DRILLING UPDATE FOR MT PENCK PAPUA NEW GUINEA
January 13, 2011 – Vancouver, BC - Vangold Resources Ltd. ("Vangold" or the "Company") (TSX-V: VAN) is pleased to provide an update on progress of the Company’s exploration program at EL 1322.
Mt Penck is an advanced, exploration stage gold property that is located along the “Pacific Rim of Fire”, the active circum-Pacific volcanic belt is host to dozens of World Class epithermal gold and porphyry copper -gold deposits. Mt Penck is an eroded caldera similar in many ways to Lihir (45 M oz Au) Gold mine.
A $1,000,000 diamond drill program commenced November 2010 at Mt Penck. This program is ongoing. A large and extensive sulphide system or systems has been clearly demonstrated by recent 3D-IP chargeability anomalies identified over an area of approximately 4 kilometres in length and approximately 3 kilometres in width. All available geophysical, geochemical and geological exploration data sets are being utilised to target the ongoing drilling, including 3D-IP chargeability / resistivity, aeromagnetics / radiometrics, geological / structural mapping, soil / trench / and drill hole geochemistry.
Two angled diamond drill holes (MPD73 at 386.9m and MPD74 at 402.0m) were recently completed testing the shoulders of chargeability anomalies coincident with structural features. A third drill hole (MPD75) is currently underway drilling vertically into the centre of the main chargeability anomaly at Kavola. The target depth for hole MPD75 is 400 meters.
Soil sampling on IP gridlines and trench sample locations have all been digitized and plotted and results will be announced when final assays are received, collated and evaluated. Prior to the Christmas break, a total of 219,5m long, trench samples were sent to the laboratory. Analysis of these samples and cores from the diamond drill holes is ongoing and will be announced when available.
Exploration on the Mt Penck project to date has focused on an area of extensive outcropping gold mineralization at the Kavola South Prospect. 93 holes totalling 8,500 metres have been completed to date, with previous drilling revealing significant material gold intercepts including: 72m at 1.79g/t gold; 2m at 36.7g/t gold; and 43m at 2.35g/t gold. In addition, bulldozer trenching yielded results that included: 40m at 8.89g/t gold; 97m at 3.39g/t gold; 5m at 60g/t gold; and 3m at 180g/t gold.
Mt. Penck is located in West New Britain Province, Papua New Guinea. Access to the property is by road from the provincial capital of Kimbe. The property is conveniently situated within a few kilometres of the coast. Access and infrastructure are excellent at Mt. Penck, particularly in comparison to other major projects in Papua New Guinea.
To date, complete results obtained from prior exploration work at Mt Penck can be viewed in press releases and in an independent NI 43-101 report that are available on Sedar and at www.vangold.ca.
It's all happened before and it will all happen again. Might as well profit from it.
