| ||November 20, 2008|
Drilling to begin on Lund Property, Ontario
| ||Lund Gold Ltd. (TSX-V: LGD) ("Lund") is pleased to report that drilling will commence in the next couple of days on the McFauld's Lake "Ring of Fire" property under option from Noront Resources Ltd.|
The summary report by James Mungall PhD, PGeo of Noront Resources Ltd. states: "Airborne and ground geophysical surveys have been completed on the Noront/Lund Gold option to joint venture property in the James Bay Lowlands of Ontario. Based on the geophysical interpretations two drill targets have been selected. Both targets are moderately conductive bodies with short strike length, on the order of 100 metres, and both are associated with mildly magnetic lineaments. The geological interpretation is that these conductors represent exhalative chemical sediments, either iron formation or VMS mineralization, occurring as rafts surrounded by felsic to intermediate intrusive rocks. The drill program is ready to execute upon mobilization of a drill into the area.
In the spring and summer of 2008 Geotech performed a VTEM survey over the claim group. VT 1 is a two-line conductor with a calculated conductance of 16.9 S at its south end. It is collinear with a weak positive magnetic lineament striking approximately 330°. The profiles are too low and irregular in form to indicate shape or depth to the top of the conductor. The high early time responses were interpreted to indicate the presence of thick overburden. VT 2 is another two-line conductor but has a lower calculated conductance of about 6S on both lines and interpreted as being either very small or very deep, perhaps as deep as 200m.
Ground magnetometer surveys were performed without grids on both the VT 1 and VT 2 targets. Both of the conductors can be seen to be related to weak magnetic lineaments. These targets show potential to host VMStype mineralization of the type exemplified by WSR's 501 deposit and Canadian Orebodies' Caribou deposit.
The proposed 800m drill budget will be sufficient to establish whether or not either of these targets is a VMS deposit. A single preliminary hole of 200 or 250 depth has been proposed on each of the two targets, leaving 350 m of discretionary drilling in the budget to follow up either or both of these targets pending initial success. If there are positive indications of VMS potential after the 800 m drill program has been completed then a fourth phase of exploration should be planned, focusing on follow-up diamond drilling of the targets."
To find out more about Lund Gold Ltd. (TSX-V: LGD), visit our website at www.lundgold.com.
On behalf of the Board of Directors of
LUND GOLD LTD.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY AND ACCURACY OF THIS RELEASE
This document contains "forward-looking statements" within the meaning of applicable Canadian securities regulations. All statements other than statements of historical fact herein, including, without limitation, statements regarding exploration plans and our other future plans and objectives, are forward-looking statements that involve various risks and uncertainties. Such forward-looking statements include, without limitation, estimates of exploration investment and the scope of exploration programs. There can be no assurance that such statements will prove to be accurate, and future events and actual results could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from our expectations are disclosed in the Company's documents filed from time to time via SEDAR with the Canadian regulatory agencies to whose policies we are bound. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made, and we do not undertake any obligation to update forward-looking statements should conditions or our estimates or opinions change. Forward-looking statements are subject to risks, uncertainties and other factors, including risks associated with mineral exploration, price volatility in the mineral commodities we seek, and operational and political risks. Readers are advised not to place undue reliance on forward-looking statements.
You can view the Next News Releases item: Wed Mar 18, 2009, Lund Gold Reports Receipt of Final Summary Report of Work Performed by Noront Resources Ltd.
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