Ginguro Announces Results from El Alto Airborne Magnetic/ Radiometric Survey
Ginguro Exploration Inc.
NEWS RELEASE 101-957 Cambrian Heights Drive Sudbury ON P3C 5S5 t (705) 222-8800 f (705) 222-8801 [email protected]
Ginguro Announces Results from El Alto Airborne Magnetic/ Radiometric Survey
SUDBURY, ONTARIO – May 31, 2010 - Ginguro Exploration Inc. (TSX-V:GEG) (“Ginguro”
or the “Company”) is pleased to announce receipt of results from a recently completed airborne magnetic/radiometric survey on its El Alto Property. The survey, which was completed by New- Sense Geophysics Limited, collected high density data on 50 metre spaced flight lines.
The magnetic data revealed five distinct anomalies ranging in length from 1.3 km to 2.4 km and in widths from 50m to 800m. The South-West anomaly is coincident with a Uranium-Thorium response in the radiometric data and corresponds to an area of 1950s era small scale mining. This South-West anomaly is 2.3 km in length, trends north-south, and ranges from 50m to 350m in width. This anomaly represents a high priority drill target at El Alto.
The North-West anomaly is approximately 2.4 km long and ranges from 230m to 700m wide. A recent site visit by representatives of both Ginguro and Canadian Continental confirmed that this area is underlain by massive iron oxide mineralization with conspicuous cavities, where it is believed sulphide minerals have been weathered out. Adits in the vicinity show similar iron oxide, with abundant chalcopyrite in fresh rock.
Along the western border of the South-West and North-West anomalies is a continuous 4.5 km long zone of high potassium response in the radiometric data, which most likely represents alteration associated with the iron oxide mineralization and confirms the large scale of the mineralizing system.
The East-Central anomaly is approximately 1.3 km long and 150 to 350m wide. Several localized potassium highs can be seen in the radiometric data and these potassium highs surround the centre of the magnetic anomaly. As with the North-West anomaly, the underlying bedrock of the East-Central anomaly also contains massive iron oxide mineralization with conspicuous cavities, where it is believed sulphide minerals have been weathered out.
The North-East anomaly, which is approximately 1.5km long by 800m wide, was briefly investigated and is underlain by a zone of intensely altered rock (alternating beds of albite and epidote), which contains 10-15% iron oxide. In this case, a large radiometric potassium high is evident, bordering the east side of the anomaly’s magnetic high.
The South-East anomaly, which is approximately 1.5km long and up to 450m wide, occurs in an area of little exposure and has not been explained by the rocks at surface.
Property operator Canadian Continental can earn a 70% interest in the El Alto property by funding $5 million of exploration expenditures on the property over 4 years. Canadian Continental is initiating a program of mapping and road construction to facilitate drilling of the South-West, North-West, and East Central anomalies, with such drilling expected to occur during the coming months.
About Ginguro
Ginguro Exploration Inc. is a mineral exploration company focused on the advancement of its Pardo paleo-placer gold property, located in northern Ontario and of its El Alto IOCG property located north-west of Santiago, Chile. To learn more about Ginguro Exploration Inc., please visit: www.ginguro.com.
For more information contact:
Richard Murphy President and CEO Ginguro Exploration Inc.
Tel: (705) 222-8800 E-mail: [email protected]
The Qualified Person responsible for the technical content of this news release is Richard Murphy, P.Geo., President and CEO of Ginguro Exploration Inc. Mr. Murphy has verified all of the technical data contained in this release.
Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" in the Company's filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume any obligation to update any forward-looking statements, save and except as may be required by applicable securities laws.
Neither 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 release.