|By Marketwired .||
|July 28, 2014 10:18 AM EDT||
SUDBURY, ONTARIO -- (Marketwired) -- 07/28/14 -- Ginguro Exploration Inc. (TSX VENTURE: GEG) (the "Company" or "GEG") wishes to announce the discovery of a new zone of high grade gold mineralization on the Pardo JV property, which is located approximately 65 km northeast of Sudbury, Ontario.
The new area, called the Godzilla Zone, is located approximately 450 metres south of the high grade 007 Zone that was announced in August of 2013. An initial five grab samples at the Godzilla Zone yielded gold grades from 1.3 g/t to 10.7 g/t.
The Godzilla Zone has now been exposed over a broad area measuring 150 metres north-south by up to 125 metres east-west. Three separate channel samples were taken along the north-south axis of the zone in order to begin to characterize the grade. These three initial channels ran 17.4 g/t Au over 3m, 14.1 g/t over 4m, and 26.2 g/t Au over 3m. Maps and photos illustrating the location of the Godzilla Zone and the location of the initial channel samples will be posted on the Company's website at www.ginguro.com. The test channels returned the following assays:
Ch-14-01sp south Ch-14-02sp middle Ch-14-03sp north (3m channel (4m channel (3m channel averaging averaging averaging 17.4 g/t Au) 14.1 g/t Au) 26.2 g/t Au) Length Gold Length Gold Length Gold (m) (g/t) (m) (g/t) (m) (g/t) 0.5 12.3 0.5 11.8 0.5 22.3 0.5 13.1 0.5 14.2 0.5 52.2 0.5 12.9 0.5 6.1 0.5 13.7 0.5 28.5 0.5 7.4 0.5 31.5 0.5 26.0 0.5 17.1 0.5 26.9 0.5 11.6 0.5 15.9 0.5 10.4 0.5 22.8 0.5 17.4
Due to the near flat lying nature of the sedimentary strata, it is not always possible to cut samples across the gold-bearing strata. Samples are usually collected either parallel or perpendicular to the interpreted paleochannel direction. Therefore, the channel lengths reported in this release represent the gold distribution over the surface area sampled and do not represent true thicknesses of the mineralized unit.
The gold-bearing conglomerate tested at the Godzilla Zone appears to have a true thickness of approximately 4 metres.
Washing of the bedrock has revealed a coarse cobble to quartz pebble conglomerate having elevated uranium responses, as measured by a spectrometer. Mineralization is characterized by fine rounded detrital pyrite and local buckshot pyrite. Based on the Company's experience at Pardo, the combination of these characteristics indicate higher grades of gold. Extensive channel sampling is ongoing at the Godzilla Zone. A total of 210 samples, representing 105 metres, have been cut and delivered for assay and additional channels are planned to be cut.
Ginguro management believes that the assays from these initial test channels confirm the importance of this new area. The Godzilla Zone lies within a north-south oriented trend in which the host conglomerates of the Mississagi formation have eroded and channeled their way through the underling strata, including most of the gold-enriched Matinenda formation. As a result of this erosion, the Mississagi formation in this wide channel became significantly enriched with gold in a long-lived placer river setting. This interpreted trend extends from approximately 700 metres north of the 007 Zone to 850 metres south of the Godzilla Zone for a total of 2,000 metres north-south. The width of this interpreted channel may exceed 500 metres in places.
Ginguro Exploration Inc. is a mineral exploration company focused on the advancement of its Pardo paleo-placer gold property, located in Pardo Township in northern Ontario. To learn more about Ginguro Exploration Inc., please visit: www.ginguro.com .
The Qualified Person responsible for the geological technical content of this news release is Richard Murphy, P.Geo, President and CEO of Ginguro Exploration Inc.
Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" in the Corporation's filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Corporation does not assume any obligation to update any forward-looking statements, save and except as may be required by applicable securities laws.
The samples are transported in security sealed bags for preparation at AGAT Prep Lab located in Sudbury, Ontario. Prepped samples are shipped for analysis to the AGAT Assay Laboratory in Mississauga, Ontario. AGAT Laboratories Ltd. is an ISO 17025 registered laboratory. Samples were analyzed by industry standard 50 gram fire assay fusion with atomic absorption spectroscopy (AAS) finish, and a gravimetric finish on samples exceeding 10 g/t gold. The Company inserts a certified reference standard or an analytical blank in every batch of 20 samples. Validation parameters are established in the database to ensure quality control.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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