Golden Shield Resources Inc. (CSE: GSRI) is pleased to announce the drill results from the initial hole of a 13-hole, 3,000 metre program at Mazoa Hill, the most advanced of eight prospects at the Company’s flagship, 5,457-hectare, Marudi Mountain gold project located in the Rupununi District of southwestern Guyana,
Golden Shield is currently drilling the ninth hole of the Company’s 3,000 metre, 13-hole Phase 2 drill program at Mazoa Hill. Results of the first hole, MH-22-16, are detailed in Table 1, while results for the other eight holes that have been completed are pending. Drilling of the remaining four holes of the program is progressing and will be finished before the end of this month.
Table 1 – Mazoa Hill, drill hole MH-22-16 intersections
|Hole # / length||Azimuth / inclination||Interval number||From (m)||To (m)||Length (m)*||Gold (g/t)|
|MH-22-16 / 257m||240 / -57||1||148.5||163.5||15||3.27|
*Lengths are drill indicated core length, as insufficient drilling has been undertaken to determine true widths at this time. The highest assay used for weighted average grade is 15.14 g/t gold and top-cutting is not deemed to be necessary. Average widths are calculated using a 0.50 g/t gold cut-off grade with < 4 m of internal dilution below cut-off grade. Sample lengths are 1m unless reduced below this to respect geological contacts.
Golden Shield interprets gold mineralization to occur in a series of en-echelon high grade shoots defined by intense silicification within a broader silicified zone, previously described as quartzite-metachert (QMC). In these areas silica flooding is associated pyrite pyrrhotite and native gold.
MAZOA HILL RESULTS
Hole MH-22-16 confirms Golden Shield’s reinterpretation of the geology of Mazoa Hill with a lower mineralised limb folding gently to the west. The reinterpretation of the geology shows that mineralization continues into an area that was entirely undrilled by previous operators, as shown in Figures 3 and 4.
Dr. Colin Porter, Vice President, Exploration of Golden Shield commented: “because historical drill holes did not intersect the lower limb extension, previous models assumed the QMC host-rock terminated at depth. However, Golden Shield’s reinterpretation of the Mazoa Hill mineralization has shown that the deposit is open at depth along the lower limb extension. This will allow the Golden Shield team to continue to define a new, updated resource at Mazoa Hill, as we continue to step out laterally, and at depth.”
Following the completion of the Phase 2 drill program Company geologists and field crews will focus on advancement of the existing prospects shown in Figure 1 to drill stage, if merited, and exploration for additional prospects. Once results from Phase 2 drilling are received and additional drilling will be planned.
The Company is also pleased to announce the signing of an agreement with OGIB Corporate Bulletin for a six-month term. Pursuant to the Agreement, OGIB will provide certain marketing, online corporate communications, publishing, writing and investor relations services.
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 gold mines yet to be found in Guyana. The company is well-financed and has three wholly controlled high-grade gold projects: Marudi Mountain, Arakaka and Fish Creek.
Figure 1. Marudi Project Map, prospects so far identified (CNW Group/Golden Shield Resources)
Figure 2. Mazoa Hill surface geology map with historic drilling and completed Golden Shield drill hole locations (CNW Group/Golden Shield Resources)
Figure 3. Cross section (A-A’) showing previous and current interpretations of QMC host rock and historic and golden shield drill holes. (CNW Group/Golden Shield Resources)
Figure 4. Three-dimensional view showing current and previous interpretations of QMC host rock unit and historic and Golden Shield drill holes. (CNW Group/Golden Shield Resources)
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We acknowledge the [financial] support of the Government of Canada.