From the Wires
Ginguro Reports Additional Gold Mineralization at Silver Lake and Western Reef Areas
By: Marketwired .
Dec. 10, 2012 08:49 AM
SUDBURY, ONTARIO -- (Marketwire) -- 12/10/12 -- Ginguro Exploration Inc. (TSX VENTURE:GEG) is pleased to report channel sampling results from the Silver Lake Gold trend, together with drill results from all 19 holes completed in the Western Reef Area at the Pardo Gold Project.
The recently identified Silver Lake Gold trend has produced the most consistent higher grade mineralization identified so far at the Pardo project. Recent mechanical stripping along 300 meters in an approximate North/South direction has exposed numerous flat lying quartz pebble conglomerate beds or reefs at surface, all of which are gold bearing.
Of the 20 channel samples taken at the Silver Lake zone, 15 were from the lower reef. These 15 channel samples, which total 14.86 meters in length and average 5.7 g/t gold, were taken across approximately 300 m of stripping. Results from all 20 channel samples, for both the upper and lower reef at the Silver Lake Zone, including a highlight of 3 metres of 10.4 g/t gold, are summarized in the following table:
Highlights of Silver Lake Sampling Pebble Length Gold Channel bed (m) (g/t) 1 Lower 0.16 1.5 2 Upper 0.36 2.6 3 Lower 1.08 1.4 4 Upper 0.19 5.8 5 Third 0.56 0.1 6 Lower 3.00 10.4 7 Lower 0.72 13.1 8 Lower 2.00 6.3 9 Lower 1.70 10.0 10 Lower 1.20 1.3 11 Lower 1.50 1.9 12 Lower 0.50 2.6 13 Lower 0.50 0.4 14 Lower 0.50 0.6 15 Lower 0.30 4.3 16 Lower 0.50 1.8 17 Lower 0.50 3.5 18 Upper 0.50 0.6 19 Upper 0.50 1.0 20 Lower 0.70 2.9
"Our recent discovery of extensive gold mineralization at surface at the Silver Lake Zone is a major breakthrough for the Pardo Project. These reefs at Silver Lake are analogous in every way to gold ores of the Witwatersrand basin," stated Richard Murphy President and CEO of Ginguro. "They are well sorted and contain Uranium and Gold in similar quantities to their South African cousins. We still have considerable geological work to do on these rocks in order to fully understand them. However, it is fair to say now that this is the discovery we have sought for a number of years and is the discovery that we felt Pardo had the potential to produce. Furthermore, we interpret this surface mineralization to occur approximately 200 meters above the base of the host formation. This means that there is a potential to discover multiple gold reefs at Silver Lake, including a gold-rich basal reef."
Maps of the stripped areas, as well as photographs of the channel sampling, at Silver Lake can be seen on the Company's website at www.ginguro.com. All Silver Lake channel sampling reported in this release is located on 100% wholly-owned Ginguro-owned claims.
Ginguro has now also received all assay results from the 19 holes drilled in the Western Reef Zone. Mineralization at the Western Reef Zone occurs in two distinct conglomerate units, from near surface down to a few 10s of metres. Significant intersections include 6.93 metres of 0.8 g/t gold in hole PD-12-55. Highlights from drill results from the Western Reef can be found in the following table.
Highlights of Western Reef area drill results From To Length Gold Hole (m) (m) (m) (g/t) PD-12-049 6.92 7.45 0.53 3.4 plus 31.88 32.31 0.43 0.6 PD-12-050 5.75 6.00 0.25 1.1 plus 8.00 8.25 0.25 1.0 plus 33.50 35.25 1.75 1.0 PD-12-051 12.50 13.00 0.50 0.7 plus 29.25 31.50 2.25 0.8 PD-12-052 36.81 37.56 0.75 0.6 PD-12-053 38.25 38.90 0.65 0.7 PD-12-054 9.09 13.57 4.48 0.6 PD-12-055 15.25 22.18 6.93 0.8 PD-12-058 2.79 4.25 1.46 0.8 PD-12-059 4.00 5.25 1.25 0.9 PD-12-062 9.00 10.72 1.72 1.4 PD-12-063 29.38 34.43 5.05 0.6 including 32.10 32.74 0.64 1.2 PD-12-064 3.95 4.21 0.26 5.1 PD-12-064 50.5 51.15 0.65 0.8 Note: Intervals reported approximate true widths of mineralization.
Of 19 holes drilled in the Western Reefs area, three holes (PD-12-56, 66, and 67) did not encounter the target rocks and went directly into basement. Hole PD-12-60 appears not to have been drilled deep enough to intersect the target horizon. Holes PD-12-57, 61 and 65 did not intersect significant gold mineralization.
All drilling on the Western Reef Area is located within the Pardo JV property. Ginguro holds a 55% interest in the Pardo JV and is increasing its interest by funding 100% of the current budget program. Endurance Gold Corporation holds the remaining interest in the Pardo JV.
Ginguro Exploration Inc. is a mineral exploration company focused on the advancement of its Pardo paleo-placer gold property, located in Pardo Township in northern Ontario and of its El Alto IOCG property located north-west of Santiago, Chile. To learn more about Ginguro Exploration Inc., please visit: www.ginguro.com.
The Qualified Person responsible for the geological technical content of this news release is Richard Murphy, P.Geo, President and CEO of Ginguro Exploration Inc.
Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" in the Company's filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume any obligation to update any forward-looking statements, save and except as may be required by applicable securities laws.
Pardo samples are transported in security sealed bags for preparation at AGAT Prep Lab located in Sudbury, Ontario. Prepped samples are shipped for analysis to the AGAT Assay Laboratory in Mississauga, Ontario. AGAT Laboratories Ltd. is an ISO 17025 registered laboratory. Samples are analyzed by industry standard 50 gram fire assay fusion with atomic absorption spectroscopy (AAS) finish, and a gravimetric finish on samples exceeding 10 g/t gold. The Company inserts a certified reference standard or an analytical blank in every batch of 20 samples. Validation parameters are established in the database to ensure quality control.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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