SUDBURY, ONTARIO -- (Marketwired) -- 08/29/13 -- Ginguro Exploration Inc. (TSX VENTURE: GEG) (the "Company" or "GEG") is pleased to announce the first results from contiguous channel sampling of the recently discovered 007 Zone at the Company's Pardo property, located approximately 65 km northeast of Sudbury, Ontario.
The 007 Zone was found as a result of surface prospecting using Ginguro's unique exploration methodology developed over four years as pioneers in North American paleo-placer exploration. A total of 45 contiguous channel samples are reported herein. Each sample is 0.5m in length, such that the total length reported is 22.5m. Average gold content along this 22.5m is 40.1 g/t.
Individual samples ranged from 0.6 g/t to 172 g/t. All samples are summarized in a table at end of this press release and shown on a map available on the Company's website (www.ginguro.com).
The channel samples are contiguous over the surface of the mineralized conglomerates. As these surfaces have been glaciated, they are uneven in thickness, allowing the surface channels to sample varying depths within the sub-horizontal conglomerates. Due to the near flat lying nature of the gold-bearing conglomerates, it is not possible to cut channel samples across the bedding planes. The channel lengths reported in this release represent gold values within the pyritic conglomerate outcrop at surface and do not represent true thicknesses of the gold bearing conglomerate. The gold-bearing conglomerate is estimated to have a true thickness of approximately two meters in this area.
In addition to those samples detailed in the table below, an additional 82 samples representing 41 m of channel samples have been collected from the 007 Zone, with further sampling planned. The 007 Zone is located approximately 24m northeast of hole PD-10-107, which was drilled in 2010, did not intersect the pyritic conglomerate and is interpreted to have collared below the strike extension of the conglomerate reef exposed at the 007 Zone.
"The high grade nature of the 007 Zone suggests that it represents one of the main gold-enriched channels of an ancient river system," stated Ginguro President and CEO, Richard Murphy. "We look forward to tracing out these channels from both the 007 Zone and the Eastern Reef, as well as the search for the many other similar channels that we believe exist at Pardo."
The Company has uploaded a map of the 007 Zone on its website (www.ginguro.com), along with both a Pardo Property Geology map, which shows the discovery areas (the 007 Zone, the Eastern Reef, and Trench 2) relative to the rest of the Pardo property, and a detailed discovery areas map, which outlines the boundaries of the discovery area along with recent and historic drilling in the area.
At the Company's Eastern Reef, where initial samples yielded grades ranging from 1.1 g/t to 40.0 g/t (see press release dated August 15, 2013), more than 100m of additional channel samples have been cut and delivered to the lab, and additional channel cutting is ongoing. Eastern Reef results will be released when they become available.
Table 1: 007 Chanel Sampling Assays Length AuSample (cm) (g/t)Ch-13-106(1) 50 43.0Ch-13-106(2) 50 33.5Ch-13-106(3) 50 35.9Ch-13-106(4) 50 25.0Ch-13-106(5) 50 18.8Ch-13-106(6) 50 7.7Ch-13-106(7) 50 8.0Ch-13-106(8) 50 26.0Ch-13-106(9) 50 5.3Ch-13-106(10) 50 172.0Ch-13-106(11) 50 27.0Ch-13-106(12) 50 30.5Ch-13-106(13) 50 6.7Ch-13-106(14) 50 16.4Ch-13-106(15) 50 63.0Ch-13-106(16) 50 60.8Ch-13-106(17) 50 9.4Ch-13-106(18) 50 106.0Ch-13-106(19) 50 97.8Ch-13-106(20) 50 20.0Ch-13-106(21) 50 41.9Ch-13-106(22) 50 44.0Ch-13-106(23) 50 41.8Ch-13-106(24) 50 29.2Ch-13-106(25) 50 45.3Ch-13-106(26) 50 43.6Ch-13-106(27) 50 133.0Ch-13-106(28) 50 53.8Ch-13-106(29) 50 61.7Ch-13-106(30) 50 29.1Ch-13-106(31) 50 34.7Ch-13-106(32) 50 39.2Ch-13-106(33) 50 0.6Ch-13-106(34) 50 1.9Ch-13-106(35) 50 4.3Ch-13-106(36) 50 17.1Ch-13-106(37) 50 18.6Ch-13-106(38) 50 24.8Ch-13-106(39) 50 4.6Ch-13-106(40) 50 49.0Ch-13-106(41) 50 84.1Ch-13-106(42) 50 104.0Ch-13-106(43) 50 11.3Ch-13-106(44) 50 30.7Ch-13-106(45) 50 42.8
The 007 Zone is located within the Pardo JV Property. Ginguro holds a 55% interest and Endurance Gold Corporation holds the remaining interest in the Pardo JV. Ginguro is funding 100% of the current work program and its interest in the Pardo JV will increase upon the finalization of the current program.
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.
Pardo 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 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.
President and CEO
(705) 222-8801 (FAX)