Goldrush Resources Ltd.
TSX VENTURE : GOD

Goldrush Resources Ltd.

November 17, 2010 10:37 ET

Goldrush Intersects 3.10 g/t Gold Over 34 Metres at Ronguen Gold Deposit, Burkina Faso

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 17, 2010) - Goldrush Resources Ltd. (TSX VENTURE:GOD) (Goldrush or the "Company") President & CEO Len Brownlie, Ph.D is pleased to report further assay results from the Phase 2 Reverse Circulation ("RC") drilling and trenching program on the Company's Ronguen Gold Deposit in Burkina Faso, West Africa. The highlight of the drilling results is RC hole KGRR010-099 which intersected 3.10 g/t of gold over 34 metres, centered at a vertical depth of 12 metres. Visible gold was observed from 11 to 16, 22 to 24, 25 to 30 and 32 to 34 metres down-hole. Gold grades in the mineralized interval ranged from 0.55 g/t to 6.32 g/t gold.

Hole KGRR010-099 is located on the eastern grid (G1) on section 970E, at the northern limit of the current grid. This hole was collared 22.5 metres grid north on the same section as hole KGRR010-096 that intersected 7.63 g/t gold over 15 metres at a depth of 12.7 metres, and 3.17 g/t gold over 22 metres at a depth of 31.1 metres (Goldrush news release #13-2010, October 25, 2010). Preliminary interpretation of the drilling results of section 970E indicates that near surface gold grades in this area of the Ronguen gold deposit appear to have been enhanced by supergene enrichment.

Assays results received from eight additional holes on the G1 grid returned the following significant composites:

  • 1.51 g/t gold over 15 metres in hole KGRR010-095
  • 1.63 g/t gold over 12 metres in hole KGRR010-093
  • 1.17 g/t gold over 9 metres in hole KGRR010-094

The assay results from RC holes 90 to 95 and 97 have confirmed the presence of gold mineralization in areas with little prior drilling. For example, holes KGRR010-094 and KGRR010-095 on section 1140E have intersected a zone of gold mineralization that begins at surface and continues to a vertical depth of at least 60 metres, at which point it is still open down dip. This zone was previously identified in trench KGRT07-1143E but had not been confirmed by drilling. A surface plan showing the drill hole locations are available at www.goldrushresources.ca.

Assay Results

Significant intersections are noted above and in the following table:

                Vertical
  Line Station       Inter- Gold depth
  (Grid (Grid   From To section Grade (m)1
Hole ID Co-ord) Co-ord) Grid (m) (m) (m) (g Au/t) (m)
KGRR010-090 1380 -225 G1 17 18 1 0.69 12.40
and       20 22 2 5.00 14.80
and       26 27 1 0.52 18.70
and       39 40 1 2.20 27.90
KGRR010-091 1300 -75 G1 40 47 7 1.43 30.80
KGRR010-092 1300 -30 G1 8 10 2 0.51 6.40
and       24 26 2 0.93 17.70
and       38 40 2 1.43 27.60
KGRR010-093 1220 -90 G1 5 17 12 1.63 7.80
and       68 72 4 0.57 49.50
and       76 78 2 1.77 54.40
and       82 85 3 0.68 59.00
KGRR010-094 1140 -43 G1 5 6 1 0.59 2.00
and       17 22 5 1.49 13.80
and       27 28 1 0.70 17.80
and       46 47 1 1.14 32.90
and       58 61 3 1.30 42.10
and       71 80 9 1.17 53.40
and       82 85 3 0.81 59.00
KGRR010-095 1140 35 G1 0 7 7 0.57 2.50
and       10 25 15 1.51 12.40
and       33 38 5 1.07 25.10
KGRR010-097 900 20 G1 0 1 1 1.38 0.40
and       4 5 1 1.00 3.20
and       15 17 2 0.92 11.30
KGRR010-099 970 10 G1 0 34 34 3.10 VG3 12.00
and       72 73 1 0.62 51.30
and       75 77 2 1.12 53.70
1 "Vertical depth" is the calculated depth to the centre of the intersection.
2 True widths are determined to be 90 to 95% of core intervals.
3 VG: Visible gold identified in the intersection
4 Hole KGR010-089 did not intersect any gold mineralization at or above a cut-off of 0.5 g/t gold

Drill hole lengths varied from 46 to 104 metres, with a common inclination of -45 degrees. A total length of 678 metres in nine RC holes was sampled and submitted for assaying.

Ronguen Deposit Mineralization

The Ronguen gold deposit is located within the northeastern part of the highly prospective Birimian age Boromo greenstone belt in Burkina Faso. The local geology at Ronguen is dominated by an ENE trending metasedimentary sequence consisting of interlayered siltstone, mudstone and minor conglomerates that are intruded by plugs, and narrow dykes and sills of gabbroic composition. The Ronguen mineralized zone is located in the structural footwall of a major ENE thrust fault which recorded a tectonic transport direction towards the north. The mineralized deformation corridor represents a major ENE trending high angle reverse fault zone, dipping moderately to steeply towards the south. Gold mineralization is found in both metasedimentary and mafic intrusive rock; there are no obvious lithological controls yet recognized at this epigenetic gold deposit. The gold mineralization is associated with quartz-carbonate veins/veinlets and with sulphides occuring as disseminations, veinlets and patches. Two sets of gold-bearing quartz veins are developed: subvertical shear veins parallel to the shear zone foliation and to the shear zone boundaries, and subhorizontal extension veins. Small quartz stockworks are present and represent a part of the gold mineralization.

Ongoing Exploration

Assay results from the final eight RC holes drilled on the western G2 grid have been received and will be announced following their interpretation. The Company is awaiting assay results from three trenches excavated on the northeastern border of the G1 grid. A 4,000 metre rotary air blast ("RAB") drilling program is currently underway to test new targets on the two permits that host the Ronguen deposit and will include holes to probe the area to the north of hole KGRR010-099 to delineate the limits of that interpreted area of supergene enrichment.

Trenching and ground geophysical programs will also be initiated shortly on the prospective Ouavousse and Salbo permits. Management has just returned from a very productive site visit to the Ronguen gold deposit and has approved a 5,000 metre RC drilling program on the permits that contain the Ronguen deposit. A contract has been signed for the program which will commence in mid-December or early January, depending on rig availability and will be operated on a two shift per day basis, thereby accelerating the program.

Quality Assurance/Quality Control

Goldrush maintains a rigorous quality control program involving the use of repeat assays, inserted blanks and the use of certified standards from an accredited Canadian laboratory. Details of Goldrush's quality control program were provided in the Company's News Release #2010-13, dated October 25, 2010.

The ALS Chemex laboratory in Ouagadougou, Burkina Faso was used for sample analysis. For its internal control, ALS Chemex inserted two certified standards, one blank and analyzed one random duplicate for approximately each 25 samples submitted. For its certified standard and blank samples included in the QA-QC procedure, Goldrush averaged 7.3% of the total samples submitted.

Mr. Driffield Cameron, P. Geo., Director of Goldrush, is the Qualified Person for this press release for the purposes of National Instrument 43-101 and has reviewed the technical information herein.

For further information on Goldrush Resources Ltd., shareholders and other interested parties are invited to visit the Company's website at www.goldrushresources.ca.

ON BEHALF OF THE BOARD OF DIRECTORS,

GOLDRUSH RESOURCES LTD.

Len Brownlie – President and Chief Executive Officer

About Goldrush: Goldrush is a mineral exploration company focused on gold exploration in West Africa.

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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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