Oct 26 2010
New Guinea Gold Corporation's (TSX VENTURE:NGG)(FRANKFURT:NG8) associate company Coppermoly Ltd announced on October 25, 2010, that J/V partner Barrick Ltd., in its first diamond drill hole at Nakru-2, had intersected 34.2m at 1.07% copper and 0.23g/t gold between 141m and 175.2m downhole.
Assays below 175.2m are pending.
Bob McNeil CEO and Chairman commented: "This is an excellent result for the first hole drilled by Barrick at the Nakru -2 property, particularly as the last 3.2m assayed so far in the hole contained 2.24% copper. Barrick is now drilling ahead with two drills at the Nakru-1 project. Nakru-1 and Nakru-2 are approximately 700m apart."
New Guinea Gold has a 15% interest in Coppermoly (20,973,684 shares). Current market value is CAD$3.49 million.
The information in this release was prepared under the direction of Peter Swiriduik a Member of the Australasian Institute of Geoscientists, Director of Coppermoly Ltd, and a "qualified person" as defined by National Instrument ("NI") 43-101. Mr Swiriduik has read and approves the information contained herein.
Coppermoly's Release is below:
NAKRU-2 DRILLING YIELDS MORE HIGH GRADE COPPER INTERSECTIONS
The first drill hole by Barrick (PNG) Exploration Ltd at the Nakru-2 prospect, BWNBDD0003, has intersected 34.2 metres grading 1.07% copper and 0.23 g/t gold from 141 metres to 175.2 metres depth and 3.2 metres grading 2.24% copper from 172 metres to 175.2 metres.
Assays results from 175.2 metres depth are pending.
The hole was completed to a depth of 640.2 metres within part of the geophysical chargeability anomaly at the Nakru-2 prospect.
The Nakru-2 and Nakru-1 geophysical anomalies are located approximately 700 metres apart.
The mineralised zone is within strongly silicified rhyolite breccias with irregular quartz veining and chalcopyrite and pyrite mineralisation.
Source: New Guinea Gold Corporation