Goldsource Mines Inc. (TSX-V: GXS) (OTCQB: GXSFF) (FSE: G5M) is pleased to announce additional in-fill and expansion drill results for the Company’s 100%-owned Eagle Mountain Gold Project in Guyana, South America. Newly reported results, for resource conversion, represent 16 core holes totalling 1,205 metres (see attached Figures and Tables below) drilled from December 2020 to February 2021 in the Ounce Hill and Bacchus areas of the Eagle Mountain deposit.
Highlights (Eagle Mountain deposit):
These results were not included in the updated Mineral Resource Estimate (“MRE”) announced on February 22, 2021 for which the cut-off date for assays was November 6, 2020. The Company has continued drilling beyond this date with three rigs currently active at site and is planning a second resource update later in 2021. The four primary objectives for the 2021 drill program are unchanged, as follows:
Steve Parsons, P. Eng., and CEO of Goldsource, commented, “Not only is the 2021 drill program confirming the continuity of mineralization in the Ounce Hill and Bacchus areas of the Eagle Mountain deposit, but it is also delivering several enhancements. Higher grades in the Ounce Hill area, with continuous gold mineralization over the reported intersections underscores the prospectivity of Ounce Hill in terms of expanding the higher-grade footprint. For the Bacchus area, discovery of up to four mineralized horizons or zones with the step-out drilling to the northwest is a noteworthy development. While our understanding of the granodiorite and mafic contact is evolving, the possibility exists for further expansions to the north and north-west direction along the lateral extent of the Eagle Mountain deposit. This potential will be tested in the coming months.
“As we progress our exploration objectives, including the recently reported MRE update, and identify new target areas for exploration, the favourable development characteristics of the Eagle Mountain Project come further into focus. These include a growing footprint of mineralization and tangible opportunities for phased development. We look forward to further exploration updates and the next mineral resource update later in 2021.”
The following table shows the most significant results (uncut, undiluted):
Table 1: Eagle Mountain Deposit – Ounce Hill In-fill Intercepts
Hole ID (1) | From (m) | To (m) | Drilled Interval (m)(2) |
Gold (gpt)(3) |
EMM21-009 | 0.0 | 51.0 | 51.0 | 2.02 |
EMM21-010 | 0.0 | 33.0 | 33.0 | 0.95 |
Incl. | 25.5 | 33.0 | 7.5 | 2.61 |
and | 43.5 | 46.5 | 3.0 | 0.52 |
EMM21-011 | 0.0 | 30.0 | 30.0 | 0.96 |
and | 39.0 | 52.0 | 13.0 | 1.15 |
Incl. | 39.0 | 43.5 | 4.5 | 2.92 |
and | 49.5 | 52.5 | 3.0 | 0.71 |
EMM21-012 | 0.0 | 25.5 | 25.5 | 0.69 |
and | 28.5 | 30.0 | 1.5 | 0.75 |
and | 39.0 | 42.0 | 3.0 | 0.69 |
EMM21-013 | 6.0 | 24.0 | 18.0 | 1.75 |
and | 27.0 | 37.5 | 10.5 | 0.49 |
EMM21-014 | 6.0 | 16.5 | 10.5 | 1.53 |
EMM21-015 | 7.5 | 27.0 | 19.5 | 0.58 |
and | 36.0 | 43.5 | 7.5 | 1.03 |
EMM21-016 | 21.0 | 22.5 | 1.5 | 0.67 |
and | 51.0 | 66.0 | 15.0 | 1.51 |
EMM21-017 | 22.5 | 49.5 | 27.0 | 1.19 |
Incl. | 39.0 | 49.5 | 10.5 | 1.35 |
Note: All numbers rounded.
(1) EMM defines core holes completed by drilling contractor.
(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 Au, respectively.
Table 2: Eagle Mountain Deposit – Bacchus In-fill and Expansion Intercepts
Hole ID (1) | From (m) | To (m) | Drilled Interval (m)(2) |
Gold (gpt)(3) |
EMD20-146 | 0.0 | 7.5 | 7.5 | 0.51 |
EMD20-149 | 9.0 | 46.5 | 37.5 | 1.05 |
EMD20-150 | 0.0 | 21.0 | 21.0 | 1.44 |
and | 42.0 | 43.5 | 1.5 | 0.59 |
and | 76.5 | 79.5 | 3.0 | 5.32 |
EMD20-151 | 0.0 | 30.3 | 30.3 | 0.92 |
Incl. | 0.0 | 19.5 | 19.5 | 1.26 |
EMD20-152 | 3.0 | 25.5 | 22.5 | 0.76 |
and | 40.5 | 48.0 | 7.5 | 0.56 |
and | 67.5 | 69.0 | 1.5 | 0.88 |
and | 103.5 | 112.5 | 9.0 | 0.67 |
Note: All numbers rounded.
(1) EMD defines core holes completed by Company’s diamond 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 Au, respectively.
All sample preparation and geochemical analyses were completed by Actlabs Guyana Inc. in Georgetown, Guyana. Holes EMD20-147 and EMD20-148 intersected mineralization below the Company’s saprolite cut-off grade of 0.3 gpt Au.
Eagle Mountain Deposit – Ounce Hill and Bacchus Area Geology
Geologically, the Ounce Hill and Bacchus areas, located in the northeast of the Eagle Mountain deposit (Figure 1), are represented by two continuous sub-horizontal mineralized horizons or zones (Zones 1 and 2) along shallowly dipping shear structures (Figures 3 and 5), which feature a mylonitic base in areas of high shearing (see also Feb 8, 2021 News Release). The in-fill drilling in these areas has provided further support for the geologic model; however, with localized higher grades in Ounce Hill and new extensional targets at Bacchus.
At Ounce Hill, the increased length and grade of mineralization, specifically in the area defined by drillholes EMM21-007, 008 and 009, is currently believed to be associated with the convergence of Zone 1 and 2 (Figure 3) with no or limited unmineralized material separating the zones. This high-grade feature will be the subject of further drilling and analysis in the coming months as drills move back into this area of the Eagle Mountain deposit.
At Bacchus, the presence of additional mineralized sub-horizontal zones below that of Zone 1 and 2 (Figure 5) present opportunities for lateral extensions to the north and north-west in the area where the main Eagle Mountain deposit granodiorite unit contacts the adjacent mafic volcanic units, into which granodiorite was intruded. The lower of these sub-horizontal zones (Zones 3 and 4), while currently narrower in drill hole EMD20-152, is expected to trend closer to surface further down slope and to the north-west. Evidence from drilling at the Friendly area of the Eagle Mountain deposit shows a continuation of mineralization into the mafic volcanic units at the contact resulting in layered granodiorite and mafic volcanic units both with gold mineralization. The contact zone along the north and north-western flank of the Bacchus area will the subject of drilling later in 2021 to test for this potential.
Historic drill holes for the Ounce Hill and Bacchus areas are presented in Tables 3 and 4.
Table 3: Eagle Mountain Deposit – Ounce Hill Historic Intercepts
Hole ID (1) | From (m) | To (m) | Drilled Interval (m)(2) |
Gold (gpt)(3) |
EM032 | 0.0 | 3.6 | 3.6 | 0.58 |
And | 12.0 | 32.0 | 20.0 | 0.88 |
EM033 | 0.0 | 30.0 | 30.0 | 0.81 |
EM034 | 25.5 | 29.5 | 4.0 | 1.40 |
EM99-50 | 10.8 | 34.5 | 23.7 | 0.92 |
EM99-51 | 19.3 | 22.5 | 3.2 | 1.04 |
EM99-52 | 0.0 | 27.7 | 27.7 | 5.31 |
EM99-53 | 0.0 | 22.5 | 22.5 | 1.57 |
EM99-54 | 38.5 | 39.3 | 0.8 | 3.14 |
EMD08-13 | 7.3 | 20.8 | 13.5 | 0.59 |
and | 41.8 | 45.3 | 3.5 | 0.63 |
EMD08-14 | 7.3 | 29.0 | 21.7 | 0.75 |
EMD11_054 | 0.0 | 18.0 | 18.0 | 1.12 |
EMD11_055 | 22.5 | 27.0 | 4.5 | 1.58 |
and | 61.0 | 63.0 | 2.0 | 0.50 |
EMD11_056 | 0.0 | 28.0 | 28.0 | 1.81 |
EMD11_057 | 1.5 | 10.5 | 9.0 | 0.65 |
EMD11_058 | 7.5 | 31.0 | 23.5 | 0.73 |
EMD11_059 | 0.0 | 29.0 | 29.0 | 0.72 |
and | 65.0 | 67.3 | 2.3 | 1.78 |
EMD11-060 | 0.0 | 34.5 | 34.5 | 0.84 |
EMD11_061 | 6.5 | 25.0 | 18.5 | 0.79 |
EMD11_062 | 5.4 | 19.5 | 14.1 | 1.82 |
EMC17-045 | 1.0 | 4.0 | 3.0 | 0.91 |
EMC17-048 | 0.0 | 15.0 | 15.0 | 1.05 |
EMC17-049 | 0.0 | 6.7 | 6.7 | 0.81 |
EMC17-050 | 0.0 | 2.4 | 2.4 | 1.82 |
EMC17-051 | 0.0 | 19.0 | 19.0 | 3.04 |
EMC17-054 | 0.0 | 15.0 | 15.0 | 0.70 |
EMM20-004 | 15.0 | 21.0 | 6.0 | 0.72 |
EMM21-005 | 15 | 31.5 | 16.5 | 0.84 |
EMM21-006 | 6.0 | 30.0 | 24.0 | 0.76 |
EMM21-007 | 0.0 | 42.0 | 42.0 | 20.38 |
Incl. | 21.0 | 42.0 | 21.0 | 39.00 |
And Incl. | 39.0 | 42.0 | 3.0 | 205.98 |
EMM21-008 | 1.5 | 31.5 | 30.0 | 3.41 |
Note: All numbers rounded.
(1) EMC17 defines shallow percussion drilled saprolite holes by Goldsource in 2017.
EMD08 defines diamond core holes completed by IAMGOLD in 2008.
EMD11 defines diamond core holes completed by Stronghold in 2011.
EM99 defines diamond core holes completed by Omai Gold Mines in 1999.
EM0 defines diamond core holes drilled by Golden Star Resources in the 1990s.
EMM21 defines core holes completed by drilling contractor in 2021.
(2) True widths are estimates to be 70 to 100% of drilled widths.
(3) Historic cut-off grade of 0.5 gpt Au.
Table 4: Eagle Mountain Deposit – Bacchus Historic Intercepts
Hole ID (1) | From (m) | To (m) | Drilled Interval (m)(2) |
Gold (gpt)(3) |
EMD07_02 | 20.5 | 21.5 | 1.0 | 1.15 |
EMD07_04 | 9.3 | 39.9 | 30.6 | 0.80 |
And | 111.7 | 112.9 | 1.2 | 0.59 |
And | 135.6 | 153.4 | 17.8 | 1.03 |
EMD07_05 | 5.9 | 15.7 | 9.8 | 0.96 |
EMD08_15 | 0.0 | 12.0 | 12.0 | 0.80 |
EMD08_16 | 0.0 | 17.0 | 17.0 | 0.93 |
EMD11-115 | 3.9 | 13.5 | 9.6 | 1.31 |
And | 70.8 | 74.9 | 4.1 | 0.79 |
EMC17-033 | 5.0 | 17.0 | 12 | 1.31 |
EMC18-059 | 2.0 | 5.0 | 3 | 2.04 |
EMD20-138 | 22.5 | 31.5 | 9.0 | 0.41 |
EMD20-139 | 42.0 | 45.0 | 3.0 | 9.88 |
EMD20-140 | 0.0 | 4.5 | 4.5 | 1.70 |
And | 46.5 | 48.0 | 1.5 | 1.07 |
EMD20-141 | 0.0 | 6.0 | 6.0 | 0.43 |
And | 55.5 | 66.0 | 10.5 | 1.45 |
EMD20-142 | 0.0 | 4.5 | 4.5 | 0.44 |
And | 21.0 | 31.5 | 10.5 | 0.60 |
EMD20-143 | 0.0 | 1.5 | 1.5 | 0.60 |
EMD20-144 | 0.0 | 1.5 | 1.5 | 0.77 |
And | 6.0 | 13.5 | 7.5 | 0.59 |
EMD20-145 | 12.0 | 15.0 | 3.0 | 0.62 |
Note: All numbers rounded.
(1) EMD07 defines diamond core holes completed by IAMGOLD in 2007.
EMD08 defines diamond core holes completed by IAMGOLD in 2008.
EMD11 defines diamond core holes completed by Stronghold in 2011.
EMC17 defines shallow percussion drilled saprolite holes by Goldsource in 2017.
EMC18 defines shallow percussion drilled saprolite holes by Goldsource in 2018.
EMD20 defines diamond core holes completed by Stronghold in 2020.
(2) True widths are estimates to be 70 to 100% of drilled widths.
(3) Historic cut-off grade of 0.5 gpt Au.
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 VP Finance for Goldsource, who has reviewed and approved its contents.
ABOUT GOLDSOURCE MINES INC.
Goldsource Mines Inc. is Canadian exploration and development company focussed on the 100%-owned Eagle Mountain gold project in Guyana, South America. The Eagle Mountain Project contains 23 million tonnes grading 1.14 gpt gold for 848,000 oz gold in Indicated Resources and 25 million tonnes grading 1.09 gpt gold for 868,000 oz gold in Inferred Resources with additional exploration targets and tangible opportunities for production scalability. 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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