|By Marketwired .||
|September 2, 2014 06:00 AM EDT|
SUDBURY, ONTARIO -- (Marketwired) -- 09/02/14 -- Ginguro Exploration Inc. (TSX VENTURE:GEG) ("Ginguro" or the "Company") today released assay results from the Godzilla Zone on the Pardo Joint Venture ("JV") property, which is located approximately 65 km north-east of Sudbury, Ontario. Ginguro is the operator of the Pardo JV and holds a 64.5% ownership interest and Endurance Gold Corporation ("Endurance") owns a 35.5% ownership interest.
Assays have been received for three additional channel samples taken at the recently discovered Godzilla Zone. Channel 14-34 returned an average of 5.2 grams per tonne (g/t) gold over 140 metres. Channel 14-35, which was cut sub-parallel to channel 14-34 at a slightly higher elevation, averaged 2.6 g/t gold over 18.5 metres. Channel 14-36, which was cut approximately perpendicular to channel 14-34 and channel 14-35, averaged 1.5 g/t gold over 21.5 metres. Channel 14-34 is comprised of a 95 metre long north section that averaged 4.5 g/t, and a south section that averaged 6.5 g/t over 45 metres. The two sections of the channel include minor offsets where necessary to cross covered areas and are separated by a five-metre section where no rock is exposed.
All of the channel sampling at the Godzilla Zone is now complete. A total of 527 metres of channel sample were cut across the zone. Assay results for 294 metres of channel samples remain outstanding. The exposed outcrop area that contains the Godzilla Zone mineralization measures 175 metres north-south by up to 125 metres east-west. The gold-bearing conglomerate sampled at the Godzilla Zone appears to have an average true thickness of approximately 4 metres.
Maps illustrating the geology and channel sample locations can be found on the Company's website at www.ginguro.com.
"With the work of sampling the Godzilla Zone now complete, we will shift our efforts back to the job of prospecting new areas of the Pardo JV," commented Richard Murphy, President and CEO of Ginguro. "While we will be receiving all of the Godzilla Zone assays over the next several weeks, we have approximately two months remaining in the field season to follow up on other prospective areas, as well as targets generated by the recently completed radon gas survey. We are in a good position to continue the success we have had this summer."
The known gold mineralization within the near surface basal conglomerate at Pardo now extends approximately 3 kilometres north-south by approximately 1.1 kilometres east-west.
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.
Both Ginguro and Endurance are funding the 2014 program on a pro rata basis, based on ownership.
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. Potential quantity and grade is conceptual in nature. There has been insufficient exploration to define a mineral resource on the Pardo property to date, and it is uncertain if further exploration will result in the target being delineated as a mineral resource. 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. The channel samples summarized in this release for channel 14-43 north were assayed using a modified pulp metallic assay procedure. The entire sample was crushed and pulverized to 85% passing 100 mesh. The +100 mesh material was fluxed and assayed in its entirety, while two 50 g aliquots of the -100 mesh undersize pulp were cut out and fire assayed. Results were reported as a weighted average of gold in the three fractions. Samples for channels 14-34 south, 14-35 and 14-36 were crushed in their entirety, with a 1kg split then pulverized. Two 50 g aliquots of the pulp were cut out and fire assayed. Results were reported as a weighted average of gold in the fractions. In instances where the averages exceed 10 g/t, the sample is re-run with a gravimetric finish and the gravimetric result is reported. The Company inserts a certified reference standard or an analytical blank in every batch of 20 samples. Validation parametres are established in the database to ensure quality control.
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.
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.
President and CEO
Ginguro Exploration Inc.
Tel: (705) 222-8800
E-mail: [email protected]
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