Friday, 24th November 2006 (2320 views)

Vangold Resources has found a new zone of gold mineralisation at Mount Penck which it co-owns with New Guinea Gold Corporation.

During recent field mapping and sampling at the project, a new zone of mineralisation was found at Peni Creek which is about 700 miles west of the zone they are currently drilling.

Located in West New Britain province in Papua New Guinea, Penck has seen visible gold particles during panning. Recent mapping has led to reclassification of some rocks at the site and better gold values and targets are now being defined.

Peni Creek has been explored since the 1980s and some highlights found them include 16 metres at a grade of 2.08 grams of gold per tonne, or 77 metres at 1.03 grams of gold per tonne.

One extraordinary and historical assay result returned as one metre at 38.2 grams of gold per tonne.

The Mount Penck mineralised area spans two sq km and six prospects are located on it. There is also an extinct volcano in the area.

 

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