Vancouver, British Columbia / February 28, 2014 / Goldrush Resources Ltd. (TSX-V: GOD) ("Goldrush" or the "Company") is pleased to announce that it has recently received a three year renewal of it's Pompoi exploration permit from the Ministry of Mines, Quarries and Energy of Burkina Faso. The 232 square kilometer permit is located in west central Burkina Faso, 180 kilometres west of the capital Ouagadougou, and covers a part of the north portion of the Hounde greenstone belt. It is bracketed by Endeavour Mining Corporation's ("Endeavour Mining") Vindaloo deposit to the south, Roxgold Inc's ("Roxgold") 55 Zone deposit to the west, Semafo Inc's ("SEMAFO") Mana deposits to the west and northwest, and SEMAFO's Siou deposit to the north.
Burkina Faso has seen nine new gold mines begin production since 2007, and fourteen recent significant gold discoveries have been made during that time. Burkina Faso, which is one of Africa's most stable democracies, is the continent's third largest state for gold exploration and the fourth largest for gold production.
Gold production in the Hounde North area started in 2008 with the Mana deposits, which were followed in late 2013 by the commencement of mining of the Siou deposit. In November 2013, Endeavour Mining reported a a positive feasibility on the Vindaloo deposit, and Roxgold reported a positive preliminary economic assessment on the 55 Zone deposit in September 2013. Roxgold has reported that a feasibility study is in progress and is targeted for release in the second quarter of 2014, both of which may augment gold production in the area.
Commented Len Brownlie, President and CEO of Goldrush:"Recent drilling successes by both Roxgold and SEMAFO on structures located immediately west of and adjacent to the Company's Pompoi permit underscore the prospectivity of the Pompoi permit and confirm the advantageous location of this permit. While Goldrush remains focussed on developing its flagship Ronguen Gold Deposit, we consider Pompoi an excellent target for near term exploration successes."
Key Technical Information
Initial exploration work at Pompoi [see Goldrush News Release dated February 1, 2012 for complete QA/QC procedures] included widely spaced soil samples taken by Goldrush over about 30% of the southwestern portion of the Pompoi permit which provided a number of anomalies which were inadequately tested with rotary air blast ("RAB") drilling because of extensive laterite, laterite gravel and a high water table. Gold mineralization in the vicinity of the highest soil value of 983 ppb was confirmed in quartz veined granite saprolite (the main host rock reported by Roxgold of the 55 Zone deposit) at the western boundary of the Pompoi permit adjacent to Roxgold's discovery. The last hole of RAB drill fence #1 confirmed the validity of the high soil sample value in saprolite (weathered bedrock) with an intersection of 0.47 g Au/t over 2.0 metres, which is open in all directions and which may represent deposit peripheral mineralization.
The Roxgold 55 Zone deposit represents proximal mineralization to the Goldrush Pompoi permit and is located to the west on Roxgold's Yaramoko permit where the 55 Zone strikes and plunges easterly at the north-south Yaramoko boundary at a distance of approximately 1.7 kilometres. Additionally, the Bagassi South zone, 1.8 kilometres south of Roxgold's 55 Zone strikes southeasterly towards Pompoi and its orientation appears to be controlled by an elongated granitic body intruded into the greenstone belt.
Additional significant local mineralization to Pompoi lies to the northwest on the Mana Est permit where SEMAFO reported that it discovered and placed into production the high grade Siou gold deposit, approximately 10 kilometres from the Pompoi permit boundary. The Siou zones are located along the Kokoi shear zone, part of a north northeast trending approximately 30 kilometre long magnetic lineament immediately west of the Siou granodiorite along its contact with a greywacke sequence.
SEMAFO recently reported that auger drilling results from an extensive, on-going program by it on the eastern side of the Siou granodiorite provided a continuous north to northeasterly linear trend of gold geochemical anomalies over 15 kilometres, open in both directions. Regional geologic mapping and geophysical interpretation has extended the Siou body southerly to the latitude of the northern boundary of the Pompoi permit. The anomalous trend as reported by SEMAFO is within about 850 metres of the west boundary of the north portion of the Pompoi permit.
While the northern portion of the Pompoi permit has not yet received a soil geochemistry survey, Goldrush has identified in the northern part of the currently soil sampled area a northerly oriented gold anomaly that spans a north-south distance of 2,000 metres and an east-west distance of 1,400 metres. The most northerly portion of the anomaly is 800 metres south of SEMAFO's Pompoi North permit which is underlain by the east side of the Siou granodiorite and which is coincident with a not closed-off, 15 kilometre long gold anomalous trend as reported by SEMAFO. This anomaly provides a high priority target area for a future exploration program, in a promising area of the partly and preliminarily explored Pompoi permit.
Future exploration including closely spaced airborne magnetometer, radiometric and possibly (VLF) electromagnetic surveys followed by ground truthing geologic mapping, sampling and prospecting would provide additional information on which to help base an air core or reverse circulation drilling program, both of which would be able to penetrate the difficult surface conditions.
The Company continues to investigate opportunities for maximizing the value of its exploration permits, including financing future exploration through joint venture arrangements or by the sale of exploration permits.
Attendance at the Prospector and Developers Association of Canada "(PDAC") Investors Exchange
Goldrush management will be exhibiting at booth #2600A at the PDAC Investors Exchange in Toronto, Ontario on March 2 and 3, 2014. Shareholders and interested investors are encouraged to visit the booth to learn more about management's 2014 plan for the Company.
A number of mineral resources, significant occurrences and economic studies noted herein relate to nearby properties owned by other companies, and the data presented have been extracted from these companies' press releases and websites. A Qualified Person has been unable to verify this information from the adjacent properties, and such results are not necessarily indicative of potential quantities or grades of mineralization on the Company's properties.
Mr. Driffield Cameron, P.Geo., a director of Goldrush, is a Qualified Person, as defined in National Instrument 43-101 Standards of Disclosure of Mineral Projects, and has reviewed the scientific technical and 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 - President and Chief Executive Officer
Len Brownlie, President and CEO: firstname.lastname@example.org
About Goldrush: Goldrush is a Canadian mineral exploration company, focused on gold exploration in Burkina Faso, West Africa.
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, and include, without limitation, statements regarding the Company's plans with respect to exploration and development, future financings, the sale or joint venture of some of the Company's exploration permits and the consolidation of the Company's share capital. 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.
Release ID: 34713