ValGold Resources Ltd.
TSX VENTURE : VAL

ValGold Resources Ltd.

November 22, 2006 09:30 ET

ValGold Resources' Diamond Drilling Tops 20,000 Meters at the Garrison Gold Project, Ontario

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 22, 2006) - ValGold Resources Ltd. ("ValGold") (TSX VENTURE:VAL) is pleased to report that it has completed another 16 diamond drill holes on the Garrison Gold Project, located in northeastern Ontario. Three of these holes were completed on the C Zone in the Garrcon area. The other holes were drilled into the JP and Garrcon West Zones located along the Munro Fault. This brings total drilling by ValGold on the Garrison property to 19,259 meters ("m") during 2006 and approximately 20,750m since beginning the project in late 2005.

Highlights from the current results of the Garrcon area drilling include:



-------------------------------------------------------------------
From To Width Width Grade Grade
Hole (m) (m) (m) (ft) (g/T) (oz/t)
-------------------------------------------------------------------

C06-07 275.50 289.00 13.50 44.3 3.48 0.102
Including 277.00 278.50 1.50 4.9 10.96 0.320
And 283.00 284.50 1.50 4.9 12.35 0.360
And 287.50 289.00 1.50 4.9 3.77 0.110
-------------------------------------------------------------------


Drilling on the Garrcon area, C Zone confirmed that the gold mineralization down dip extends to at least 200m below surface, where drill hole C06-07 intersected 3.48 g/T gold over a core length of 13.5m. As reported in ValGold's releases dated August 1, 2006 and October 4, 2006, drill hole C06-01 intersected 2.3 g/T gold over 32.0m including 18.17 g/T gold over 3.0m near surface. Drilling on the C Zone now confirms that it is a steeply dipping body striking parallel to the footwall contact of the Porcupine Destor Fault and hosted by fractured and silicified, arkosic, Timiskaming sediments. The C Zone and other parallel zones in the immediate area probably occupy splays off the south dipping Destor Porcupine Fault and could potentially be continuous down dip for hundreds of meters. A cross section of three zones including the C Zone is posted on ValGold's website under the Garrison maps section. Drilling will continue on these zones in the New Year from a large swampy area, which is currently inaccessible.

Highlights from the current results of the Munroe Fault gold zones drilling include:



--------------------------------------------------------------------------
From To Width Width Grade Grade
Hole Zone (m) (m) (m) (ft) (g/T) (oz/t)
--------------------------------------------------------------------------

G06-29 Garrcon W 178.00 182.00 4.00 13.12 3.75 0.109
G06-33 Garrcon W 340.00 344.00 4.00 13.12 4.19 0.122
G06-34 Garrcon W 641.00 647.00 6.00 19.69 2.38 0.069
Including 643.00 645.00 2.00 6.56 4.47 0.130

G06-35 Garrcon W 206.00 208.00 2.00 6.56 5.54 0.162
Including 207.00 208.00 1.00 3.28 8.64 0.252

G06-37 JP 745.00 748.00 3.00 9.84 4.09 0.119

G06-37A JP 723.00 734.00 11.00 36.09 3.33 0.97
Including 727.00 729.00 2.00 5.49 6.60 0.192
And 727.00 729.00 2.00 5.49 5.76 0.168
--------------------------------------------------------------------------


Another 13 diamond drill holes have been completed on zones hosted by the Munro Fault Zone during the past four months. Holes G06-27 to -36 were drilled to test for mineralization over a strike length of 425m, mostly within an area known as the Garrcon West Zone. This area has seen limited drilling by previous owners of the property but has returned some encouraging intersections. All thirteen holes intersected mineralization with grades that are more representative of that proximal to high grade shoots. Examples include: G06-29 which cut 3.75 g/T gold over a core length of 4.0m, G06-34 which cut 2.38 g/T gold over a core length of 6.0m and G06-36 which intersected 1.18 g/T gold over core length of 15.0m. It is also encouraging to note that drill holes G06-32 and -34 are the only holes that have intersected the fault zone in this area below 300m vertical. Additional drilling is warranted along this stretch of the Munro Fault Zone at a later date.

The other holes, namely G06-26, -37 and -37A, were drilled below the JP Zone. G06-26 was collared at least 100m to the west of the zone. Holes G06-37 and -37A were drilled directly below the centre of the zone. Hole 37 intersected 4.09 g/T gold over a core length of 3.0m within an interval of strong alteration and pyrite enrichment up to 20% that measured approximately 40m thick. Hole 37A was wedged off of Hole 37 and intersected the JP Zone approximately 25m further down dip. Similarly, the JP Zone was represented by several intervals of strong alteration and bands of quartz, albite, pyrite and sericite mineralization containing fine disseminated flakes of gold. Samples of the JP Zone were taken at 1m intervals of core, starting from 723.0m to 721.0m. This intersection confirms that the JP Zone is continuous from surface down to a vertical depth of at least -600m. ValGold's next closest hole (G06-25) intersected the JP Zone approximately 130m above G06-37 and cut 6.9 g/T gold over a core length of 9.0m. Infill drilling will continue on the JP Zone for the next few months until sufficient information becomes available to complete an independent resource estimate. The location of all the drill holes drilled to date on the property by ValGold is shown on the Company's website.

Project Summary

The Garrison Gold property is located 40 kilometers (km) north of the Town of Kirkland Lake, 100 km east of Timmins and 8 km west of and on strike with Newmont Mining Corporation's Holloway and Holt-McDermott gold mines. Access to the property is by Ontario Highway 101 that runs along the north boundary of the property. The mining leases cover approximately 4 km of the famous Destor Porcupine Fault Zone and a major splay, the Munro Fault Zone ("MFZ").

The gold mineralization on the property occurs as sulphide-rich bodies within the two major fault zones, and within the intervening Timiskaming sediments associated with quartz-pyrite vein stockworks. Sulphide mineralization within the MFZ forms a series of five high-grade shoots that occur near the footwall of the fault. Previous operators completed a total of 199 drill holes focusing primarily on gold zones over the 1.7 km long strike length of the fault zone and to a depth of 300m (1,000 ft). The individual mineralized shoots are estimated to be up to 300m in strike length, average 3.35m (11 ft) in thickness and contain gold associated with albite, sericite and pyrite alteration.

An advanced underground exploration program was initiated on the JP Zone in October 1995. The underground development included a 12 x 14-foot, 18-20-degree decline excavated to the 476-level. By the end of March 1997, approximately 56,000 tons (50,475 tonnes) of ore was shipped with an average grade of 0.243 oz/t (8.33 g/T) Au.

Mr. Tom Pollock, P.Geo., ValGold's Vice-President, Exploration, is the Qualified Person for the project, and is responsible for all of the technical reporting in compliance with NI 43-101. Mr. Pollock has instituted and is responsible for ValGold's program of Quality Control and Assurance, using assay control samples and duplicates. All sampled core was split in a secure facility in Ontario and delivered to the laboratory by a Company representative. The balance of the split core is stored at a secure site near the Garrison property.

Reported widths of the drill intersections are the sampled length of drill core and may be less than the true thickness of the gold zones. All drill intersections for this release grading greater than 1.0 g/T Au for the announced holes are shown in the table at the end of this release and the locations of the collar sites together with drill sections, trench geology and sampling maps will be made available soon within the Garrison Gold Project section of the ValGold website.

For more information on ValGold and its portfolio of international projects, visit our website at www.valgold.com.

Stephen J. Wilkinson, President & Chief Executive Officer

Table of sample intervals averaging 1.0 g/T Au or greater for drill holes recently completed in the Garrcon Shaft Area, Garrison Gold Project.



-------------------------------------------------------------------
From To Width Width Grade Grade
Hole (m) (m) (m) (ft) (g/T) (oz/t)
-------------------------------------------------------------------

C06-07 75.00 76.50 1.50 4.9 1.01 0.029
178.00 179.50 1.50 4.9 1.04 0.030
203.50 205.00 1.50 4.9 1.04 0.030
212.50 214.00 1.50 4.9 2.75 0.080
263.50 266.50 3.00 9.8 1.19 0.035
268.00 271.00 3.00 9.8 1.02 0.030
275.50 289.00 13.50 44.3 3.48 0.102
Including 277.00 278.50 1.50 4.9 10.96 0.320
And 283.00 284.50 1.50 4.9 12.35 0.360
And 287.50 289.00 1.50 4.9 3.77 0.110
298.00 299.50 1.50 4.9 1.27 0.037
302.50 305.50 3.00 9.8 1.01 0.029
307.00 313.00 6.00 19.7 1.11 0.032
368.50 373.00 4.50 14.8 1.56 0.045
Including 368.50 370.00 1.50 4.9 3.25 0.095
389.50 391.00 1.50 4.9 1.11 0.032

C06-08 96.50 98.00 1.50 4.9 1.35 0.039
111.50 113.00 1.50 4.9 1.16 0.034
186.50 189.50 3.00 9.8 1.03 0.030

C06-09 26.00 27.50 1.50 4.9 2.31 0.067
122.00 123.50 1.50 4.9 1.44 0.042
123.50 125.00 1.50 4.9 2.07 0.060
125.00 126.50 1.50 4.9 1.53 0.045
-------------------------------------------------------------------


Table of sample intervals averaging 1.0 g/T Au or greater for drill holes recently completed in the Munroe Fault Gold Zones, Garrison Gold Project.



--------------------------------------------------------------------------
From To Width Width Grade Grade
Hole Zone (m) (m) (m) (ft) (g/T) (oz/t)
--------------------------------------------------------------------------

G06-26 J.P. 381.50 383.00 1.50 4.92 1.67 0.049

G06-27A R.P. 110.00 113.00 3.00 9.84 2.66 0.078

G06-29 Garrcon W 172.00 173.00 1.00 3.28 1.36 0.040
Garrcon W 178.00 182.00 4.00 13.12 3.75 0.109
Garrcon W 204.50 206.00 1.50 4.92 4.62 0.135

G06-30 Garrcon W 332.00 338.00 6.00 19.69 2.14 0.062
Including 332.00 333.50 1.50 4.92 5.45 0.159

G06-31 257.00 261.50 4.50 14.76 1.38 0.040

G06-32 215.00 216.50 1.50 4.92 1.28 0.037
Garrcon W 571.00 572.00 1.00 3.28 1.81 0.053
603.50 605.00 1.50 4.92 1.24 0.036

G06-33 321.00 328.00 7.00 22.97 2.15 0.063
Garrcon W 340.00 344.00 4.00 13.12 4.19 0.122
348.00 353.00 5.00 16.40 1.53 0.045
357.00 361.00 4.00 13.12 1.00 0.029
368.00 373.00 5.00 16.40 1.10 0.032
387.00 390.00 3.00 9.84 1.02 0.030

G06-34 42.50 45.50 3.00 9.84 1.32 0.038
56.00 59.00 3.00 9.84 1.06 0.031
377.00 380.00 3.00 9.84 1.02 0.030
Garrcon W 641.00 647.00 6.00 19.69 2.38 0.069
Including 643.00 645.00 2.00 6.56 4.47 0.130
683.00 684.00 1.00 3.28 1.39 0.041

G06-35 Garrcon W 206.00 208.00 2.00 6.56 5.54 0.162
Including 207.00 208.00 1.00 3.28 8.64 0.252
213.40 219.50 6.10 20.01 1.24 0.036

G06-36 Garrcon W 214.00 229.00 15.00 49.21 1.18 0.034
Including 216.00 217.00 1.00 3.28 3.18 0.093
0.000
G06-37 693.00 694.00 1.00 3.28 1.22 0.036
JP 727.50 736.00 8.50 27.89 1.66 0.048
Including 728.00 730.00 2.00 6.56 3.08 0.090
JP 745.00 748.00 3.00 9.84 4.09 0.119
758.00 764.00 6.00 19.69 1.11 0.032

G06-37A JP 723.00 734.00 11.00 36.09 3.33 0.097
Including 723.00 725.00 2.00 6.56 6.60 0.192
And 727.00 729.00 2.00 5.49 5.76 0.168
739.00 745.00 6.00 5.49 2.40 0.070
Including 740.00 741.00 1.00 6.45 7.34 0.214
--------------------------------------------------------------------------


SEC 12g3-2(b) exemption 82-3339


No regulatory authority has approved or disapproved the information contained in this news release.

Contact Information

  • ValGold Resources Ltd.
    Stephen J. Wilkinson
    President & Chief Executive Officer
    (604) 687-4622
    (604) 687-4212 (FAX)
    Email: info@valgold.com
    Website: www.valgold.com