Vancouver, British Columbia /
ACCESSWIRE / March 3, 2014 / Goldrush Resources
Ltd. (TSX-V: GOD) ("Goldrush" or the "Company") is
pleased to provide an update on its Ronguen Gold
Project located in central Burkina Faso, West Africa.
Goldrush's management has recently re-evaluated the
Ronguen deposit with a view to developing a lower capital cost,
small scale open pit, heap leach mine that would target
near-surface, higher grade, oxide gold mineralization. The Company
intends, subject to financing, to initiate a Preliminary Economic
Assessment ("PEA") to establish the potential economic viability of
a heap leach operation that would target 3 to 4 million tonnes of
mineralization at a range of head grades from 1.5 to 2 g/t Au over
a 3 to 4 year mine life (These potential quantities and grades are
conceptual in nature and do not reflect a current mineral resource
or an economic analysis.). As detailed below in separated
categories, the Ronguen deposit has current Measured and Indicated
mineral resources of 8.487 million tonnes at a grade of 1.22 g/t
Au. Management anticipates that a combination of a focus on higher
grade mineralization with accompanying reductions in the capacity
and cost of processing and operating equipment, and mine footprint,
along with the proximity of the deposit to established
infrastructure and paved roads will help to provide an attractive
development project.
Discussions are underway with an established engineering firm
that specializes in the design of heap leach mines with the goal of
engaging this firm to produce a PEA of the Ronguen deposit within a
four month time frame, subject to financing. If the results of the
PEA are positive and financing is available, the Company would
endeavor to complete further feasibility documents as soon as
practical.
Commented Len
Brownlie, President and CEO of Goldrush: "Our internal review of the economics of
developing the Ronguen deposit suggest that the best way to
increase shareholder value in the current economic climate is to
develop a smaller scale, lower capital cost open pit mine that
targets the higher grade oxide mineralization of the deposit. We
are hopeful that a PEA will demonstrate robust economics for this
approach."
Current Ronguen Mineral Resource
In July 2012, with an effective date of May 18, 2012,
Goldrush announced the filing on SEDAR of a technical report
entitled "Mineral Resource Technical Report Ronguen Gold Project,
Burkina Faso" by SRK Consulting (Canada) Inc. which was prepared
for the Ronguen gold deposit in accordance with Canadian Securities
Administrators' National Instrument 43-101. The report discloses
that the deposit contains a 155,000 ounce Measured mineral resource
(4.281 million tonnes at a grade of 1.12 g/t Au), 177,000 ounce
Indicated mineral resource (4.206 million tonnes at a grade of 1.31
g/t Au), and 52,000 ounce Inferred mineral resource
(890,000 tonnes at a
grade of 1.85 g/t Au). The total Measured and Indicated mineral
resources contains 332,000 ounces of gold (8,487,000 tonnes at a
grade of 1.22 g/t Au).
Ronguen is located on Goldrush's Kongoussi 1 and Tikare
permits, 100 kilometres north of Burkina Faso's capital city of
Ouagadougou, 45 kilometres east of Amara Mining Plc's Kalsaka heap
leach gold mine and 10 kilometres northwest of Nord Gold's Bissa
gold mine. Ronguen enjoys proximity and easy access to
the main north-south paved highway from Ouagadougou and to the Lac
Bam water supply, and is within three kilometres of the southern
boundary of the regional centre of Kongoussi, (the capital of Bam
province), which has an approximate population of 45,000 that could
provide a source of employees for a mining operation.
Goldrush personnel continue to collect baseline environmental
data from the Ronguen gold deposit area in order to support the
planned Environmental and Social Impact Assessment Study.
Burkina Faso has had nine new gold mines commence
production since 2007, and fourteen recent significant gold
discoveries have been made during that time, with several of these
now progressing through the mine development process. Burkina Faso,
which is one of Africa's most stable democracies, is the
continent's third largest state for gold exploration and the fourth
largest for gold production.
Attendance at the Prospector and
Developers Association of Canada "(PDAC") Investors Exchange
Goldrush will be exhibiting at booth #2600A at the PDAC
Investors Exchange in Toronto, Ontario on March 2 and 3, 2014.
Shareholders and interested investors are encouraged to visit the
booth to meet with management and to learn more about the Company's
plans for 2014.
Mr. Driffield Cameron, P.Geo., a director of Goldrush, is
a Qualified Person, as defined in National Instrument 43-101
Standards of Disclosure of Mineral
Projects, and has reviewed the technical information
contained herein.
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"
Len Brownlie - President and Chief
Executive Officer
Contact Information:
Len Brownlie, President and CEO: info@goldrushresources.ca
1-604-602-9973
About Goldrush: Goldrush is a Canadian mineral
exploration company which has been focused on gold exploration in
Burkina Faso, West Africa since 2006 and which has a land position
of 1,534 square kilometers, including the Ronguen gold deposit and
eight additional exploration permits in various stages of
advancement.
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, and include, without limitation, statements regarding the
Company's plans with respect to exploration and development of its
properties, including the development of the Ronguen deposit into
an open pit heap leach operation, a proposed preliminary economic
assessment on the Ronguen deposit, future financings, the sale or
joint venture of some of the Company's exploration permits, the
planned environmental and social impact assessment study, and the
consolidation of the Company's share capital. 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. Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
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