Tuesday, 12 June 2012

Goldrush Resources says drilling at Salbo permit indicates 500 metre mineralized structure with high gold grades

Goldrush Resources (CVE: GOD) unveiled Monday drilling results from its Salbo permit in Bukina Faso, with grades of up to 1.30 grams per tonne (g/t) of gold over 6.45 metres.
The results announced Monday are from six diamond drill holes at the permit, for a total of just over 618 metres.
The Salbo permit is located 50 kilometres north of Ouagadougou, the capital of Burkina Faso, and is just south of High River (TSE:HRG) Gold Mines’ Bissa gold project area, which is currently in development.
Salbo is also just 35 kilometres south of Goldrush’s own Ronguen gold deposit, where the company just recently announced a doubling in the oxide gold resource, for 332,000 ounces in the measured and indicated category, and 52,000 ounces in the inferred category.
Highlights of the results include 5.98 g/t over 1.60 metres in hole SLBC11-001, and 1.30 g/t gold over 6.45 metres, including 4.65 g/t gold over 0.65 metres in hole SLBC11-002.
Hole SLBC11-003 returned 1.54 g/t gold over 2.4 metres, and hole SLBC11-004 intersected 2.32 g/t gold over 1.5 metres.
In addition, hole SLBC11-005 found 2.00 g/t gold over 1.1 metres.
Monday’s six core holes followed up on “encouraging mineralization” intersected earlier this year in rotary air blast drilling on three northeast-southwest anomalous gold trends, located in the central western part of the permit.
All rotary air blast intersections with grades of more than 0.5 g/t gold over four metres or greater width were tested with core holes.
The central trend, known as Trend 1, was investigated by four core holes of SLBC11-002 to -005, while Trends 2 and 3 were tested with holes SLBC11-001 and SLBC11-006, respectively.
"The Salbo core drilling results are significant as they confirm the presence of gold mineralization in an environment with significant strike potential,” said president and CEO, Len Brownlie.
“The current drilling on Trend 1 has traced gold mineralization over a distance of approximately 490 metres, and including rock sampling, over a potential strike extension of two kilometres.
“Between the northeastern most core hole SLBC11-005 and the next outcrop rock sample that assayed 6.55 g/t Au lies a sediment covered plain that may mask a five kilometre trend strike extension.”
Brownlie added that apparent chargeability readings from an induced polarization survey over Trend 1 indicate a chargeability peak related to the known mineralization, consistent with the presence of sulphide mineralization.
Further drilling is required to test the northeast and southwest extensions of this mineralized structure, the company said, along with the 300 metre gap between core holes 003 and 004.
Goldrush said that the comparison of the significant rotary air blast and core hole intersections with induced polarization chargeability and resistivity results shows that “gold mineralized holes are clearly associated with strong chargeable and resistive anomalies that extend to the limits of the three, one square kilometre areas surveyed by IP over each trend.”
Future exploration is planned to test the IP anomalism that indicates the potential for extending the gold-bearing mineralization on strike, the company said, and to focus on the targets found at deeper levels.

The drilling area at Salbo is located 6.5 kilometres from the main paved highway north from Ouagadougou, and accessed by secondary roads. At Salbo, gold mineralization at surface is hosted in massive quartz veins up to one metre thick.

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 Ronguen gold deposit in Burkina Faso.
In late May, the Africa-focused gold miner said it was encouraged for its plan to develop a heap leach gold operation at Ronguen after it announced that it nearly doubled the oxide gold resource at the property.

For oxide gold resources, the new NI 43-101 compliant resource contains 150,000 ounces of gold in the measured category, from 4.14 million tonnes grading 1.12 grams per tonne (g/t) gold, and 159,000 ounces of gold in the indicated category, from 3.86 million tonnes grading 1.28 g/t gold.

The global resource for Ronguen in all categories is 384,000 ounces gold within the constrained pit shell, with a long term target of more than one million ounces.

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