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Paymaster West Project Off to Strong Start in Timmins, Ontario!
41.67 GPT Gold Over 1.8 M & 14.31 GPT Gold Over 2.7 M
Toronto, Ontario CANADA, September 08, 2009 /FSC/ - VG Gold Corp. (VG - TSX, VN3 - FWB), is pleased to announce that initial core drilling from its Paymaster West Project in Timmins, Ontario has successfully intersected high-grade, near surface, gold mineralization, including 41.67 gpt (grams per tonne) (1.22 opt (ounces of gold per ton)) over 1.8 meters (m) (5.9 feet (ft)). VG Gold has the option to earn a 60% interest in Paymaster West Project from Goldcorp. The project is situated next to Goldcorp's Dome Mine that has produced 17.1 million ounces of gold.
DRILL RESULT HIGHLIGHTS
(All Results Table 1& 2)
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Hole Number Gold Grade Interval Gold Grade Interval
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(gpt) (m) (opt) (ft)
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VGP-09-07 14.31 2.7 0.42 8.9
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VGP-09-10 41.67 1.8 1.22 5.9
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VGP-09-10 5.25 10.6 0.15 34.8
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-****-
PHASE I DRILLING
Phase I drilling successfully confirmed the presence of near surface, widespread gold mineralization at the Paymaster West Project. All of the holes targeted gold mineralization between 15 m (50 ft) and 90 m (300 ft) below surface (Figure 3). Since drilling occurred close to the previously mined areas most of the holes encountered underground openings with 6 of the 12 holes having to be terminated prior to their targeted depth.
The presence of high-grade gold mineralization in the upper areas outside of the previously mined areas indicates that there is excellent exploration potential not only at depth, but also close to surface.
Gold mineralization at the Paymaster West Project is hosted within strongly altered and well mineralized quartz feldspar porphyry. Alteration consists of pervasive ankerite and sericite alteration with local tourmaline, both disseminated and in veins. Pyrite mineralization is disseminated throughout, with local concentrations to 20%. Visible Gold (VG) was noted in 2 holes.
PHASE II DRILLING UNDERWAY
Focused on High-Grade at Depth
Based on the successful Phase I drilling, VG Gold has mobilized a second diamond drill to the Paymaster West Project. Phase II drilling will consist of 6,000 meters (19,685 ft) and will target porphyry hosted high-grade gold mineralization located between 150 m (500 ft) and 300 m (1,000 ft) below surface and beneath the historic mine workings.
PAYMASTER PROJECT HISTORICAL SUMMARY
The Paymaster West Property is located in the center of the historic Timmins mining camp (68 million ounces of gold produced) and borders Goldcorp's Dome Mine, which has current and past production totaling of 17.1 million ounces of gold. The gold mines in the Timmims Gold Camp have been mined to depths exceeding 2,000 m (6,560 ft).
Production and exploration on the Paymaster West Project occurred between 1910-1928 to an approximate depth of 245 m (800 ft). During the 1940's-1950's a series of core holes successfully intersected high-grade gold mineralization over good widths at depth. This drilling occurred at depths at 460 m (1,500 ft) and at 760 m (2,500 ft) below surface and demonstrated the excellent exploration potential of the Paymaster West Project. For historic drill results, please click: www.vggoldcorp.com/downloads/Drill_Hole_Table_Paymaster.pdf
VG GOLD.....WE ARE GOLD!
QUALIFIED PERSON
All exploration work was conducted under Kenneth Guy, P. Geo., designated Qualified Person for VG Gold, who has reviewed the this press release. Gold analysis of samples collected by VG Gold were assayed by Laboratoire Expert in Rouyn-Noranda, Quebec. Analysis consisted of a fire assay of a 30-gram sample with an atomic absorption finish. Samples assaying over 1.0 gram per tonne Au are re-assayed with gravimetric finish. Samples noted to contain visible gold are analyzed via total metallic assay method. A rigorous Quality Control and Assurance program (QA/QC) is in place, using control samples such as Blanks and Rocklabs Standards and duplicate checks. In addition, duplicate analyses of 10% of the samples were corroborated by check assays on sample performed by Bourlamaque Laboratory of Val D'Or, Quebec.
For further information contact Tom Meredith, President of VG Gold, 416 368 0099.
To learn more about VG Gold (TSX:VG), visit our website: www.vggoldcorp.com
The TSX Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Please see the following tables for results from the 12 holes drilled and reported. The first 6 holes presented reached the targeted depth. The following 6 holes failed to reach target depth due to underground openings from historic mining that occurred from near surface to depth of 600 feet (200 metres) deep.
Tables 1 and 2 are metric (grams and metres) and the tables 3 and 4 are imperial (feet and ounces).
Paymaster West Diamond Drill Results Phase Table 1
(Metric)
Holes Reaching Target Depth
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Hole # From To Interval Au Total Length Section (ft) *
(m) (m) (m) (gpt) (m) (Easting)
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VGP-09-06 48.2 49.4 1.2 11.23 143.5 6200 1 ugo
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And 59.4 67.1 7.7 2.07
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--------------------------------------------------
VGP-09-07 117.7 125.3 7.6 1.85 152.0 6200 1 ugo
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137.5 140.2 2.7 14.31
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VGP-09-10 25.9 27.7 1.8 41.67 119.0 6100 4 ugo
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62.2 72.8 10.6 5.25
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86.3 97.0 10.7 2.55
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--------------------------------------------------
VGP-09-12 95.7 105.8 10.1 3.39 143.0 6000 2 ugo
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--------------------------------------------------
VGP-09-14 46.0 47.5 1.5 2.43 152.0 5700
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--------------------------------------------------
VGP-09-15 48.1 53.7 5.6 4.49 149.0 5700
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*ugo = underground opening
-****-
Holes Failing to Reach Target Depth Table 2
-***-
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Hole # From To Interval Au Total length Section (ft) *
(m) (m) (m) (gpt) (m) (Easting)
--------------------------------------------------
VGP-09-04 15.5 21.2 5.7 1.46 47.0 6200 1 ugo*
+end in ugo
--------------------------------------------------
And 25.9 32.3 6.4 1.92
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--------------------------------------------------
VGP-09-05 13.4 18.9 5.5 2.52 38.0 6200 2 ugo
+end in ugo
--------------------------------------------------
--------------------------------------------------
VGP-09-08 23.7 6100 end in ugo
--------------------------------------------------
--------------------------------------------------
VGP-09-09 24.1 24.6 0.5 13.03 76.2 6100 3 ugo
+end in ugo
--------------------------------------------------
And 36.9 44.0 7.1 2.44
--------------------------------------------------
--------------------------------------------------
VGP-09-11 53.9 6000 end in ugo
--------------------------------------------------
--------------------------------------------------
VGP-09-13 48.4 5900 end in ugo
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*ugo = underground opening
-****-
Notes:
* Lengths reported are core intersection lengths and do not represent true widths.
* It is anticipated that true width estimates will be made possible after additional drilling.
Paymaster West Diamond Drill Results Phase Table 3
(Imperial)
Holes Reaching Target Depth
-***-
--------------------------------------------------
HOLE # FROM TO INTERVAL AU TOTAL LENGTH SECTION (FT) *
(FT) (FT) (FT) (OPT) (FT) (EASTING)
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VGP-09-06 158.1 162.1 3.9 0.33 470.8 6200 1 ugo
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And 194.9 220.1 25.3 0.06
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--------------------------------------------------
VGP-09-07 386.2 411.1 24.9 0.05 498.7 6200 1 ugo
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451.1 460.0 8.9 0.42
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--------------------------------------------------
VGP-09-10 85.0 90.9 5.9 1.22 390.4 6100 4 ugo
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204.1 238.8 34.8 0.15
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283.1 317.9 35.1 0.07
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--------------------------------------------------
VGP-09-12 314.0 347.1 33.1 0.10 469.2 6000 2 ugo
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VGP-09-14 150.9 155.8 4.9 0.07 498.7 5700
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--------------------------------------------------
VGP-09-15 157.8 176.2 18.4 0.13 488.8 5700
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*ugo = underground opening
-****-
Holes Failing to Reach Target Depth Table 4
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Hole # From To Interval Au Total length Section (ft) *
(ft) (ft) (ft) (gpt) (ft) (Easting)
--------------------------------------------------
VGP-09-04 50.9 69.6 18.7 0.04 154.2 6200 1 ugo*
+end in ugo
--------------------------------------------------
And 85.0 106.0 21.0 0.06
--------------------------------------------------
--------------------------------------------------
VGP-09-05 44.0 62.0 18.0 0.07 124.7 6200 2 ugo
+end in ugo
--------------------------------------------------
--------------------------------------------------
VGP-09-08 77.6 6100 end in ugo
--------------------------------------------------
--------------------------------------------------
VGP-09-09 79.0 80.8 1.6 0.38 250.0 6100 3 ugo
+end in ugo
--------------------------------------------------
And 121.3 144.4 23.3 0.07
--------------------------------------------------
--------------------------------------------------
VGP-09-11 176.8 6000 end in ugo
--------------------------------------------------
--------------------------------------------------
VGP-09-13 158.8 5900 end in ugo
--------------------------------------------------
*ugo = underground opening
-****-
Notes:
* Lengths reported are core intersection lengths and do not represent true widths.
* It is anticipated that true width estimates will be made possible after additional drilling.
Source: VG Gold Corp., (TSX: VG) www.vedron.com
Maximum News Dissemination by Filing Services Canada Inc. *
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