Mengold Resources Inc.
TSX VENTURE : MNI

Mengold Resources Inc.

April 16, 2007 11:22 ET

Extensive Gold Encountered in I-Zone Surface Program at Mengold's Goldcreek Property

MONTREAL, QUEBEC--(CCNMatthews - April 16, 2007) - Mengold Resources Inc. (TSX VENTURE:MNI) has compiled the results of a systematic channel sampling program conducted over the I-Zone on the western portion of the 8,722 hectare Goldcreek Property which is located in the Shebandowan area, 70-km west of Thunder Bay, Ontario. Management is pleased with the results which exhibit extensive gold mineralization with localized high-grade gold values up to 32.37 gpt. The program confirms the significance of drill hole DDH# 95-04 conducted by Landore Resources Inc. in 1995 and demonstrates the potential of a gold deposit on this east-west trending dyke system.

A total of 112 sawed channel samples of 1m - 2m in length were taken across the quartz ladder vein system within east-west trending syenite dykes on the I-Zone1 and I-Zone2. Of the 68 samples taken along the I-Zone1, the average grade is 1.664 gpt gold, and along the I-Zone2 the gold grade averages 0.488 gpt in 44 samples. A rather intense distribution of quartz-healed ladder veins trending in a north-south direction transect the 21/2m - 41/2m wide syenite dyke on I-Zone1 (average true width of 4m) and the 2m - 6m wide dyke on I-Zone2 (average true width of 5m). The I-Zone1 was sampled for 45m along strike and I-Zone2 was sampled for 61m along strike. The table below profiles the values greater than one gpt gold for both systems:



I-Zone 1
Sample Sample Gold
Number Width (m) (gpt)
22009 1.5 3.000
22011 1.5 2.404
22012 1.5 3.612
22015 1.5 2.352
22016 1.5 2.533
22019 2.0 1.458
22023 1.5 1.595
22026 1.5 1.257
22032 1.5 7.046
22040 1.5 1.645
22042 1.5 3.841
22045 1.5 2.400
22046 1.5 2.154
22047 1.5 32.373
22050 1.5 2.627
22053 1.5 5.992
22054 1.5 1.143
22056 2.0 1.403
22057 1.5 1.875
22058 1.5 1.369
22063 1.5 1.415
22065 1.5 2.149
I-Zone 2
22085 1.5 1.206
22095 1.5 2.530
22109 1 1.045


The I-Zone1 was explored in the late 1980's to the mid-1990's by Inco Gold Company Ltd. and Landore Resources Inc. ("Landore"). The most important discovery was made by Landore in 1995 when a hole was drilled subparallel and downdip to the syenite dyke in the I-Zone1 in order to transect the gold-bearing quartz ladder veins which run perpendicular to the dyke. The results of DDH# 95-04 demonstrate that high grade gold is present, especially in the lower sections of the hole. The entire 134.5 -ft downdip section assayed 0.126 opt gold, over a true width of approximately 12 to 13 feet. It is of particular interest that the upper 66.3 -ft of this hole assayed an average 0.039 opt gold from 5.9 - 72.2 feet, and the lower 58.2 -ft of the hole averaged 0.245 opt gold from 72.2 - 130.4 feet, indicating an increase in gold content with depth. The following table is taken from the 2005 NI 43-101 Technical Report by Geologica Groupe Conseils of that same diamond drill hole:



DDH 95-04


From To Interval Interval Grade Grade
(ft) (ft) (ft) (m) (gpt gold) (opt gold)

5.9 6.6 0.7 0.2 0.006 0.000
6.6 9.8 3.2 1.0 0.151 0.004
9.8 13.1 3.3 1.0 0.106 0.003
13.1 16.4 3.3 1.0 0.354 0.010
16.4 19.7 3.3 1.0 11.225 0.327
19.7 23.0 3.3 1.0 0.070 0.002
23 26.2 3.2 1.0 0.517 0.015
26.2 29.5 3.3 1.0 0.284 0.008
29.5 32.8 3.3 1.0 6.252 0.182
32.8 36.1 3.3 1.0 3.120 0.091
36.1 39.4 3.3 1.0 0.069 0.002
39.4 42.6 3.2 1.0 0.309 0.009
42.6 45.9 3.3 1.0 0.107 0.003
45.9 49.2 3.3 1.0 0.138 0.004
49.2 52.5 3.3 1.0 0.728 0.021
52.5 55.8 3.3 1.0 0.927 0.027
55.8 59.0 3.2 1.0 0.317 0.009
59 62.3 3.3 1.0 1.248 0.036
62.3 65.6 3.3 1.0 0.199 0.006
65.6 68.9 3.3 1.0 0.238 0.007
68.9 72.2 3.3 1.0 0.483 0.014
72.2 75.4 3.2 1.0 12.646 0.368
75.4 78.7 3.3 1.0 4.331 0.126
78.7 82.0 3.3 1.0 1.235 0.036
82 85.3 3.3 1.0 0.798 0.023
85.3 88.6 3.3 1.0 1.493 0.044
88.6 91.8 3.2 1.0 1.401 0.041
91.8 95.1 3.3 1.0 1.162 0.034
95.1 98.4 3.3 1.0 1.288 0.038
98.4 101.7 3.3 1.0 40.132 1.169
101.7 105.0 3.3 1.0 0.497 0.014
105 108.2 3.2 1.0 0.102 0.003
108.2 111.5 3.3 1.0 2.596 0.076
111.5 114.8 3.3 1.0 12.901 0.376
114.8 118.1 3.3 1.0 2.121 0.062
118.1 121.4 3.3 1.0 2.338 0.068
121.4 124.6 3.2 1.0 0.015 0.000
124.6 127.9 3.3 1.0 33.577 0.978
127.9 130.4 2.5 0.8 39.796 1.160
130.4 133.8 3.4 1.0 0.099 0.003
133.8 137.1 3.3 1.0 0.361 0.011
137.1 140.4 3.3 1.0 0.017 0.000
134.5 41.0 4.309 0.126


In late March 2007, a Beep Mat survey was conducted over the I-Zone, the results of which will be made available in an upcoming news release.

Management is currently reviewing all technical data in detail to plan an upcoming prospecting and diamond drill campaign at the Goldcreek Property which is slated for early summer.

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.

The Company has a Quality Assurance-Quality Control program in place. The insertion of standards and blanks in the total metallic assay samples are all part of the QA-QC program. All samples were sent for analysis to Accurassay Laboratories in Thunder Bay, Ontario, which is an accredited laboratory. With each batch of samples submitted, every tenth sample is checked for quality control. Mengold is also including certified standards and blanks with each twenty-five samples.

Mengold is engaged in mineral exploration for precious and base metals. The Company is currently conducting exploration programs at the Burchell Lake and Goldcreek Properties, both prospective for gold, copper, and zinc, in the Shebandowan area west of Thunder Bay, Ontario. Mengold also holds two properties in Quebec, the Mountain River Property near Sainte-Anne-du-Lac, and the Thetford Property in the Eastern Townships. Mengold has 20,683,534 common shares outstanding (26,158,984 shares fully diluted).

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Mengold Resources Inc. - In Canada
    Joel Scodnick
    President and Chief Executive Officer
    (705) 522-4439 or (807) 933-0464
    (705) 522-8694 (FAX)
    Email: scodnick@netspectrum.ca
    or
    Mengold Resources Inc. - In Canada
    Douglas G. Reeson
    C.F.O. and Director
    (416) 533-9664
    (416) 533-2890 (FAX)
    or
    Mengold Resources Inc. - In Europe
    W. Ian L. Forrest
    President and Director
    011.41.22.809.9511
    011.41.22.899.9501 (FAX)
    Website: www.mengold.com