|By Marketwired .||
|August 15, 2013 06:00 AM EDT||
SUDBURY, ONTARIO -- (Marketwired) -- 08/15/13 -- Ginguro Exploration Inc. (TSX VENTURE:GEG) (the "Company" or "Ginguro") wishes to advise that it has recently made two separate finds of high grade gold mineralization at its Pardo gold paleo-placer property. Pardo is located approximately 65 km northeast of Sudbury, Ontario.
Field crews have been active since May, prospecting and sampling new areas for surface gold mineralization. Two zones have recently been identified that have returned the highest-grade material found to date at Pardo. These zones, known as the "007 Zone" and the "Eastern Reef," are 600 meters apart and located in the north-central portion of the Pardo Property.
Initially, diamond saw channels and grab samples have been taken to characterize the two zones. Channel sample orientations do not bear any relationship to the true thickness of the conglomerate beds. Preliminary sampling results are summarized in the following tables:
Table 1: 007 Zone - Pyritic Boulder Conglomerate Unit Sample ID Type Length (cm) Au (g/t) CH-13-86 Channel 45 76.7 CH-13-87 Channel 30 102.0 CH-13-88 Channel 45 71.7 CH-13-89 Channel 45 60.6 CH-13-93 Channel 45 34.7 CH-13-94 Channel 45 151.0 CH-13-95 Channel 45 89.5 CH-13-96 Channel 45 68.2 CH-13-97 Channel 45 5.3 CH-13-102 Channel 45 28.2 CH-13-103 Channel 45 31.7 PD-13-92 Grab N/A 29.2 PD-13-93 Grab N/A 186.0 PD-13-94 Grab N/A 62.9 PD-13-95 Grab N/A 46.6 PD-13-96 Grab N/A 25.3 PD-13-97 Grab N/A 72.4 PD-13-104 Grab N/A 183.0 PD-13-105 Grab N/A 245.0 PD-13-107 Grab N/A 117.0 Table 2: 007 Zone - Boulder Conglomerate Unit Sample ID Type Length (cm) Au (g/t) CH-13-99 Channel 45 7.3 CH-13-100 Channel 45 7.5 CH-13-101 Channel 45 8.2 Table 3: Eastern Reef Boulder Conglomerate Unit Sample ID Type Length (cm) Au (g/t) Ch-13-72 (1) Channel 30cm 8.9 Ch-13-72 (1) Channel 30cm 12.5 Ch-13-72 (1) Channel 30cm 2.3 Ch-13-73 Channel 30cm 4.1 Ch-13-73 Channel 30cm 2.9 Ch-13-74 Channel 25cm 1.9 Ch-13-74 Channel 25cm 1.1 Ch-13-75 Channel 30cm 2.9 Ch-13-76 Channel 30cm 29.5 Ch-13-76 Channel 30cm 4.5 Ch-13-76 Channel 20cm 8.3 Ch-13-76 Channel 20cm 7.2 Ch-13-77 Channel 20cm 9.2 Ch-13-77 Channel 20cm 18.2 Ch-13-77 Channel 20cm 23.0 Ch-13-77 Channel 20cm 40.0 Ch-13-77 Channel 20cm 1.7 Ch-13-77 Channel 20cm 4.7 Ch-13-77 Channel 20cm 3.5 Ch-13-78 Channel 20cm 6.7 Ch-13-79 Channel 20cm 9.0 Ch-13-80 Channel 20cm 7.7 Ch-13-81 Channel 20cm 3.1 Ch-13-82 Channel 20cm 3.1 Ch-13-83 Channel 20cm 6.1
The 007 Zone appears to consist of two separate conglomerate units in a stacked sequence. A heavily mineralized pyritic conglomerate returned grab samples ranging from 25.3 to 245.0 g/t, and 11 channel samples ran between 5.3 and 151.0 g/t. The observation of fine grained visible gold associated with pyritic conglomerate is common. The other 007 Zone conglomerate unit was sampled with 3 channels and assayed from 7.3 to 8.2 g/t.
The Eastern Reef conglomerate, which is located 600 meters northeast of the 007 Zone, appears to be 3 to 3.5 meters thick and is well mineralized throughout. It has been channel sampled in 12 separate places, across a length of 150 meters. These channels ranged in gold values from 1.1 to 40.0 g/t.
Currently, mechanical stripping is extending both the 007 Zone and the Eastern Reef in order to uncover the full extent of their mineralization at surface. All exposed rock surfaces will then be washed to facilitate detailed mapping and comprehensive contiguous channel sampling. The size of the zones presently remains unknown. Ongoing and future work will serve to determine the full extent of these zones.
"When we began work at Pardo, we thought the property might host a valuable paleo-placer gold deposit. We have subsequently validated this thesis, after a lot of hard work and with the assistance of our South African advisors," stated Ginguro President and CEO, Richard Murphy, "We have now found high grade gold zones comparable to the very best mineralization paleo-placer systems are capable of producing. The fact that these new zones occur at surface, and contain such high concentrations of gold, changes the fundamentals of the Pardo Project for Ginguro. I eagerly look forward to reporting on the results of the extensive work now underway."
Both the 007 Zone and Eastern Reef are located within the Pardo JV Property. Ginguro holds a 55% interest in the Pardo JV and is increasing its interest by funding 100% of the current budget program. Endurance Gold Corporation holds the remaining interest in the Pardo JV. Ginguro's interest in the Pardo JV will increase significantly upon the completion of the current budget program.
The Company also announces that its Board of Directors has approved the granting, as at the close of business on August 16, 2013, of 2,485,000 options to purchase shares of the Company for a period of 3 years, to certain directors, officers, consultants and employees of the Company. The exercise price of these options shall be set at an amount equal to the greater of (i) the price of the Company's stock at the close of market on August 16, 2013 and (ii) $0.10 per share.
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 Company'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 Company 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.