VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/18/12 -- Vangold Resources Ltd. (TSX VENTURE: VAN) (the "Company" or "Vangold") today announced that it has commenced core drilling at its Allemata Project, located in Milne Bay Province, Papua New Guinea.
The current 10-hole drill program will test two prospects, Huluba and Ulo Ulo, where significant gold mineralization has been identified in earlier work programs. Holes will be drilled to up to 300m in depth and have been targeted using a combination of surface geochemistry, geophysical surveys and historic work, including previous drilling. Results from the current drill program are expected early in 2013.
"This is an important milestone in advancing the Allemata Project", commented Bruce Counts, President of Vangold Resources Ltd. "The presence of gold has been firmly established on the property and this drill program is aimed at expanding the gold mineralization laterally and vertically on both prospects."
The 148 sq-km Allemata property encompasses the historic Milne Bay Goldfield which produced 15,000oz of gold from alluvial and high grade lode mines prior to WWII. The property is easily accessible by a 45km all-weather road from the port and provincial capital of Alotau. Previous geochemistry, trenching and drilling at Allemata has identified two main gold prospects, Haluba and Ulo Ulo located 3.5km apart along a northwest trending structural zone.
The Haluba prospect hosts disseminated and stockwork gold mineralization. Rock chip sampling, trenching and drilling programs have been completed with promising results including 20m at 2.17g/t gold, 16m at 2.87g/t gold and 45m at 1.51g/t gold in trenches. Five holes have previously been drilled at Haluba to a maximum vertical depth of 160m; the drilling results included: 24m at 1.90g/t gold; 29.7m at 1.59g/t gold; 14m at 1.64g/t gold and 24m at 1.54g/t gold.
Ulo Ulo Prospect
The Ulo Ulo prospect hosts vein style gold mineralization and is the site of an historic lode mine. Previous drilling results include: 3m at 19.59g/t gold; 2.0m at 7.55g/t gold; 0.5m at 10.85g/t gold; 21m at 1.31g/t gold and 11.65m at 2.01g/t gold. Only 3 holes were deeper than 100m; no deep drill testing has been undertaken to date. Anomalous values for copper, lead and zinc were also intersected including: 8m at 0.22% copper, 0.34g/t gold & 1.9 g/t silver; 2.35m at 0.33% copper and 0.5m at 0.23% copper, 0.49% lead & 0.45% zinc.
In addition, Vangold is pleased to announce the appointment of David Kelsch as Vice President of Exploration. David brings to the company an unparalleled ability to conceptualize, design and execute comprehensive, technically focused exploration programs that are systematic, efficient and cost effective.
Mr. Kelsch's involvement in the mineral exploration industry spans more than 25 years. He has been active on programs ranging from grass roots through to development both locally and internationally, on commodities ranging from gold to base metals to diamonds. His tenure at Rio Tinto (1992 to 1997) saw Mr. Kelsch as an integral member of the team responsible for the discovery of what was to later become the Diavik diamond mine in remote northern Canada. Mr. Kelsch later became a consultant to junior explorers until 2004 when he assisted in the start-up of Bluestone Resources and took the position of Director and V.P. Exploration. Mr. Kelsch holds a degree in geology from the University of British Columbia.
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