14:57:16 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Guyana Goldstrike Inc
Symbol GYA
Shares Issued 37,424,837
Close 2017-11-09 C$ 0.335
Market Cap C$ 12,537,320
Recent Sedar Documents

Guyana to drill up to 10,000 metres at Marudi

2017-11-09 11:49 ET - News Release

Mr. Peter Berdusco reports

GUYANA GOLDSTRIKE ANNOUNCES MULTI-PHASE EXPLORATION PROGRAM AT MARUDI GOLD PROJECT, GUYANA

Guyana Goldstrike Inc. has released details of a planned multiphase exploration program on the company's 13,500-hectare Marudi gold project in Guyana, South America. The primary objective of the program is to identify new hard-rock gold mineralization in an effort to expand beyond the property's historic resource estimate.

Highlights of the exploration program

  • Up to 10,000 metres of diamond drilling;
  • Up to 12,000 metres of trenching;
  • Detailed rock, soil and core sampling and assaying;
  • Airborne magnetic survey over the entire property.

Locke Goldsmith, PEng, PGeo, and chief geologist for the company, states: "It is exciting to be organizing a comprehensive exploration program that will see the Marudi gold project advance. Only 5 per cent of the property has been explored to date, and therefore the opportunity for new discoveries is very favourable."

Exploration program summary

The multiphase program will consist of a planned 12,000-metre excavator trenching and sampling program of targeted locations. It is anticipated to be followed by up to 10,000 metres of diamond drilling in areas where successful trenching and sampling have occurred. Assays will be performed on all samples from rock, soil and core.

An airborne magnetic and radiometric survey is also planned to be flown over the property (13.5 square kilometres) to ascertain a geophysical signature of the complete area. The metachert rock unit that hosts gold mineralization on the property contains disseminated magnetite that will be detected by the survey. The data obtained from the survey will assist the company in tracing the unit through areas of saprolite and identifying targeted sites for further exploration.

Marudi North and Mazoa Hill mineralized zones

The company has been endowed with legacy data from previous operators which include 141 holes (42,000 metres) of diamond drilling completed on the property. The majority of the drilling was conducted on two main mineralized zones: Marudi North and Mazoa Hill. Both zones are open to mineralization in multiple directions and at depth, and therefore favourable to further exploration and development. The company recently completed 3-D modelling of both zones that allow rotation and viewing of the drill patterns in all directions.

An objective of the exploration program will be the expansion and further definition of these two zones.

Property geology

"The Marudi property is underlain by Proterozoic metasediments of the Kwitaro Group and the younger Southern Guyana Granite Complex. The Kwitaro Group is mostly comprised of shallow water metasediments with interbedded basic volcanic strata which are metamorphosed to amphibolites facies (Berrange, 1972). The Southern Guyana Granite Complex is part of the tectono-thermal TransAmazonian orogenic cycle which resulted in block faulting, crustal shortening, folding, metamorphism and anatexi (Hurley, et. al. 1967). Locally the property is dominated by the Marudi formation of the Kwitaro Group which includes a lower pelitic unit, a medial quartzite and meta-andesite unit with subordinate tuff and ironstone. These rocks are overlain by a massive unit of orthoamphibolite (metabasalt). These metasedimentary and metavolcanic rocks have been subjected to upper greenschist and lower amphibolite grade regional metamorphism. The Marudi granodiorite lies mostly north of the north flank of Marudi Mountain. Metasedimentary and metavolcanic units at the Marudi property have been complexly deformed with at least two local and three regional generations of folding recognized. Fold axes and beds have been offset by a significant northwest striking fault which cuts the Mazoa Hill anticline. Displacement on this fault is uncertain.

"Gold mineralization at the property is regarded as being related to iron-formation hosted gold deposits which occur in other cratonic greenstone belts. Iron-formation hosted gold deposits and occurrences can be divided into two sub-types: stratiform and non-stratiform. At the Marudi property, all important gold mineralization discovered to date is associated with the medial quartzite unit of the Marudi Mountain formation. Gold occurs within the magnetite-hematite rich quartzite and in the magnetite-silicate iron formation." (Source: Strickland 2016, NI 43- 101 Technical Report on the Marudi Property, Guyana).

The proposed exploration program on the property will be completed in multiple phases, as working capital and financing are made available to the company. The company may also elect to alter subsequent phases of the program, based on the results and success of earlier phases. The company will continue to provide corporate and exploration updates as the program develops.

Project summary

The Marudi gold project is the company's flagship project located in Guyana, South America. The project is unique in that it has three known gold bearing areas, specifically the alluvial areas, the saprorlite overburden, and the underlying hard-rock. There has been 42,000 metres of historic diamond drilling (141 holes) completed on the project by prior operators. This historical work have delineated historical mineral resource estimates on the project.

For information concerning these estimates and the project, readers are encouraged to review NI 43-101 technical report on the Marudi property, Guyana, a technical report prepared for the company by Derrick Strickland, PGeo, and is available on the company's website.

There exists excellent exploration upside through the development of previously identified, highly prospective mineralized targets on the project. The project has a mining licence in good standing, all-season road access, infrastructure in place, with an established mining camp serviced by employees, service buildings and a full-time mining manager.

* The company considers these estimates to be historical, and cautions that a qualified person has not done sufficient work to classify the historical estimates as current mineral resources or mineral reserves in accordance with National Instrument 43-101. The company does consider these historical estimates to be relevant as they may indicate the presence of gold mineralization and favourable geology.

Qualified person

Locke Goldsmith, MSc, PEng, PGeo, chief geologist and exploration manager for the company, is a qualified person in accordance with National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. Mr. Goldsmith has reviewed and approved the scientific and technical content of this news release.

About Guyana

The Republic of Guyana is located in South America between Venezuela and Suriname. The country is English speaking under British common law with a democratically elected government. It has an established mining act and a rich history of gold production. In 2013, 458,000 ounces of gold were produced by operators mining in the country.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.