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Tower Mountain Gold Property, OntarioIn July 2002, ValGold Resources Ltd. entered into an option agreement to earn 100% interest in the Tower Mountain gold property, located in the Matawin Gold Belt in northwestern Ontario. The property is located 1.2 kilometres southwest of the Trans-Canada Highway and 40 kilometres west of Thunder Bay. ValGold increased the size of the property through staking and option agreements on two contiguous blocks of privately held land and the property now comprises 55 claims containing 83 claim units and three Freehold Patents. The Tower Mountain property encloses an area of 3,875 acres (1568 hectares) and affords ValGold coverage of nearly 16 km2 of favorable geology in the Matawin Gold Belt. Geology
The regional geology of the property is analogous in many respects to the setting of world class gold deposits found in the Timmins and Kirkland Lake Camps in northeastern Ontario. The property is underlain by Timiskaming-like clastic sediments and felsic to intermediate alkali volcanics which are, in turn, intruded by felsic to intermediate stocks and sills. Numerous gold occurrences, spatially related to felsic intrusions, large zones of alteration and sulphide mineralization, and the presence of several small and large-scale faults indicate characteristics favourable for bulk tonnage, disseminated and high-grade vein styles of gold mineralization. Exploration by previous property owners identified numerous gold occurrences proximal to the contact of the Tower Mountain Intrusive Complex (TMIC) and along the contacts of dykes radiating out from the TMIC. Broad zones of disseminated gold mineralization, often containing discrete high-grade vein material, are accompanied by up to 25% pyrite. Gold mineralized zones commonly are altered by quartz, ankerite, tourmaline, hematite, chlorite, epidote and sericite. Several gold occurrences are also hosted by pyritic breccias containing up to 20% tourmaline. Grab and channel samples collected by previous workers returned maximum gold values ranging from 1.0 to 28.0 g/t. Previous drilling identified several broad zones of anomalous gold mineralization including high grade zones documenting up to 5.9 g/t Au over 11.0 metres. Exploration to Date
ValGold's 2002 field program delineated new gold zones on the Tower Mountain property proximal to the TMIC contact. Lithogeochemical sampling of outcrops frequently returned anomalously high gold values (>150 ppb) over an area measuring approximately 400 by 1400 metres. Ten trenches were completed on the property and four new gold zones, designated the "U", "V", "W" and "X", were discovered. The most significant results came from the U Trench located near the northwestern contact of the TMIC. Chip samples from this trench returned gold assays of 1.055 g/t (0.03 oz/t), 1.575 g/t (0.05 oz/t) and 108.81 g/t (3.17 oz/t). A 14.1 metre (46 foot) channel sample collected proximal to the latter, strongly anomalous sample returned an average grade of 1.65 g/t (0.05 oz/t) gold. Several trenches were excavated during the previous two years primarily near the contact zone. Grab and channel samples from these trenches returned analytical values ranging from weak to strongly anomalous with the most significant assays documented from Trench 03-6 which returned an average of 1.3 g/t Au over 9.0 metres.
Exploration work on the property since November 2002 has focused on diamond drilling. A total of seven drill programs comprising 67 drill holes, totaling 16,618 metres, have been completed to April 2005. The majority of drilling has been in the vicinity of the U and V Trench areas (U/V Zone) and this work has defined several parallel, mineralized structures striking in a southeasterly direction. The most continuous of these structures is designated the Main Vein which dips moderately to steeply to the northeast and can be traced along strike for a minimum 400 metres. Examination of Main Vein core indicates the presence of a gold mineralized zone measuring 0.6 to 20.0 metres true width plunging steeply to the southeast. Intercepts from this zone returned assays ranging from 304.00 g/t Au over 3.0 metres in drill hole TM04-3 to 2.58 g/t Au over 55.5 metres in TM04-9. Commonly accompanying the Main Vein mineralization is a halo of moderately to highly anomalous gold values in the footwall and hanging wall extending a few metres to tens of metres beyond the vein.
Drilling has delineated two additional zones of high-grade mineralization, however, limited information is available on these targets. The 04-31 Zone, located 800 metres southeast of the U/V Zone, appears similar to the U/V Main Vein. It is proximal to the TMIC contact and hosts at least one main mineralized structure bounded by several metres of wall rock registering strongly anomalous gold values. This zone strikes similarly to the U/V Main Vein, however, its dip is currently unknown due to limited drilling. This target has currently been tested by two holes with the best drill intercept returning 21.14 g/t Au over 1.5 metres. A hole drilled by a previous property owner in the vicinity of the 04-31 Zone was orientated subparallel to the zone and returned an average grade of 0.3 g/t over 750.0 metres. The 04-31 and U/V Zones are hosted within felsic to intermediate Timiskaming volcanic fragmental rocks and appear to be controlled by a series of southeast striking structures related to the contact zone with the TMIC. It is not known whether these mineralized zones continue into the syenite and other intrusive rocks comprising the TMIC.
The third high-grade zone identified in current drilling is referred to as the 04-36 Zone and is located 400 metres southwest of the U/V Zone. Unlike the U/V and 04-31 Zones, the 04-36 strikes north-northeast and appears to be associated with a package of mixed Timiskaming volcanics and sediments identified approximately 600 metres west of the TMIC contact. Two drill holes intersected this zone and core analysis indicates the zone strikes roughly parallel to the northeast trending belt of Timiskaming rocks in the area. One hole documented 41.35 g/t Au over 1.5 metres and the second hole returned an assay of 5.31 g/t over 1.5 metres.
The following table summarized drill programs and presents highlights of each of the seven drilling campaigns conducted by ValGold Resources.
Future Work Program
A 2,000 m drill program was completed in 2007 to test a number of gold targets to the south of the U/V zone. | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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