Summary
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| Updated September 2010 |
The following is a brief summary of each project. Please refer to project descriptions, technical reports and recent press releases for complete results.
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NEW GUINEA GOLD CORPORATION - KEY PROJECTS
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Quartz/telluride/copper/gold/silver mineralisation with NGG mining the oxidised gold cap. Mining in years 3 and 4 may progress to the underlying sulphide system. 21,000m of diamond core drilling and 13,000m of RC drilling completed. Drilling has given spectacular results such as 8m at 28g/t gold in oxide zone and 20m at 26g/t gold, 2.19% copper plus tellurium to 4,000g/t and silver to 500g/t in the sulphide zone. Exploration Target for sulphide mineralisation is 1.5 to 2Mt at 8 to 12g/t gold, 1.0% to 2.0% copper, 50g/t to 150g/t silver and 500 to 1,000g/t tellurium. Drilling and trenching continues in 2010.
As required we include the following continuing statement: “The Exploration Target is based on extensive surface outcrops, mine open pits, and approximately 20 drill-holes which intersect the mineralisation. The potential quantity and grade is conceptual in nature and there has been insufficient exploration to define a Mineral Resource and it is uncertain if furthermining/exploration will result in the determination of a Mineral Resource”.
First gold pour July 2007.
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At Imwauna Project a high grade quartz vein swarm with gold is defined at surface over 10 sq km. Less than 10% regarded as drill tested. Inferred Resource is 1.8Mt at 12.2g/t gold and 20g/t silver, mostly open pittable and commences at surface. The Resource is open in most directions and drilling is currently expanding the initial Resource. More than 230 drill holes for approximately 12,000m of drilling at two prospects. Both high grade bonanza and bulk mineable potential – e.g. surface bulk sample of 82kg at 424g/t gold, drill hole intercepts of 6m at 68g/t gold and 69g/t silver including 3m at 106g/t gold; 5.6m at 36g/t gold and 45g/t silver including 0.4m at 438g/t gold. Surface trench at the Knob Prospect – 350m at 0.5g/t gold. Exploration Target for the total Imwauna area is 10Mt to 12Mt at 6 to 10g/t gold (2M to 4M ozs gold). A Definitive Feasibility Study (classed as a Preliminary Assessment Study under Canadian Corporate Law) for the Imwauna Project has been lodged with the Papua New Guinea Mineral Resources Authority on 19 April 2010. Drilling continues in 2010. |
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Over 80 holes drilled (>3000m) at 6 prospects. Best intersections at Weioko Project include 27.7m at 2.07g/t gold; 14m at 4.56g/t gold; 21m at 3.59g/t gold. >2,000m of trenching, best results: 164m at 3.96g/t gold, 16m at 20.3g/t gold
Weioko is approximately 12kms NE of the Imwauna Project.
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NEW GUINEA GOLD CORPORATION - PROJECTS FARMED OUT
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Similar geology to Porgera. 2,400m drilling. Best results: 115m at 1.83g/t gold, 2m at 52.6g/t gold and 24m at 6.55g/t gold.
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Coppermoly Limited Projects
(15% New Guinea Gold / 77% Public - Listed on Australian Security Exchange) |
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Simuku is a porphyry copper/molybdenum/gold system with road access to provincial capital of Kimbe. 31 drill holes totaling 6,021m and 31 kms of excavator trenching have been completed.
The goal at Simuku is to establish a high tonnage resource to take this project to pre-feasibility stage. Copper mineralisation defined over several square kilometers. Drilling in 2008 continued to expand the boundaries of known copper mineralisation. In 2009 all data was reviewed and modelled to construct a 3-D geological model that formed the basis of the resource estimation completed mid 2009.
Drillhole SMD27 beneath Tobarum Hill intersected 26m of 0.76% copper, 16ppm molybdenum, 0.07g/t gold and 1.9g/t silver, from 24m depth. These assays are the highest weighted assay averages to date in the Tobarum Prospect area, but previous hole SMD10 was significant, returning 66.0m grading 0.70% copper. Other previous drilling results in the Tobarum area include: SMD01: 13.45m grading 0.33% copper; SMD04: 40.7m grading 0.64% copper; SMD08: 62.0m grading 0.24% copper. Results from hole SMD26 suggests that primary grade increases with depth.
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At Nakru, 19 drill holes totaling 2,380m and 9 kms of excavator trenching have been completed. At Nakru 1 exploration has produced drill results such as 74m of 0.78% copper, 8.6m of 1.3 g/t gold, and 94m of 0.46 g/t gold and 0.43% copper. Best trench results were 45m of 2.5 g/t gold, 245m of 0.8 g/t gold, 3m of 17 g/t gold, 23m of 1.43% copper and 4m of 6.6% copper. Exploration is impacted at Mt Nakru because of a thick blanket of volcanic ash, up to 8m thick. At Nakru 2, significant polymetallic targets occur within a 700m diameter interpreted breccia pipe. Historical samples had included 25m at 1.43% copper in trench, 4m at 6.6% copper in trench and 19.9% copper in outcrop samples.
Drilling by Coppermoly at Nakru 2 intersected 51m at 1.21% copper and 0.26% zinc, including 6.7m at 3.8% copper and 1.66% zinc. Nakru has road access to the provincial capital of Kimbe
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VANGOLD (PNG) Limited (formerly Pacific Kanon Gold Corp) Projects
(Parent company Vangold Resources Ltd 13% OWNED BY New Guinea Gold) |
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Mt Penck is the principal Pacific Kanon property and will be subject to a concerted exploration effort in 2009 to define resources.
More than 80 holes totaling 6,000m have been completed with intervals such as 72m at 1.79g/t gold, 2m at 36.7g/t gold and 43m at 2.35g/t gold. Bulldozer trenching has yielded results such as 40m at 8.89g/t gold, 97m at 3.39g/t gold and 5m at 60g/t gold. All results are available in a NI 43-101 report lodged at Sedar or at www.newguineagold.ca
The Mt Penck property is in West New Britain Province, Papua New Guinea. Access to the property is usually by road from the provincial capital of Kimbe. The property is within a few kilometres of the coast.
Mt Penck is an eroded strata-volcano with gold mineralization associated with an intrusive complex. The Company has identified a 4 sq km arsenic/gold geochemical anomaly within the 100 sq km licence. Most of the licence is yet to be explored.
For most of 2007, exploration was minimal but sufficient to keep the property in good standing. Recent trenching and drilling have confirmed two significant new gold mineralised zones at Upper Peni Creek and Kavola South with trench results to 3m at 180g/t gold at Upper Peni Creek. Upper Peni Creek is 300m west of Kavola East, (where most of the 2006 drilling was concentrated), and Kavola South is 100m south of Kavola East.
Geophysical survey commencing May 2010
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Two gold prospects within the historic Milne Bay Goldfield. 17 drill holes totaling approximately 2,000m and 2km of excavator and hand dug trenches. Drill intercepts such as 7.1m at 3.4g/t gold; 20m at 2.2g/t gold; 1m at 32.2g/t gold. Trench intercepts such as 4m at 18.7g/t gold; 4m at 100g/t gold; 84m at 1.7g/t gold. 13 drill holes completed in 2009.
Road access to provincial capital of Alotau.
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86 drill holes (6,000m) on 6 prospects. Pacific Kanon is focused on Igwageta Prospect, a 1,200m by 200m structural/anomalous gold zone with soil sample gold to 24g/t. Reconnaissance drill hole with results to 10m at 8.14g/t gold, 12m at 5.88g/t gold. 2,000m of excavator trenching completed in 2008.
Geophysical survey conducted in mid 2010.
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