Ginguro Announces End of Season Exploration Results at Pardo JV
SUDBURY, ONTARIO--(Marketwired - Nov 20, 2014) - Ginguro Exploration Inc. (TSX VENTURE:GEG) ("Ginguro" or the "Company") today announced exploration results for the end of the 2014 field season on the Pardo Joint Venture ("Pardo JV") property, located approximately 65 km north-east of Sudbury, Ontario.
The 2014 Pardo JV program is now concluded with all results returned. Results from Line 34, which provide an initial evaluation of the second paleoplacer on the Pardo JV, have been received and are very encouraging. The results confirm anomalous gold and the potential for high-grade gold bearing layers. A series of 5 trenches oriented north to south were excavated to expose the Matinenda, as illustrated on the "November 2014 PR - Figure 1", which can be found on the Company's website at www.ginguro.com. A total of 17 channels were systematically taken to evaluate the mineralized conglomerates. Detailed maps of the trenches indicating channel locations can also be found on the Company website. Channel highlights include: channel 77 returning 53.6 g/t over 0.7 metres, channel 70 returning 1.2 g/t over 4 metres, channel 66 returning 1.1 g/t over 6 metres, as detailed on the "November 2014 PR - Figure 2", which can be found on the company's website at www.ginguro.com.
President and CEO Richard Murphy stated, "The high-grade assay of 53.6 g/t over 0.7 metres received from Channel 77 is very encouraging and suggests this new paleoplacer is very prospective for identifying high grade strata in the Matinenda paleoplacer." A table of the results is listed below.
Table 1: Summary of Line 34 channel sampling | ||
Channel | Length | Gold |
PD-14-66 | 6 | 1.1 |
PD-14-67 | 0.9 | 0.0 |
PD-14-68 | 0.8 | 0.5 |
PD-14-69 | 2.5 | 1.1 |
PD-14-70 | 4 | 1.2 |
PD-14-71 | 1.5 | 0.2 |
PD-14-72 | 1 | 0.2 |
PD-14-73 | 3 | 0.2 |
PD-14-74 | 1 | 0.7 |
PD-14-75 | 1.5 | 0.1 |
PD-14-76 | 1.5 | 0.2 |
PD-14-77 | 0.7 | 53.6 |
PD-14-78 | 1.5 | 0.6 |
PD-14-79 | 3 | 0.4 |
PD-14-80 | 0.8 | 0.3 |
PD-14-81 | 0.9 | 0.2 |
PD-14-82 | 5 | 0.1 |
Due to the near flat lying nature of the sedimentary strata, it is not always possible to cut samples across the gold-bearing strata. Samples are usually collected either parallel or perpendicular to the interpreted paleochannel direction. Therefore, the channel lengths reported in this release represent the gold distribution over the surface area sampled and do not represent true thicknesses of the mineralized unit.
Drill holes PD-14-20 and 21 tested the eastern extension of the gold bearing conglomerates discovered at the Godzilla Zone intersected a 1.2 to 3 metre flat lying conglomerate package at depth from 4 to 36 metres. Visible gold was detected in PD-14-21 at a depth of 34.93 metres. The other core half was sent for assay and returned a value of 1.5 g/t gold over 0.2 metres.
Table 2: Highlights of drill hole assays | ||||
Drill Hole | From | To | Interval | Gold |
PD-14-20 | 4.3 | 4.6 | 0.3 | 3.2 |
PD-14-20 | 9.9 | 11.7 | 1.8 | 0.5 |
PD-14-20 | 32.5 | 35.5 | 3 | 0.9 |
PD-14-21 | 20.5 | 20.8 | 0.3 | 2.3 |
PD-14-21 | 34.8 | 36.0 | 1.2 | 1.0 |
Note: Intervals reported approximate true widths of mineralization. | ||||
Ginguro is the operator of the Pardo JV and holds a 64.5% ownership interest and Endurance Gold Corporation ("Endurance") owns a 35.5% ownership interest. Both Ginguro and Endurance are funding the 2014 Pardo JV program on a pro rata basis, based on ownership. As a result, it is anticipated that Ginguro's ownership interest in the Pardo JV will be unchanged at the completion of the current program.
About Ginguro
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. 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. There has been insufficient exploration to define a mineral resource on the Pardo property to date, and it is uncertain if further exploration will result in the target being delineated as a mineral resource. 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. The samples reported in this release were crushed in their entirety, with a 1kg split then pulverized. Two 50 g aliquots of the pulp were cut out and fire assayed. Results were reported as a weighted average of gold in the fractions. In instances where the averages exceed 10 g/t, the sample is re-run with a gravimetric finish and the gravimetric result is reported. The Company inserts a certified reference standard or an analytical blank in every batch of 20 samples. Validation parametres are established in the database to ensure quality control.
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 Corporation'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 Corporation does not assume any obligation to update any forward-looking statements, save and except as may be required by applicable securities laws.
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.
