Key Highlights:

• Pancake Creek – Golden Shield intersects 90m shear zone in the second of three diamond drillholes at Pancake Creek.
• Mazoa Hill – Golden Shield intersects 15 m at 1.40 g/t Au from 14.5 m depth and 16 m at 1.01 g/t Au Incl. 8 m at 1.23 g/t Au from 71 m depth in initial drill results from the first 100 m of hole MH-24-40.
• Golden Shield has now drilled 1336m in 6 drillholes at the Marudi Mountain property in 2024.

Golden Shield Resources Inc. (CSE: GSRI) (OTCQB: GSRFF) (FRA: 4LE0) is pleased to report positive drill results and provide an initial update on the ongoing diamond drill program occurring at the company’s flagship Marudi Mountain Property. The Company intersected a 90m shear zone with a chlorite-pyrite-pyrrhotite assemblage that is seen to host gold in the FQ unit, in hole PAN-24-42 at the Pancake Creek target. Assays from the hole are currently in process.

Initial results for the top 100m of the first deep drillhole at Mazoa Hill MH-24-040, have now been returned with >300 m of results still pending. Results from hole MH-24-40 yielded multiple high-grade gold intercepts across two double digit intervals. Hole MH-24-40 was designed to test the vertical extent of the steeply dipping ore shoot at Mazoa Hill. Unfortunately, the hole had to be abandoned at 417 m due to excessive deviation (See February 1^st News Release). Results are also pending from 5 holes drilled at the Pancake/Locust Creek prospects.

Mazoa Hill Results

     Hole MH-24-40 was designed to test the deep extension, and ore grade controls of the steeply dipping oreshoot at the Mazoa Hill deposit. The initial top 100 m of MH-24-40 have now been received (Table 1). The first 100 m of MH-24-40 displayed consistent FQ lithology (the host of gold mineralization on the Marudi Mountain property), with a brief interval of saprolite (Figure 1 & 2). The FQ continued downhole to 180 m depth where the FQ became intercalated with the metavolcanic host rock. The FQ lithology then returned at a depth of 205 m. The FQ continued to be encountered, uninterrupted, until 366.7 m. After 366.7 m, the drill entered the metavolcanic host rock. The drill continued for an additional 50 m, but the hole was shut down when the drill failed to intersect any further favorable FQ lithology.

Table 1. Drill Results from hole MH-24-40

The initial results illustrate the mineralization potential of the ore shoot across the Mazoa Hill deposit. This ore shoot displays consistent high-grade gold mineralization in Ferruginous Quartzite (FQ) host rock. Further results are awaited for the additional >300 m interval remaining in hole, MH-24-40. These results will help formulate a greater understanding of the overall controls and metal tenor of the Mazoa Hill deposit. These results will be implemented into an updated mineral resource in late 2024.

Exploration Update

1134 m of diamond drilling has now been completed on the Mazoa Hill deposit in six drillholes. Drillhole MH-24-40 was completed at Mazoa Hill; however, the hole had to be abandoned at a depth of 417 m due to excessive deviation. Following this, the drill moved to Pancake and Locust Creek where a total of 5 drillholes were completed (PAN-24-41, PAN-24-42, PAN-24-43, LOC-24-44 and PAN-24-45. The drilling at Pancake Creek intersected a large shear zone, with a chlorite-pyrite-pyrrhotite assemblage that is seen to host gold in the FQ unit; however, the mineralization potential of this area has not been validated at this time as all geochemical results are pending.

Quality Assurance

All Golden Shield sample assay results have been independently monitored through a quality control / quality assurance (“QA/QC”) protocol which includes the insertion of blind standards, blanks as well as pulp and reject duplicate samples. Logging and sampling are completed at Golden Shield’s core handling facility located at the Marudi property. Drill core is diamond sawn on site and half drill-core samples are securely transported to Actlabs Guyana Inc sample preparation and analysis facility in Georgetown, Guyana. Samples are crushed and pulverised and a 50-gram charge is analysed by Fire Assay with gravimetric finish. Golden Shield is not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data referred to herein. ACTLABS Laboratories is independent of Golden Shield.

Qualified Persons

Leo Hathaway, P. Geo, Executive Chair of Golden Shield, and a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed, verified, and approved the scientific and technical information in this news release and has verified the data underlying that scientific and technical information.

About Golden Shield

Golden Shield Resources is a gold-exploration company centered on its 100% owned project in Guyana, South America, Marudi Mountain. Marudi Mountain, located in southwestern Guyana, covers 5,457 hectares of a greenstone belt assemblage and features an extensive mineralized gold system at the Mazoa Hill Deposit. Golden Shield is led by an experienced management team with a proven track record of discovery globally.

Figure 1. Trace of MH-24-40 and MH-24-47 (with projected trace) drilled at the Mazoa Hill deposit. Cross section located in Figure 2. (CNW Group/Golden Shield Resources)

Figure 2. Cross Section A-B Showing Drillholes MH-24-40 and MH-24-47 (CNW Group/Golden Shield Resources)