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Goldsource Announces Expansion of Eagle Mountain and Salbora Deposits

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Goldsource Announces Expansion of Eagle Mountain and Salbora Deposits

 

 

 

 

 

Goldsource Mines Inc. (TSX-V: GXS) (OTCQB: GXSFF) (FSE: G5M) is pleased to announce additional expansion and in-fill drill results from several targets located within the Eagle Mountain Gold Project in Guyana, South America. Expansion drill results of the Eagle Mountain Gold deposit (No 1 Hill area) and Salbora deposit and in-fill drill results of the Powis Prospect represent 19 core holes for 4,173 metres (see attached Figures). These new results will be included in the ongoing resources estimation anticipated by Q4, 2020.

 

  • Eagle Mountain Gold Deposit (No. 1 Hill area):
    • Expansion step out drilling is for an area 170 metres west of the boundary to the current Eagle Mountain resource.
    • Drill results of five (5) core holes for 595 metres are reported in the table below.
    • Historic drilling in the area consists of six (6) core holes for 705 metres are also included in the table below.
    • An additional three (3) core holes, totalling 313 metres, have been drilled in the No.1 Hill area and are awaiting assays.
    • Additional drilling is planned in H2, 2020.
  • Salbora Deposit:
    • Expansion step out drilling results to the northern part of the deposit and to depth.
    • Drill results of seven (7) core holes for 1,779 metres are reported in the table below.
    • Represents an expanded high-grade footprint (surface) of 300 metres long by 100 metres wide.
    • Near surface drilling is planned in H2, 2020.
  • Powis Prospect:
    • In-fill drill results of five (5) core holes for 1,389 metres.
    • A gold mineralized footprint of 200 metres long by 40 metres wide to a minimum depth of 200 metres.
    • Additional drilling is planned in H2, 2020.

 

The Company currently does not plan to conduct any work to verify the historical drilling or estimates other than using them to guide its exploratory drilling work.

 

Yannis Tsitos, President, commented, “The continued expansion of several gold deposits at the Eagle Mountain Project increases our near-surface gold mineralization. Two drill rigs are currently operating at Waterline, an extension target North of Salbora, and at No. 1 Hill area. We plan to add a third drill rig when COVID-19 related travel restrictions are eased in Guyana.

 

The most significant results for this release are holes EMD20-111 which intersected 21 metres grading 1.84 grams per tonne gold and EME20-041 which intersected 102 metres grading 0.61 gpt gold. The following table shows the most significant results (uncut, undiluted):

 

Eagle Mountain (No. 1 Hill) Hole Intercepts:

 

Hole ID (1) From (m) To
(m)
Drilled Interval (m)(2) Au (gpt)(3)
EMD20-111 7.5 16.5 9.0 1.48
includes 7.5 13.5 6.0 2.07
  48.0 51.0 3.0 1.59
  78.0 99.0 21.0 1.84
EMD20-112 7.5 13.5 6.0 0.49
  24.0 25.5 1.5 5.11
  64.5 72.0 7.5 0.77
EMD20-113 16.5 22.5 6.0 0.88
  39.0 42.0 3.0 1.24
  70.5 73.5 3.0 0.77
EMD20-114 13.5 18.0 4.5 3.20
  96.0 99.0 3.0 1.01
  120.0 121.5 1.5 2.24
  130.5 144.5 14.0 0.44
includes 132.0 135.5 3.5 1.51
  142.5 144.5 2.0 0.86
EMD20-115 84.0 90.0 6.0 4.10
  99.0 100.5 1.5 1.16

 

 

Eagle Mountain (No. 1 Hill) Historic Hole Intercepts:

 

Hole ID From (m) To (m) Drilled Interval (m) Au (gpt)
AD01 0.0 27.8 27.8 N/A
  58.6 61.5 3.0 0.80
AD02 0.0 34.1 34.1 N/A
  82.6 85.2 2.6 1.14
  88.3 89.4 1.1 1.03
  92.1 92.8 0.8 5.05
AD05 0.0 13.3 13.3 N/A
  26.6 27.9 1.3 0.69
  76.4 77.7 1.3 6.26
AD10 0.0 22.8 22.8 N/A
  61.1 65.8 4.7 0.78
  79.9 80.5 0.6 19.20
AD13 0.0 16.6 16.6 N/A
  27.5 28.1 0.6 1.03
  50.1 50.8 0.6 48.70
  58.0 59.1 1.1 0.69
  97.2 103.2 6.0 0.81
EM021 14.4 19.0 4.6 1.63
  63.5 65.0 1.5 1.80
  77.0 78.5 1.5 0.93

 

 

Notes:

 

AD01, AD02, AD05, AD10, AD13 drilled by Anaconda Mining in 1940’s, no saprolite recovery (N/A), not all intervals assayed, assaying by pounding and recovery of gold, not assay lab.
EM021 by Golden star in 1997, partial core recovered and re assayed by IAMGOLD for these figures.

 

Salbora Hole Intercepts:

 

Hole ID (1) From (m) To (m) Drilled Interval (m)(2) Au (gpt)(3)
EME20-035 0.0 2.5 2.5 0.49
  99.0 102.0 3.0 0.58
  115.5 118.5 3.0 0.41
  139.0 141.0 1.5 0.89
EME20-036 114.0 117.0 3.0 0.47
  177.0 178.5 1.5 0.68
EME20-037 82.5 85.5 3.0 0.47
EME20-038 178.5 207.0 28.5 0.58
  234.0 237.0 3.0 0.57
EME20-041 55.5 58.5 3.0 0.46
  72.0 174.0 102.0 0.61
includes 72.0 76.5 4.5 0.51
  105.0 109.5 4.5 0.56
  114.0 127.5 13.5 1.13
  135.0 141.0 6.0 0.46
  142.5 169.5 27.0 1.01
  172.5 174.0 1.5 0.54

 

 

Powis Hole Intercepts:

 

Hole ID (1) From (m) To (m) Drilled Interval (m)(2) Au (gpt)(3)
EME20-032 76.5 78.0 1.5 0.76
  156.0 157.5 1.5 1.55
  168.0 171.0 3.0 0.55
EME20-033 20.5 22.0 1.5 5.56
  88.5 93.0 4.5 3.18
  123.0 126.0 3.0 1.78
  145.5 147.0 1.5 1.28
EME20-034 49.5 51.0 1.5 2.40
  211.5 213.0 1.5 0.94
  246.0 249.0 3.0 0.43
  268.5 271.5 3.0 1.55
EMD20-106 90.0 91.5 1.5 2.38
EMD20-107 9.0 15.0 6.0 0.97
  103.5 108.0 4.5 1.53
  153.0 154.5 1.5 0.47

 

 

Note: All numbers rounded.

(1) EMD defines diamond core holes drilled in-house.
EME defines diamond core holes drilled by drilling contractor.

(2) True widths are 70 to 90% of drilled widths.

(3) Cutoff grade of 0.3 gpt Au.

 

All sample preparation and geochemical analyses were completed by Actlabs Guyana Inc. in Georgetown, Guyana. EME20-030, EME20-031, EME20-039 and EME20-040 intersected mineralization below the Company’s cut off grade of 0.3 gpt Au.

 

Geologically, the No. 1 Hill area at Eagle Mountain shows the same characteristics to the main Eagle Mountain deposit, with gold located in shallowly dipping mineralized zones, within chloritic fractures containing pyrite crosscutting granodiorite (granitoid). No.1 Hill is the down dropped extension of the Kilroy zone which contains gold resources. This extension may expand resources that were previously limited by a fault. At Salbora, several hydrothermal breccias have been discovered along a general north-south trend, the Company is targeting this trend to locate additional hydrothermal breccias and gold mineralization.

 

Once Guyana COVID-19 restrictions have been lifted and the International airport is re-opened, the Company plans to operate three (3) drills to complete additional expansion and in-fill drill holes for 7,500 to 10,000 metres (H2, 2020) at Eagle Mountain including testing additional geophysical and geological target areas, such as Waterline, Montgomery and Minnehaha. The objective is to complete an updated resource estimate for the Eagle Mountain Project in Q4, 2020.

 

The Qualified Person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects for this news release is N. Eric Fier, CPG, P.Eng, Executive Chairman and Chief Operating Officer for Goldsource, who has reviewed and approved its contents.

 

ABOUT GOLDSOURCE MINES INC.

 

Goldsource Mines Inc. is a Canadian resource company working aggressively to develop its advanced-stage, 100%-owned Eagle Mountain saprolite and hard-rock gold project in Guyana, South America. From 2016 to 2017, through a gravity pilot plant initiative, the Company completed testing on gravity-only gold production and both dry and wet mining open-pit techniques. Goldsource is now focused on expanding gold resources and delivering subsequent studies for decision-making on a large-scale gold production at Eagle Mountain. Goldsource is led by an experienced management team, proven in making exploration discoveries and in project construction.

Posted July 29, 2020

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