Goldrush Resources Ltd.
TSX VENTURE : GOD

Goldrush Resources Ltd.

March 23, 2011 07:00 ET

Goldrush's RAB Drilling at Salbo Permit Confirms Presence of Significant Near Surface Gold Mineralization

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 23, 2011) - Goldrush Resources Ltd. (TSX VENTURE:GOD). President and CEO Len Brownlie reports that assay results have been received from 85 Rotary Air Blast ("RAB") drill holes on the Company's Salbo permit which is located 50 kilometers north of Ouagadougou, the capital of Burkina Faso, West Africa. The permit is situated immediately south of High River Gold Mines Ltd's. Bissa Project area which has received a positive feasibility study, and approximately 35 kilometers south of Goldrush's 249,000 ounce inferred Ronguen gold deposit [5.9 million tonnes at a grade of 1.31 g/t Au] that will be subject to an upgraded resource estimate in 2011. Access is by paved highway from Ouagadougou.

Assay results returned the following significant composites:

  • 1.74 g/t Au over 8 metres in hole SLBB11-023
  • 2.12 g/t Au over 6 metres in hole SLBB11-030
  • 1.81 g/t Au over 6 metres in hole SLBB11-055
  • 2.56 g/t Au over 4 metres in hole SLBB11-048
  • 2.64 g/t Au over 3 metres in hole SLBB11-001

The RAB drilling program was the first drilling program to test three northeast-southwest anomalous gold trends located in the central western part of the permit (see drill hole location composite map at www.goldrushresources.ca). The 11 fences of holes were collared to (i) cut surface gold occurrences of up to 30.9 g/t Au returned from previous mapping and prospecting, and (ii) to test the extension of the gold mineralization along the trend approximately 80 metres on strike from the main surface occurrences. In addition, two fences of holes were designed to test an isolated gold occurrence grading 9.94 g/t Au located between "Trend 1" and "Trend 2", and another fence of holes was positioned to cross a zone of quartz veining located northeast of the 9.94 g/t gold occurrence.

Because of highly resistant country rocks, 32 of the 50 RAB holes (1,419 metres) drilled in six fences along 850 metres of the 3.5 kilometre long "Trend 1" failed to reach the target depth of 45 metres, with seven holes penetrating to a depth of only 10 metres. On the 500 metre long "Trend 2", a continuous zone of orpaillage (local gold workers) shafts and diggings was tested by three fences of nine drill holes (439 metres), all of which reached target depth. "Trend 3" was tested by nine RAB drill holes (264 metres) on two fences covering about 100 metres of the 300 metre Trend 3 strike length. Seven of the drill holes could not be completed to the planned length because of the hardness of the country rock. To assist in completing the holes to the planned depth, the hammer tool was used continuously.

Despite the drilling difficulties, a number of holes contained anomalous gold content at the bottom of the hole (holes SLBB11-001, 22B, 23, 30, 38, 35, 55 29A and 44A), here suggesting intersection of the upper part of a gold zone. The shallow drilling program also successfully extended the gold occurrences from surface to shallow depths with significant gold intersections cut in deformed granitoids and paragneisses.

At Salbo, gold mineralization at surface is hosted in massive quartz veins up to one metre thick. The main alteration minerals associated with the mineralization are sericite, chlorite and limonite, and pyrite was the main sulphide observed near surface in the quartz veining. Relatively low amounts of quartz (1 to 2%) were noted in the mineralized intervals of the RAB holes, while the main sulphide noted was arsenopyrite (up to 5%).

Comparison of the significant RAB holes with induced polarization (IP) chargeability and resistivity surveying results show that gold mineralized holes are clearly associated with strong chargeable and resistive anomalies that extend to the limits of the current one square kilometre IP grid areas.

Future exploration will test the IP anomalism which indicates the potential for extending the gold-bearing mineralization on strike, as well as focussing on the strong targets identified at deeper levels, using both reverse circulation (RC) and core drilling.

Assay Results

Significant assay results from the trenching and RAB drilling programs are noted above and in the following table:

Target Trench/Hole ID WGS 84
Co-ordinate
WGS 84
Co-ordinate
From To Length* Gold Grade
    UTM X (m)* UTM Y (m)* (m) (m) (m) (g Au/t)
Trend 1 SLBB11-023 663,051 1,431,558 20 28 8** 1.74
      Including 24 26 2 4.56
  SLBB11-030 663,017 1,431,502 18 24 6** 2.12
      Including 20 22 2 3.23
  SLBB11-041A 663,251 1,431,766 0 2 2 1.52
  SLBB11-043 663,218 1,431,800 8 12 4 1.29
  SLBB11-046B 663,320 1,431,874 8 10 2 1.83
  SLBB11-048 663,292 1,431,897 28 32 4 2.56
Trend 2 SLBB11-001 661,020 1,431,782 42 45 3** 2.64
  SLBB11-002 661,038 1,431,764 4 14 10 0.71
  SLBB11-004 660,939 1,431,663 0 2 2 0.53
  SLBB11-005 660,957 1,431,648 6 8 2 3.05
Trend 3 SLBB11-55 664,899 1,431,667 14 20 6 1.81
Quartz vein SLBB11-011 661,643 1,431,043 24 26 2 0.73
between
Trend 1 and 2
SLBB11-015 661,621 1,430,992 16 18 2 3.11
  SLBB11-016B 661,653 1,430,968 2 4 2 0.60
*Lengths shown are core lengths: true widths will be determined with additional drilling
** Hole ended in mineralization

Drill hole lengths varied from 8 to 54 metres, with inclinations of -45 degrees and azimuths of N135° (holes SLBB11-001 to 017, 19 to 21B, and 41A to 059), or N315° (holes SLBB11-018A, and 22A to 040). A total of 1,350 RAB samples and 160 QA/QC samples were submitted for assaying.

Ongoing Exploration

Assay results from a 3,271metre RAB drilling program on the two permits that host the Ronguen Gold Deposit have been received and will be released once the results have been compiled and analyzed.

On March 16, Goldrush began an expanded 8,000 metre RC drilling program that includes 4,000 metres on the Ronguen Gold Deposit permits; 1,000 metres on the newly acquired Liki permit; and 3,000 metres on the highly prospective Nakiambouri and Gonaba Est permits. Drilling is being conducted on a two shift per day basis, thereby accelerating the program, and has averaged 232 metres per day.

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 are 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 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 11.8% of the total samples submitted.

The drilling was contracted to a subsidiary of Forage Technic-Eau based in Ouagadougou, Burkina Faso.

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 contained 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"
Len Brownlie – President and Chief Executive Officer

About Goldrush: Goldrush is a mineral exploration company focused on gold exploration in West Africa, where the company has discovered, and is currently expanding and defining the 249,000 ounce 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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