Mengold Resources Inc.

Mengold Resources Inc.

December 18, 2009 17:57 ET

Mengold Commences Diamond Drilling Program at Goldcreek

MONTREAL, QUEBEC--(Marketwire - Dec. 18, 2009) - Mengold Resources Inc. ("Mengold") (TSX VENTURE:MNI) has initiated a planned 1000m diamond drilling program on the Goldcreek Property in the Shebandowan area, west of Thunder Bay, Ontario. The Goldcreek Property is prospective for gold, copper, zinc, and nickel in a variety of geological settings including hydrothermally altered rocks and volcanogenic massive sulphide – VMS - mineralization. One of the areas which may hold the key to discovering a VMS deposit is the Centre Zone where Mengold has conducted extensive field programs.

The drill program will focus on the Center Zone which is characterized by an assemblage of metavolcanic and metasedimentary rocks. In the past two years Mengold has conducted several surveys over the Center Zone which identified a 4.8km long coincident geochem and geophysical anomalies. Both the basal till and humus geochem surveys have identified extensive anomalies, many of which are coincident with Horizontal Loop Electromagnetic (HLEM) and Induced Poloarization (IP) conductors which indicate the presence of disseminated to massive-sulphide mineralization. Most of the anomalies are open along strike, and based on the results of the drilling, additional geophysical and geochem surveys may be required to determine the extent of the mineralization.

In regard to the gold anomalies on the Goldcreek Property, a follow-up IP (Induced Polarization) Survey identified some rather continuous high-chargeability zones along the entire strike length as well as high-resistivity anomalies which may indicate extensively silicified and mineralized felsic metavolcanic rocks. The cross-cutting nature of these anomalies may actually be hydrothermal conduits where gold has had the opportunity to concentrate.

The Qualified Person responsible for this news release is Joel Scodnick, P.Geo., President & CEO of Mengold Resources Inc.

Mengold is engaged in mineral exploration for precious and base metals. The Company is also exploring the Burchell Lake Property which is prospective for gold, copper, zinc, nickel, and molybdenum, and the Greenwater Lake Project which is prospective for nickel and PGE's, both of which are located in the Shebandowan area of Northwestern Ontario. Mengold has 62,536,088 common shares outstanding.

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Contact Information

  • In Canada
    Mengold Resources Inc.
    Joel Scodnick, President and Chief Executive Officer
    (705) 522.4439
    (705) 522.8694 (FAX)
    Mengold Resources Inc.
    Douglas Reeson
    C.F.O. and Director
    (416) 533.9664
    (416) 533.2890 (FAX)
    In Europe
    Mengold Resources Inc.
    W. Ian L. Forrest, Chairman and Director (FAX)