New Guinea Gold Corp (C-NGG) - News Release
New Guinea provides bulk sample results from Imwauna
New Guinea Gold Corp NGG
Shares issued 19,234,094 Nov 7 2002 close $ 0.06
Tuesday November 12 2002 News Release
Mr. Peter McNeil reports
HIGH GRADE GOLD POTENTIAL RE-AFFIRMED AT IMWAUNA PROJECT
Feasibility studies have continued on the Imwauna project, Normanby Island, Papua New Guinea, with the collection of 14 bulk samples totalling 787.5 kilograms (average 56 kilograms each), from excavator trenches three to six metres deep and other quality exposures, for metallurgical testing.
Assays up to nearly 14 ounces per tonne (424 grams per tonne (g/t)) gold were returned from the initial grab sampling (500 grams) and analysis of these bulk samples by ALS Chemex in Brisbane, Australia, confirming the high-grade gold potential of the Imwauna vein system (see results previously announced at www.newguineagold.ca). This is the highest gold assay returned to date by NGG/Macmin exploration at Imwauna.
The arithmetic average of all the bulk samples, over a strike length of approximately 400 metres, is 51.4 g/t gold, and if the high result of 424 g/t gold is omitted, the average is 22.75 g/t gold. The low results from trenches 36 and 38 can reasonably be omitted for technical reasons, resulting in even higher averages. Complete results are listed below:
Sample site Weight Gold
of sample (g/t)
(kg)
Creek 38.5 37.8
Road Cut 82 424.0
Slot Central 80 42.8
Slot North 37.5 21.4
Slot South 52 8.6
Trench 28 51 19.1
Trench 33 58 40.6
Trench 35 45.5 26.8
Trench 36 33.5 0.09
Trench 37 57.5 1.21
Trench 38 66.5 0.25
Trench 39 63.5 70.1
Trench 40 55 7.25
Trench 42 67 19.7
It is intended over the next few months to carry out column leach tests on various crush sizes from these bulk samples, to determine optimum crush size for vat leach extraction of the gold.
Elsewhere in Papua New Guinea, exploration is scheduled to recommence on the Feni project in January, 2003, geochemically evaluating new structural targets and underexplored known gold anomalous areas.
WARNING: The company relies upon litigation protection for "forward-looking
