VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 12, 2013) - PNG Gold Corporation ("PNG Gold" or the "Company") (TSX VENTURE:PGK) is pleased to announce final gold and silver assay results from 54 diamond drill holes from Imwauna Main Structure and has completed an exploration program consisting of surface geological mapping, trenching and diamond drilling on the Sehulea Project EL 1069. Table #1 highlights the assay results from hole IMH-275 which hosts extensive episodic quartz veining typical of low sulphidation epithermal mineralization. Final assay results have been received for all of the holes noted in Table # 2.
|Table #1||Highlight Hole|
Diamond drilling has now tested the Imwauna Main Structure to over 400 metres below surface. Gold mineralization is directly related to epithermal quartz veining which varies in thickness throughout the structure. Higher-grade, gold mineralization generally occurs in areas of greater quartz vein concentrations and exhibiting multiple pulses of hydraulic brecciation.
One drill rig was mobilized to test epithermal style gold mineralization on PNG Gold's 100% owned EL 1069. The purpose of the program was to undertake a systematic study of the Weioko and Lantaona Hill, low sulphidation epithermal gold systems on PNG Gold's 100% owned Sehulea Project on Normanby Island, Papua New Guinea.
Table # 2 Assay results received for Imwauna Main Structure are as follows:
|Hole ID||From||To||Core Length (m)||Au (g/t)||Ag (g/t)||Explanation|
|IMH304||203.00||204.50||1.50||1.59||14.00||Section 8 & 9|
|IMH306||237.00||238.00||1.00||3.43||5.00||Section 8 & 9|
|IMH307||Nil||Nil||Section 8 & 9|
|IMH308||103.50||105.40||1.90||0.91||1.53||Section 8 & 9|
|IMH309||205.20||206.00||0.80||1.47||<1||Section 8 & 9|
|IMH311||Nil||Nil||Section 8 & 9|
|IMH312||61.40||61.90||0.50||0.51||3.00||Section 8 & 9|
|IMH314||227.00||228.00||1.00||0.51||<1||Section 8 & 9|
|IMH316||165.80||166.70||0.90||0.70||3.00||Section 8 & 9|
|IMH317||130.00||131.00||1.00||0.64||3.00||Section 8 & 9|
|IMH319||135.80||136.40||0.60||0.94||3.00||Section 8 & 9|
|IMH320||188.80||189.50||0.70||1.98||3.00||Section 8 & 9|
|IMH323||255.90||257.00||1.10||0.62||1.20||Section 8 & 9|
|IMH325||No samples||Incompleted (at 45m)|
|Cut-off grade: 0.5 g/t Au and 10 g/t Ag|
Estimated true widths range from 45 to 71 percent of the core lengths provided in Table #2
Mr. Lorne Warner, P.Geo, Chief Operating Officer of PNG Gold Corporation is a qualified person in accordance with National Instrument 43-101 and has reviewed and approved the technical information contained in this news release.
All core samples are cut in half on-site and sent to our Alotau office for direct shipment to Intertek (ITS (PNG) Limited) laboratory in Lae, Papua New Guinea an ISO/LEC 17025 certified laboratory. Gold analysis is completed by a 50 gram charge, fire assay/AAS and for silver a 50 gram charge using two acide AAS. The company inserts a standard, blank and requests a duplicate sample be run in every batch of 20 samples. In addition, the lab inserts in-house blanks, standards and duplicates with each shipment. Data that fall outside the control limits are checked and repeated as necessary.
Normanby Island Projects
The Imwauna exploration licence -- EL 1091 -- is located on the north side of Normanby Island, approximately 80 kilometres northeast of Alotau, the provincial capital of Milne Bay province, eastern Papua New Guinea. The project consists of two main prospects, Imwauna and Kelas, along with numerous untested prospects. The Imwauna gold deposit is a high grade, near surface, low sulphidation, epithermal vein gold system. Gold mineralization ranges from 0.5 metres to 6.0 metres in the Imwauna Main structure. The Imwauna prospect remains open in the North and South at strike and at depth.
The Sehulea exploration licence - EL 1069 - is located north east of Imwauna on Normanby Island and contains several low sulphidation epithermal gold deposits which require additional drill testing. Previous results indicate the area contains extensive lower grade gold mineralization over intercepts of up to 60 metres core length with grades ranging between 1-2 g/tonne gold. Mineralization is associated with extensive silicification, disseminated, and semi-massive pyrite, with a positive correlation between higher pyrite concentrations and gold.
About PNG Gold Corporation
PNG Gold Corporation is an exploration company with an advanced stage drilling program in Papua New Guinea. PNG Gold holds a 100% interest in the Imwauna and Sehulea properties on Normanby Island, Milne Bay Province, Papua New Guinea, and trades on the TSX Venture Exchange under the symbol PGK. PNG Gold's mission is to become the premier exploration and development company in Papua New Guinea.
FORWARD LOOKING STATEMENTS
Forward Looking Statements - This document contains forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or states that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of PNG Gold Corporation ("PNG" or the "Company") to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information.
Examples of such statements include: statements pertaining to PNG's proposed exploration and development activities and method for funding thereof, timing of development of undeveloped gold resources, gold extraction, processing, recovery and production levels, expectations regarding the ability to raise capital and to continually add to resources through acquisitions/development, treatment under governmental regulatory regimes and tax laws, capital expenditure programs and the timing and method of financing thereof, the development plans and status of assets, future growth and performance.
Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking information contained in this document. Such forward-looking information is based on a number of assumptions which may prove to be incorrect, including, but not limited to: the ability of PNG to obtain necessary financing and adequate insurance; the economy generally; and, current and future stock prices, results of operations and exploitation, exploration and development activities, fluctuations in gold prices and market conditions, the extent of gold resources and future growth and performance, the regulatory and foreign environment, future capital and other expenditures (including the amount, nature and sources of funding thereof), uncertainty of resource estimates, the availability of necessary exploration and development equipment, competitive advantages, fluctuations in foreign currency exchange rates, property title and investments, business prospects and opportunities, transportation and construction delays, possible variations of ore grade or recovery rates, failure of plant, equipment or processes to operate as anticipated, accidents, labor disputes and other risks of the mining industry, political instability, arbitrary changes in law, delays in obtaining governmental approvals and anticipated and unanticipated costs. The factors identified above are not intended to represent a complete list of the factors that could affect PNG. Additional risk factors are noted under the heading "Risk and Uncertainties" in the Company's MD&A for the year ended December 31, 2012 that was filed on SEDAR.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward looking information prove incorrect, actual results, performance or achievement may vary materially from those expressed or implied by the forward-looking information contained in this document. These risk factors should be carefully considered and readers are cautioned not to place undue reliance on forward-looking information, which speaks only as of the date of this document. All subsequent forward-looking information attributable to PNG herein is expressly qualified in its entirety by the cautionary statements contained in or referred to herein. PNG does not undertake any obligation to release publicly any revisions to this forward-looking information to reflect events or circumstances that occur after the date of this document or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
ON BEHALF OF PNG GOLD
Greg Clarkes, CEO and Director
PNG Gold Corporation
Neither the TSX Venture Exchange or its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The securities have not been registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration thereunder or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities in the United States.