Ginguro Exploration Inc.
TSX VENTURE : GEG

Ginguro Exploration Inc.

January 28, 2008 09:00 ET

Ginguro Reports Up to 10.45 g/t Gold Over 1.4 Metres in Channel Samples, and Up to 117.73 g/t Gold in Grab Samples at Minnitaki

SUDBURY, ONTARIO--(Marketwire - Jan. 28, 2008) - Ginguro Exploration Inc. (TSX VENTURE:GEG) ("Ginguro" or the "Company"), is pleased to report exploration results on its Minnitaki Gold Project, located approximately 12 km south of the town of Sioux Lookout, Ontario, within the Sioux Lookout Greenstone Belt 29 km northeast of the past producing Goldlund Gold Mine. Work to date by Ginguro on the property has identified 12 gold occurrences associated with splays off of the east-northeast trending Ruby Island Deformation Zone. Highlights include length weighted channel sample assay results of 5.73 grams per tonne (g/t Au) gold over 2.9 metres (including 10.45 g/t Au over 1.4 metres), and 8.97 g/t Au over 1.65 metres, and grab samples up to 117.73 g/t Au. Mineralization has been traced for approximately 3.2 km, over an approximate width of 1.8 km, along this regional deformation zone, and remains open in all directions.

Gold mineralization on the property has been identified in two geological settings: the first being shear zones up to 25 metres wide, hosting quartz veins that range from small stringers to veins reaching 20 cm in width and up to tens of metres in strike length; and the second being extensive areas of tensional style quartz veining with associated pervasive hydrothermal alteration. Quartz veins commonly exhibit alteration selvages composed of iron carbonate, albite, and pyrite. Grab samples taken of the selvages returned gold grades ranging from detection limit (0.005 g/t Au) to 117.73 g/t Au.

The objective of the fall 2007 Phase 1 exploration program was to provide further geological and structural information on gold-bearing shears and quartz vein systems identified during the two previous programs carried out in the fall of 2005 and summer of 2006, and to permit detailed sampling of the gold occurrences. The 2005 field program consisted of historic trench rehabilitation and sampling, while the Company's 2006 summer program involved geological mapping and bedrock sampling, a ground magnetometer survey, and a 19 line-kilometre induced polarization ("IP") geophysical survey. Activities focused on further defining the known showings and tracing the mineralization. Results of the IP survey indicates that areas of anomalous gold mineralization generally correlate with IP chargeability anomalies.

The fall 2007 Phase 1 program consisted of excavator supported outcrop stripping and trenching. Twelve areas were mechanically stripped and/or trenched over a 1.5 km strike extension of the Ruby Island Deformation Zone. Six areas targeted gold-bearing shear zones identified during the 2005 and 2006 mapping programs; four areas were worked to further expose historical trenching and/or stripping, and three new excavations were completed to test IP anomalies. All stripped areas were power washed, mapped in detail and channel sampled. Approximately 240 diamond rock saw cut channel samples were collected and submitted for gold analysis by fire assay to ALS Chemex Laboratories in Vancouver.

Channel samples from the Point Showing, located at the west end of Neepawa Island within a 19 metre wide shear zone cutting strongly altered mafic volcanic rocks, returned up to 4.9 g/t Au over 2.7 metres, including 0.5 metres of 9.84 g/t Au. Separate quartz veins with pyrite-rich selvages yielded 12 g/t Au over 0.4 metres and 5.04 g/t Au over 0.75 metres. Of the 36 samples taken from the showing, 13 samples returned assays greater than 1.0 g/t Au, of which 9 samples returned values greater than 5 g/t Au.

Sampling highlights from the Central Zone, a 25 metre wide shear zone exposure located 275 metres along strike to the east, returned weighted channel sample assay results of 5.73 g/t Au over 2.9 metres, including 10.45 g/t Au over 1.4 metres; 6.95 g/t Au over 0.7 metres; 2.9 g/t Au over 1.2 metres; and 1.51 g/t Au over 4.08 metres. Of the 55 samples collected, 21 samples returned assays greater than 1.0 g/t Au, including 10 samples greater than 5 g/t Au.

Four exposed areas 500 metres east of the Central Zone, ranging in size from 10 x 20 metres to 30 x 30 metres, hosting tensional style quartz veining, with associated widespread hydrothermal alteration, have been identified on the property to date. Quartz veins are enclosed by a buff coloured alteration selvage composed of iron carbonate, albite, and pyrite. Weighted channel sample highlights of this style of mineralization include: 5.83 g/t Au over 3.65 metres; 2.97 g/t Au over 4.35 metres; 5.45 g/t Au over 1.03 metres; 2.74 g/t Au over 2.4 metres; 5.87 g/t Au over 1.22 metres; 8.5 g/t Au over 0.7 metres; and 24.1 g/t Au gold over 0.25 metres. Of the 123 samples collected from the four showings, 36 samples returned assays greater than 1.0 g/t Au, of which 9 samples returned values greater than 5 g/t Au.

The "New Showing", located 650 metres further to the east, consists of quartz veining associated with a quartz porphyry dyke, emplaced within a shear zone. Sampling highlights include a 0.9 metre linear chip sample from quartz veining that assayed 4.63 g/t Au. A 4.0 metre composite channel sample located an additional 50 metres to the east, taken across the quartz porphyry dyke, returned a weighted assay of 1.55 g/t Au. Of the 30 samples taken from the showing over the three field programs, including 27 channel samples and 3 linear chip samples, 9 samples returned assays greater than 1.0 g/t Au, including 1 sample greater than 4 g/t Au.

Results to date are extremely encouraging and suggest that the extensive deformation zones, and associated mineralization styles, are favourable for hosting an Archean Lode Gold style deposit.

It is anticipated that the Phase 2 diamond drill program will be initiated during the second quarter of 2008, and will consist of a preliminary drill program (from 3000 to 5000 metres) to test targets as developed and advanced by the Phase 1 work program. For additional information on the Minnitaki Project, see the 43-101 technical report filed June 15, 2007 and available on SEDAR.

Quality Control

Ginguro has implemented a quality control program to ensure best practices in sampling and analysis. A field sample duplicate, blank, and analytical standard, is submitted within every 40 sample batch. Assays have been completed using a standard fire assay with a 30-gram aliquot. Samples are transported in security sealed bags for preparation at ALS Chemex Prep Lab located in Thunder Bay, Ontario, and the pulps shipped to ALS Chemex Assay Laboratory in Vancouver, B.C. ALS Chemex is an ISO 9001-2000 and ISO 17025 registered laboratory. Ginguro's Vice President, Exploration, Yves Clement, P.Geo, is the Qualified Person, according to National Instrument 43-101, for the Minnitaki Project and has prepared or supervised the presentation of the technical data mentioned in this news release.

About Ginguro

Ginguro is a mineral exploration company focused on the acquisition, exploration and development of mineral properties in Canada and South America. The Company holds interests in three properties in Ontario, and is also pursuing opportunities in Chile. Ginguro's focus is on the acquisition of quality properties that lend themselves to the development of highly prospective regional exploration plays. Additional information about the Company can be found in Ginguro's final prospectus dated August 21, 2007 which has been filed and is available on SEDAR at www.sedar.com. To learn more about Ginguro Exploration Inc., please visit: www.ginguro.com.

Forward-looking Statements

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" and elsewhere 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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Ginguro Exploration Inc.
    Michael J. Byron, Ph.D., P.Geo.,
    President and CEO
    (705) 560-2382
    Email: info@ginguro.com
    or
    Ginguro Exploration Inc.
    Yves Clement, P.Geo.
    Vice President, Exploration
    (705) 560-2382
    Email: info@ginguro.com
    Website: www.ginguro.com