November 12, 2008
I-Zone Returns High-Grade Gold at Mengold-Solomon’s Goldcreek Project
Mengold Resources Inc. ("Mengold") (TSX VENTURE: MNI) and Solomon Resources Limited (TSX VENTURE: SRB) have encountered high-grade gold - up to 234.0 gpt - in surface sampling programs conducted this fall at the I-Zone on the Goldcreek Property, located in the Shebandowan area, west of Thunder Bay, Ontario. The I-Zone is part of structurally complex series of twenty-six dykes previously mapped on the Goldcreek Property. A structural model is currently being developed to provide insight into the nature of the gold emplacement within this particular system.
The sampling programs were carried out by Mengold, Solomon and Caracle Creek International Consulting ("CCIC"). CCIC recently completed an independent NI 43-101 Technical Report on the Goldcreek Property which can be found on SEDAR, as well as, Mengold's and Solomon's websites at www.mengold.ca and www.solomonresources.ca.Mengold stripped and sampled a 10m x 4m area at the west end of the I-Zone that is now exposed on surface for approximately 70m. A total of twenty-two oversize samples, each weighing approximately 50kg to 75kg, were taken over the granodioritic dykes containing quartz-healed ladder veins carrying pyrite mineralization. Due to the occurrence of coarse visible gold in some of the samples, total metallic assaying was utilized instead of fire assay in order to determine a more accurate result of the gold content. The twenty-two oversize samples averaged 9.9 gpt gold with the highest assay being 34.9 gpt gold. Much of the gold recovered was course in the +100 mesh range which would be amenable to a milling process using a gravity concentrator. The results of the sampling program provide evidence of increasing gold content along the western extension of the I-Zone which averages 4m in width.
As part of an independent study, CCIC selected five grab samples over the I-Zone which averaged 31.5 gpt gold. The samples ranged from 22.3 gpt to 44.5 gpt gold. The samples were all analyzed by fire assay. Mengold's joint venture partner, Solomon, selected three due diligence samples over the western end of the I-Zone which returned assays of 0.8 gpt, 19.9 gpt, and a spectacular 234.0 gpt gold. These samples were also analyzed by fire assay.
As reported in News Release 08-16, dated Sept. 25, 2008, Mengold's joint venture partner, Solomon Resources, plans to expend $5.4 million on exploration expenditures over a three-phase program on the Goldcreek Property including a total of 24,000m of diamond drilling. Funding of $650,000 is a firm commitment to be spent prior to December 31, 2008.
The Qualified Person responsible for this news release is Joel Scodnick, P.Geo., President & CEO of Mengold Resources Inc.
Mengold is engaged in mineral exploration for precious and base metals. The Company is also actively exploring the Burchell Lake Property which is prospective for gold, copper, zinc, nickel, and molybdenum, and the Greenwater Lake Project which is prospective for nickel and PGE's, both of which are located in the Shebandowan area of Northwestern Ontario. Mengold has 41,411,088 common shares outstanding.
For further information, please bookmark www.mengold.ca.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.
Contacts: In Canada Mengold Resources Inc. Joel Scodnick, President and Chief Executive Officer (705) 522-4439 (705) 522-8694 (FAX) Email: [email protected] or [email protected] Mengold Resources Inc. Douglas Reeson C.F.O. and Director (416) 533-9664 (416) 533-2890 (FAX) Email: [email protected] In Europe Mengold Resources Inc. W. Ian L. Forrest, Chairman and Director 011.41.22.809.9511 011.41.22.899.9501 (FAX) Email: [email protected] Website: www.mengold.ca Noble Investment Dan Patience Investor Relations 1-800-499-2388 Email: [email protected]
SOURCE: Mengold Resources Inc.