VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 9, 2012) - GONZAGA RESOURCES LTD. (the "Company") (TSX VENTURE:GN) provides an update on Stage 1 Exploration at the Company's Kennedy River Project, (the "Property") located near Port Alberni on Vancouver Island, British Columbia.
The Property covers roughly half of the historic Kennedy River Gold District and has potential to host significant zones of sheeted vein type gold mineralization. Previous exploration work carried out by Kerr Addison Mines in the late 1980's combined with soil geochemical surveys and 3D IP (induced polarization) surveys carried out by the Company in 2010, identified a high priority target in the central part of the Property referred to as the G-1 Target. Based on a compilation of historic work and the results of the Company's 2010 work program, the soil geochemical anomaly and the IP anomaly associated with the G-1 Target are estimated to be over 200 meters in width and are both open to the south west.
The objective of the Company's 2011/12 Phase 1 work program, as recommended in the NI43-101 technical report noted below, was to further delineate the extent of the "gold in soil geochemical anomaly" associated with the G-1 Target area. During November 2011, field crews completed part of the Phase 1 program through a soil geochemical sampling program by collecting approximately 250 soil and rock samples from the G-1 Target area. Soil sample assays from the samples ranged from trace levels to 0.614 g/t gold and include a sample that returned a duplicate assay of 3.88 g/t gold.
All samples from the initial part of the Stage 1 program were submitted to the ALS Group assay facility in North Vancouver, British Columbia. Samples were analyzed by fire assay for gold (Au-ICP-AES finish) and for a suite of 35 elements using aqua regia digestion and standard ICP-AES techniques. ALS Group includes duplicate and industry standard analyses as part of its internal QA and QC program. The ALS Group QA and QC provisions are considered adequate for the current program and no additional measures were implemented.
Based on the soil sample assays the G-1 target has been extended approximately 200 meters to the west and roughly 100 meters to the north and is now estimated to cover an area measuring approximately 300 meters north - south by 400 meters east - west, with the strongest gold values are localized in the central part of the zone.
The Company's consultants have recommended that detailed, close spaced sampling and hand trenching be completed to bedrock to expose the rock units that underlie the areas which exhibit the highest "gold in soil" values. Detailed sampling and trenching will be completed along 25 meter spaced, north-south oriented profile lines with samples collected at a maximum of 10 meter intervals. Where bedrock mineralization is encountered continuous channel samples will be collected at two-meter intervals. Crews have been mobilized to complete the recommended follow-up work and additional results will be announced as they become available.
Further information on the Property and the planned Phase I work program can be obtained from an Independent Technical Report entitled "Review of Technical Information and Proposed Work Program for the Kennedy Lake Property" dated October 31, 2010 authored by Carl Von Einsiedel, P.Geo, which can be accessed under the Company's profile at www.sedar.com.
Carl Von Einsiedel, P.Geo, consultant to the Company, is a Qualified Person and has reviewed the technical content of this press release.
ON BEHALF OF THE BOARD
Greg Davis, President, CEO and Director
This press release includes "forward-looking statements" including forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Gonzaga Resources Ltd. Statements regarding the extent of the G-1 Target zone and the results of further mineral exploration operations and objectives are subject to a number of risk, including, but are not limited to, exploration and geologic risk, inflation and costs of goods and services, property title issues and regulatory approvals. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Gonzaga Resources Ltd. does not assume the obligation to update any forward-looking statement, except as required by applicable law.Neither the 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 news release.