Key Highlights:

• 1.45 g/t Au over 20 m at Pancake Creek is the best intersection drilled by Golden Shield’s RC drilling campaign to date.
• Diamond-drilling at Pancake Creek has been initiated, initial hole completed, second hole underway.
• Initial hole at Mazoa Hill abandoned at 417 metres due to excessive deviation, redrill hole targeting depth extension to commence following drilling at Pancake Creek.
• Samples from 417-meter diamond drill-hole at Mazoa Hill have been submitted for assay, results are pending.

Golden Shield Resources Inc. (CSE: GSRI) (OTCQB: GSRFF) (FRA: 4LE0) is pleased to announce additional results from its reverse circulation drill campaign at the Marudi Mountain Property. The Company has now received all results from the RC drilling campaign and will use these to inform targeting in the ongoing diamond drilling program. The Company is also pleased to provide an update on the ongoing deep drillhole that is actively being drilled at the Mazoa Hill deposit.

Leo Hathaway, Executive Chairman of Golden Shield, commented “The RC results have defined exciting targets for diamond drill follow up. While drilling at Mazoa Hill deviated more than expected, it passed through the upper part of the Mazoa Hill deposit and in a direction not previously drilled, and will be very useful in corroborating previous drill results. We are excited to be diamond drilling and we continue to learn more with every hole.”

Pancake Creek

The Company has now received results for all of the 2,040 metres in 47 RC drill holes at Pancake Creek. Preliminary results suggest high-grade gold mineralization from surface (See Table 2), in two corridors that trend in a northwest-southwest direction. Most notably, drilling intersected 20 metres at 1.45 g/t Au in hole PC-23-109, to the west of the main drilling trend. The high-grade gold results are constrained to the mineralized Ferruginous Quartzie unit. At this time, the extent, width, and depth of the two emergent zones at Pancake Creek have not been fully constrained due to the shallow nature of shallow the RC drilling. However, the 20 m intersection of mineralized FQ encountered in hole PC-23-109 represents a new discovery of FQ at Marudi that is being followed up with drill testing. Currently, one diamond drill hole, PAN24-41 has been completed to 102 metres in the area and a second drill hole, PAN24-42, is being collared (see Figure 2)

The results found at the bottom of hole PC-23-108 and throughout hole PC-23-109 define a zone of near-surface high-grade gold. Diamond drilling will focus on expanding this to depth and laterally. These results in the western section of Pancake Creek, represent the longest continuous intercept of gold mineralization encountered in Golden Shield’s RC drilling campaign. The anomalous areas in the western part of Pancake (Figure 2) will also be diamond drill tested.

Table 2. Final RC drilling intercepts from 2023 RC drill campaign at the Pancake Creek Prospect

Marudi Drilling Update

Drilling at the Mazoa Hill Deposit (see January 24^th news release) commenced on January 13, 2024. Unfortunately, the initial hole deviated laterally to the east well beyond the planed limits and passed through the FQ contact into volcanic wallrock at 367 metres and was terminated at 417 metres (see Figures 4 and 5). Despite not achieving its target, this hole passed through areas of sparse drilling in the upper part of the Mazoa Hill deposit and will provide useful geological information on structure and mineralisation controls. A new hole is being planned that incorporates a larger degree of planned deviation and this will be drilled following completion of the Pancake Creek program.

Diamond drill targeting is ongoing, with preliminary diamond drill holes being planned for Marudi North, and Pancake Creek. Marudi North has seen limited historical diamond drilling but displays high-grade gold intercepts that occur in the same mineralized FQ unit that hosts mineralization across the property. The historic intercepts at Marudi North will be followed up to confirm the existence historical mineralization and confirm the extent of the favourable FQ unit. Pancake Creek has not seen any historical diamond drilling. The prospect has only become a recent focus of the Company after its discovery from preliminary fieldwork, trenching, and the RC-drilling reported in this news release. Both Marudi North, and Pancake Creek occur within 500 m of each other, and the Company believes they have the potential to connect.

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 (“Actlabs”) 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 was founded by experienced professionals who are convinced that there are many more gold mines yet to be found in Guyana. The company is well-financed and has three wholly controlled gold projects: Marudi Mountain, Arakaka and Fish Creek. Golden Shield continues to evaluate other gold opportunities in Guyana.

Figure 1. Property overview showing exploration targets (CNW Group/Golden Shield Resources)

Table 1. Current Status of Individual Exploration (CNW Group/Golden Shield Resources)

Figure 3. Target Areas for 2024 Diamond Drilling (CNW Group/Golden Shield Resources)

Figure 2. RC Drilling Results from the Pancake Creek Prospect (CNW Group/Golden Shield Resources)

Figure 4. Plan Map Showing relative location of MH24-40 at Mazoa Hill (CNW Group/Golden Shield Resources)

Figure 5. Drill section looking north. Hole MH24-40 is oriented towards viewer. (CNW Group/Golden Shield Resources)