Trading Symbol: GOR - TSX-Venture
VANCOUVER, Oct. 11 /CNW/ - Drilling continues on Goldrea Resources
Corp.'s (GOR-TSX.V), Rushan Gold Project in Shandong Province in China.
Drilling is directed toward the down dip extensions of the ore body mined in
the Daye Open Pit. Goldrea has an agreement to mine the lateral extensions of
these ore bodies and the downward extensions below the -150 meter elevation.
The table below gives a summary of the holes drilled to date with
significant intersections.
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DRILL RESULTS FROM GOLDREA'S RUSHAN PROJECT CHINA
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FROM TO INT. GPT AU METERS GRADE AVE.
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Hole No. Meters Meters m. gpt m. Gpt Au.
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GZK 801 262.00 262.94 0.94 0.003
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262.94 263.94 1 3.030
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263.94 264.94 1 14.240
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264.94 265.94 1 13.780
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265.94 266.94 1 1.990 4 8.26
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268.84 271.84 3 0.001
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GZK 802 222.27 223.27 1 0.360
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223.27 224.27 1 1.110 1 1.11
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224.27 225.27 1 0.090
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GZK 804 N.V.
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GZK 805 N.V.
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GZK 806 290.81 291.81 1 0.050
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291.81 292.81 1 8.320 1 8.32
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292.81 293.81 1 0.018
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GZK 808 N.V.
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GZK 810 178.60 179.60 1 0.139
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179.60 180.60 1 1.223 1 1.22
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180.60 181.60 1 0.662
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188.60 189.60 1 0.004
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189.60 190.60 1 5.376
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190.60 191.60 1 4.887
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191.60 192.60 1 6.237
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192.60 193.60 1 3.046
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193.60 194.60 1 0.917 5 4.09
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194.60 195.60 1 0.636
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GZK 811 201.10 202.10 1 0.254
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202.10 203.10 1 2.051
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203.10 204.10 1 1.409 2 1.73
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204.10 205.10 1 0.506
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GZK 812 N/A
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GZK 813 361.65 362.65 1 0.124
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362.65 363.65 1 1.175
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363.65 364.65 1 1.743 2 1.46
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364.65 365.65 1 0.103
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178.60 179.60 1 0.139
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179.60 180.60 1 1.223 1 1.22
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180.60 181.60 1 0.662
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GZK 814 N/A
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GZK 815 N/V
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GZK 818 248.44 249.44 1 0.012
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249.44 250.44 1 3.185 1 3.185
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250.44 251.44 1 0.029
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GZK 819 N/V
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GZK 820 N/V
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Holes GZK 801 to GZK 813 were directed toward the downward extensions of
the ore mined in the open pit. The results indicate that this mineralization
continues to depth. Results are not available for Hole GZK 812.
Holes GZK 818 to GZK 820 were drilled on the eastern extension of the
structure near the village of Shanxi some 2 kilometers east of the open pit.
Holes GZK 814 and GZK 815 were directed toward the western extensions of
the structure. Trenching in the shallow portions of this western extension of
the structure intersected visible sulphides with indicated gold bearing
material in all the trenches. Surveys, geological mapping results and assays
are expected shortly.
Hole GZK 810 intersected two sections of near massive sulphides, one
returning 1.00 meters of 1.22 grams per tonne gold and the other returning
5.00 meters of 4.09 grams gold per tonne. These two intersections are
interpreted to be on a new, previously unknown, limb of the bifurcating vein
structure. These intersections are some 500 meters southeast of the previously
known mineralization joined to the main ore bodies by a branch in the shear
vein system.
Values recovered in the industrial mineral component of the ore have
sparked renewed interest in this aspect of the ore. The scope of the market
for this material is being investigated. Base metal values previously untested
in the mined material or the cores is also being investigated and these two
added components are expected to contribute significantly to the over all
economics of the deposit. Mine design parameters are being developed to
evaluate the possibility of going directly into production using the
industrial mineral component as a springboard to provide development funding
for the underground mining.
Currently the company is in advanced discussions to joint venture the
revenue produced from mining and milling the joint venture concession. A
workable joint venture will provide the company with a much faster than
anticipated revenue stream, as well as assist in blocking out future
mineralization.
Norm Tribe, P.Eng., is currently completing a report on the continuing
drilling and trenching program as well as a proposal on developing declines to
assist in exploration and development. The company will be issuing a press
release on these new developments in the near future. Norm Tribe is the
qualified person under NI43-101 and is the engineer supervising the ongoing
exploration and development in China.
ON BEHALF OF MANAGEMENT
"Larry W. Reaugh"
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Larry W. Reaugh
President and C.E.O.
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The TSX-Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
This news release may contain certain "Forward-Looking Statements" within
the meaning of Section 21E of the United States Securities Exchange Act of
1934, as amended. All statements, other than statements of historical fact,
included herein are forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will prove to be
accurate, and actual results and future events could differ materially from
those anticipated in such statements. Important factors that could cause
actual results to differ materially from the Company's expectations are
disclosed in the Company's documents filed from time to time with the
TSX-Venture Exchange, the British Columbia Securities Commission and the US
Securities and Exchange Commission.
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