Vangold drilling returns 15 ft. grading 0.41 oz. gold per ton

Recent drilling by Vangold Resources (VSE) intersected 14.8 ft. grading 0.41 oz. gold per ton on the Gertrude property in the historic Rossland mining camp of southern British Columbia.

The camp is best known for the Le Roi and other mines where production from 1891-1928 totalled 6.2 million tons at a recovered grade of 0.47 oz. gold, 0.6 oz. silver, and 1% copper per ton.

The discovery hole was targeted 350 ft. west and completely above the working levels of the historic Main War Eagle/Number One vein which produced 600,000 oz. gold at the turn of the century.

Vangold is earning a 60% interest in the Gertrude claim and in a number of other claims making up the North Belt property package held by Antelope Resources (VSE) and Bryndon Ventures (TSE) in the Rossland camp.

The Gertrude claim sits as a single unit completely surrounded by ground held by Cominco Ltd. This year’s exploratory drill program is believed to be the first known drill program on the claim which was not explored because of its sedimentary cap.

Although more work is planned for the Gertrude claim this year, Vangold is currently investigating options to drill prove, develop and process high-grade preliminary reserves on the Iron Colt zone on the joint venture’s North Belt properties.

So far, 43,715 ft. of diamond drilling in 108 holes have been completed on the North Belt properties. This work has the joint venture reporting preliminary reserves of 180,634 tons grading 0.37 oz. gold per ton.

Contained within this estimate is a higher-grade preliminary reserve on the Iron Colt vein of 22,000 tons grading 3 oz. gold, which is still open in all directions.

Vangold is planning an underground program aimed at proving up reserves on the Iron Colt vein. The program will also include several deeper holes to test the gold-bearing system to depth.

At the same time, the company is talking with several mining companies with respect to access on existing adits, and for custom milling.

All-inclusive development and processing costs are estimated in the $120-per-ton range, as the North Belt properties are easily accessible and near all necessary mining infrastructure.