Goldsource Mines Inc. (TSX-V: GXS) (OTCQB: GXSFF) (FSE: G5MA) is pleased to announce additional infill and expansion drill results for the Company’s 100%-owned Eagle Mountain Gold Project in Guyana, South America. Newly reported results are for 29 core holes totaling 3,269 metres from the Bacchus, Bottle Bank, No. 1 Hill and Bucket Shaft areas of the Eagle Mountain deposit. Another 7 core holes totaling 803 metres are for the Salbora deposit. See attached Figures and Tables below.
These drill results represent the final set of infill and expansion drill results from the 2021 program and are the final drill results to be included in the updated Mineral Resource Estimate, which the Company anticipates completing by year-end, 2021. In total, the updated MRE will reflect an estimated 21,000 metres of additional core drilling completed from November 6, 2020, the cut-off date for the February 2021 MRE. The majority of the drilling was infill, testing the continuity of the shallow sub-horizontal zones of the Eagle Mountain deposit and the sub-vertical breccia zones of the Salbora deposit. The expansion drilling was designed to test for lateral extensions of the Eagle Mountain zones to the north and southwest and for new sub-horizontal zones at depth. The February MRE is contained in a report titled “Eagle Mountain Gold Project, Potaro – Siparuni Region Guyana, NI 43-101 Technical Report”, dated April 7, 2021, with an Effective Date of February 17, 2021.
In parallel, the Company continues to progress the 5,000-metre Phase 2 exploration program that is designed to test known geophysical targets and follow up on prospects along the Salbora-Powis structural trend. Drilling at the Toucan and Powis prospects is progressing well with results expected in the near term.
Highlights (Eagle Mountain & Salbora deposits):
Eagle Mountain Deposit – No.1 Hill and Bowl Areas:
Eagle Mountain Deposit – Bacchus and Bucket Shaft Areas:
Salbora Deposit – Salbora-Powis Trend:
Steve Parsons, P. Eng., and CEO of Goldsource, commented, “We are pleased to have completed this year’s infill and expansion drilling of the Eagle Mountain and Salbora deposits as we prepare for the updated MRE. As well, we view as positive a new development, that is, the latest drilling has provided key insights with respect to the intersection of the sub-vertical breccia structures of the Salbora deposit with the newly interpreted sub-horizontal structures – similar to those of the Eagle Mountain deposit – can result in high gold grades in the immediate area of their intersection, as shown with the Salbora drilling. This may provide additional targets within the Salbora-Powis north-south structural trend including the re-interpretation of the Toucan and Powis prospects. Along with the continued testing of known geophysical targets on the Salbora-Powis trend, the Company’s exploration efforts will continue to focus on these priority areas of interest.”
The following tables show the most significant results (uncut, undiluted):
Table 1: Bottle Bank/Bowl/No.1 Hill Areas – Infill and Expansion Intercepts (Eagle Mountain Deposit)
|Hole ID (1)||From
Table 2: Bacchus Area – Infill and Expansion Intercepts (Eagle Mountain Deposit)
|Hole ID (1)||From
Table 3: Bucket Shaft Area – Infill and Expansion Intercepts (Eagle Mountain Deposit)
|Hole ID (1)||From
Table 4: Salbora – Infill and Expansion Intercepts (Salbora Deposit)
|Hole ID (1)||From
Note: All numbers rounded.
(1) EMD defines core holes completed by in-house drill rig.
EMX defines core holes completed by contractor drill rig.
EME defines core hole completed by contractor drill rig.
(2) True widths are estimated to be 70 to 100% of drilled widths.
(3) Saprolite and hard rock cut-off grades of 0.3 and 0.5 gpt gold, respectively.
All sample preparation and geochemical analyses were completed by Actlabs Guyana Inc. in Georgetown, Guyana. Holes EMD21-183 and EMD21-184 intersected mineralization below the Company’s cut-off grade of 0.3 gpt gold for saprolite and 0.5 gpt for fresh rock.
2021 Drill Program Overview
The four primary objectives for the 2021 drill program remain unchanged, as follows:
Bottle Bank – No.1 Hill – Bowl Areas (Eagle Mountain Deposit)
Drilling in the Bottle Bank, No. 1 Hill and Bowl areas of the Eagle Mountain deposit was designed to provide additional drill density for resource conversion and test continuity of mineralization, both near surface and at depth, within the Inferred Mineral Resource as defined by the February MRE. Similar to the other areas of the Eagle Mountain deposit, the tenor of mineralization is strongest within the central part of each area. Towards the periphery, mostly in areas with Inferred resources, the tenor of mineralization is less either due to lower grades or thinner zones.
EMD21-193 returned gold grades that were significantly higher than expected within the Indicated Mineral Resource. From 6.0 metres down the hole, EMD21-193 intersected 16.5 metres (ETW of 14.2 metres) grading 20.04 gpt gold. The elevated grades are associated with localized intense shearing and increasing grades towards the base of the zone (Zone 4). This is similar in characteristic to EMM21-007 in the Ounce Hill area, which intersected 42.0 metres (ETW of 34.0 metres) grading 20.38 gpt from surface (see news release dated February 8, 2021).
Expansion drilling in the Bowl area has shown that the mineralization intersected in No.1 Hill is also present 250 metres to the north-west. This expands the mineralized footprint and will be the subject of follow-up drilling to confirm the extents.
Bacchus and Bucket Shaft Areas (Eagle Mountain Deposit)
Drilling in the Bacchus area was designed to follow up on expansion drilling completed earlier in 2021 and test the continuity of mineralization in the gap between the Bacchus and Friendly areas, which is approximately 100 metres beyond the outline of the inferred resources.
Drilling in Bucket Shaft targeted inferred resources and successfully intersected mineralization where projected.
Salbora Deposit (Salbora-Powis Trend)
Infill drilling within the Inferred Mineral Resource of the Salbora deposit was intended to test the intersection of the primary sub-vertical breccia structures with the recently interpreted sub-horizontal shear structures (zones) that are similar to those of the Eagle Mountain deposit 1.5 kilometres to the south-east. Both these structures at Salbora occur within mafic volcanic and granodiorite units, with the presence of granitic bodies seen as key to mineralization. Drilling has confirmed that the areas where the two styles of mineralization intersect can lead to localized higher gold grades. Examples include EME21-153, which intersected 4.5 metres (ETW of 3.5 metres) grading 7.70 gpt gold, and EME21-155, which intersected 1.5 metres (ETW of 1.2 metres) grading 37.86 gpt gold. The intersection of these structures is now better understood and will be the focus for further exploration along the Salbora-Powis trend (see Figure 1), particularly where granitoid units are present.
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 for Goldsource, who has reviewed and approved its contents.
ABOUT GOLDSOURCE MINES INC.
Goldsource Mines Inc. is a Canadian exploration company focussed on the 100%-owned Eagle Mountain gold project in Guyana, South America. The Company is led by an experienced management team, proven in making precious metals exploration discoveries and executing on phased project development in the Americas.
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