TORONTO–(Business Wire)–
VG Gold Corp., (TSX: VG), (FRANKFURT: VN3), (OTC: VGGCF) is pleased to announce
new core results from the Paymaster West Property located in Timmins, Ontario.
These encouraging results continue to demonstrate the potential for 1) narrow
high-grade mineralization, including the richest gold grades to date from the
project, and 2) bulk tonnage open pit potential. The project is situated next to
Goldcorp`s Dome Mine, which has produced 17 million ounces of gold.
1)Highest-Grade Yet From Paymaster
1,850 gpt gold over 0.9 m (53.96 opt over 2.8 ft)
Hole VGP-10-74 encountered a very rich intersection of gold mineralization that
returned 1,850.0 gpt gold over 0.9 m (53.96 opt gold over 2.8 ft) at a vertical
depth of only 50 ft (15 m). This new occurrence is adjacent to one of the
porphyry zones which have been the primary target of VG Gold`s drilling.
However, this is not the first time rich grades have been encountered in this
geological setting at Paymaster. Examples of previous results include 129.5
grams per tonne (gpt) gold over 0.9 m (3.78 opt gold over 3.0 ft) and 1,390.0
grams per tonne of gold over 0.9 m (40.54 over 3 ft). This is an exciting
development, since it illustrates the potential for new areas of high grade gold
mineralization at the Paymaster Project.
Also, drilling designed to outline gold mineralization at depth has intersected
good grades starting at 800 ft (240 m) below surface. Hole VGP-09-21ext returned
13.58 gpt over 2.0 m (0.396 opt over 6.4 ft), helping to extend the gold
mineralization to depth. Highlights from these two holes are shown below.
Hole Number Gold Grade Interval Gold Grade Interval
(gpt) (m) (opt) (ft)
VGP-10-74 1,850.0 0.9 53.96 2.8
VGP-09-21ext 13.58 2.0 0.396 6.4
Intervals reported here are core lengths. True widths are not known at this time. See more results in Table 1 below.
2)Looking for Open Pit Potential
1.55 gpt gold over 19.9 m (0.045 opt over 65.3 ft)
One of the ongoing objectives of VG Gold`s drilling has been to establish the
open pit potential at Paymaster. With one of Canada`s biggest open pit gold
mines 2,500 ft or 750 metres away and with numerous drill holes encountering
wide intersections of good grade, the open pit potential looks promising. Hole
VGP-10-70 is the most recent result to have illustrated this type of potential,
returning 1.55 gpt gold over 19.9 m (0.045 opt over 65.3 ft).
Hole Number Gold Grade Interval Gold Grade Interval
(gpt) (m) (opt) (ft)
VGP-10-70 1.55 19.9 0.045 65.3
Intervals reported here are core lengths. True widths are not known at this time. See more results in Table 1 below.
These results will be incorporated into an initial resource estimate that is
scheduled to be released by year-end.
Geotechnical Description of Paymaster West
Gold mineralization at the Paymaster West Project is hosted within and
peripheral to strongly altered and well mineralized quartz feldspar porphyry
(QFP). Alteration consists of pervasive ankerite and sericite with local
tourmaline, both disseminated and in veins. Pyrite mineralization is
disseminated throughout, with local concentrations to 20% within sections of
pyrite rich fractures and veining. Drilling to date has intersected several
intervals of altered and mineralized quartz feldspar porphyry in each hole, with
3 separate porphyry units showing continuity along strike and downdip.
The Main QFP corresponds to the historic mining which took place over a strike
length of 1100 feet (330 metres) and to a depth of 600 feet (180 metres) below
surface. VG has subsequently traced the altered QFP along strike for a distance
of 2000 feet (600 metres) and to a depth of 2000 feet (600 metres) below
surface. The adjacent, sub parallel north and south porphyry units, while not as
well mineralized as the Main Porphyry body, have returned scattered assays
values along similar dimensions.
The Paymaster West Project is situated immediately to the west of Goldcorp’s
Dome Mine. The project could not be better situated, located 750 m (2500 ft) to
the edge of the Dome Mine and Mill, which has been in operation since 1910 and
has produced 17.1 million ounces of gold from both a large open pit and the
currently operating underground mine. “Our objective is to announce an initial
resource estimate by year-end and continue to advance the project through
aggressive exploration”, stated Tom Meredith CEO and President.
Goldcorp Option Agreement
VG Gold has the option to earn a 60% interest in the Paymaster West Property
from Goldcorp by making $6.0 million in exploration expenditures by June 2012.
Once VG Gold has given notice that is has earned its 60%, Goldcorp has six
months to decide if it wishes to increase its ownership from 40% to 70% by
paying VG Gold $710,000 and spending $8.25 million on the property within two
years and then completing a feasibility study by the end of year three.
VG GOLD…..WE ARE GOLD!
QUALIFIED PERSON
All exploration work was conducted under Kenneth Guy, P. Geo., designated
Qualified Person for VG Gold, who has reviewed this press release. All drilling
was completed using NQ size core. Gold analysis of the samples collected by VG
Gold was assayed by ALS Chemex. Analysis consisted of a fire assay of a 30-gram
sample with an atomic absorption finish. Samples assaying over 10.0 gram per
tonne Au are re-assayed with gravimetric finish. Samples noted to contain
visible gold are analyzed via total metallic assay method. A rigorous Quality
Control and Assurance Program (QA/QC) is in place, using control samples such as
blanks and duplicate checks. In addition, duplicate analyses of 10% of the
samples are corroborated by check assays performed at a third Party Laboratory.
To learn more about VG Gold (TSX: VG), visit our website: www.vggoldcorp.com.
The TSX Exchange has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release.
Table 1. Paymaster West Project – June 2010
Hole # East North Elev Length (ft) Length (m) Dip Az Assay From (m) Assay To (m) Width (m) Au-gpt G x W
VGP-09-21 5794 8855 11041 -70 165 158.5 170.1 11.6 0.95 11.1
extended TD 2009 512.1 156.1 177.9 184.4 6.6 1.11 7.3
1277 764 217.7 223.8 6.1 0.84 5.1
extended from 764 to 1277 feet in 2010 302.8 304.5 1.7 1.15 2.0
327.2 329.2 2.0 13.58 26.5
VGP-10-70 6100 9025 11027 961.3 293.0 -45 175 86.0 87.5 1.5 1.62 2.5
122.5 125.5 3.0 0.89 2.7
235.0 254.9 19.9 1.55 30.8
including 4.0 4.37 17.3
VGP-10-71 6100 9205 11027 596 181.7 -60 175 315.2 327.9 12.7 0.82 10.5
including 2.8 1.61 4.5
VGP-10-72 5699 8924 11040 1207.4 368.0 -45 175 344.0 345.3 1.3 1.93 2.5
VGP-10-73 5699 8924 11040 1177.8 359.0 -62 175 99.5 101.8 2.3 0.82 1.8
VGP-10-74 5300 8750 11027 764.44 233.0 -45 173 19.9 20.8 0.9 1850 1579
39.9 43.7 3.8 0.83 3.2
including 2.0 1.05 2.1
Intervals reported here are core lengths. True widths are not known at this
time.
ugo = underground mine working
Photos/Multimedia Gallery Available:
http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6316653〈=en
VG Gold Corp.
Tom Meredith, President, 416-368-0099
Fax: 416-368-1539
www.vggoldcorp.com
Copyright Business Wire 2010
Oz opener Hughes seeks out his guru and Tendulkar in India
Nagpur, Aug.29 (ANI): Out of favour Australian opener Phil Hughes is in Nagpur working on his apparent weaknesses against the short ball with his coach Neil D’Costa.
D’Costa is looking after a cricket academy here and raves about the facilities and future.
Hughes could have come home with his other New South Wales teammates this week, but has stopped off at Nagpur to work on his cricket with D’Costa and catch up with Sachin Tendulkar.
According to The Australian, Hughes is happy and unbroken despite suffering the disappointment of being dropped during the Ashes series and insists he was coming to Nagpur to work on his batting.
“The goal is to always get better. I had always planned to catch up with Neil no matter what happened. I wanted to get in the nets with him and keep working on my game,” Hughes said.
D’Costa is evasive when pressed about what the pair are working on.
“I speak to Michael Clarke and all my students at regular intervals and work with them when I can,” he said.
“It’s about mechanics, your biomechanics things are always changing. The world will think the key is to put Phil in front of a bowling machine and bowl bouncers all day. The mechanics of cricket are a little more advanced than that, despite what you hear from commentators,” he added.
“We aren’t working on specifics, but one thing I know from working with kids, through adolescence and into their early adulthood, is that your technique does change and you need to keep addressing the biomechanics of it to understand how you are playing,” he said.
Pushed further he admits he saw something in England. I won’t tell you and I won’t tell anyone else, but I did think there was something in his (Hughes) mechanics that he needed working on, 100 per cent,” D’Costa said.
The little opener is also turning to the Little Master. He intends to fly to Mumbai on Monday and hopes to have dinner with Tendulkar. Hughes promises to gorge himself on cricket. (ANI)