VG Gold Corp.
COMPANY DATA | INTRODUCTION
| PROJECT IN HAND | MANAGEMENT
NEWS UPDATE | CHINESE
| Address: | 65 Queen Street West, Suite 520 Toronto, Ontario Canada M5H 2M5 |
| Tel No.: | (416) 368-0099 |
| Fax No.: | (416) 368-1539 |
| Web Site: | www.vggoldcorp.com |
| Corporate Email: | tmeredith@vggoldcorp.com |
| Contact Person: | Mihaela Iancu |
| Position: | Consultant |
| Traded Market: | TSX |
| Traded Symbol: | VG |
| Outstanding Shares: | 189,836,612 |
| Public Float: | 110,000,000 |
| 52 Week High: | $ 0.59 |
| 52 Week Low: | $ 0.205 |
| Present Price: | Click Here |
INTRODUCTION
VG Gold Corp. is a mining exploration and development company, focused on developing its four gold projects situated in the heart of the world class Timmins Gold Camp in Ontario, Canada, which has produced nearly 70 million ounces of gold, making it Canada's largest gold production area. Timmins is known for its underground and open pit mines. The properties are surrounded by major Goldcorp mines. Currently VG Gold is performing permitting, mine planning and exploration work that leads toward production. VG Gold has an exploration and operations management office in Timmins Gold Camp.
The Company plans a 40,000-metre ongoing drilling program for 2010 for the purpose of expanding gold mineralization on its properties, with focus on Paymaster West Property, which will be the largest drill program in VG Gold's history.
PROJECT IN HAND
Timmins Gold Projects, Ontario
The Paymaster West, Fuller and Buffalo Ankerite properties are surrounded by the largest Timmins' producers - the Dome, Hollinger, McIntyre and Aunor mines - that have collectively produced 50 million ounces of gold. The Davidson Tisdale property is also located in close proximity to these prolific gold producers.
(1) Paymaster West Project
VG Gold has the option to earn a 60% interest in the Paymaster West Property from Goldcorp. The Paymaster West Property is part of the former producing Paymaster Mine which produced 1.2 million ounces of gold. The Paymaster West is a porphyry gold deposit situated immediately to the west of Goldcorp's Dome Mine that has produced over 17 million ounces gold. Significant production has come from the porphyry gold mineralization.
The Paymaster West project was initially explored and mined down to 600 ft between 1910 and 1928. Limited drilling during 1940's and 1950's at 1,500 and 2,500 feet deep showed good results, demonstrating that there is excellent potential at depth.
VG Gold's exploration has been encountering wide intervals of significant mineralization. Drill results indicate similar open pit potential could exist. Near surface mineralization has now been discovered over an area 513.6 metres long by 152.4
metres wide and remains open to the east, west and at depth. Predominance of the mineralization trends both west towards VG Gold's 100% owned Buffalo Ankerite Property and east towards the Dome mine. The Company plans to announce initial gold resource estimate by year end and continue to advance the project through aggressive exploration. The Company explores new target 1,500 feet north of the Paymaster West Porphyry. Deeper drill rig currently has been mobilized in order to target high grade gold mineralization at depth.
VG Gold's drilling program has completed 83 core holes with significant drill interceptions.
Select Drill Intercepts (September 2009 - Present)
|
Grade (g/t) |
Width (m) |
|
1,390 |
0.9 |
|
1,850 |
0.9 |
|
30.99 |
24.6 |
|
129.5 |
0.9 |
|
2.29 |
37.8 |
|
2.29 |
37.3 |
|
41.67 |
1.8 |
|
2.26 |
26.0 |
|
5.25 |
10.6 |
|
1.61 |
31 |
|
32 |
1.5 |
(2) Davidson Tisdale Project
The Davidson Tisdale high-grade gold project is well located in the heart of the Timmins gold camp and is approximately 3
km along strike from the Hollinger and McIntyre Mines, which have produced over 31 million ounces of gold. Davidson Tisdale contained a measured and indicated resource of 188,967 ounces of gold (1,237,689 tonnes at 4.75 g/t) and an inferred resource of 58,684 ounces of gold (391,821 tonnes at 4.66 g/t). VG Gold owns 68.5% of Davidson Tisdale and is the project's operator, with San Gold owning the remaining 31.5%.
Drilling at Davidson Tisdale is ongoing, and will focus on: 1) expanding the known high grade 2) looking for new high grade zones at depth and 3) testing areas that were previously drilled, but appear to have missed the mineralized structure.
(3) Buffalo Ankerite Project
The Company's 100%-owned Buffalo Ankerite property, a historic mine that has produced over 1 million ounces of gold
from shallower depths, is adjacent to Goldcorp's 3.5 million ounce Aunor and Delnite Mines. A 4,000-foot deep production shaft on the property was the primary means of historical gold production.
Buffalo Ankerite contained a measured and indicated resources of 220,000 ounces gold grading 0.135 oz/t and inferred resources of 270,000 ounces gold grading 0.127 oz/t.
Buffalo Ankerite has been drilled extensively at shallow depths over the years. The Company plans to pursue the deeper exploration potential at Buffalo Ankerite.
(4) Fuller Project
The Company's 100%-owned Fuller property, borders the past producing Paymaster Mine which produced 1.2 million ounces of gold, with indicated resources of 250,000 ounces gold grading 0.162 oz/t and inferred resources of 300,000 ounces gold grading 0.165 oz/t.
VG Gold has conducted a number of exploration programs and successfully identified a number of highly mineralized zones both at shallow levels and to depth. These results are encouraging and demonstrate further potential for exploration.
MANAGEMENT
Management and Directors
Thomas (Tom) W. Meredith, President and CEO, Director
Mr. Meredith joined and restructured VG Gold in 1995. With over 25 years experience in mineral exploration and development, Mr. Meredith has served on numerous boards of exploration companies. Formerly VP of Operations for Northfield Minerals, which operated the Chemins Mine in Larder Lake, Ontario.
Ken Guy, P.Geo., Exploration Manager
Mr. Guy has over 25 years experience in mineral exploration and project management with BP Selco, Getty and Cypress Minerals, in the Timmins Gold Camp.
Gerry McDonald, Operations Manager
Mr. McDonald with over 25 years experience in mine operations at Noranda, Golden Shield, River Gold, where he built and operated several mines.
Alex Falconer, CA, CFO
Mr. Falconer has over 7 years of public company auditing experience, prior to switching to public company management 10 years ago. Mr. Falconer also sits on several public company boards.
John Tait, Director
Robin Dunbar, Director
Declan Costelloe, Director
John Drake, Director
NEWS UPDATE
On July 12, 2010, VG Gold Corp. announced additional results, including a significant new hole from the Paymaster West property, located in Timmins, Ontario. This intersection returned 30.99 g/t gold over 24.7 metres, including 366.0 g/t gold over 2 metres.
Drilling to define an open-pit resource has encountered the most significant result to date from the Paymaster West project. As drilling progresses to the east and closer to Goldcorp's Dome mine, VG Gold's exploration has been encountering wide intervals of significant mineralization. This most recent result is significant because it starts at a vertical depth of only 50 feet (15 metres) and the zone remains open to the east. The hole successfully extended the mineralization up dip by approximately 30 metres. The intercept occurs within the main porphyry zone, which is the primary target of VG Gold's drilling.