Ginguro Provides Update on Pardo JV Exploration
23 June 2014 - 11:54PM
Marketwired
Ginguro Provides Update on Pardo JV Exploration
SUDBURY, ONTARIO--(Marketwired - Jun 23, 2014) - Ginguro
Exploration Inc. (TSX-VENTURE:GEG) (the "Company" or "GEG") is
pleased to provide an update on exploration activities underway at
the Company's Pardo JV property, located approximately 65 km
northeast of Sudbury, Ontario.
The 2014 Pardo JV work program, which was approved by the Pardo
JV management committee on May 2, 2014, is well underway, with
excellent progress having been made over the past six weeks. Over
this brief time period, Ginguro has been successful both in
completing channel sampling of the Eastern Reef, as well as
identifying new areas of previously unknown surface mineralization
across the Pardo JV property.
Eastern Reef channel sampling
Assays have been returned from 322 samples taken from the south
block of the Eastern reef. Three separate channels were cut across
the stripped outcrop. A map showing the location of these samples
has been posted on the company's web site at www.ginguro.com. A
summary of length weighted averages are as follows:
Table 1: Eastern Reef South Block Length-weighted
average sample assays |
Channel # |
Length (m) |
Au (g/t) |
Total samples |
CH-13-108 |
85 |
2.9 |
170 |
CH-13-115 |
56 |
2.7 |
112 |
CH-13-116 |
20 |
1.5 |
40 |
Due to the near flat lying nature of the sedimentary strata, it
is not possible to cut samples across the gold-bearing strata.
Samples are collected either parallel or perpendicular to the
interpreted paleochannel direction. 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 on the Eastern Reef is
estimated to have a true thickness of between 3 and 6 metres.
In addition to the South Block, the middle block of the Eastern
Reef has also been tested with 6 channels totaling 57.5 meters
tested and for which assays are pending.
New prospective zones on the Pardo JV property
Prospecting, geological mapping and mechanical stripping has
been ongoing, with a number of favorable results obtained. More
than 8 notable finds have been made to date.
Of particular interest is the location of an extension to the
south of the high grade 007 area, which was discovered during last
year's field season. Located 75 meters south of the 007 area and
below as much as 3 meters of overburden is a pyrite rich
conglomerate with radiation counts similar those observed at 007.
An initial grab sample from this new area has returned an assay
grading 117g/t gold. The rugged bedrock profile exposed by an
excavator is not amenable to contiguous channel sampling. As a
result, a series of representative grab samples has been collected
and submitted for assay.
In the south western portion of the JV property, the
gold-bearing boulder conglomerate layer has been identified for the
first time in that area, known as the Western Reef Extension. At
that area, very limited stripping has now been done and numerous
occurrences have been located. This is illustrated on an additional
map that can be found on the Company's web site. A few grab samples
from this area have returned encouraging gold assays and in the
coming weeks the area will be extensively stripped and channel
sampled. Grab samples from this area ranged from trace to 3.9 g/t
Au. Highlights consist of the following:
Table 2: Western Reef Extension Grab sample
highlights |
Sample # |
Au (g/t) |
E5437263 |
3.9 |
E5437266 |
2.2 |
E5437250 |
2.2 |
E5437206 |
1.7 |
Ginguro currently holds a majority ownership interest in the
Pardo JV, with the balance owned by Endurance Gold Corporation
("Endurance"). Ginguro's precise ownership percentage is currently
the subject of an arbitration proceeding between Ginguro and
Endurance.
Ginguro has recently been notified by Endurance that it has
elected to participate in the funding of the current work program.
As a result of this election by Endurance, it is anticipated that,
through to the completion of the current program, Ginguro's
ownership interest in the Pardo JV will remain at the level to be
determined by the arbitration proceeding.
About Ginguro
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 grab 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 are 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 channel samples 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. 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.
Ginguro Exploration Inc.Richard MurphyPresident and CEO(705)
222-8800(705) 222-8801info@ginguro.comwww.ginguro.com
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