PNG Gold Corporation-29.35 g/tonne Gold and 68.15 g/tonne Silver over 5.20 Metres, Imwauna Main Structure and Completes Geolo...
September 12 2013 - 1:17PM
Marketwired Canada
PNG Gold Corporation ("PNG Gold" or the "Company") (TSX VENTURE:PGK) is pleased
to announce final gold and silver assay results from 54 diamond drill holes from
Imwauna Main Structure and has completed an exploration program consisting of
surface geological mapping, trenching and diamond drilling on the Sehulea
Project EL 1069. Table #1 highlights the assay results from hole IMH-275 which
hosts extensive episodic quartz veining typical of low sulphidation epithermal
mineralization. Final assay results have been received for all of the holes
noted in Table # 2.
Table #1 Highlight Hole
From To Drill Length Gold Silver
Hole # (m) (m) (m) (g/tonne) (g/tonne)
IMH275 185.50 190.70 5.20 29.35 68.15
Diamond drilling has now tested the Imwauna Main Structure to over 400 metres
below surface. Gold mineralization is directly related to epithermal quartz
veining which varies in thickness throughout the structure. Higher-grade, gold
mineralization generally occurs in areas of greater quartz vein concentrations
and exhibiting multiple pulses of hydraulic brecciation.
One drill rig was mobilized to test epithermal style gold mineralization on PNG
Gold's 100% owned EL 1069. The purpose of the program was to undertake a
systematic study of the Weioko and Lantaona Hill, low sulphidation epithermal
gold systems on PNG Gold's 100% owned Sehulea Project on Normanby Island, Papua
New Guinea.
-- Geological mapping of approximately 5.0 square kilometres covered both
the Weioko and Lantaona Hill prospects. A total of 364 rock (16 grab and
348 continuous chip) samples were collected during the mapping.
-- Trenching by excavator occurred along the southern extension of the
Weioko gold-silver deposit. A total of 250 samples were collected, at an
interval of 1.0 metre per sample, along the trench. The trenching
program overlays an area where previous drilling encountered gold-silver
mineralized with intersections of up to 66 metres of 1.44 g/t Au and
7.48 g/t Ag, starting at surface.
-- Three HQ size diamond drill holes for a total of 558.70 metres tested
the 3D-IP anomalies completed at Lantaona Hill prospect by SJ Geophysics
Ltd. in late 2011. Lantaona Hill is a low sulphidation, epithermal gold-
silver occurrence with disseminated pyrite/arsenopyrite. A positive
correlation between sulphide and gold/silver concentrations has been
noted from previous work. Disseminated and fracture controlled sulphide
mineralization was noted in all three holes. Assays are pending.
Table # 2 Assay results received for Imwauna Main Structure are as follows:
---------------------------------------------------------------------------
Core Length
Hole ID From To (m) Au (g/t) Ag (g/t) Explanation
---------------------------------------------------------------------------
IMH274 191.00 192.00 1.00 4.46 12.00 Section 5
---------------------------------------------------------------------------
And 216.50 218.30 1.80 1.93 2.39
---------------------------------------------------------------------------
including 217.80 218.30 0.50 4.36 3.00
---------------------------------------------------------------------------
IMH275 170.00 171.00 1.00 0.70 2.00 Section 6
---------------------------------------------------------------------------
And 174.80 175.90 1.10 0.02 29.00
---------------------------------------------------------------------------
And 185.50 190.70 5.20 29.35 68.15
---------------------------------------------------------------------------
including 185.50 188.60 3.10 48.84 97.55
---------------------------------------------------------------------------
including 185.50 186.00 0.50 140.00 361.00
---------------------------------------------------------------------------
less than
And 207.00 208.00 1.00 0.51 1
---------------------------------------------------------------------------
IMH276 Nil Nil Section 5
---------------------------------------------------------------------------
less than
IMH277 161.00 161.50 0.50 0.91 1 Section 6
---------------------------------------------------------------------------
And 179.50 180.00 0.50 8.57 17.00
---------------------------------------------------------------------------
And 196.30 197.30 1.00 8.69 12.00
---------------------------------------------------------------------------
And 199.00 200.70 1.70 1.03 2.00
---------------------------------------------------------------------------
And 216.30 217.00 0.70 1.10 3.00
---------------------------------------------------------------------------
IMH278 223.70 225.00 1.30 1.28 2.00 Section 6
---------------------------------------------------------------------------
And 228.00 229.20 1.20 1.20 1.00
---------------------------------------------------------------------------
And 250.15 250.80 0.65 1.00 2.00
---------------------------------------------------------------------------
IMH279 Nil Nil Section 6
---------------------------------------------------------------------------
IMH280 Nil Nil Section 5
---------------------------------------------------------------------------
IMH281 Nil Nil Section 6
---------------------------------------------------------------------------
less than
IMH282 272.30 272.80 0.50 0.54 1 Section 5
---------------------------------------------------------------------------
IMH283 78.10 82.70 4.60 2.63 19.04 Section 6
---------------------------------------------------------------------------
And 91.50 93.70 2.20 0.67 2.55
---------------------------------------------------------------------------
less than
And 227.80 228.30 0.50 0.75 1
---------------------------------------------------------------------------
IMH284 Nil Nil Section 5
---------------------------------------------------------------------------
IMH285 128.50 130.00 1.50 2.51 3.00 Section 3
---------------------------------------------------------------------------
And 186.00 189.70 3.70 8.15 16.95
---------------------------------------------------------------------------
including 186.00 188.50 2.50 11.80 20.00
---------------------------------------------------------------------------
IMH286 208.20 209.10 0.90 1.41 4.00 Section 5
---------------------------------------------------------------------------
And 268.80 271.20 2.40 0.91 2.38
---------------------------------------------------------------------------
less than
And 274.00 275.00 1.00 0.52 1
---------------------------------------------------------------------------
IMH287 203.35 205.20 1.85 4.00 4.84 Section 3
---------------------------------------------------------------------------
including 204.70 205.20 0.50 13.60 11.00
---------------------------------------------------------------------------
IMH288 217.60 218.20 0.60 1.09 3.00 Section 3
---------------------------------------------------------------------------
And 235.00 238.00 3.00 3.29 6.00
---------------------------------------------------------------------------
including 236.50 238.00 1.50 6.10 6.00
---------------------------------------------------------------------------
IMH289 Nil Nil Section 5
---------------------------------------------------------------------------
IMH290 229.90 231.00 1.10 10.46 6.36 Section 3
---------------------------------------------------------------------------
including 229.90 230.50 0.60 18.00 10.00
---------------------------------------------------------------------------
And 248.00 249.00 1.00 2.25 8.00
---------------------------------------------------------------------------
IMH291 282.50 283.00 0.50 2.47 2.00 Section 3
---------------------------------------------------------------------------
And 293.50 294.00 0.50 205.00 43.00
---------------------------------------------------------------------------
And 304.00 305.00 1.00 1.58 3.00
---------------------------------------------------------------------------
And 306.50 308.00 1.50 7.90 7.33
---------------------------------------------------------------------------
including 307.00 308.00 1.00 11.40 9.00
---------------------------------------------------------------------------
and 311.00 314.00 3.00 0.83 1.33
---------------------------------------------------------------------------
And 316.00 318.00 2.00 0.69 1.00
---------------------------------------------------------------------------
IMH292 207.00 208.00 1.00 0.83 3.00 Section 3
---------------------------------------------------------------------------
And 218.00 219.00 1.00 8.18 24.00
---------------------------------------------------------------------------
IMH293 136.00 139.00 3.00 1.02 5.00 No section
---------------------------------------------------------------------------
IMH294 120.00 120.50 0.50 4.03 5.00 Section 4
---------------------------------------------------------------------------
IMH295 210.20 210.70 0.50 0.16 821.00 Section 7
---------------------------------------------------------------------------
And 272.00 273.00 1.00 0.72 2.00
---------------------------------------------------------------------------
And 289.80 292.00 2.20 2.12 1.68
---------------------------------------------------------------------------
IMH296 166.40 167.00 0.60 1.16 1.00 Section 4
---------------------------------------------------------------------------
less than
and 193.00 194.00 1.00 0.65 1
---------------------------------------------------------------------------
and 198.00 199.00 1.00 9.80 9.00
---------------------------------------------------------------------------
less than
IMH297 125.00 126.00 1.00 1.45 1 Section 4
---------------------------------------------------------------------------
And 235.00 238.00 3.00 2.41 8.00
---------------------------------------------------------------------------
including 235.00 236.00 1.00 6.06 9.00
---------------------------------------------------------------------------
IMH298 283.00 283.50 0.50 0.54 1.00 Section 7
---------------------------------------------------------------------------
And 292.00 294.00 2.00 0.92 4.00
---------------------------------------------------------------------------
less than
IMH299 241.00 242.00 1.00 0.76 1 Section 4
---------------------------------------------------------------------------
And 251.00 254.00 3.00 6.72 26.00
---------------------------------------------------------------------------
including 251.00 252.00 1.00 10.60 35.00
---------------------------------------------------------------------------
And 278.00 279.00 1.00 0.98 2.00
---------------------------------------------------------------------------
less than
IMH300 395.00 396.00 1.00 0.54 1 Deep Section
---------------------------------------------------------------------------
IMH301 299.60 300.80 1.20 0.72 2.50 Section 4
---------------------------------------------------------------------------
less than
And 302.00 303.00 1.00 0.57 1
---------------------------------------------------------------------------
IMH302 Nil Nil Section 7
---------------------------------------------------------------------------
IMH303 352.95 354.70 1.75 1.27 2.00 Section 4
---------------------------------------------------------------------------
IMH304 203.00 204.50 1.50 1.59 14.00 Section 8 & 9
---------------------------------------------------------------------------
including 204.00 204.50 0.50 4.52 18.00
---------------------------------------------------------------------------
and 218.00 219.00 1.00 1.00 2.00
---------------------------------------------------------------------------
IMH305 318.20 318.75 0.55 1.55 1.00 Section 7
---------------------------------------------------------------------------
IMH306 237.00 238.00 1.00 3.43 5.00 Section 8 & 9
---------------------------------------------------------------------------
IMH307 Nil Nil Section 8 & 9
---------------------------------------------------------------------------
IMH308 103.50 105.40 1.90 0.91 1.53 Section 8 & 9
---------------------------------------------------------------------------
And 258.30 258.80 0.50 0.96 2.00
---------------------------------------------------------------------------
And 267.40 268.10 0.70 3.08 9.00
---------------------------------------------------------------------------
And 276.10 277.50 1.40 0.71 2.00
---------------------------------------------------------------------------
And 291.00 291.80 0.80 1.58 2.00
---------------------------------------------------------------------------
and 296.90 297.40 0.50 0.57 1.00
---------------------------------------------------------------------------
less than
IMH309 205.20 206.00 0.80 1.47 1 Section 8 & 9
---------------------------------------------------------------------------
And 252.90 254.10 1.20 0.56 3.00
---------------------------------------------------------------------------
And 317.00 317.50 0.50 17.60 7.00
---------------------------------------------------------------------------
IMH310 Nil Nil Deep Section
---------------------------------------------------------------------------
IMH311 Nil Nil Section 8 & 9
---------------------------------------------------------------------------
IMH312 61.40 61.90 0.50 0.51 3.00 Section 8 & 9
---------------------------------------------------------------------------
And 200.30 201.00 0.70 5.60 2.00
---------------------------------------------------------------------------
less than
And 394.30 395.30 1.00 0.55 1
---------------------------------------------------------------------------
IMH313 Nil Nil Deep Section
---------------------------------------------------------------------------
less than
IMH314 227.00 228.00 1.00 0.51 1 Section 8 & 9
---------------------------------------------------------------------------
IMH315 274.00 275.00 1.00 0.60 2.00 Deep Section
---------------------------------------------------------------------------
IMH316 165.80 166.70 0.90 0.70 3.00 Section 8 & 9
---------------------------------------------------------------------------
And 244.25 245.30 1.05 1.69 2.00
---------------------------------------------------------------------------
IMH317 130.00 131.00 1.00 0.64 3.00 Section 8 & 9
---------------------------------------------------------------------------
And 140.00 140.50 0.50 0.56 3.00
---------------------------------------------------------------------------
And 287.00 288.00 1.00 0.50 5.00
---------------------------------------------------------------------------
And 296.00 297.00 1.00 1.77 3.00
---------------------------------------------------------------------------
IMH318 171.10 171.60 0.50 0.50 3.00 Section 10
---------------------------------------------------------------------------
And 173.50 174.50 1.00 5.90 10.00
---------------------------------------------------------------------------
IMH319 135.80 136.40 0.60 0.94 3.00 Section 8 & 9
---------------------------------------------------------------------------
And 137.35 138.05 0.70 0.55 3.00
---------------------------------------------------------------------------
And 254.35 254.85 0.50 1.02 3.00
---------------------------------------------------------------------------
IMH320 188.80 189.50 0.70 1.98 3.00 Section 8 & 9
---------------------------------------------------------------------------
And 193.60 195.10 1.50 1.52 2.67
---------------------------------------------------------------------------
And 242.95 244.10 1.15 0.66 3.00
---------------------------------------------------------------------------
And 282.00 284.00 2.00 0.90 2.00
---------------------------------------------------------------------------
IMH321 96.00 97.00 1.00 0.58 2.00 Section 10
---------------------------------------------------------------------------
And 180.00 181.00 1.00 0.97 8.00
---------------------------------------------------------------------------
And 184.00 185.00 1.00 0.68 5.00
---------------------------------------------------------------------------
And 188.00 189.00 1.00 6.12 11.00
---------------------------------------------------------------------------
And 206.00 207.00 1.00 0.74 2.00
---------------------------------------------------------------------------
IMH322 174.00 174.60 0.60 3.21 13.50 Section 10
---------------------------------------------------------------------------
And 180.40 181.00 0.60 9.50 8.00
---------------------------------------------------------------------------
And 200.00 208.00 8.00 5.35 10.60
---------------------------------------------------------------------------
including 200.00 204.00 4.00 10.16 10.78
---------------------------------------------------------------------------
And 238.00 239.00 1.00 1.10 6.70
---------------------------------------------------------------------------
IMH323 255.90 257.00 1.10 0.62 1.20 Section 8 & 9
---------------------------------------------------------------------------
280.50 282.00 1.50 0.68 3.93
---------------------------------------------------------------------------
IMH324 107.20 107.70 0.50 0.69 2.50 Section 10
---------------------------------------------------------------------------
And 197.60 198.95 1.35 26.00 98.60
---------------------------------------------------------------------------
And 230.85 234.00 3.15 6.68 8.40
---------------------------------------------------------------------------
including 230.85 232.80 1.95 10.50 12.90
---------------------------------------------------------------------------
Incompleted
IMH325 No samples (at 45m)
---------------------------------------------------------------------------
IMH326 96.00 98.00 2.00 0.55 3.55 Section 10
---------------------------------------------------------------------------
And 185.00 188.00 3.00 0.58 0.80
---------------------------------------------------------------------------
And 198.00 203.00 5.00 20.27 15.70
---------------------------------------------------------------------------
including 199.00 202.00 3.00 32.97 23.37
---------------------------------------------------------------------------
including 200.00 201.00 1.00 54.00 35.50
---------------------------------------------------------------------------
IMH327 94.20 95.20 1.00 1.07 5.30 Section 10
---------------------------------------------------------------------------
and 137.10 137.70 0.60 0.61 2.70
---------------------------------------------------------------------------
and 163.00 169.40 6.40 2.63 8.93
---------------------------------------------------------------------------
including 168.05 169.40 1.35 6.80 19.10
---------------------------------------------------------------------------
Cut-off
grade: 0.5
g/t Au and
10 g/t Ag
---------------------------------------------------------------------------
Estimated true widths range from 45 to 71 percent of the core lengths provided
in Table #2
Qualified Person
Mr. Lorne Warner, P.Geo, Chief Operating Officer of PNG Gold Corporation is a
qualified person in accordance with National Instrument 43-101 and has reviewed
and approved the technical information contained in this news release.
All core samples are cut in half on-site and sent to our Alotau office for
direct shipment to Intertek (ITS (PNG) Limited) laboratory in Lae, Papua New
Guinea an ISO/LEC 17025 certified laboratory. Gold analysis is completed by a 50
gram charge, fire assay/AAS and for silver a 50 gram charge using two acide AAS.
The company inserts a standard, blank and requests a duplicate sample be run in
every batch of 20 samples. In addition, the lab inserts in-house blanks,
standards and duplicates with each shipment. Data that fall outside the control
limits are checked and repeated as necessary.
Normanby Island Projects
Imwauna
The Imwauna exploration licence -- EL 1091 -- is located on the north side of
Normanby Island, approximately 80 kilometres northeast of Alotau, the provincial
capital of Milne Bay province, eastern Papua New Guinea. The project consists of
two main prospects, Imwauna and Kelas, along with numerous untested prospects.
The Imwauna gold deposit is a high grade, near surface, low sulphidation,
epithermal vein gold system. Gold mineralization ranges from 0.5 metres to 6.0
metres in the Imwauna Main structure. The Imwauna prospect remains open in the
North and South at strike and at depth.
Sehulea
The Sehulea exploration licence - EL 1069 - is located north east of Imwauna on
Normanby Island and contains several low sulphidation epithermal gold deposits
which require additional drill testing. Previous results indicate the area
contains extensive lower grade gold mineralization over intercepts of up to 60
metres core length with grades ranging between 1-2 g/tonne gold. Mineralization
is associated with extensive silicification, disseminated, and semi-massive
pyrite, with a positive correlation between higher pyrite concentrations and
gold.
About PNG Gold Corporation
PNG Gold Corporation is an exploration company with an advanced stage drilling
program in Papua New Guinea. PNG Gold holds a 100% interest in the Imwauna and
Sehulea properties on Normanby Island, Milne Bay Province, Papua New Guinea, and
trades on the TSX Venture Exchange under the symbol PGK. PNG Gold's mission is
to become the premier exploration and development company in Papua New Guinea.
FORWARD LOOKING STATEMENTS
Forward Looking Statements - This document contains forward-looking information.
Often, but not always, forward-looking information can be identified by the use
of words such as "plans", "expects" or "does not expect", "is expected",
"estimates", "intends", "anticipates" or "does not anticipate", or "believes",
or variations of such words and phrases or states that certain actions, events
or results "may", "could", "would", "might" or "will" be taken, occur or be
achieved. Forward-looking information involves known and unknown risks,
uncertainties and other factors which may cause the actual results, performance
or achievements of PNG Gold Corporation ("PNG" or the "Company") to be
materially different from any future results, performance or achievements
expressed or implied by the forward-looking information.
Examples of such statements include: statements pertaining to PNG's proposed
exploration and development activities and method for funding thereof, timing of
development of undeveloped gold resources, gold extraction, processing, recovery
and production levels, expectations regarding the ability to raise capital and
to continually add to resources through acquisitions/development, treatment
under governmental regulatory regimes and tax laws, capital expenditure programs
and the timing and method of financing thereof, the development plans and status
of assets, future growth and performance.
Actual results and developments are likely to differ, and may differ materially,
from those expressed or implied by the forward-looking information contained in
this document. Such forward-looking information is based on a number of
assumptions which may prove to be incorrect, including, but not limited to: the
ability of PNG to obtain necessary financing and adequate insurance; the economy
generally; and, current and future stock prices, results of operations and
exploitation, exploration and development activities, fluctuations in gold
prices and market conditions, the extent of gold resources and future growth and
performance, the regulatory and foreign environment, future capital and other
expenditures (including the amount, nature and sources of funding thereof),
uncertainty of resource estimates, the availability of necessary exploration and
development equipment, competitive advantages, fluctuations in foreign currency
exchange rates, property title and investments, business prospects and
opportunities, transportation and construction delays, possible variations of
ore grade or recovery rates, failure of plant, equipment or processes to operate
as anticipated, accidents, labor disputes and other risks of the mining
industry, political instability, arbitrary changes in law, delays in obtaining
governmental approvals and anticipated and unanticipated costs. The factors
identified above are not intended to represent a complete list of the factors
that could affect PNG. Additional risk factors are noted under the heading "Risk
and Uncertainties" in the Company's MD&A for the year ended December 31, 2012
that was filed on SEDAR.
Should one or more of these risks or uncertainties materialize, or should
assumptions underlying the forward looking information prove incorrect, actual
results, performance or achievement may vary materially from those expressed or
implied by the forward-looking information contained in this document. These
risk factors should be carefully considered and readers are cautioned not to
place undue reliance on forward-looking information, which speaks only as of the
date of this document. All subsequent forward-looking information attributable
to PNG herein is expressly qualified in its entirety by the cautionary
statements contained in or referred to herein. PNG does not undertake any
obligation to release publicly any revisions to this forward-looking information
to reflect events or circumstances that occur after the date of this document or
to reflect the occurrence of unanticipated events, except as may be required
under applicable securities laws.
ON BEHALF OF PNG GOLD
Greg Clarkes, CEO and Director
PNG Gold Corporation
Neither the TSX Venture Exchange or 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.
The securities have not been registered under the United States Securities Act
of 1933, as amended, or any state securities laws and may not be offered or sold
in the United States absent registration thereunder or an applicable exemption
from such registration requirements. This press release shall not constitute an
offer to sell or the solicitation of an offer to buy any of the securities in
the United States.
FOR FURTHER INFORMATION PLEASE CONTACT:
PNG Gold Corporation
Greg Clarkes
CEO and Director
(604) 669 4899
(604) 685 2345 (FAX)
www.pnggold.com