🕐04.11.10 - 14:54 Uhr
Goldrush Extends Near-Surface Gold Mineralization on South Zone and Depth of Gol d Mineralization on Western Grid During Phase 2-2010 RC Drilling Program at Ronguen Gold Deposit
Goldrush Extends Near-Surface Gold Mineralization on South Zone and Depth of
Gold Mineralization on Western Grid During Phase 2-2010 RC Drilling Program at
Ronguen Gold Deposit
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November 4, 2010
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Goldrush Extends Near-Surface Gold Mineralization on South Zone and Depth of
Gold Mineralization on Western Grid During Phase 2-2010 RC Drilling Program at
Ronguen Gold Deposit
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VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov.
4, 2010) - Goldrush Resources Ltd.
(TSX VENTURE:GOD) (Goldrush or the "Company") President & CEO Len Brownlie, Ph.D is pleased to announce further assay results from the Phase 2 Reverse Circulation ("RC") drilling and trenching program on the Companys Ronguen Gold Deposit in Burkina Faso, West Africa.
Assays have been received from six South Zone holes and eight holes on the Western G2 grid of the Main Zone.
Assay results from an additional 17 holes are pending and will be released when available.
South Zone Drill Results
Assay Highlights include:
-- 1.11 g/t gold over 8 metres at a vertical depth of 20.5 metres
-- 1.14 g/t gold over 7 metres at a vertical depth of 12.4 metres Commenting on the drill results, Len Brownlie, President and Chief Executive Officer of Goldrush noted that, "We are particularly encouraged by the near-surface South Zone drill intercepts as this is a previously undrilled area that is a zone of mineralization subparallel to, and approximately 200 metres south of the Ronguen Main Zone.
Four of the six initial holes encountered shallow gold mineralization at depths of six to 37 metres vertical from surface.
The South Zone was not included in the Companys 2008 mineral resource estimate but will be included in a future mineral resource estimate."
During previous exploration programs six trenches totaling 475 linear metres were completed in the South Zone, with all trenches containing gold mineralization.
Assay highlights from the those South Zone trenches included:
a.
2.19 gpt gold over 15.5 m and 1.34 gpt gold over 10.0 m in KGRTR08-570E;
b.
5.76 gpt gold over 2.0 m in trench KGRTR08-530E; and
c.
4.23 gpt gold over 2.0 m in KGRTR08-510E. In the current South Zone drilling, RC hole KGRR010-083 was drilled on line 570E and encountered 7 metres of 1.14 g/t gold at a vertical depth of 12.4 metres, extending the trenching results noted in trench KGRTR08-570E.
Similarly, RC hole KGR010-082, drilled on line 530E, intersected 8 metres of 1.11 g/t gold at a vertical depth of 20.5 metres, extending the trenching results noted in trench KGRTR08-530E.
Main Zone - Western Grid (G2) Drill Results
Assay highlights include:
-- 3.48 g/t gold over 5 metres (including 12.4 g/t gold over 1 metre)
-- 1.96 g/t gold over 7 metres (including 3.77 g/t gold over 1 metre and
3.62 g/t gold over 1 metre)
-- 1.11 g/t gold over 10 metres (including 3.67 g/t gold over 1 metre) The purpose of the eight Western Grid (G2) holes reported on herein was to test the Ronguen Main Zone deposit gold mineralization down dip to the south from 80 to 120 metres vertical.
Eighty metres was the vertical limit of the Ronguen mineralized zone as defined in the latest (May 2008) mineral resource estimate report by SRK Consulting (Canada) Inc.
which calculated 5.90 million tonnes containing 249,000 inferred ounces of gold at an average grade of 1.3 g gold/tonne (Source: Goldrush news release, April 29, 2008).
The mineral resource statement was reported at a cut-off grade of 0.5 gram of gold per tonne, assuming a gold price of US$685 per ounce of gold, 100 percent metal recovery and US$11 per tonne in mining and processing costs.
The 2010 Phase 1 core drilling program, confirmed the extension of gold mineralization down-dip to the south in 11 of 12 core holes on 11 sections (See: Goldrush news release, September 7, 2010).
The current Western Grid (G2) assay results confirmed the extension of gold mineralization down-dip to the south to depths of up to 112 metres vertical in four of five holes drilled on an additional five sections and intercepted gold mineralization at intermediate depths on three sections that had been tested at depth in the core drilling program.
Significant intersections are included in the above assay highlights and in the Table of Assay Results.
A surface plan showing both core and RC drill hole locations is available at www.goldrushresources.ca.
The Ronguen Deposit occurs north of a south dipping thrust fault within a thick zone developed in fine grained graphitic sedimentary rocks intruded by diorite.
The gold mineralization is associated with arrays of quartz-carbonate veins and disseminated and veinlet pyrite developed within the major south dipping brittle-ductile deformation zone.
Table of Assay Results
Significant intercepts are found in the following table:
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Sta- Vert-
Line tion Inter- Gold ical
(Grid (Grid From To cept Grade depth
Hole ID coord) coord) Grid (m) (m) (m) (g/t Au) (m)(1)
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South Zone
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KGRR010-082 530E 130S G1 7 10 3 0.95 6.0
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and 25 33 8 1.11 20.5
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KGRR010-083 570E 135S G1 14 21 7 1.14 12.4
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including 20 21 1 2.95
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KGRR010-084 610E 140S G1 30 32 2 2.10 21.9
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KGRR010-087(4) 490E 130S G1 36 40 4 0.65 26.9
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and 52 55 3 0.68 37.8
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Western Grid (G2)
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KGRR010-071 340E 90S G2 75 76 1 0.58 61.9
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and 77 78 1 0.52 63.5
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KGRR010-073 260E 95S G2 94 101 7 1.01 88.4
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and 105 106 1 1.28 95.6
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and 111 112 1 0.96 102
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and 122 124 2 0.84 112
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KGRR010-074 820E 6S G2 96 106 10 1.11 91.5
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including 102 103 1 3.67
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KGRR010-078 660E 10N G2 71 79 8 0.99 65.0
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KGRR010-079 580E 56S G2 84 85 1 1.80 73.2
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and 97 102 5 3.48 86.2
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including 98 99 1 12.4
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and 108 109 1 0.86
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and 111 118 7 1.96 VG 99.2
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including 111 112 1 3.62 VG
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and 116 117 1 3.77 VG
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KGRR010-080 500E 74S G2 98 103 5 1.24 87.0
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KGRR010-081 900E 60N G2 75 79 4 1.74 69.8
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(1) "Vertical depth" is the calculated depth to the centre of the
intersection.
(2) True widths are determined to be 90 to 95% of core intervals.
(3) VG: Visible gold identified in the intersection.
(4) Drill holes KGR010-072, KGRR010-085 and KGRR010-086 did not intercept
significant gold mineralization. Drill hole lengths varied from 84 to 135 metres, and inclinations varied from -45 to -65 degrees with South Zone drill hole azimuth of 24 degrees and Western Grid drill hole azimuth of 340 degrees.
A total linear length of 1,513 metres was sampled and submitted for assaying.
Ongoing Exploration
Based on results to date, a rotary air blast drill ("RAB") has been contracted to continue drilling after the current RC drill program has been completed.
The RAB drill will be used for exploratory drilling on new targets on the permits that host the Ronguen deposit and on other permits controlled by Goldrush.
An updated resource estimate is planned once the fall 2010 drilling and trenching program is completed and analyzed.
With the cessation of the rainy season, the Company has observed the arrival of up to 500 artisanal gold workers at the Poessin Artisanal site on the Ouavousse permit.
The Company will be embarking on a program of ground geophysics, trenching and RAB drilling on the Ouavousse permit in the near future to follow-up on promising rock sampling results of up to 9.245 g/t gold and previous trenching results of 1.58 g/t gold over 5 metres (see Goldrush news release dated February 17, 2009 for complete prior exploration results on the Ouavousse permit).
Quality Assurance/Quality Control
Goldrush maintains a rigorous quality control program involving the use of repeat assays, inserted blanks and the use of certified standards from an accredited Canadian laboratory.
Details of Goldrushs quality control program were provided in Goldrush News Release #2010-13, dated October 25, 2010.
For its certified standard and blank samples included in the QA-QC procedure, Goldrush averaged 6.7% of the total samples submitted.
Mr.
Driffield Cameron, P.Geo., Director of Goldrush, is the Qualified Person for this press release for the purposes of National Instrument 43-101 and has reviewed the technical information herein.
For further information on Goldrush Resources Ltd., shareholders and other interested parties are invited to visit the Companys website at www.goldrushresources.ca.
ON BEHALF OF THE BOARD OF DIRECTORS,
GOLDRUSH RESOURCES LTD.
Len Brownlie - President and Chief Executive Officer
About Goldrush: Goldrush is a mineral exploration company focused on gold exploration in West Africa.
FORWARD-LOOKING STATEMENTS: This news release contains certain "forward-looking statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended.
Except for statements of historical fact relating to the company, certain information contained herein constitutes forward-looking statements.
Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur.
Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements.
These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future and other factors.
The Company undertakes no obligation to update forward-looking statements if circumstances or managements estimates or opinions should change.
The reader is cautioned not to place undue reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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CONTACT INFORMATION:
Goldrush Resources Ltd. Don Willoughby VP Corporate Development
www.goldrushresources.ca
or
Renmark Financial Communications Inc. Maurice Dagenais or Barry Mire (514) 939-3989 or (416) 644-2020 or www.renmarkfinancial.com
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