Lexam VG Gold Inc.
VG Gold Corp.: PAYMASTER WEST PROJECT OFF TO STRONG START IN TIMMINS, ONTARIO
VG Gold Corp. / Miscellaneous 09.09.2009 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. --------------------------------------------------------------------------- NEWS RELEASE PAYMASTER WEST PROJECT OFF TO STRONG START IN TIMMINS, ONTARIO! 41.67 GPT GOLD OVER 1.8 M & 14.31 GPT GOLD OVER 2.7 M September 8, 2009, Toronto, Ontario VG Gold Corp., (TSX:VG), (FRANKFURT:VN3), is pleased to announce that initial core drilling from its Paymaster West Project in Timmins, Ontario has successfully intersected high-grade, near surface, gold mineralization, including 41.67 gpt (grams per tonne) (1.22 opt (ounces of gold per ton)) over 1.8 meters (m) (5.9 feet (ft)). VG Gold has the option to earn a 60% interest in Paymaster West Project from Goldcorp. The project is situated next to Goldcorp's Dome Mine that has produced 17.1 million ounces of gold. DRILL RESULT HIGHLIGHTS (All Results Table 1& 2)Hole Number Gold Grade Interval Gold Grade Interval (gpt) (m) (opt) (ft) VGP-09-07 14.31 2.7 0.42 8.9 VGP-09-10 41.67 1.8 1.22 5.9 VGP-09-10 5.25 10.6 0.15 34.8PHASE I DRILLING Phase I drilling successfully confirmed the presence of near surface, widespread gold mineralization at the Paymaster West Project. All of the holes targeted gold mineralization between 15 m (50 ft) and 90 m (300 ft) below surface. Since drilling occurred close to the previously mined areas most of the holes encountered underground openings with 6 of the 12 holes having to be terminated prior to their targeted depth. The presence of high-grade gold mineralization in the upper areas outside of the previously mined areas indicates that there is excellent exploration potential not only at depth, but also close to surface. Gold mineralization at the Paymaster West Project is hosted within strongly altered and well mineralized quartz feldspar porphyry. Alteration consists of pervasive ankerite and sericite alteration with local tourmaline, both disseminated and in veins. Pyrite mineralization is disseminated throughout, with local concentrations to 20%. Visible Gold (VG) was noted in 2 holes. PHASE II DRILLING UNDERWAY Focused on High-Grade at Depth Based on the successful Phase I drilling, VG Gold has mobilized a second diamond drill to the Paymaster West Project. Phase II drilling will consist of 6,000 meters (19,685 ft) and will target porphyry hosted high-grade gold mineralization located between 150 m (500 ft) and 300 m (1,000 ft) below surface and beneath the historic mine workings. PAYMASTER PROJECT HISTORICAL SUMMARY The Paymaster West Property is located in the center of the historic Timmins mining camp (68 million ounces of gold produced) and borders Goldcorp's Dome Mine, which has current and past production totaling of 17.1 million ounces of gold. The gold mines in the Timmims Gold Camp have been mined to depths exceeding 2,000 m (6,560 ft). Production and exploration on the Paymaster West Project occurred between 1910-1928, to an approximate depth of 245 m (800 ft). During the 1940's-1950's a series of core holes successfully intersected high-grade gold mineralization over good widths at depth. This drilling occurred at depths at 460 m (1,500 ft) and at 760 m (2,500 ft) below surface and demonstrated the excellent exploration potential of the Paymaster West Project. For historic drill results, please click: http://www.vggoldcorp.com/downloads/Drill_Hole_Table_Paymaster.pdf VG GOLD…..WE ARE GOLD! QUALIFIED PERSON All exploration work was conducted under Kenneth Guy, P. Geo., designated Qualified Person for VG Gold, who has reviewed the this press release. Gold analysis of samples collected by VG Gold was assayed by Laboratoire Expert in Rouyn-Noranda, Quebec. Analysis consisted of a fire assay of a 30-gram sample with an atomic absorption finish. Samples assaying over 1.0 gram per tonne Au are re-assayed with gravimetric finish. Samples noted to contain visible gold are analyzed via total metallic assay method. A rigorous Quality Control and Assurance program (QA/QC) is in place, using control samples such as Blanks and Rocklabs Standards and duplicate checks. In addition, duplicate analyses of 10% of the samples were corroborated by check assays on sample performed by Bourlamaque Laboratory of Val D'Or, Quebec. For further information contact Tom Meredith, President of VG Gold, 416 368 0099. To learn more about VG Gold (TSX:VG), visit our website: www.vggoldcorp.com The TSX Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Please see the following tables for results from the 12 holes drilled and reported. The first 6 holes presented reached the targeted depth. The following 6 holes failed to reach target depth due to underground openings from historic mining that occurred from near surface to depth of 600 feet (200 metres) deep. Tables 1 and 2 are metric (grams and metres) and the tables 3 and 4 are imperial (feet and ounces). Paymaster West Diamond Drill Results Phase 1 Table 1 (Metric) Holes Reaching Target DepthHole # From To Interval Au Total Length Section (ft) * (m) (m) (m) (gpt) (m) (Easting) VGP- 48.2 49.4 1.2 11.23 143.5 6200 1 09-06 ugo And 59.4 67.1 7.7 2.07 VGP- 117.7 125.3 7.6 1.85 152.0 6200 1 09-07 ugo 137.5 140.2 2.7 14.31 VGP- 25.9 27.7 1.8 41.67 119.0 6100 4 09-10 ugo 62.2 72.8 10.6 5.25 86.3 97.0 10.7 2.55 VGP- 95.7 105.8 10.1 3.39 143.0 6000 2 09-12 ugo VGP- 46.0 47.5 1.5 2.43 152.0 5700 09-14 VGP- 48.1 53.7 5.6 4.49 149.0 5700 09-15*ugo = underground opening Holes Failing to Reach Target Depth Table 2Hole From To Interval Au Total Section (ft) * # (m) (m) (m) (gpt) length (Easting) (m) VGP- 15.5 21.2 5.7 1.46 47.0 6200 1 ugo* 09-04 +end in ugo And 25.9 32.3 6.4 1.92 VGP- 13.4 18.9 5.5 2.52 38.0 6200 2 ugo 09-05 +end in ugo VGP- 23.7 6100 end in ugo 09-08 VGP- 24.1 24.6 0.5 13.03 76.2 6100 3 ugo 09-09 +end in ugo And 36.9 44.0 7.1 2.44 VGP- 53.9 6000 end in ugo 09-11 VGP- 48.4 5900 end in ugo 09-13*ugo = underground opening Notes: - Lengths reported are core intersection lengths and do not represent true widths. - It is anticipated that true width estimates will be made possible after additional drilling. Paymaster West Diamond Drill Results Phase 1 Table 3 (Imperial) Holes Reaching Target DepthHole From To Interval Au Total Length Section (ft) * # (ft) (ft) (ft) (opt) (ft) (Easting) VGP- 158.1 162.1 3.9 0.33 470.8 6200 1 09-06 ugo And 194.9 220.1 25.3 0.06 VGP- 386.2 411.1 24.9 0.05 498.7 6200 1 09-07 ugo 451.1 460.0 8.9 0.42 VGP- 85.0 90.9 5.9 1.22 390.4 6100 4 09-10 ugo 204.1 238.8 34.8 0.15 283.1 317.9 35.1 0.07 VGP- 314.0 347.1 33.1 0.10 469.2 6000 2 09-12 ugo VGP- 150.9 155.8 4.9 0.07 498.7 5700 09-14 VGP- 157.8 176.2 18.4 0.13 488.8 5700 09-15*ugo = underground opening Holes Failing to Reach Target Depth Table 4Hole From To Interval Au Total Section (ft) * # (ft) (ft) (ft) (gpt) length (Easting) (ft) VGP- 50.9 69.6 18.7 0.04 154.2 6200 1 ugo* 09-04 +end in ugo And 85.0 106.0 21.0 0.06 VGP- 44.0 62.0 18.0 0.07 124.7 6200 2 ugo 09-05 +end in ugo VGP- 77.6 6100 end in ugo 09-08 VGP- 79.0 80.8 1.6 0.38 250.0 6100 3 ugo 09-09 +end in ugo And 121.3 144.4 23.3 0.07 VGP- 176.8 6000 end in ugo 09-11 VGP- 158.8 5900 end in ugo 09-13*ugo = underground opening Notes: - Lengths reported are core intersection lengths and do not represent true widths. - It is anticipated that true width estimates will be made possible after additional drilling. 09.09.2009 Financial News transmitted by DGAP ---------------------------------------------------------------------------
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