Goldrush Resources Ltd. (GOD-TSX-V)
Our Corporate Objective:
To maximize shareholder value by the development of economic mineral deposits in the safe and stable countries of West Africa.
Focused Gold Exploration in Burkina Faso, West Africa
Goldrush Resources Ltd. is a publicly-owned, junior mineral resource exploration company listed on the TSX-V exchange. It is exploring for gold in the West African country of Burkina Faso where it holds 5 highly prospective permits covering 922 sq. km. The Company's permits are all located within the West African Birimian Greenstone Belts having a prolific history of gold production in this area of the world.
The recent dramatic rise in the price of gold has triggered renewed investor interest in gold exploration funding and Goldrush recently closed a fully subscribed CAD$1.0 million non-brokered private placement. Drilling on the Ronguen Gold Deposit resumed on June 15, 2010 and the program is expected to continue well into late September of this year.
Phase 1 of the program will consist of 12 core holes totaling 1,920 metres in the Ronguen Main Zone to test the mineralized zone at depth beyond 80 metres vertically with a target of 120 metres. Phase 1 is expected to be completed by mid-July, 2010.
Phase 2 of the program will consist of 36 reverse circulation (“RC”) drill holes totaling 3,206 metres and 3 trenches totaling 360 metres. Phase 2 will begin immediately upon completion of Phase 1 and details are as follows:
- 12 RC holes totaling 1,484 metres in the Ronguen Main Zone to complement the Phase 1 core drilling and extend the deposit to a depth of 120 metres vertically,
- 3 RC holes totaling 210 metres to extend the Ronguen Main Zone along strike to the west,
- 15 RC holes totaling 1,032 metres and 3 trenches totaling 360 metres to infill several inadequately defined areas in the Ronguen Main Zone, and upgrade some sections from the inferred to the indicated category,
- 3 RC holes totaling 480 metres in the Ronguen South Zone to further probe gold mineralization discovered through rotary air blast drilling and trenching in 2008.
Goldrush's Ronguen Gold Discovery
In early 2006 rock sampling conducted over a 1 km long east-west trending artisanal mining site on Goldrush's Kongoussi 1 and Tikare permits yielded significant anomalous gold values over the entire area covered by the historic mining activities. Enduring artisanal mining is an excellent indicator of potential economic gold mineralization as crude artisanal mining techniques are usually productive only with grades in excess of 20 g/t gold. This highly mineralized zone was named the Ronguen Gold Discovery after a tiny nearby village. To date 339 rotary air blast, reverse circulation and core drill holes totalling almost 20,000 metres and 23 trenches totaling over 2,000 metres have been completed over a 1.5 km section of the controlling structure which is over 5 km long. Assay results to date confirm the presence of gold mineralisation in economic grades over the entire 1.5 km. Thus far the mineralized zone extends vertically from within a few metres of the surface to 122m, being the maximum depth of drilling to date.
Initial Inferred Mineral Resource Estimate Completed By SRK Consulting – 249,000 Ounces Of Gold
On April 9, 2008 Goldrush announced the receipt of an initial inferred resource estimate for the Ronguen Deposit of 5.9 million tonnes at 1.31 gpt gold using a cutoff of 0.5 gpt and a top-cut threshold of 9 gpt, for a total inferred gold resource estimate of 249,000 ounces. Significant highlights contained in the Ronguen Mineral Resource Statement are:
- "SRK is of the opinion that additional drilling below the 280 metre elevation may extend the gold mineralization at depth and has the potential to significantly increase the mineral resources. This suggests that further drilling at depth is highly warranted."
- "Based on our (SRK's) review of the data, a 10,000 metre drilling program is recommended as summarized below:
- Infill drilling on 18 sections (40 metre spacing) with 3 boreholes testing at 30, 65 and 110 metres below the surface (54 boreholes totaling 3,800 metres);
- Infill drilling near the surface on existing sections (9 boreholes totaling 340 metres);
- Depth Extension – first phase with one hole step out (17 boreholes totalling 2,800 metres);
- Depth extension – second phase one additional step out hole (13 boreholes totaling 2,200 metres);
- NE Extension – 4 sections to NE 240 metres each (12 boreholes totaling 800 metres);
- West Estension – 4 sections to NE 240 metres each (12 boreholes totaling 210 metres)."
Company management intends to incorporate these recommendations into future exploration programs once the current financial crisis has passed and the funding environment for junior exploration companies has improved.
For the complete text of the Ronguen Mineral Resource Statement click here
(4.5 MB).
Assay highlights from trenching in the main zone are:
- 22.14 g/t gold over 14.6m, and
- 7.21 g/t gold over 9.1m.
Assay highlights from core drilling in the main zone are:
- 14.83 g/t gold over 6.0m, and
- 12.37 g/t gold over 3.0m.
In addition, an exploratory trench approximately 200 m to the south of the main Ronguen grid produced assay highlights of:
- 2.19 g/t gold over 15.5m, and
- 1.34 g/t gold over 10.0m.
Top Headlines:
Article from The Northern Miner Dec. 28/09 (PDF, 100 KB)
Ronguen Drill Plan, September 2007 (JPEG, 500 KB)
(Goldrush's flagship exploration project)
