Goldrush Announces Initial Mineral Resource Estimate at Ronguen of 249,000 Oz Gold: Company Proceeding Immediately With a 5,000 Metre Drill Program to
Wed Apr 9, 5:04 PM
ca.news.finance.yahoo.com
VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 9, 2008) - Goldrush Resources Ltd. (TSX VENTURE: GOD.V) ("Goldrush" or the "Company") and CEO Dr. Len Brownlie Ph.D are pleased to announce the receipt of an initial inferred mineral resource estimate of 5.9 million tonnes grading an average of 1.31 gpt gold, using a cutoff of 0.5 gpt gold, for a total of 249,000 ounces for the Company's flagship Ronguen gold deposit. Ronguen is located on Goldrush's Kongoussi 1 and Tikare permits in Burkina Faso, West Africa, 80 km north of the capital city of Ouagadougou and only 6 km northwest of High River Gold Mines' (High River") sizable(1) Bissa gold deposit.
The resource estimate prepared by SRK Consulting (Canada) Inc. ("SRK") includes recommendations for an additional 10,000 metres of core drilling to expand the deposit at depth and along strike to the east. Accordingly, the Company will begin an initial 5,000 metre drilling program in early May, 2008, to be followed by additional drilling later in the year.
Len Brownlie Ph.D, President and CEO of Goldrush, commented: "Goldrush management is greatly encouraged by the results of this initial resource estimate for Ronguen. Acting on SRK's recommendations, we have initiated a 500 metre Reverse Circulation "RC" drill program and will begin a 4,500 metre core drilling program in May, 2008. Our goal is to substantially increase and upgrade the known resource at Ronguen by the end of the third quarter of 2008. Ronguen's proximity to High River's Bissa project and Goldrush's priority access to a mill built at Bissa, should such construction occur, will significantly reduce the capital costs of developing an open pit deposit at Ronguen and bodes well for the development of this project."
Table 1 Mineral Resource Statement(i) for the Ronguen Gold Deposit, Burkina
Faso, SRK Consulting, April 15, 2008.
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Quantity Grade Contained Metal
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Resource Category Tonnes (Million) Grade (g/t) Gold (oz)
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Inferred (Saprolite) 3.67 1.36 160,000
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Inferred (Fresh Rock) 2.23 1.24 89,000
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Total Inferred 5.90 1.31 249,000
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(i) Reported at a cut-of grade of 0.5 gpt gold. Mineral resources are not
mineral reserves and do not have demonstrated economic viability. All
figures have been rounded to reflect the relative accuracy of the
estimates. The cut-off grades are based on metal price assumptions of
US$685 per ounce of gold assuming 100 percent metal recovery and US$11 per
tonne mining and process cost. This 0.5 gpt gold cut off is consistent with
marginal cut-offs used on other more advanced gold projects in Burkina Faso.
SRK considers that the entire Ronguen gold mineralization currently modelled is amenable for open pit extraction.
Mineral resources for the Ronguen gold project have been classified according to the "CIM Standards on Mineral Resources and Reserves: Definition and Guidelines" (December, 2005) by George H Wahl, P. Geo., Associate Resource Geologist, an independent Qualified Person as defined by NI 43-101, who has authorized the release of this estimate. Because of the uncertainty of continuity of mineralization between drilled intersections, all mineral resources have been classified as Inferred Mineral Resource.
In preparing the estimate, SRK noted that a decrease in tonnage below the 280 metre elevation level (a.s.l.) is a result of a lack of drilling rather than a termination of gold mineralization. SRK estimated that between the 260 to 320 metre elevations, each 20 metre slice of the Ronguen deposit contains between 1.1 and 1.6 million tonnes at average gold grades ranging from 1.2 to 1.4 gpt. 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. SRK recommends that: "Goldrush continue step out drilling towards the northeast, as well as below the 280 metre elevation. Interpretation of current drilling data indicates that the gold mineralization is open in both directions. There is good potential to expand the mineral resources estimated for the Ronguen gold deposit."
Ronguen Database and Resource Modeling Procedure
The Ronguen project exploration database was comprised of a total of 10,741 samples from 21 core and 68 RC drill holes totalling 9,297 metres and 23 trenches totalling 2,273 metres. A total of 31 samples were cut to 9 gpt gold. A grade constraint of 0.4 gpt gold was used along with geology to define solid boundaries. Solid wireframes were extended another 40 metres beyond the deepest drill hole intercept. A total of 10 mineralized solids were interpreted. A full block model was constructed to cover the entire extent of the gold mineralization and any potential pit limits. The selection of block size was driven by density of sampling, as well as the orientation and thickness characteristics of the gold mineralization. As a result of an evaluation of the geology and database, SRK considers that there is a significant opportunity with additional drilling to increase the mineral resources at depth below the 280 metre elevation and to the northeast.
Cautionary Statements
Mineral resources were estimated in conformity with generally accepted CIM "Estimation of Mineral Resource and Mineral Reserve Best Practices" Guidelines. Mineral resources are not mineral reserves and do not have demonstrated economic viability. SRK is not aware of any known environmental, permitting, legal, title, taxation, socio-economic, marketing or other relevant issue that could potentially affect this estimate of mineral resources. The mineral resources may be affected by further infill and exploration drilling that may result in increases or decreases in subsequent resource estimates. The mineral resources may also be affected by subsequent assessments of mining, environmental, processing, permitting, taxation, socio-economic and other factors. There is insufficient information in this early stage of study to assess the extent to which the resources will be affected by these factors that are more suitably assessed in a conceptual study. Mineral reserves can only be estimated based on the results of an economic evaluation as part of a preliminary feasibility study or feasibility study. As such, no mineral reserves have been estimated by SRK as part of the present assignment. There is no certainty that all or any part of the mineral resources will be converted into a mineral reserve.
Quality Assurance and Quality Control
Goldrush follows a strict sampling and QA-QC protocol. Details of this program for diamond drilling are provided in the Goldrush news release dated January 15, 2007. The results of the trenching and drilling programs have been reviewed, verified (including sampling, analytical and test data) and compiled by the Company's geological staff.
In preparation for the independent resource calculation, all trenches and diamond core hole locations were surveyed. Stored pulps from various drill campaigns have been split and sent to two assay labs for check assay work.
The resource estimate was completed by G H Wahl, P.Geo (APGO#0448) with the assistance of Dr. Jean-Francois Couture, P.Geo (APGO#0197). Both Mr. Wahl and Dr. Couture are "independent qualified persons", as this term is defined in NI 43-101 and have reviewed the technical information presented herein. The effective date of this resource estimate is April 15, 2008. The complete NI 43-101 compliant report will be filed on SEDAR within 45 days.
Exhibition at New York Hard Assets Conference and Vancouver World Resource Investment Conference
Goldrush will be exhibiting at the New York Hard Assets Conference on May 12 and 13, 2008 at the New York Marriott Marquis and at the Vancouver World Resource Investment Conference, June 15 and 16, 2008 at the Vancouver Convention and Exhibition Centre. Shareholders are invited to attend the Company's booth at these conferences to meet with management and to discuss the Company's 2008 exploration plans.
About Goldrush: Goldrush is a mineral exploration company focused on gold exploration in Burkina Faso, West Africa with an established organization of people and projects to enable aggressive growth. Through a strategic partnership with High River Gold Mines Ltd. Goldrush has the ability to access High River's processing facilities and infrastructure without incurring all the capital costs associated with developing a stand-alone operation, thereby enhancing the economics of gold deposits within trucking distance of the processing facility.
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
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.
(1) The current resource at Bissa consists of 81,980 measured ounces of gold (753,000 tonnes averaging 3.39 g Au/t); 580,270 indicated ounces of gold (11,253,000 tonnes averaging 1.60 g Au/t) and 679,470 inferred ounces of gold (16,394,000 tonnes averaging 1.29 g Au/t) (see High River news release dated July 12, 2007). (Readers are cautioned that the Company has not independently verified the Bissa resource estimate and that the presence of a gold resource at Bissa is not necessarily indicative that gold mineralization present on the Bissa property continues into Kongoussi 1).
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts
Don Willoughby
Goldrush Resources Ltd.
Vice-President Corporate Development
(416) 607-7347
Len Brownlie
Goldrush Resources Ltd.
President
(604) 602-9973
(604) 681-5910 (FAX)
Investor Relations
Goldrush Resources Ltd.
Email: info@goldrushresources.ca
Website: www.goldrushresources.ca |
