Oct 19 2010
New Guinea Gold Corporation (TSX VENTURE:NGG)(FRANKFURT:NG8) has received assay results from three drill holes at the Imwauna Project.
These holes were drilled to obtain metallurgical samples to test the metallurgical characteristics of the southern high grade gold zone with depth.
The primary intent of the holes was to obtain metallurgical test samples to determine the metallurgical characteristics of the Imwauna system at 30 to 50m below surface. A secondary consideration was to obtain additional confirmation of the widths and grades in this southern high grade zone within the Imwauna Vein System. Hole IMH176 intersected the main mineralization approximately 4m vertically nearer the surface than IMH 177. Both holes intersected the mineralization between former holes IMH 53 and IMH 74, and confirm the width and grade of mineralization in IMH 74 (see attached Figure - the section is approximately equivalent to 8886627N on the AMG national grid). Hole IMH 178 steepened and was abandoned as it would not have intersected the main mineralised zone, however, it did intersect a second gold mineralised zone approximately 20m to the east of the main zone (3.9m at 5.17g/t gold).
The Imwauna Project is beneficially held 50% by NGG and 50% by NMC. NMC may earn a further 50% of the project by spending on exploration a further $7,550,000 before June 22, 2013. NMC must spend approximately $2 million before June 22, 2011. NMC plans to re-commence drill testing in mid November 2010.
NMC holds approximately 27 million shares and warrants in NGG and NGG in turn holds 15,682.269 shares in NMC. The latter shareholding represents approximately 31% of the issued shares in NMC. Drill core is logged and split (all by saw) on site with half core being dispatched to, and assayed by accredited laboratory ALS–Chemex in Townsville, 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.
Source: New Guinea Gold Corporation