Goldrush Resources Ltd.
TSX VENTURE : GOD
OTCQX : GDRRF

Goldrush Resources Ltd.

May 01, 2012 09:00 ET

Goldrush Intersects 6.99 g/t Gold over 5.15 Metres in Fill-In Drilling at Ronguen Gold Deposit, Burkina Faso

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 1, 2012) - Goldrush Resources Ltd. (TSX VENTURE:GOD)(OTCQX:GDRRF) ("Goldrush" or the "Company") is pleased to report assay results from the final 11 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:

  • 6.99 g/t Au over 5.15 metres, in hole KGRC11-049, from 82.85 to 88.0 metres
  • 1.71 g/t Au over 9.0 metres, including 4.1 g/t Au over 1.0 metre and 5.89 g/t Au over 1.0 metre, in hole KGRC11-047, from 98.0 to 107.0 metres
  • 0.83 g/t Au over 17.5 metres, in hole KGRC11-046, from 110.5 to 128.0 metres
  • 4.72 g/t Au over 3.0 metres, in hole KGRC11-053, from 66.5 to 69.5 metres

The eleven core holes were collared on the southern margin of existing sections of the G2 Grid, the westernmost of two overlapping grids on the Ronguen deposit, and were designed (i) to test the down dip extension of mineralization previously intersected in holes drilled farther north on the same sections and (ii) to provide additional structural information on the deposit.

Core hole KGRC11-049 was drilled on section 140E and successfully traced, down dip, the mineralization identified in reverse circulation holes KGRR11-237 (29 metres of 1.64 g/t Au from 18 to 47 metres), KGRR11-236 (18 metres of 1.73 g/t Au from 46 to 64 metres) and KGRR11-235 (17 metres of 4.49 g/t Au from 66 to 83 metres). Core hole -049 was collared 65 metres south of hole -237, 40 metres south of hole -236 and 15 metres south of -235.

Core hole KGRC11-047 was drilled on section 220E and intersected a higher grade and longer interval of the mineralization than previously intersected in reverse circulation holes KGRR11-221 (4 metres of 2.12 g/t Au from 40 to 44 metres) and KGRR11-220 (1 metre of 1.01 g/t Au from 61 to 62 metres). Core hole -047 was collared 75 metres south of hole -221 and 40 metres south of hole -220.

Len Brownlie, President and CEO of Goldrush, noted: "These diamond drill hole results are the last drilling data that will be integrated into the Ronguen resource model and will allow our consultants to complete an updated resource estimate for the Ronguen gold deposit within 10 days. Going forward, an initial program of trenching and pitting has been designed to follow-up on the potential strike extension of the Ronguen South zone and to seek to confirm to the north of the Ronguen Main zone a potential parallel gold zone that has been identified by a resistivity high anomaly from a gradient induced polarization survey."

Assay Results

Significant intersections are noted above and in the following table:

HOLE ID Line Station X-WGS84 Y-WGS84 Z-WGS84 Grid Hole From To Vertical Interval Gold
(Grid (Grid Length (m) (m) Depth (m)2 Grade
Co-ord) Co-ord) (m) (m)1 (g Au/t)
KGRC11-046 300 -158.5 655366.252 1466207.35 328.249 G2 173 110.5 128.0 103.3 17.50 0.83
KGRC11-047 220 -85 655317.184 1466304.819 326.786 G2 128 92.0 93.5 80.3 1.50 1.92
and 98.0 107.0 88.8 9.00 1.71
KGRC11-048 180 -77.5 655282.136 1466325.382 326.611 G2 117 88.0 92.5 78.2 4.50 0.84
KGRC11-049 140 -80.15 655243.749 1466337.452 326.626 G2 117 82.9 88.0 74.0 5.15 6.99
KGRC11-050 60 -114.7 655153.953 1466335.083 327.343 G2 122 98.0 101.0 81.5 3.00 3.10
KGRC11-053 700 24.2 655804.686 1466236.126 329.125 G2 140 66.5 69.5 58.9 3.00 4.72
and 111.0 112.0 96.6 1.00 0.62
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.

Each of the eleven holes intersected anomalous gold mineralization defined as at least 1 metre of >0.10 g/t

Au. Core hole lengths varied from 110 to 180 metres. All holes were drilled at an azimuth of 24 degrees. Hole -050 was inclined at -55 degrees, with the remaining holes at -60 degrees. A total of 1,065 metres were drilled in the eleven diamond drill holes, which were sampled using nominal one metre sampling intervals which can be modified by the logging geologist based on lithology, alteration and/or mineralization.

Ronguen Exploration Plan

A total of 98 RC holes consisting of 7,793 metres and 18 core holes totalling 2,347 metres were completed in the fall 2011 drilling program on the Ronguen gold deposit. A total of 1,325 linear metres in 13 trenches were also completed. The trench samples have been delivered to the assay laboratory and results will be announced when received and evaluated, but will not be able to be included in the soon to be received 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.

Correction of information disclosed on March 14, 2012 regarding drill results on the Ouavousse Permit

Land surveys and title searches very recently conducted by the Company after the completion of the 2011 RC drill program, have revealed that the Ministry of Mines, Quarries and Energy of Burkina Faso in 2009 had inadvertently allowed the Company to extend the Ouavousse permit partially over a permit that was granted to another party in 2008, so that a small portion of the Company's Ouavousse permit extension conflicts with the existing permit boundary. No notice has been received by the Company from either the Government of Burkina Faso or the other permit holder to advise of this overlap. In the 2011 RC drill program, four of the 30 holes were drilled in this overlap area. Readers are cautioned that assays from these holes, OUKR11-027 to -030, that were disclosed in the Press Release dated March 14, 2012, should not be considered in evaluating the prospectivity of the Ouavousse permit. The Company has approached the Ministry of Mines and Quarries to rectify this situation, however the outcome of this matter cannot be determined at this time.

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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