SUDBURY, ONTARIO--(Marketwire - Sept. 11, 2012) - Ginguro Exploration Inc. (TSX VENTURE:GEG) announces that drilling has commenced at the Company's PardoGold Project located 65km northeast of Sudbury, Ontario.
This drilling will follow up on the recently completed analysis of the Pardo sedimentary basin (the "Basin Analysis") (see press release dated July 12, 2012).The Basin Analysis was designed to provide vectors that would point to the location of the gold-enriched "mid-fan" setting of the river gravels, which were deposited at Pardo over 2.4 billion years ago. The mid-fan setting is the location within a paleo-placer where the highest concentrations of gold typically occur.
The Company is pleased to report that the resulting interpretive work has identified a primary target area encompassing over 5 square kilometers.
Downhole survey data from resistivity, density, spectral gamma and acoustic televiewer instruments collected from inside six different drill holes has undergone detailed correlationwith drill core from the same six holes, in order to identify the "mid-fan" target.
The resulting trend is oriented to theSouth/South-east and points into an area that has not previously been prospected. In the past two weeks, geological mapping undertaken to follow-up on the Basin Analysis has confirmed the favourable nature of the geology in the area. The target rocks to be drill tested are generally within 50 meters from surface and possibly extending as much as 100 meters down in some locations.
Ginguro has contracted for 1,500 meters of drilling in order to sample this newly identified trend. Drilling is expected to continue until sometime in November. Results will be reported as they are received during the program.
Ginguro Exploration Inc. is a mineral exploration company focused on the advancement of its Pardopaleo-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.
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.