SUDBURY, ONTARIO--(Marketwired - Sept. 4, 2013) - Ginguro Exploration Inc. (TSX VENTURE:GEG) (the "Company" or "GEG") wishes to provide the following discussion of the recently reported 007 and Eastern Reef Zones at the Company's Pardo property, located approximately 65 km northeast of Sudbury, Ontario.
Ginguro has been pioneering gold paleo-placer exploration in North America for four years. During that time, the Company has developed an effective set of exploration tools for finding gold bearing conglomerates at surface. Both the 007 Zone and Eastern Reef zone demonstrate how successful these methods can be.
Paleo-placer gold deposits are ancient placer deposits in which the gold bearing gravels and other river sediments have been solidified into solid rock. The gold particles transported by the ancient river system are typically deposited between pebbles and cobbles that lay on the old riverbed. At Pardo, the conglomerates have not undergone high metamorphism. Therefore, the gold grains remain 'free gold' and, in the high grade areas, are frequently visible to Company geologists as they collect samples. A modern day analogue would be the Klondike or other river systems along the west coast of North America, where prospectors retrieve gold from river gravels with a simple pan and water.
Ginguro has recently announced assay results from the first part of a long channel cut from the 007 Zone which yielded 40.1 g/t gold over a length of 22.5 meters (see press release dated August 29, 2013). An earlier announcement provided results from initial sampling at the Eastern Reef which yielding from 1.1 g/t up to 40.0 g/t. Ginguro has now cut and delivered, to the assay lab, further samples representing approximately 35 meters from the 007 Zone. An additional 244 samples representing 122 meters from the Eastern Reef have also been delivered for assay. Diamond sawing of additional samples is ongoing at the Eastern Reef. The Company expects numerous batches of assay results to be returned in the coming weeks.
The Eastern Reef has been uncovered over 200 meters in a north-south direction and variably up to 50 meters east-west. The Eastern Reef is located east of an area where the Company drilled a broad grid of holes in 2010 south of the original Trench 2 discovery made by the previous operator. Additional holes were again drilled south and west of the Trench 2 Zone in late 2012, in an effort to prove up continuity to the Zone (see press release dated October 30, 2012 and November 29, 2012, as well as maps on the Company's website at www.ginguro.com). The 2010 and 2012 holes, together with the gold bearing conglomerates uncovered at surface have outlined an area of at least 700m by 700m, which contain gold enriched boulder conglomerates. The Company believes that the recently discovered 007 Zone and the Eastern Reef represent two gravel bars of an extensive braided stream system. The model would suggest that the 500,000 square meters of the boulder conglomerate is crisscrossed with high-grade channels throughout.
The distribution of heavy minerals (pyrite, gold, and uranium) occur in pressure shadows behind and below large cobbles and boulder clasts in the conglomerate. This indicates a high-energy, fast water flow environment during gold deposition. The implication of this being that the gold mineralization in this environment should be expected to include coarser nuggets and be unevenly distributed. This is very well illustrated by the results of a 2009 drill hole, which was drilled south of the Eastern Reef and intersected a 1cm diametre gold nugget. The half of the drill core that did not contain the nugget did not return any significant gold values. Because of this irregular gold distribution, gold contents will be much more reliably established when larger sample sizes are analyzed. The Company is incorporating this fact into the planning for the next phase of work at Pardo. The next phase of work will be designed to move the Company in the direction that is required for a NI 43-101 compliant resource calculation.
In 2010, on the periphery of the Eastern Reef, the Company drilled hole PD-10-57 returning an assays of 0.61 g/t over 1.3m, hole PD-10-59 returning an assay of 1 g/t over 2.23 m, and hole PD-10-60, which returned no significant assays. These drill results only reinforce the observation that the gold in this environment is very irregularly distributed and was strongly influenced by the local river conditions. Reviewing the thicknesses of the conglomerate intersection in these holes, it appears that these holes contain thicker conglomerate than what can be measured in the surface exposure at the Eastern Reef. It appears that the conglomerate containing the gold at the Eastern Reef may be from 5 to 6 meters in thickness.
"I look forward to sharing the assay results from the large number of channel samples to come from both the 007 Zone and the Eastern Reef," stated President and CEO, Richard Murphy, "Furthermore, I will enjoy showing both of these discoveries to our shareholders and other interested parties through this autumn."
The both the 007 Zone and the Eastern Reef are located within the Pardo JV Property. Ginguro holds a 55% interest and Endurance Gold Corporation holds the remaining interest in the Pardo JV. Ginguro is funding 100% of the most recently approved program.
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.
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.
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.