (which coincide with resistivity anomalies) and at Gorocha (Figure2), a large area to the north of the northern oxide pit, suggest the presence at depth of similar sulphide mineralisation to the Central Sulphide Zone (gold/copper/telluride). To the west, at Magiabi (Figures 2 and 4), a very significant IP and resistivity anomaly is present. Further IP and resistivity anomalies are also present south of the mine (not shown on the figures) at Memgmut.
"The Gorocha anomaly (Figure 2) coincides with a zone previously described as the Jog Structure (a dilational zone between the Sinivit or Wild Dog Structure and the Gunsap Mt Structure) which other geologists in the past have speculated could be the location of major sulphide mineralisation. The Magiabi anomaly is of particular interest as there is widespread evidence of copper mineralisation at surface. The IP anomaly could represent a breccia pipe. The concept of this area representing an altered porphyry copper system is supported also by aeromagnetic data.
"There is also a high conductivity, N-S zone, (Figure 2) to the east of Gorocha which the geophysicist has interpreted as a zone of hydrothermal (mineralisation) fluid flow from which the mineralisation in the Sinivit Structure originated. This zone corresponds to the location of the Gunsap Mt structure.
"In total, the consulting geophysicist has recommended drilling 18 separate targets. Diamond drilling is at present underway at Kavursuki and will progressively test all other targets.
"In summary, I believe the geophysics indicates the presence of several significant mineralised zones - however, the potential of these zones can only be determined by extensive drilling. Our strengthened balance sheet is allowing New Guinea Gold to undertake this drill program," concluded Mr. McNeil.
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 ("NI") 43-101. Mr McNeil has read and approves the information contained herein.
Full details of Sinivit are described in an independent NI 43-101 report dated January 2006 which is available at www.newguineagold.ca and in its recent press releases.
For further information on this release or on other NGG projects, contact Forbes West toll free at (888) 655-5532, email forbes@sherbournegroup.ca, info@newguineagold.ca, or access our website - www.newguineagold.ca.
ON BEHALF OF THE BOARD
R.D.McNeil, CHAIRMAN & CEO
