Goldrush Files Technical Report Documenting 309,000 oz of gold in the Measured and Indicated Resource Categories in the Ronguen Deposit of the Prospective Bissa Area
12.07.2012 | The Newswire
Vancouver, BC: Goldrush Resources Ltd. (TSX-V: GOD) (“Goldrush” or the “Company”) is pleased to announce that it has filed a technical report (the "Report") on its Ronguen Gold Project, pursuant to National Instrument 43-101 - Standards of Disclosure for Mineral Projects, which is available under the Company's profile at www.sedar.com. The Report supports the disclosure contained in the Company's news release issued on May 24, 2012, announcing the results of an updated Mineral Resource Statement prepared for the Ronguen Gold Project by SRK Consulting (Canada) Inc. (“SRK”) in conformity with generally accepted CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines.The oxide mineral resources, include 150,000 ounces of gold in the Measured category (4.143 million tonnes grading 1.12 grams of gold per tonne (“gpt Au”); 159,000 ounces of gold in the Indicated category (3.861 million tonnes grading 1.28 gpt Au); and 8,000 ounces in the Inferred category (136,000 tonnes grading 1.91 gpt Au) using a cut-off grade of 0.4 gpt gold. In addition, the bottom of the conceptual pit shell used to constrain the mineral resource statement is estimated to contain 23,000 ounces of gold in the Measured and Indicated categories in fresh rock (483,000 tonnes grading 1.51 gpt Au) and 44,000 ounces of gold in the Inferred category (754,000 tonnes grading 1.83 gpt Au), at a cut-off grade of 0.7 gpt Au.
Ronguen is located on Goldrush's Kongoussi 1 and Tikare permits, 100 kilometres north of the capital city of Ouagadougou, 45 kilometres east of Cluff Gold’s Kalsaka heap leach gold mine and 10 kilometres northwest of High River Gold’s Bissa gold mine which is currently in development. Ronguen enjoys proximity to paved highways and the Lac Bam water supply and is within three kilometres of the southern boundary of the regional centre of Kongoussi, (the capital of Bam province), which has an approximate population of 45,000.
Len Brownlie Ph.D, President and CEO of Goldrush commented: “The Technical Report confirms that Ronguen currently hosts an oxidized gold resource of 309,000 ounces in combined measured and indicated categories, that are amenable to low cost heap leaching processing. We are very encouraged by the potential to develop a heap leach, open pit operation at Ronguen while continuing to explore the “blue sky” potential for additional gold mineralization associated with this thrust fault corridor hosted deposit, especially the eastern extension of the main zone and the eastern and western extensions of the south zone, and with other identified as well as covered but geophysically indicated targets on the Kongoussi 1 and Tikare permits .”
The mineral resource statement relied on an exploration database consisting of 245 reverse circulation (“RC”) drill holes totalling 21,782 metres, 57 HQ core holes totalling 7,079 metres and 38 trenches totalling 3,862 metres. The vast majority of the drill holes are angled and shallow, with a total hole length of generally less than 120 metres. The deposit remains open at depth in fresh rock below the area tested by drilling. The boreholes testing the fresh rock gold mineralization at vertical depths varying between 75 metres and 125 metres show that the fault structure containing all gold mineralization remains strong with significant potential for additional resources of gold.
Table 1: Mineral Resource Statement* for the Ronguen Gold Deposit, Burkina Faso, SRK Consulting May 2012.
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|Classification |Cut-Off |Quantity |Grade |Contained Metal|
| |-----------------------------------------------|
| |Au (gpt)|('000 tonnes)|Au (gpt)|(Gold ounces) |
|-------------------------------------------------------------------|
|Measured Mineral | | | | |
|Resources | | | | |
|-------------------------------------------------------------------|
|Saprolite / Saprock|0.4 |4,143 |1.12 |150,000 |
|-------------------------------------------------------------------|
|Fresh Rock |0.7 |138 |1.14 |5,000 |
|-------------------------------------------------------------------|
|Total Measured | |4,281 |1.12 |155,000 |
|-------------------------------------------------------------------|
|Indicated Mineral | | | | |
|Resources | | | | |
|-------------------------------------------------------------------|
|Saprolite / Saprock|0.4 |3,861 |1.28 |159,000 |
|-------------------------------------------------------------------|
|Fresh Rock |0.7 |345 |1.66 |18,000 |
|-------------------------------------------------------------------|
|Total Indicated | |4,206 |1.31 |177,000 |
|-------------------------------------------------------------------|
|Total Measured and | |8,487 |1.22 |332,000 |
|Indicated | | | | |
|-------------------------------------------------------------------|
|Inferred Mineral | | | | |
|Resources | | | | |
|-------------------------------------------------------------------|
|Saprolite / Saprock|0.4 |136 |1.91 |8,000 |
|-------------------------------------------------------------------|
|Fresh Rock |0.7 |754 |1.83 |44,000 |
|-------------------------------------------------------------------|
|Total Inferred | |890 |1.85 |52,000 |
|-------------------------------------------------------------------|
| |
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*Mineral resources are not mineral reserves and do not have demonstrated economic viability. All figures have been rounded to reflect the relative accuracy of the estimates. Reported at a cut-off grade of 0.4 gpt gold in saprolite/saprock and 0.7 gpt gold in fresh rock within a conceptual pit shell optimized considering a gold price of US$1,550 per ounce of gold, metallurgical recovery of 85 percent in saprolite/saprock and 80 percent in fresh rock. The saprolite/saprock extends to the base of the moderately weathered zone and the fresh rock mineral resources extend below that surface.
Technical information supporting the mineral resource statement was disclosed in the Company’s News Release of May 24, 2012 and are further detailed in the Report.
Dr. Jean Francois Couture, an independent qualified person pursuant to National Instrument 43-101 has reviewed the technical information herein. The effective date of the mineral resource statement is May 18, 2012.
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”
Len Brownlie – President and Chief Executive Officer
Contact Information:
Goldrush Resources Ltd.
Don Willoughby, VP Corporate Development
info@goldrushresources.ca
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 332,000 ounce measured and indicated resource (8,847 million tonnes at a grade of 1.22 g/t Au) and inferred resource of 52,000 ounce (890,000 tonnes at a grade of 1.85 g/t Au) of the 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.
News Release #14 - 2012