Mengold Resources Inc.

Mengold Resources Inc.

March 03, 2008 08:30 ET

Extensive Gold, Copper & Zinc Geochem Anomalies Identified on the Center Zone at Mengold's Goldcreek Property

MONTREAL, QUEBEC--(Marketwire - March 3, 2008) - Mengold Resources Inc. (TSX VENTURE:MNI) is pleased to announce the results of a geochemical (geochem) survey performed on the Center Zone at the Goldcreek Property which is located in the Shebandowan area, 70-km west of Thunder Bay, Ontario. Extensive gold, copper, and zinc geochem anomalies have been identified throughout a 4.8km long by 1.2km wide grid which overlie felsic metavolcanic rocks.

In 2000, a well known prospector from Thunder Bay, Dan Calvert, discovered a 15 tonne boulder comprised of a felsic metavolcanic rock which yielded 18.6% zinc, 1.76gpt gold, and 93gpt silver. There were also minor amounts of copper and lead. The boulder was found in Aldina Township located around 10-km to the south of Mengold's Goldcreek Property. Since 2000, the source of this immense boulder has never been identified. This boulder, being deposited from the glaciers of the last ice age, is unlikely to have traveled very far given its size and angularity. In light of the results of Mengold's geochem survey, management believes there is a possibility that the origin of the boulder may have been from or nearby the Goldcreek's Center Zone.

All of the geochem anomalies are open in most directions. This spring it is planned that the existing grid will be extended and further geochem sampling will be undertaken along with detailed geophysical surveys, prospecting and mechanical stripping in order to identify the extent of the precious metal and base metal zones. Induced Polarization survey will also be conducted, with an emphasis over the gold geochem anomalies to detect the presence of disseminated sulphide mineralization.

A substantial portion of the geochem anomalies appear to lie within the felsic metavolcanic rocks and at the southern contact with the sediments, the majority of which are spatially associated with Horizontal Loop Electromagnetic (HLEM) anomalies and VTEM anomalies indicating the presence of semi-massive to massive sulphide mineralization.

Mengold has a booth at the Prospectors and Developers Convention (PDAC) being held from March 2 - 5 in Toronto. The booth number is 2607 and it is located in the Investors Exchange near the Teck/Cominco cafe. Detailed up to date maps of the Goldcreek Property will be on display.

The Qualified Person supervising the work being carried out on the Burchell Lake and Goldcreek Properties is Joel Scodnick, P.Geo., President & CEO of Mengold Resources Inc.

Mengold Resources Inc. is engaged in mineral exploration for precious and base metals. The Company is currently conducting a 5,000m diamond drilling program at the Burchell Lake and Goldcreek Properties, both prospective for gold, copper, zinc, nickel, and molybdenum, in the Shebandowan Greenstone Belt of Northwestern Ontario. Mengold has 36,820,088 common shares outstanding.

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Contact Information

  • In Canada
    Mengold Resources Inc.
    Joel Scodnick, President and Chief Executive Officer
    (705) 522-4439 or (807) 629-7516
    (705) 522-8694 (FAX)
    Mengold Resources Inc.
    Douglas Reeson, C.F.O. and Director
    (416) 533-0323
    (416) 533-2890 (FAX)
    In Europe
    Mengold Resources Inc.
    W. Ian L. Forrest, Chairman and Director (FAX)
    Noble Investment
    Dan Patience, Investor Relations
    (403) 262-7111