ValGold hits high grade at Tower Mountain (March 04, 2004)

Drilling by ValGold Resources (VAL-T) has returned high-grade intersections from the Tower Mountain gold project, near Thunder Bay, Ontario.

VanGold reported results from three of 10 holes completed in the winter program, which is aimed at extending the strike length of the U-V zone.

The best results came from hole 3, which returned 12 metres averaging 76.43 grams gold per tonne. This intercept included 3 metres grading 304 grams per tonne, which in turned included 1.5 metres of 588.9 grams.

Check assays are being carried out on the high-grade samples to ensure that the abundant coarse gold did not result in any sample misrepresentation.

Results were also released for holes 1 and 2, which returned 5.64 grams over 1.5 metres and 7.20 grams over 3 metres, respectively.

Valgold’s efforts in the Matawin gold belt are focused on Tower Mountain and the adjoining Bateman Lake claims. The junior is acquiring 100% of these properties, which cover 8 km of a gold belt hosting more than 30 known occurrences of the yellow metal. Additional claim groups were staked on strike and west of the Tower Mountain project.

ValGold says the geology of the land package resembles that of the Timmins and Kirkland Lake camps of northeastern Ontario.