Ginguro Exploration (TSX: V.GEG, Stock Forum) pushed exploration efforts forward at the Pardo JV property, located approximately 65 kilometres northeast of Sudbury, Ontario, when the company released assay results it had received on the Gorilla Zone.
According to the news release, the results came from the first two continuous channel samples from the recently discovered Gorilla Zone.
Highlights from the samples included an average of 10.4 g/t gold over 29 metres from channel 14-32 and an average of 1.4 g/t gold over 14 metres from channel 14-33 (cut perpendicular to channel 14-32). The gold-bearing conglomerate sampled from the Gorilla Zone seems to have an average true thickness of approximately 4 metres.
The company also announced results from two channels taken from the Western Reef extension with 1.3 g/t gold over 5.5 metres and 0.7 g/t gold over 4.5 metres. There was also a correction to the August 13, 2014 news release regarding results from the aforementioned extension updating sample lengths so the results would accurately read as 1.8 g/t gold over 5.5 metres and 1.0 g/t gold over 5.5 metres.
Company President and CEO, Richard Murphy, commented, “This is just the beginning. We have an additional 472 half metre samples at the lab pending assay and we plan on cutting at least an additional 80 metres at the Godzilla Zone. I anticipate receiving assay results for the Godzilla Zone right through the end of September.”
He then concluded, “We are optimistic about the grade of results received from Godzilla to date. Furthermore, the work of prospecting, stripping and channel sampling of new areas across the Pardo JV property is ongoing and will continue until late fall.”
Ginguro Exploration was in the news recently when the Sudbury, Ontario-based company provided an update for the Pardo Joint Venture a little over a week ago.
Shares gained 3.77% on the news to $0.275 per share.
Currently there are 85.0m outstanding shares with a market cap of $23.4 million.