New Guinea Gold Announces Further High Grade Gold and Copper Drill Results Below the Southern Oxide Pit at Sinivit Mine in PNG 10m at 18.47g/t Au and 2.89% Cu Including 2m at 39.7g/t Au and 2.02% Cu
10m at 18.47g/t Au and 2.89% Cu Including 2m at 39.7g/t Au and 2.02% Cu
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/24/10 -- New Guinea Gold Corporation (NGG or the Company) (TSX VENTURE: NGG)(FRANKFURT: NG8) is pleased to announce that Reverse Circulation (RC) drilling continued to define the mineralisation immediately below the floor of the southern oxide pit. Best results included 6m at 15.23g/t gold and 1.18% copper from 10m downhole, and 10m at 18.47g/t gold and 2.89% copper from 4m downhole. Other intersections included 4m at 17.78g/t gold, 1.26% copper, and 10m at 8.07g/t gold and 2.63% copper. All results are shown in the table below.
Previous results from this zone had included 6m at 65.03g/t gold and 3.93% copper.
Bob McNeil CEO and Chairman commented: 'the above holes extend the high gold/copper zone announced in a Press Release dated August 17, 2010. This high grade zone has now been intersected from 9488699N to 9488794N - over approximately 100m strike length, and is still open to both north, south and partly to depth. This is obviously a very significant high grade gold/copper zone at Sinivit. We will follow up these results with deeper diamond core holes in the near future'.
Assay Results Sinivit RC Drill Holes
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Length Gold Copper Cutoff grade
Hole No. From (m) To (m) (m) (g/t) (%) (gold g/t)
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SGC 224 26 30 4 0.74 0.16 0.5
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SGC 225 0 4 4 0.68 0.06 0.5
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SGC 226 no assays greater than 0.5 g/t Au
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SGC 227 10 22 12 6.83 2.24 0.5
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including 10 20 10 8.07 2.63 4.0
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SGC 228 4 6 2 0.71 0.15 0.5
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SGC 229 10 18 8 11.86 0.93 1.5
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including 10 16 6 15.23 1.18 8.0
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SGC 230 4 16 12 15.71 2.46 1.5
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including 4 14 10 18.47 2.89 7.0
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including 4 6 2 39.70 2.02 39.0
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including 10 14 4 17.78 1.26 15.0
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True widths of these intersections are estimated to be 70% of the above
lengths.
Sinivit Hole Location Data
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Collar Co-Ordinates
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Azimuth Inclination
Hole No. Easting (m) Northing (m) (degrees) (degrees) Depth (m)
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SGC0224 394278 9488745 90 -60 30
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SGC0225 394278 9488739 90 -60 30
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SGC0226 394275 9488727 90 -60 30
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SGC0227 394280 9488725 90 -60 22
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SGC0228 394275 9488721 90 -60 16
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SGC0229 394279 9488706 90 -60 20
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SGC0230 394279 9488699 90 -60 16
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All RC samples are partly prepared at site by splitting to 500 grams. Further preparation and analysis is completed at accredited laboratory, ALS Chemex laboratories, in Townsville, Queensland, Australia.
The information in this release was prepared under the direction of Robert D. McNeil a Fellow of the Australasian Institute of Mining and Metallurgy and a 'qualified person' as defined by National Instrument ('NI') 43-101. Mr McNeil has read and approves the information contained herein.
Full details of Sinivit are described in an Independent NI 43-101 report dated January 2006 which is available at www.newguineagold.ca and in its recent Press Releases.
For further information on this release or on other NGG projects, contact Forbes West toll free at (888) 6555532, email forbes@sherbournegroup.ca, info@newguineagold.ca, or access our website - www.newguineagold.ca.
ON BEHALF OF THE BOARD
R.D. McNeil, CHAIRMAN & CEO
Forward Looking Statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of NGG, including, but not limited to the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of resource and reserve estimates, currency fluctuations, dependence upon regulatory approvals, the availability of future financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
New Guinea Gold Corporation
Forbes West
Toll Free at (888) 6555532
forbes@sherbournegroup.ca or info@newguineagold.ca
www.newguineagold.ca