VANCOUVER, BRITISH COLUMBIA--(Marketwire) - Goldrush Resources Ltd. (TSX VENTURE: GOD) ("Goldrush" or the "Company") announces the signing of option agreements to earn 100% interests in three highly prospective gold exploration permits in Burkina Faso, West Africa.
Nakiambouri and Gonaba-Est Permits
Goldrush has acquired the adjacent Nakiambouri and Gonaba-Est permits located in south-eastern Burkina Faso, approximately 55 kilometers south of the town of Fada N'Gourma. These permits lie along the northeast extension of the favourably mineralized Youga Greenstone Belt, approximately 100 kilometres northeast of the Youga Gold Mine of Endeavour Mining Corporation. Mt Isa Metals Limited has recently announced high grade gold intersections in reverse circulation ("RC") drilling on the Nabanga prospect of the Yactibo Project area, located approximately 25 kilometres due south of the Gonaba-Est permit(1) (see Mt Isa Metals press release dated January 20, 2011 for full details). The Gonaba-Est permit adjoins the Yactibo Project on its northern border. The Nakiambouri and Gonaba-Est permits respectively have surface areas of 225 and 80 square kilometres.
On the Nabanga prospect, Mt Isa Metals Limited drilled 21 widely spaced and shallow (less than 50 metres) RC holes over the entire 3,600 metre length of exposed artisanal workings. Gold mineralization of greater than 0.5 g/t gold was recorded in 20 drill holes, with an average drill hole intersection of 5.66 g/t gold over 4.6 metres and significant drill intersections of 14.01 g/t gold over 8 metres; 10.11 g/t gold over 8 metres; 24.62 g/t gold over 3 metres and 13.88 g/t gold over 4 metres. Mt. Isa reported that gold mineralization at Nabanga is hosted in granodiorite and is associated with quartz veining and development of minor (less than 1%) pyrite.
(1) Readers are cautioned that gold mineralization that occurs on Mt. Isa's permits may not extend onto the Company's permits, and that the foregoing information on the Nabanga Permit is as provided by the Mt. Isa Metals Limited January 20, 2011 press release.
On Goldrush's Gonaba-Est permit, there are two areas of active artisanal workings. The "Hong Kong" site has been mined since 2002 and extends over a strike length of approximately two kilometres. Nearly 100 artisanal miners are currently active at this site, mining gold from both a 0.5 metre thick quartz vein and the strongly weathered, schistose and sulphidized granodiorite host rock. The "PK60" site is a new artisanal site where approximately 200 gold workers are collecting material from narrow quartz veins and the strongly weathered and schistozed granodiorite host rock. At both sites subparallel quartz veins extend across strike over mineralized zones 10 to 30 metres in width.
Goldrush's Nakiambouri permit covers an area with a mix of granitoids, metavolcanics and metasedimentary rocks with main structures trending east northeast. The permit contains one area of artisanal mining approximately 250 metres in strike length that contains gold mineralization in both quartz veins and sheared granodiorite host rocks. Similar to Gonaba-Est, sub parallel quartz veins extend across the mineralized zone which, based on the dispersion of gold worker pits, is 20 to 30 metres wide.
Currently, gold workers at Gonaba-Est and Nakiambouri are extending the different mineralized zones along strike.
The Liki permit is located in north central Burkina Faso along the Bouroum-Yalgo Greenstone Belt that hosts the Taparko Gold Mine of High River Gold Mines Ltd. (located approximately 80 kilometers to the southwest) and the Inata Gold Mine of Avocet Mining PLC (located approximately 55 kilometers to the northwest). The Liki permit has a surface area of 180 square kilometers.
On the Liki permit, artisanal miners are extracting gold from surface eluviums and from quartz veins hosted by granitic rocks, mafic volcanics and volcanosediments over a strike length of at least 400 metres.
Preliminary exploration by the Company's geological staff on the three permits has been limited primarily to composite grab sampling of rock taken from the main artisanal sites on each permit. Assay results from this sampling program are as follows:
Number of samples with
Number Samples with Maximum Mean greater than
of minimum Gold Assay Gold Assay or equal to
Permit Samples 0.1 g/t gold (g/t gold) (g/t gold) 0.5 g/t gold
Nakiambouri 35 21 16.85 2.33 42.9
(PK60 site) 30 10 9.34 1.91 33.4
Liki 60 13 19.15 0.48 12.7
The exploration team considers these results particularly significant for the first reconnaissance sampling programs over previously unexplored permits.
The Company plans to carry out an aggressive exploration program on these permits in the near future.
The Liki and Nakiambouri permits have been acquired from a Burkinabe company, Societe Miniere Kindo Adama ("Somika") through an agreement containing cash consideration of CFA 28 million (approximately US$56,000) paid on execution of the agreement and an additional CFA 28 million (US$56,000) payable after one year. The Company will also issue Somika 20,000 shares upon regulatory authority approval of the transaction. If an economic mining operation is established on the permits, Somika will have a 5% net profits interest ("NPI"). Goldrush has a right of first refusal to purchase Somika's NPI.
The Gonaba-Est permit has been acquired from a Burkinabe national, L. Francis Zombre ("Zombre") through an agreement containing cash consideration of CFA 15 million (US$30,000) paid on execution of the agreement; an additional CFA 20 million (US$40,000) payable after one year; an additional CFA 20 million (US$40,000) payable after eighteen months and CFA 20 million (US$40,000) payable after two years. The Company will also issue Zombre 20,000 shares upon regulatory authority approval of the transaction. If an economic mining operation is established on the permit, Zombre will have a 3% NPI. Goldrush has a right of first refusal to purchase Zombre's NPI.
Future Exploration Programs
Together with the Company's existing five permits, the addition of the three new permits has given Goldrush eight highly prospective permits that cover 1,330 square kilometres of West African Birimian Greenstone Belts, the host of a number of world-class gold deposits in Burkina Faso where there are now six operating gold mines, all put into production within the last four years.
Forages Technic-Eau Burkina SARL, the Burkina Faso subsidiary of Forages Technic-Eau of Sherbrooke, Quebec has been contracted to begin a 4,000 metre rotary air blast ("RAB") drill program on its Kongoussi I and Salbo permits, beginning February 2, 2011. Goldrush has an option to add 2,000 metres to this drill program. RAB drilling on these permits will be followed by a 5,000 metre RC drill program on the Ronguen gold deposit and other targets located on the Kongoussi 1 and Tikare permits. The RC drill program is scheduled to begin the third week of February. Given the shortage of drill rigs currently available in Burkina Faso, the Company has already contracted an RC drill from West African Drilling Services to begin work in late March, 2011, once the results of the above programs have been analyzed.
Quality Assurance and Quality Control
Goldrush maintains a rigorous quality control program involving the use of certified standards from an accredited Canadian laboratory, the insertion of blanks, and the use of repeat assaying. The details of Goldrush's quality control program were provided in the Company's News Release #2010-13, dated October 25, 2010.
For rock sampling, samples consist of composite grab samples taken within a 5 metre radius, broken from bedrock with a rock hammer to provide a final weight of 2 to 3 kilograms. When sampling gold workings, the sampling is conducted within the hand-dug pits (pits are usually 1-metre wide), with the sampling completed across the pitwall, perpendicular to the structural (mineralized) direction. One blank sample, similar in size and appearance to regular samples, and one standard are included in each batch of 20 samples sent to the ALS Chemex laboratory in Ouagadougou.
At the lab, rock samples are coarsely crushed and up to one kilogram is pulverized to a minimum of 95% of the sample passing -200 mesh (with tests on granulometry). Assays are conducted on a 50 gram subsample by fire assay with atomic absorption finish.
For its internal control, ALS Chemex inserted two certified standards and one blank, and analyzed one duplicate, which was in part random and in part targeted on higher grade samples, for approximately each 25 samples submitted. For its certified standard and blank samples included in the QA-QC procedure, Goldrush averaged 10.4% of the total samples submitted. (13 of 125 samples submitted)
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 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
Goldrush is a mineral exploration company focused on gold exploration in 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. 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.
Goldrush Resources Ltd.
VP Corporate Development
Renmark Financial Communications Inc.
(514) 939-3989 or (416) 644-2020
Renmark Financial Communications Inc. Barry Mire
P: (514) 939-3989
M: (416) 644-2020