SUDBURY, ONTARIO--(Marketwired - Feb. 12, 2014) - Ginguro Exploration Inc. (TSX VENTURE:GEG) (the "Company") is providing an update on the exploration activities currently being carried out by its exploration investee company, Canadian Continental Exploration Corporation ("CCEC").
Ginguro is a major owner of CCEC, a privately held mineral exploration company CCEC founded by Tom Obradovich, Patrick Anderson and Tim Warman, all former Aurelian Resources Inc. executives who have had success in discovering mineral deposits." Ginguro currently owns 3,750,000 common shares and 5 million warrants of CCEC, representing approximately 25% of the CCEC on a partially diluted basis.
Canadian Continental has recently started drilling the strongest magnetic part of the Temagami Anomaly, which is considered one of the largest unexplained magnetic anomalies in the world. Because of its position on a geological and geophysical trend that includes the Sudbury Basin, the Temagami anomaly has been the focus of numerous investigations in the past which have all ended without explaining the anomaly.
The portion of the Temagami Anomaly being tested by CCEC in Afton Township was last drilled in 1948. That historic drilling penetrated to 1,300 feet (approximately 400m) vertically before ending in sedimentary cover rocks, leaving the cause of the anomaly unexplained.
Recent geophysical work by CCEC has determined, to the company's satisfaction, that the magnetic source is not more than 1,100 meters below surface and, therefore, easily within the reach of the drill that has been recently mobilized by CCEC.
The Temagami Anomaly is considered by many geoscientists to have high potential for mineral discoveries. The magnetic and gravimetric trends, which define the anomaly, suggest an extensive suite of underlying ultramafic rocks, which could have associated copper, nickel and PGE deposits similar to those of Sudbury or the Copperfields deposit at Lake Temagami. Large iron formations in the area have demonstrated potential for iron formation-hosted gold deposits, such as the past producing Golden Rose deposit at nearby Emerald Lake. The large gold rich paleo-placer discovered by Ginguro 12 kilometers south east of CCEC's drill site may have been sourced from gold bearing rocks associated with the Temagami Anomaly.
"This is a great opportunity for Ginguro," commented Richard Murphy, Ginguro President and CEO, "we are exposed to one of the most exciting exploration projects anywhere, through our ownership in Canadian Continental. CCEC has identified a remarkable opportunity in one of the world's most important mining regions."
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.
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