Goldrush Resources Ltd.
TSX VENTURE : GOD
OTCQX : GDRRF

Goldrush Resources Ltd.

February 28, 2012 17:01 ET

Goldrush Intersects 6.92 g/t Gold Over 8.9 Metres, Including 12.8 g/t Au Over 1.2 Metres and 16.3 g/t Au Over 1 Metre in New Style of Gold Mineralization

Identifies Potential Strike Extension of South Zone at Ronguen Gold Deposit, Burkina Faso

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 28, 2012) - Goldrush Resources Ltd. (TSX VENTURE:GOD)(OTCQX:GDRRF) ("Goldrush" or the "Company") is pleased to report assay results from six of 18 core holes drilled as part of a larger 10,140 metre fill-in program which included 98 reverse circulation ("RC") drill holes on the Company's Ronguen Gold Deposit in Burkina Faso, West Africa.

Highlights of the drilling results include:

  • 6.92 g/t Au over 8.9 metres, including 12.8 g/t Au over 1.2 metres and 16.3 g/t Au over 1.0 metre, open up-hole in hole KGRC11-036
  • 1.90 g/t Au over 12.9 metres, in hole KGRC11-041
  • 1.30 g/t Au over 14.2 metres, including 1.99 g/t Au over 7.5 metres; and 1.12 g/t Au over 6.2 metres, in hole KGRC11-040

Core hole KGRC11-036 was drilled on line 530E of the South Zone, an interpreted parallel shear zone/thrust fault in the hanging wall of the Main Zone at the Ronguen deposit. Hole KGRC11-036 is the most southerly and deepest hole drilled on the South Zone and was designed to test the down dip potential of the lower grade gold mineralization encountered in reverse circulation hole KGRR-130 (3.62 g/t Au over 6 metres at a depth of 40.1 metres) and hole KGRR-152 (1.70 g/t Au over 7 metres at a depth of 32.4 metres). Partial assays from hole -036 have led to the high grade intersection noted above at a vertical depth of 59.6 metres. The gold intercept in hole -036 is open up-hole and Goldrush is awaiting assay results from this portion of the core. Gold mineralization in hole -036 is associated with disseminated pyrite (5 - 10%) and arsenopyrite (1%) in heavily silica flooded and altered diorite. This style of mineralization had not been recognized at Ronguen, but may have been intersected in saprolitic rocks where sulfide minerals have totally oxidized. It represents an attractive target for follow-up drilling.

A recent three dimensional modelling of existing gradient array resistivity data covering the eastern part of the Ronguen gold deposit has revealed four parallel, easterly striking high resistivity anomalies to a depth of 300 metres. The two central resistivity high bodies are coincident with the gold mineralization found in the Ronguen Main and South zones, while the northern structure does not outcrop and has not been drill tested. If further work confirms that the most northern structure is mineralized, then it would present an important new target for exploration at the Ronguen deposit.

The geophysical model has also been useful in identifying the potential strike direction of the South Zone. Previous exploration of the South Zone focussed on an extrapolated N070 degree (east northeast) trending thrust fault that was believed to host the South Zone. Drilling along this particular trend did not intersect significant mineralization. The geophysical model shows that this high resistivity anomaly (now interpreted to represent the strike direction of the South Zone) splays at an angle between N095 to N110 degrees (to the east southeast) from its apparent geophysical junction with the Main Zone. The geophysical anomaly follows a sediment filled valley between two hills over a distance of two kilometres, to the end of the surveyed area. The depth of colluvial sediment covering this valley may have been sufficient to mask evidence of gold mineralization from previous soil sampling of the area.

Evidence that the structure is mineralized has been found in previous, shallow rotary air blast drilling: hole KGRB10-245 intersected 0.39 g/t Au over 4 metres (from 14 to 18 metres) and hole KGRB10-242 intersected 0.13 g/t Au over 2 metres (from 18 to 20 metres) and 0.11 g/t Au over 2 metres (from 24 to 26 metres). These shallow RAB holes were part of a drill fence located approximately 650 metres east of the defined South Zone mineralization. Farther along the same trend, a small, well-established artisanal mining site is located on the side of a hill, approximately two kilometres from the South Zone - Main Zone junction. Based on this new interpretation, Goldrush intends to conduct a program of pitting and trenching, the success of which will be followed by RC or core drilling to test this intepreted trend along strike and to depth.

Len Brownlie, President and CEO of Goldrush, noted: "We are very excited by the discovery of a new style of high grade gold mineralization at Ronguen. The utility of the new geophysical model as a tool to help direct future exploration at Ronguen has been enhanced by its strong correlation with recent favourable drilling results, including the most recent high grade assays noted in hole -036. On a recent site visit, we observed successful artisanal mining activity at the hill site two kilometres east of the collar of hole -036 on the newly interpreted strike extension of the South Zone. A program to test this extension will begin in early March as we continue exploration of this very promising gold deposit."

A surface plan showing the drill hole locations and three dimensional images and pseudo-sections from the geophysical model are available at http://goldrushresources.ca/properties/ronguen/.

Assay Results

Significant intersections are noted above and in the following table:

HOLE ID Line Station Grid1 From To Interval2 Gold Vertical
(Grid
Co-ord)
(Grid
Co-ord)
(m) (m) (m) Grade Depth1
(g Au/t) (m)
KGRC11-036 530 -168.6 South 59 67.9 8.90 6.92 59.6
including 61.8 63 1.20 12.80 58.6
and including 63 64 1.0 16.3 59.7
and 77 78.5 1.50 1.14 73.1
KGRC11-037 860 -100.8 G1 131 134 3.00 1.00 101.5
and 142.7 145.25 2.55 1.60 110.3
KGRC11-038 935 -125 G1 86 87.5 1.50 0.56 75.1
and 105.65 106.5 0.85 6.15 91.9
KGRC11-039 992.5 -75 G1 34.65 38 3.35 0.81 31.5
and 42 54.5 12.50 1.05 41.8
and 59.7 65.65 5.95 0.49 54.3
KGRC11-040 1037.5 -75 G1 9.5 17 7.50 0.63 11.5
and 30.5 44.7 14.20 1.30 32.6
including 36.5 44.0 7.50 1.99 34.9
and 49 55.2 6.20 1.12 45.1
and 64.2 65 0.80 1.29 55.9
and 114 114.5 0.50 0.98 98.9
KGRC11-041 860 40 G2 69.5 71 1.50 0.82 60.8
and 74 74.7 0.70 0.76 64.4
and 78.1 91 12.90 1.90 73.2
1 "Vertical depth" is the calculated depth to the centre of the intersection.
2 True widths are determined to be 90 to 95% of reported mineralized intervals.

Core hole KGRC11-040 was collared on section 1037.5E of the eastern (G1) grid while core hole KGRC11-041 was collared on section 860E of the western (G2) grid of the Ronguen Main Zone. Both holes intersected wide intervals of gold mineralization down dip of previous intersections.

Core hole lengths varied from 105.5 to 152.5 metres. All holes were drilled at an azimuth of 340 degrees, except for holes -040 and -041 which were drilled at an azimuth of 24 degrees. Hole -036 was inclined at -70 degrees, hole -037 at -50 degrees, and the remaining holes at -60 degrees. A total of 731 metres were drilled in the six diamond drill holes, which were sampled using nominal one metre sampling intervals which can be modified by the logging geologist based on lithology and/or alteration.

Ronguen Exploration Plan

A total of 98 RC holes totalling 7,793 metres and 18 core holes totalling 2,347 metres have been completed in the fall 2011 drilling program on the Ronguen gold deposit. A total of 1,325 linear metres in 13 trenches have now been completed as well. The samples from the remaining 11 core holes and all trenches have been delivered to the assay laboratory and results will be announced when received. Following receipt of all assays, results will be interpreted and incorporated into a three dimensional model for preparation of an updated resource estimate.

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 east northeast ("ENE") trending metasedimentary sequence consisting of interlayered siltstone, mudstone and minor conglomerate that are intruded by plugs, and narrow dykes and sills of gabbroic composition. The Ronguen mineralized zone is located in the structural hanging wall of a major ENE thrust fault which recorded a tectonic transport direction towards the north. The mineralized deformation corridor represents a major ENE trending reverse fault zone, dipping moderately towards the south. Gold mineralization is found in both metasedimentary and mafic intrusive rocks. The gold mineralization is associated with quartz-carbonate veins/veinlets and with sulphides occurring as disseminations and patches, and in veinlets. 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.

Quality Assurance/Quality Control

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

The SGS laboratory in Ouagadougou, Burkina Faso was used for sample analysis. Samples are assayed using standard fire assay techniques on a 50 gram charge with an atomic absorption finish. For its internal control, SGS inserted two certified standards and 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 7.5% of the total samples submitted.

The core drilling was contracted to PPI Burkina sarl, based in Ouagadougou.

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 Canadian mineral exploration company which has successfully focused on gold exploration in West Africa, where the company has discovered, and is currently expanding and defining the 249,000 ounce (inferred resource of 5.9 million tones at a grade of 1.31 g/t Au) Ronguen gold deposit in Burkina Faso.

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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