Masuparia Gold Corp Confirms Greywacke Potential by 24hgold

Keywords : Canada | Diamond | Gold | Report |

Re: News - Wednesday, December 05, 2012
Title: Masuparia Confirms Greywacke Potential

NR: 12-05

Masuparia Gold Corporation (TSX.V: MAS) ("the Company") reports that technical results received to date confirm the corporate decision to accelerate the exploration and development of the Greywacke project is justified. The project is a 50/50 joint venture between the Company and Golden Band Resources Inc. (TSX.V: GBN) (see news release dated Nov. 14, 2012). This release summarizes additional sampling of the historic drill core, new trenching on the Greywacke North deposit and the aeromagnetic survey.

A total of 725 samples representing approximately 705.2 metres (m) of core previously not sampled, were acquired from the historic core stored on site. Elevated gold values were obtained from several new intervals, the most significant being from DDH GW02-79 which assayed 5.88 g/t Au over 11.5 m (19.0-30.5m). The historical drilling was completed during the period in which bulk mineable low-grade targets were typically not considered to be attractive. However, a recent review of the intervals utilized to complete the NI 43-101 resource report now indicates a low grade halo that would be of potential interest in considering a bulk mining target. All mineralized intervals, utilizing a 0.45 g/t cut-off, will be reported on the Company's website, with selected holes presented on Table 1 below:

Table 1: Greywacke North Deposit
Mineralized Intervals from selected historical drill holes which have been positively
influenced by additional core sampling.

Drill Hole	From (m)	To (m)	Interval (m)	Grade (g/t Au)	True Width (m)
GW89-02	35.0	45.5	10.5	5.01	10.34
GW01-41	118.0	125.5	7.5	16.29	6.7
GW01-43	87.1	94.45	7.35	3.67	4.82
GW01-44	25.82	40.43	14.41	2.75	13.7
GW01-45	46.97	59.25	12.28	5.31	9.81
GW01-46	34.45	48.3	13.85	0.82	13.53
GW01-47	76.0	85.5	9.5	7.40	6.48
GW01-48	40.2	55.0	14.8	3.83	12.82
GW01-49	74.5	85.5	11.0	6.78	8.04
GW01-50	57.7	76.25	18.55	4.92	16.53
GW01-51	24.0	46.85	22.85	4.70	22.5
GW01-52	71.25	89.69	18.44	5.89	16.13
GW02-59	29.0	49.0	20.0	2.01	19.7
GW02-60	30.35	35.0	4.65	9.12	4.21
and	40.5	45.3	4.8	5.40	4.35
GW02-66	31.6	60.64	29.04	2.38	23.19
and	64.5	67.0	2.5	1.97	2.0
GW02-79	6.0	30.48	24.48	3.78	14.43
GW05-82	22.0	74.47	52.47	5.01	46.75
Incl	50.83	69.6	18.77	12.07	16.72
GW08-86	142.2	153.4	11.2	9.07	9.29
GW08-98	39.0	73.53	34.53	3.56	30.52
and	27.56	34.56	7.0	0.50	6.19

Re-logging and splitting of additional core will proceed in conjunction with other field programs. Even though previously unreported gold mineralization was located, on the whole the historical work was found to be of good quality with the identification of the better grade being reasonable, especially in consideration of the difficulty of identifying the mineralization controls. The pegmatite bodies were confirmed to be post-mineralization.

The Greywacke North outcrop area was ground sluiced in order to expose the historic saw cut channel samples and some drill collars. Additional saw-cut channels were taken to extend the mineralization and better define the outer boundaries of the zone. A total of 64 samples were completed and the compiled results are displayed as Figure 3. The most notable values were obtained from two contiguous 0.5 metre channel samples on line 12+90 which yielded 71.5 g/t and 65.36 g/t Au.

A detailed airborne magnetic survey totalling 1,275 kilometres was completed in June 2012 by Tundra Airborne Surveys. The survey was designed to provide lithological and structural data. Detailed orthophoto coloured imagery was sourced from the Province of Saskatchewan and provides a strong complimentary interpretative tool. A new geological interpretation was completed by Taiga Consultants Ltd on the combined data set. Known gold occurrences within the Greywacke property exhibit a strong spatial association with two types of structures: 1.) with fold closures in the MacLean Lake Group rocks, especially where structural features have been intersected and crossed by latter N-S and NW-SE oriented faults and 2.) with NW oriented secondary splays off the McLennen Lake regional fault as illustrated by the Shandy Lake occurrence. The Greywacke North deposit and a number of the historical gold occurrences are located on a single, folded magnetic horizon related to cross structures. A representation of the magnetic results will be incorporated into the Company's web site and presented as Figure 4.

A winter Diamond drill program is recommended for the Greywacke North deposit with an initial phase of 2,500 metres. The drill program will be focused on expanding the historic resource and a new resource calculation will be considered upon completion of this program.

The Company has submitted a regulatory application to undertake a 10,000 to 15,000 tonne bulk sample that will be tested in Golden Band's Jolu Mill. Approval is anticipated to be obtained in sufficient time to complete the work this winter. Bench-scale metallurgical testing has commenced on drill core under the supervision of Golden Band's metallurgist and will assist the planning of the bulk sample. The metallurgical program, continuing baseline environmental studies and the winter drill program are all planned to support the completion of a Preliminary Economic Assessment on the Greywacke North deposit.

Mike Jamieson, P.Geol., of Taiga Consultants Ltd., has acted as the Qualified Person as defined in National Instrument 43-101 for this disclosure and has approved the technical information contained in this release.

About Masuparia
Masuparia Gold Corporation is a Canadian mineral exploration company focused on grassroots exploration projects with world class potential. Masuparia currently is the Operator of a joint venture (LRSG JV) in the La Ronge Gold Belt of Saskatchewan with Golden Band Resources on three properties: Greywacke Lake, Preview Lake and North Lake. The Greywacke Lake gold project, which the Company believes to have bulk mineable potential, is at an advanced stage with several known high-grade gold-bearing zones and a resource estimate on the Greywacke North Zone of 184,000 tonnes at 8.4 g/t Au plus an Inferred Resource of 58,000 tonnes at 7.29 g/t (at a cut-off of 5 g/t) (NI 43-101, Wardrop 2008).

On Behalf of the Board of Directors
Masuparia Gold Corporation

Ron Netolitzky, President & CEO

Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

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