|By Marketwired .||
|November 23, 2012 05:56 PM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/23/12 -- GONZAGA RESOURCES LTD. (the "Company") (TSX VENTURE:GN) provides an update on its exploration program at its Kennedy River Project (the "Property") located near Port Alberni, Vancouver Island, British Columbia.
The Property covers roughly half of the historic Kennedy River Gold District and has potential to host significant zones of sheeted vein type gold mineralization. Previous exploration work carried out by Kerr Addison Mines in the late 1980's combined with soil geochemical surveys and 3D IP (induced polarization) surveys carried out by the Company in 2010 identified a high priority target in the central part of the Property referred to as the G-1 Target. The objective of the Company's Phase 1 work program, as recommended in an independent 43-101 technical report was to further delineate the extent of the "gold in soil geochemical anomaly" associated with the G-1 Target area.
During November 2011, field crews completed part of the Phase 1 program by collecting approximately 250 soil and rock samples from the G-1 Target area. Soil sample assays from the initial program ranged from trace levels to 0.614 g/t gold and indicated potential for extensions of the mineralized zone to the west.
During March 2012 field crews collected an additional 513 soil samples along 25 meter spaced, north-south oriented profile lines. Wherever bedrock was encountered within the grid area rock samples were also collected for comparative assay.
Results of the soil sampling program have confirmed that the mineralized zone associated with the G-1 Target extends to the west and have also identified a second area of elevated "gold in soil" values in the south western part of the survey grid. Both the main anomaly and the new soil anomaly are still open to the west. Elevated "gold in soil" values within the main part of the G-1 Target area have defined a 150 meter wide zone that extends roughly 300 meters east west. Gold values within this zone range from 0.050 g/t gold to 0.614 g/t gold and include numerous samples that exceed 0.100 g/t gold. The new anomaly (located approximately 100 meters south of the main anomaly) is approximately 75 meters in width and has been defined over a strike length of roughly 100 meters. Gold in soil values within the new anomaly range from 0.051 to 0.111 g/ton.
Results of the rock sampling program and petrographic work are still pending and will be announced as they become available. Based on results received to date the G-1 Target appears to warrant additional evaluation work.
All samples from the current exploration program were submitted to the ALS Group assay facility in North Vancouver. Samples were analyzed by fire assay for gold (Au-ICP-AES finish) and for a suite of 35 elements using aqua regia digestion and standard ICP-AES techniques. ALS Group includes duplicate and industry standard analyses as part of its internal QA and QC program. The ALS Group QA and QC provisions are considered adequate for the current program and no additional measures were implemented.
Carl Von Einsiedel, P.Geo, consultant to the Company, is a Qualified Person and has reviewed the technical content of this press release.
ON BEHALF OF THE BOARD
Greg Davis, President, CEO and Director
This press release includes "forward-looking statements" including forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Gonzaga Resources Ltd. Statements regarding the extent of the G-1 Target zone and the results of further mineral exploration operations and objectives are subject to a number of risk, including, but are not limited to, exploration and geologic risk, inflation and costs of goods and services, property title issues and regulatory approvals. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Gonzaga Resources Ltd. does not assume the obligation to update any forward-looking statement, except as required by applicable law.
NEITHER THE 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 NEWS RELEASE.
Gonzaga Resources Ltd.
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