Goldrush Resources Hits 6.99 G/t Gold Over 5.15 Metres At Ronguen Deposit

May 01, 2012 11:51 AM ET
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Goldrush Resources (CVE:GOD) unveiled Tuesday drill results from the final 11 of 18 core holes drilled as part of a larger 10,140 metre in-fill program at its Ronguen gold deposit in Burkina Faso, West Africa. The results will be used in an upcoming resource estimate - expected out shortly.

The drilling program also included 98 reverse circulation holes at the deposit.

Notable core hole results reported Tuesday include 6.99 grams per tonne (g/t) gold over 5.15 metres in hole KGRC11-049, and 1.71 g/t gold over 9.0 metres, including 4.1 g/t gold over 1.0 metre and 5.89 g/t gold over 1.0 metre in hole KGRC11-047.

In addition, 0.83 g/t gold over 17.5 metres was intersected in hole KGRC11-046, and 4.72 g/t gold was returned over 3.0 metres in hole KGRC11-053.

The 11 core holes reported were collared on the southern margin of the G2 Grid, the westernmost of two overlapping grids on Ronguen. They were designed to test the down dip extension of mineralization previously seen in holes farther north on the same sections, and to provide additional structural information on the deposit.

The company said core hole KGRC11-047 intersected a higher grade and longer interval of the mineralization than previously intersected in reverse circulation holes KGRR11-221 (4 metres of 2.12 g/t gold from 40 to 44 metres) and KGRR11-220 (1 metre of 1.01 g/t gold from 61 to 62 metres).

"These diamond drill hole results are the last drilling data that will be integrated into the Ronguen resource model and will allow our consultants to complete an updated resource estimate for the Ronguen gold deposit within 10 days," said president and CEO, Len Brownlie.

"Going forward, an initial program of trenching and pitting has been designed to follow-up on the potential strike extension of the Ronguen South zone and to seek to confirm to the north of the Ronguen Main zone a potential parallel gold zone that has been identified by a resistivity high anomaly from a gradient induced polarization survey."

The 11 holes reported today each intersected anomalous gold mineralization defined as at least 1 metre of greater than 0.10 g/t gold. A total of 1,065 metres were drilled in the eleven diamond drill holes, which were sampled using nominal one metre sampling intervals.

Within the entire fall 2011 program, a total of 98 reverse circulation holes for 7,793 metres and 18 core holes for 2,347 metres were completed on the Ronguen gold deposit.

A total of 1,325 linear metres in 13 trenches were also completed, with results to be announced when received. The company said, however, that the trench results will not be able to be included in the "soon-to-be received" resource estimate.

The Ronguen gold deposit is located within the northeastern part of the prospective Birimian age Boromo greenstone belt in Burkina Faso. Gold mineralization is found in both metasedimentary and mafic intrusive rocks.

Separately, the company also noted Tuesday that land surveys and title searches recently conducted by Goldrush after the completion of the 2011 reverse circulation drill program, have revealed that the Ministry of Mines, Quarries and Energy of Burkina Faso inadvertently allowed the company in 2009 to extend the Ouavousse permit partially over a permit that was granted to another party in 2008.

This means, Goldrush said, that a small portion of its Ouavousse permit extension conflicts with the exisiting permit boundary. However, the company said it has received no notice from either the government of Burkina Faso or the other permit holder.

In the 2011 drill program, four of the 30 holes (OUKR11-027 to -030) were drilled in this overlap area. The company therfore cautioned investors that assays from these holes should not be considered in evaluating the prospectivity of the Ouavousse permit.

The company said it has approached the Ministry of Mines and Quarries to rectify the situation, but an outcome to the matter cannot be determined at this time.

In March, the company announced initial drill results from the permit, with notable holes including 8.67 g/t gold over 2 metres in hole OUKR11-001 and 1.07 g/t gold over 4 metres in hole OUKRR11-006.

Goldrush is a Canadian mineral exploration company focused on gold exploration in West Africa, where the company has discovered, and is currently expanding and defining the 249,000 ounce inferred resource at the Ronguen gold deposit in Burkina Faso.

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