Monday 17th December 2018

Resource Clips

Goldrush VP Don Willoughby on Burkina Faso assays of 3.92 g/t gold over 10m

“When Goldrush acquired its suite of properties from High River Gold Mines Ltd in 2006, the Kongoussi I and Tikare permits had strong gold showings from geochemistry and from rock samples. We immediately began drilling on artisanal sites then and it’s simply developed from there. Two years ago we had a 43-101 qualified resource estimate report done and the number came out at 249,000 ounces gold in the inferred category, which is 5.9 million tonnes at 1.31 g/t, $685 gold and a 0.5 gram cut-off. The gold price would obviously be higher now—which will be used in an update, which will lower the cut-off, which would increase the number of tonnes, which hopefully would increase the number of ounces. Since that time we’ve done over 15,000 metres of drilling in and around Ronguen and we’re due to have the resource update done either the end of this quarter or the beginning of the third quarter. We’ve got this 9,000-metre reverse circulation drill program that we’ve started on now. They’re double-shifting on it, and we should be finished either the end of this month or the beginning of May. Assay results should be trickling in probably right through to June. Then it will be the end of June into July that we’ll be doing a resource report update.

“The Ronguen Deposit itself, the Main Zone, is shaped a bit like a piece of cardboard, dipping at about 45 degrees to the south. From drilling we did last fall north of the surface expression we obtained some higher grade gold results over very wide intersections, some as high as 7 g/t. We did quite a bit of rotary air-blast drilling in the north zone—a supergene enriched zone—which we now have established as being just under six hectares. It’s open to the east and west and at depth. The drilling only went to 30 metres, so we’re going to go in there with RC drilling in this next program. The Ronguen deposit is, I think it’s safe to say, considerably bigger than the 249,000 ounces from the last resource report, but of course what the number actually is we don’t know.

“One of the problems that we’ve had with Ronguen is its consistency. We never come up with any of the really high intersections, such as those recently released by Riverstone Resources and Roxgold Inc. We just seem to keep developing the same kind of grades over the same kind of widths and there’s never really anything that spectacularly catches the public’s attention. It’s just something we have to deal with.

“We have several other permits as well. We’ve just finished an RC program at Kilou, about 15 kilometres from Ronguen. We haven’t got assay results back, but we have high hopes for it. We’ve got 1,000 metres of RC that we’re going to do at our new Liki permit, and we’ve got another 3,000 that we’re going to do at Nakiambouri and Gonaba-Est. So we’ve got very prospective permits.

“High River has a right to back in to Ronguen for a 50% interest following our receipt of a feasibility study. Since the Severstal Group took over High River they seem to have lost interest in us. We’ve been in discussions with them to see if there’s a way to resolve something on Ronguen; that either we own all of it or they own all of it.

“Our assessment of Ronguen is very good. It’s open to both the east and the west. We’ve drilled 1.7 kilometres along strike to date and the deformation zone that Ronguen currently lies within is five kilometres long. So there’s not a lot more work to do there. But it’s all mineralized, so who knows. That’s why you drill. It’s in the right rocks and there are other artisanal showings along there. This is a very strong project.”

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