Mr. Richard Murphy of Ginguro reports
GINGURO ADVISES OF HIGH GRADE GOLD FINDS AT PARDO
Ginguro Exploration Inc. has recently made two separate finds of high-grade gold mineralization at its Pardo gold paleo-placer property. Pardo is located approximately 65 kilometres northeast of Sudbury, Ont.
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 metres 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.
RESULTS
Sample ID Type Length (cm) Au (g/t)
007 zone Pyritic boulder
conglomerate unit
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
007 zone -- boulder
conglomerate unit
CH-13-99 Channel 45 7.3
CH-13-100 Channel 45 7.5
CH-13-101 Channel 45 8.2
Eastern reef boulder
conglomerate unit
Ch-13-72 (1) Channel 30 8.9
Ch-13-72 (1) Channel 30 12.5
Ch-13-72 (1) Channel 30 2.3
Ch-13-73 Channel 30 4.1
Ch-13-73 Channel 30 2.9
Ch-13-74 Channel 25 1.9
Ch-13-74 Channel 25 1.1
Ch-13-75 Channel 30 2.9
Ch-13-76 Channel 30 29.5
Ch-13-76 Channel 30 4.5
Ch-13-76 Channel 20 8.3
Ch-13-76 Channel 20 7.2
Ch-13-77 Channel 20 9.2
Ch-13-77 Channel 20 18.2
Ch-13-77 Channel 20 23.0
Ch-13-77 Channel 20 40.0
Ch-13-77 Channel 20 1.7
Ch-13-77 Channel 20 4.7
Ch-13-77 Channel 20 3.5
Ch-13-78 Channel 20 6.7
Ch-13-79 Channel 20 9.0
Ch-13-80 Channel 20 7.7
Ch-13-81 Channel 20 3.1
Ch-13-82 Channel 20 3.1
Ch-13-83 Channel 20 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 grams per tonne, and 11 channel samples ran between 5.3 and 151.0 grams per tonne. The observation of fine-grained visible gold associated with pyritic conglomerate is common. The other 007 zone conglomerate unit was sampled with three channels and assayed from 7.3 to 8.2 grams per tonne.
The Eastern reef conglomerate, which is located 600 metres northeast of the 007 zone, appears to be three to 3.5 metres thick and is well mineralized throughout. It has been channel sampled in 12 separate places, across a length of 150 metres. These channels ranged in gold values from 1.1 to 40.0 grams per tonne.
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. Current 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 advisers," stated Ginguro president and chief executive officer, 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 under way."
Both the 007 zone and Eastern reef are located within the Pardo JV property. Ginguro holds a 55-per-cent interest in the Pardo JV and is increasing its interest by financing 100 per cent of the current budget program. Endurance Gold Corp. 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 Aug. 16, 2013, of 2,485,000 options to purchase shares of the company for a period of three 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 Aug. 16, 2013, and (ii) 10 cents per share.
The qualified person responsible for the geological technical content of this news release is Richard Murphy, PGeo, president and chief executive officer of Ginguro Exploration.
Pardo samples are transported in security sealed bags for preparation at AGAT Prep Lab located in Sudbury, Ont. Prepped samples are shipped for analysis to the AGAT Assay Laboratory in Mississauga, Ont. AGAT Laboratories is an ISO-17025-registered laboratory. Samples are analyzed by industry standard 50-gram fire assay fusion with atomic absorption spectroscopy finish, and a gravimetric finish on samples exceeding 10 grams per tonne 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.
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