Vancouver, British Columbia: Goldrush Resources Ltd. (TSX-V: GOD) ("Goldrush" or the "Company") is pleased to provide the following update on the Company's Ronguen Gold Deposit.
-New resource estimate for the Ronguen gold deposit to be announced shortly.
-Original Inferred, non pit-optimized gold resource, released in May 2008, of 249,400 ounces (5.9 M tonnes at a grade of 1.31 g/t Au) was based on 23 trenches, 64 RC and 21 core holes totalling 10,385 metres.
-Updated resource adds 181 reverse circulation ("RC") and 36 diamond drill holes totalling 20,565 metres, and three trenches to existing database with program emphasis on increasing the category of the near surface, oxide gold resource from Inferred to Measured and Indicated categories to enable a Preliminary Economic Assessment for the development of an open pit, heap leach operation on the oxidized portion of the deposit
-Significant intersections previously reported from the fall 2011 drill program include:
-8.77 g/t Au over 23 metres, including 128 g/t Au over 1 metre (4.51 g/t Au over 23 metres when cut to 30 g/t Au), and 1.19 g/t Au over 12 metres in hole KGRR11-228
-8.34 g/t Au over 6 metres and 0.66 g/t Au over 12 metres in hole KGRR11-251
-3.33 g/t Au over 24 metres and 1.01 g/t Au over 14 metres, in hole KGRR11-202
-4.49 g/t Au over 17 metres, in RC hole KGRR11-235
-3.35 g/t Au over 13 metres, in hole KGRR11-216
-2.03 g/t Au over 23 metres, open at the end of the hole, in hole KGRR11-213
-Trenching program planned to intersect newly interpreted strike of South Zone
-Pit sampling program planned to begin testing potential of buried induced polarization high resistivity zone parallel to and north of the Main Ronguen Zone
-Future RC and core drilling programs will evaluate positive trenching and pit sampling results
Len Brownlie, President and CEO of Goldrush, noted: "The updated resource estimate for the Ronguen gold deposit was delayed because of the late receipt of the final core hole assays of the program, and is now expected within one week. In the interim, Goldrush has finalized plans for a program of trenching and pit sampling to follow-up on the potential strike extension of the Ronguen South zone and to seek to confirm the gold potential of the high resistivity anomaly to the north of the Ronguen Main Zone which was generated from new three dimensional modeling from a gradient induced polarization survey. Going forward, Goldrush intends to follow two tracks in developing Ronguen: (i) to evaluate the potential of Ronguen as a heap leachable, open pit deposit and (ii) to evaluate the exploration potential of the Kongoussi 1 and Tikare permits which host the Ronguen deposit, through exploration of a potential extension to the South Zone, the unnamed parallel anomaly which may be analogous to the Main Zone which it is north of, and the catalogue of exploration targets that have been developed on these two permits."
As previously announced, core hole KGRC11-036 intersected 6.92 g/t Au over 8.9 metres, including 12.8 g/t Au over 1.2 metres and 16.3 g/t Au over 1.0 metre. Hole -036 was drilled on line 530E of the South Zone, an interpreted subparallel structure in the hanging wall of the Main Zone at the Ronguen deposit. Hole KGRC11-036 is the most southerly and deepest hole drilled on the South Zone and was designed to test the down dip potential of the lower grade gold mineralization encountered in RC hole KGRR-130 (3.62 g/t Au over 6 metres at a depth of 40.1 metres) and hole KGRR-152 (1.70 g/t Au over 7 metres at a depth of 32.4 metres). Gold mineralization in hole -036 is associated with disseminated pyrite (5 - 10%) and arsenopyrite (1%) in heavily silica flooded and altered diorite. This style of mineralization had not been previously recognized at Ronguen, but may have been intersected in saprolitic rocks where sulphide minerals have been totally oxidized. It represents an attractive target for future exploration.
The recent three dimensional modelling of existing gradient array resistivity data covering the eastern part of the Ronguen gold deposit has revealed four parallel to subparallel, easterly striking, high resistivity anomalies to 300 metres depth, the level of penetration of the survey. The two central resistivity high bodies are coincident with the gold mineralization found in the Ronguen Main and South zones. The northern structure does not outcrop and has not been drill tested. If the planned work confirms that the northern structure is mineralized, it would present an important new target for exploration at Ronguen.
The results of the geophysical modelling have also been useful in identifying the potential strike direction of the South Zone. Previous exploration of the South Zone focussed on an extrapolated N070 degree (east northeast) trending thrust fault that was believed to host the South Zone. Drilling along this particular trend did not intersect significant mineralization. The geophysical model indicates that this high resistivity anomaly (now interpreted to represent the strike direction of the South Zone) splays at an angle between N095 to N110 degrees (to the east southeast) from its apparent bifurcation from the Main Zone. The geophysical anomaly follows the sediment filled valley which extends over a distance of two kilometres, and is open beyond the end of the survey. The depth of colluvial-alluvial sediment covering this valley may have been sufficient to mask evidence of gold mineralization from previous soil sampling of the area.
Evidence of mineralization under the valley fill has been found in previous, shallow rotary air blast drilling: hole KGRB10-245 intersected 0.39 g/t Au over 4 metres (from 14 to 18 metres) and hole KGRB10-242 intersected 0.13 g/t Au over 2 metres (from 18 to 20 metres) and 0.11 g/t Au over 2 metres (from 24 to 26 metres). These shallow RAB holes were part of a drill fence located approximately 650 metres east of the defined South Zone mineralization. Farther along the same trend, a small, well-established artisanal mining site is located on the side of a hill, approximately two kilometres from the South Zone - Main Zone junction. Based on the accumulated information and on the new modelling of the induced polarization survey, Goldrush plans to conduct a program of pitting and trenching to be followed by RC or core drilling to test positive results along strike and to depth on this trend.
Ronguen Exploration Plan
A total of 98 RC holes consisting of 7,793 metres and 18 core holes totalling 2,347 metres were completed in the fall 2011 drilling program on the Ronguen gold deposit. Significant intersections are noted above and in news releases dated November 2 and November 15, 2011 and January 5, 18, 26, February 9, 28 and May 1, 2012.
A total of 1,283 linear metres in 13 trenches was also completed. The trench samples have been delivered to the assay laboratory and results will be announced when received and evaluated, but will not be included in the soon to be received resource estimate.
Ronguen Deposit Mineralization
The Ronguen gold deposit is located within the northeastern part of the highly prospective Birimian age Boromo greenstone belt in Burkina Faso. The local geology at Ronguen is dominated by an east northeast ("ENE") trending metasedimentary sequence consisting of interlayered siltstone, mudstone and minor conglomerate that are intruded by plugs, and narrow dykes and sills of gabbroic composition. The Ronguen mineralized zone is located in the structural hanging wall of a major ENE thrust fault which recorded a tectonic transport direction towards the north. The mineralized deformation corridor represents a major ENE trending reverse fault zone, dipping moderately towards the south. Gold mineralization is found in both metasedimentary and mafic intrusive rocks. The gold mineralization is associated with quartz-carbonate veins/veinlets and with sulphides occurring as disseminations and patches, and in veinlets. Two sets of gold-bearing quartz veins are developed: sub vertical shear veins parallel to the shear zone foliation and to the shear zone boundaries, and sub horizontal extension veins. Small quartz stock works are present and represent a part of the gold mineralization.
Quality Assurance/Quality Control
Goldrush maintains a rigorous quality control program involving the use of certified standards from an accredited Canadian laboratory, inserted blanks, and the use of repeat assays. Details of Goldrush's quality control program were provided in the Company's News Release #2010-13, dated October 25, 2010.
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 Company's website at www.goldrushresources.ca.
ON BEHALF OF THE BOARD OF DIRECTORS,
GOLDRUSH RESOURCES LTD.
Len Brownlie - President and Chief Executive Officer
Goldrush Resources Ltd.
Don Willoughby, VP Corporate Development: firstname.lastname@example.org
Telephone 1- 416-306-5790
About Goldrush: Goldrush is a Canadian mineral exploration company which has successfully focused on gold exploration in West Africa, where the company has discovered, and is currently expanding and defining the 249,000 ounce (inferred resource of 5.9 million tones at a grade of 1.31 g/t Au) Ronguen gold deposit in Burkina Faso.
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 management's 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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