Goldrush Resources Ltd.
TSX VENTURE : GOD

Goldrush Resources Ltd.

November 01, 2006 09:30 ET

Goldrush Identifies 5-Kilometer Long Gold-Bearing Corridor on Olongo Permit and Acquires New Property Contiguous With Bangbara Permit

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 1, 2006) - Goldrush Resources Ltd. (TSX VENTURE:GOD) ("Goldrush" or the "Company") has received from the manager of its exploration programs, (High River Gold Exploration Burkina S.A.R.L. (TSX:HRG) ("High River")), the results of follow-up prospecting on the Bangbara and Olongo permits located in southwestern Burkina Faso, approximately 280 kilometers southwest of the capital city of Ouagadougou. The Company acquired these permits through a Strategic Alliance Agreement with High River in January 2006.

Olongo Permit Exploration Results

The initial prospecting and rock sampling program on the Olongo permit, in the area where a grab sample returned 14.3 g/t gold in July, has lead to the discovery of a significant gold-bearing structure. The significant gold assays are located within a northerly trending corridor measuring at least 5 kilometers in length, and approximately 2.5 kilometers in width. The assay results from prospecting and rock sampling conducted in the past two months have recently been received. Of 728 grab rock samples collected on the permit area, 85 (or over 11 per cent) returned anomalous gold content (greater than 0.1 g/t gold). Twenty-four samples assayed greater than 0.5 g/t gold and six greater than 1 g/t gold. Gold grades up to 40 g/t were returned as shown in table below.



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Sample Number(i) Mean Assay Value g/t gold
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53623 40.40
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53480 8.80
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52930 8.40
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53531 2.94
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53622 2.85
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61124 1.24
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61008 0.96
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53490 0.86
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53627 0.85
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53542 0.77
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61071 0.75
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53356 0.72
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61113 0.70
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61136 0.69
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53664 0.69
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52950 0.64
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61009 0.67
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61085 0.66
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52965 0.66
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61183 0.64
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53688 0.54
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53549 0.52
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61140 0.51
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52939 0.50
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(i) sampling and analytical procedures presented below.


The best assay results are associated with a main linear structure that extends over a least four kilometres within the longer mineralized corridor. Parallel and/or oblique mineralized structures are also suggested. The 40 g/t gold sample is hosted in silicified, hematitic metavolcanic rock. Other gold bearing samples along the structure are found in pyrite boxworks containing quartzite (8.4 g/t gold and 2.9 g/t gold), indicating that the gold mineralization may be associated with a lithological contact between volcanic and sedimentary rocks. The northerly trending Olongo gold structure, based on the prospecting results, appears to extend into the Bangbara permit.

Bangbara Permit Exploration Results

On the Bangbara permit, a regional soil geochemistry survey (400 x 400 metres spacing), 1:20,000 scale mapping and rock sampling have been conducted over approximately 37% of the permit area (85.2 of the 228 square kilometres of the permit), primarily on the northeastern portion of the property, near the boundary with the Olongo permit. Laterite covers approximately 80% of this area, and could obscure portions of positive geochemical responses. Mapping data suggest that this portion of the property is underlain by fine-grained arkosic sandstone, lesser conglomeratic sandstone, hematite-limonite schists with intercalated sericite schists and quartzite.

Soil geochemistry has identified 8 new gold-in-soil anomalies. These range from 26 to 610 parts per billion gold ("ppb"), and all but one are single-site anomalies. The best results are associated with transported lateritic soils with up to 5% quartz vein blocks.

Prospecting on the Banbara permit during July resulted in the collection of two rock samples which assayed 14.1 and 1.07 g/t gold. Follow-up prospecting in August involved the collection of 457 grab samples of which 26 (or over 5 per cent) returned anomalous gold content (greater than 0.1 g/t gold), and three returned greater than 0.5 g/t gold (5.1, 1.16 and
0.69 g/t gold) from quartz vein samples.

When evaluated with the results from Olongo, the results from the Bangbara permit are very encouraging. The gold occurrences and gold anomalies located near the eastern boundary of Bangbara may be the expression of extensions, splays and/or parallel gold mineralized zones discovered on the Olongo permit immediately to the east. This corridor containing gold occurrences and soil anomalies along the Bangbara and Olongo permits boundary is approximately 2.5 kilometer wide and at least 5 kilometer in strike length. A map showing the soil geochemistry and rock sampling results on these permits is available at www.goldrushresources.ca.

Goldrush owns 8 Hounde Group exploration permits that are located in the southern portion of the Hounde greenstone belt and along the regional Hounde-Ouahigouya shear zone. Before this year, no reconnaissance exploration work had been conducted on the Bangbara permit and none of the Hounde Group exploration permits have been investigated by drilled.

Goldrush is currently establishing a 20-person mobile camp on the Olongo permit and is conducting a program of close-spaced gridding, mapping and soil sampling in preparation for a 10,000-meter rotary air blast drilling program on the Olongo and Bangbara permits scheduled to begin in early December, 2006.

Property Acquisition

These permits lie approximately 50 kilometres south of the Bondigui ("Bondi") deposit of Orezone Resources Inc. ("Orezone") where an indicated resource of 162,964 ounces of gold grading 2.88 g/t gold has been delineated (Orezone News Release dated April 5, 2006). Readers are cautioned that the above information is not necessarily indicative that gold mineralization present on the Bondi property continues onto the Olongo or Bangbara permits. Goldrush's Hounde Group permits run contiguously from the southern border of Orezone's Poyo permit in the north to the northern border of the Kampti permit of Goldcrest Resources Ltd. in the south. Barrick Gold Corp.'s Sangolo, Dimolo, Pakarana, Kalempo, Lhorosso and Serakoro 3 permits surround most of the rest of Goldrush's Hounde Group permits, with the exception of the privately held Ouangoro permit, which adjoins the northern border of the Bangbara permit.

Once the auriferous trend on the Olongo and Bangbara permits was identified, Goldrush optioned the 104.4 square kilometres Ouangoro permit from a local Burkinabe businessman, Mr. Saidou Pafadnam, in consideration for cash payment of US$9,600 on the execution of the agreement and an additional US$9,600 payable on the first anniversary. Goldrush has committed to spend a minimum US$54,500 in exploration on the Ouangoro permit in each of the first two years of the agreement. If an economic body of mineralization is discovered on the permits, the parties have agreed to form a Burkinabe mining company in which the Company will have an 85% interest, Mr. Pafadnam will have a 5% interest and the Burkinabe government will have a 10% carried interest.

Quality Assurance and Quality Control

Rock Sampling

For rock sampling, most assay samples consist of composite grab samples taken within a five metres radius, broken from bedrock with a rock hammer to provide a final weight of 2-3 kilograms. One blank sample, similar in size and appearance to regular samples, and one standard are included in each batch of 20 samples sent to the independent Abilab laboratory in Bamako, Mali. At Abilab, rock samples are coarsely crushed and up to 1 kilogram is pulverized to a minimum of 95% passing -200 mesh (with tests on granulometry). Assays are conducted on a 50-gram sub-sample by fire assay with atomic absorption finish. Internal laboratory QA-QC includes the insertion of blanks, standards and replicate assays, in part random and in part targeted on higher grade samples. Most samples grading greater than 5 g/t gold are also checked on another pulp split by fire assay with a gravimetric finish.

Dr. Jean-Fran‡ois Couture P.Geo, Principal Geologist with SRK Consulting (Canada) Inc., is the Qualified Person for the purpose of National Instrument 43-101. Dr. Couture reviewed the technical information contained in this news release.

ON BEHALF OF THE BOARD OF DIRECTORS, GOLDRUSH RESOURCES LTD.

Len Brownlie - President

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.

To view the map accompanying this release please click on the following link: http://www.goldrushresources.ca/images/olongo_bangbara_map.jpg

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

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