Ginguro Provides Update on investment in Canadian Continental Exploration Corporation
February 12 2014 - 8:43AM
Marketwired
Ginguro Provides Update on investment in Canadian Continental
Exploration Corporation
SUDBURY, ONTARIO--(Marketwired - Feb 12, 2014) - Ginguro
Exploration Inc. (TSX-VENTURE:GEG) (the "Company") is providing an
update on the exploration activities currently being carried out by
its exploration investee company, Canadian Continental Exploration
Corporation ("CCEC").
Ginguro is a major owner of CCEC, a privately held mineral
exploration company CCEC founded by Tom Obradovich, Patrick
Anderson and Tim Warman, all former Aurelian Resources Inc.
executives who have had success in discovering mineral deposits."
Ginguro currently owns 3,750,000 common shares and 5 million
warrants of CCEC, representing approximately 25% of the CCEC on a
partially diluted basis.
Canadian Continental has recently started drilling the strongest
magnetic part of the Temagami Anomaly, which is considered one of
the largest unexplained magnetic anomalies in the world. Because of
its position on a geological and geophysical trend that includes
the Sudbury Basin, the Temagami anomaly has been the focus of
numerous investigations in the past which have all ended without
explaining the anomaly.
The portion of the Temagami Anomaly being tested by CCEC in
Afton Township was last drilled in 1948. That historic drilling
penetrated to 1,300 feet (approximately 400m) vertically before
ending in sedimentary cover rocks, leaving the cause of the anomaly
unexplained.
Recent geophysical work by CCEC has determined, to the company's
satisfaction, that the magnetic source is not more than 1,100
meters below surface and, therefore, easily within the reach of the
drill that has been recently mobilized by CCEC.
The Temagami Anomaly is considered by many geoscientists to have
high potential for mineral discoveries. The magnetic and
gravimetric trends, which define the anomaly, suggest an extensive
suite of underlying ultramafic rocks, which could have associated
copper, nickel and PGE deposits similar to those of Sudbury or the
Copperfields deposit at Lake Temagami. Large iron formations in the
area have demonstrated potential for iron formation-hosted gold
deposits, such as the past producing Golden Rose deposit at nearby
Emerald Lake. The large gold rich paleo-placer discovered by
Ginguro 12 kilometers south east of CCEC's drill site may have been
sourced from gold bearing rocks associated with the Temagami
Anomaly.
"This is a great opportunity for Ginguro," commented Richard
Murphy, Ginguro President and CEO, "we are exposed to one of the
most exciting exploration projects anywhere, through our ownership
in Canadian Continental. CCEC has identified a remarkable
opportunity in one of the world's most important mining
regions."
About Ginguro
Ginguro Exploration Inc. is a mineral exploration company
focused on the advancement of its Pardo paleo-placer gold property,
located in Pardo Township in northern Ontario. To learn more about
Ginguro Exploration Inc., please visit: www.ginguro.com.
The Qualified Person responsible for the geological
technical content of this news release is Richard Murphy, P.Geo,
President and CEO of Ginguro Exploration Inc.
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 Corporation'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 Corporation 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.
Ginguro Exploration Inc.Richard MurphyPresident and CEO(705)
222-8800(705) 222-8801info@ginguro.comwww.ginguro.com
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