www.goldrushresources.ca
Goldrush Resources Ltd. is a junior mineral resource exploration company. It is exploring for gold in the West African country of Burkina Faso where it holds 5 highly prospective permits covering 922 sq. km. The Company's permits are all located within the West African Birimian Greenstone Belts having a prolific history of gold production in this area of the world.
Goldrush Resources signs options for three prospective gold permits in Burkina Faso
Goldrush Resources (TSX-V: GOD) said Wednesday it has signed option agreements to earn 100% ownership in three gold exploration permits in Burkina Faso, West Africa - adding to the company's footprint in the area.
Together with the company’s existing five permits in the region, the company now has eight prospective permits that cover 1,330 square kilometres of West African Birimian Greenstone Belts, the host of six operating gold mines.
The first two adjacent permits, Nakiambouri and Gonaba-Est, are located in south- eastern Burkina Faso and together have a surface area of more than 300 sq kilometres. They lie along the northeast extension of the Youga Greenstone Belt, approximately 100 kilometres northeast of Endeavour Mining's (TSX: EDV) Youga Gold Mine.
At Gonaba-Est, there are two areas of active artisanal workings. At both sites, subparallel quartz veins extend across strike over mineralized zones 10 to 30 metres in width.
Meanwhile, Nakiambouri contains one area of artisanal mining approximately 250 metres in strike length. Similar to Gonaba-Est, sub parallel quartz veins extend across the mineralized zone which, based on the dispersion of gold worker pits, is 20 to 30 metres wide.
The third permit, Liki, which has a surface area of 180 sq kilometres, is located in the north central region along the Bouroum-Yalgo Greenstone Belt that hosts High River Gold Mines' (TSX:HRG) Taparko Gold Mine. At Liki, artisanal miners are extracting gold over a strike length of at least 400 metres.
Goldrush said it has conducted preliminary exploration on all three of the permits, with grab samples from Liki assaying as high as 19.15 g/t gold. At Nakiambouri, the percentage of samples with equal or greater than 0.5 g/t gold was nearly 43%. Based on these results, the company said it plans to pursue aggressive exploration programs on all the three permits.
In exchange for Liki and Nakiambouri, Goldrush agreed to pay a cash consideration of CFA 28 million (approximately US$56,000) on closing and an additional CFA 28 million payable after one year. The company also has to issue 20,000 shares to the buyer once the transaction receives regulatory approval.
For the Gonaba-Est permit, Goldrush must pay a total of CFA 75 million (US$150,000) in installments, at certain dates, over two year's time. It must also issue the buyer 20,000 shares.
Goldrush rallied 2.2% on Wednesday to trade at $0.23 as of 2:20pm EST.
