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Guyana Goldstrike Inc
Symbol GYA
Shares Issued 52,709,537
Close 2019-01-29 C$ 0.21
Market Cap C$ 11,069,003
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Guyana Goldstrike discovers more quartzite-metachert

2019-01-29 09:53 ET - News Release

Mr. Peter Berdusco reports

GUYANA GOLDSTRIKE ANNOUNCES SECOND DISCOVERY OF QUARTZITE-METACHERT (HOST ROCK) NORTHEAST OF TOUCAN RIDGE, MARUDI GOLD PROJECT, GUYANA

Guyana Goldstrike Inc. has made a second discovery of quartzite-metachert (host rock) northeast of Toucan Ridge, on its Marudi gold project, located in the Guiana gold belt, Guyana, South America.

A large quartzite-metachert outcrop was identified. This outcrop is approximately 2,300 metres northeast of Toucan Ridge trench TTR-18-06, which is the westernmost trench at the Toucan Ridge area. It is also approximately 1,100 metres northeast of Toucan Ridge trench TTR-18-15, which is the location of a previously reported discovery of host rock at surface.

Please see the news release dated Nov. 28, 2018, and titled, "Guyana Goldstrike Announces New Discovery of Quartzite-metachert (Host Rock) 350 metres East of Trench TTR-18-15, at Toucan Ridge, Marudi Gold Project, Guyana," for more details.

The technical team is of the opinion this discovery may present a new zone of potential gold mineralization and is geologically distinguishable from Toucan Ridge. This new area has been termed "East Marudi."

Mineral resource estimates from the Mazoa Hill zone

The Mazoa Hill zone contains the company's current mineral resource estimate. The Toucan Ridge area is located approximately one kilometre north of the Mazoa Hill zone. Data analyzed suggest that the mineralized zone is open at depth and to the southeast. The Mazoa Hill zone mineral resource estimates are as follows:

  • 259,100 indicated gold ounces within 4,428,000 tonnes grading 1.8 grams per tonne;
  • 86,200 inferred gold ounces within 1,653,000 tonnes grading 1.6 grams per tonne.

For further information regarding the resource estimates, readers are encouraged to review the technical report titled, "Marudi Property Mazoa Hill Mineral Resource Estimate," which is available under the company's profile on SEDAR.

About quartzite-metachert at Marudi

At Marudi, all important gold mineralization discovered to date is associated with the medial quartzite-metachert (host rock) unit of the Marudi Mountain formation. Gold occurs within the magnetite-hematite-rich quartzite and in the magnetite-silicate iron formation. Mineralization of the host rock may be affected at surface by the erosion at different levels of the strata. Therefore, all discoveries of quartzite-metachert on the property are considered important for the potential of containing mineralization at surface and/or at depth and should be explored through trenching and drilling.

Marudi geology

Gold mineralization at Marudi is regarded as being related to iron-formation-hosted-gold (IFG) deposits that occur in other cratonic greenstone belts around the world. These deposits can be remarkably long-lived with sizable gold production. They have a strong association between gold and iron sulphide minerals, the presence of gold-bearing quartz veins and structures, the occurrence of deposits in structurally complex terranes, and the absence of lead and zinc enrichment.

Examples of some existing IFG deposits are: the Homestake mine, the Lupin mine and the Musselwhite mine.

The Homestake mine, located in South Dakota, United States, was the largest and deepest gold mine in North America. It has reported production of 43.9 million ounces of gold and was in production from 1878 to 2001.

The Lupin mine, located in Nunavut, Canada, no longer in production, produced approximately three million ounces of gold.

The Musselwhite mine, located in Ontario, Canada, has estimated reserves of 2.29 million ounces of gold and is owned and operated by Goldcorp and will be in production until 2020.

Warrant amendment

The company intends to extend the expiry date of an aggregate of 4,752,502 previously issued common share purchase warrants for an additional 24 months. A portion of the warrants (4,283,752) were issued in connection with a private placement completed by the company on March 9, 2017, and are exercisable at a price of 30 cents. The balance of the warrants (468,750) were issued in connection with the acquisition of Romanex Guyana Exploration Ltd. and are exercisable at a price of 20 cents. Under the terms of the amendment, the expiry date of the warrants will be extended to March 9, 2021. The amendment remains subject to the approval of the TSX Venture Exchange.

About the Marudi gold project

The company is developing the Marudi gold project located in Guyana, South America. The project has an 18-year mining licence in good standing, all-season road access and infrastructure in place, with an established camp serviced by employees, service buildings and a full-time camp manager. The property has three known gold-bearing areas: the alluvial areas, the saprolite and the underlying hardrock.

There have been 42,000 metres of historical diamond drilling (141 holes) completed on the project by prior operators that have delineated two zones of mineralization: the Mazoa Hill and Marudi North zones. The company has recently completed a mineral resource estimate on the Mazoa Hill zone containing 259,100 indicated gold ounces within 4,428,000 tonnes grading 1.8 grams per tonne and 86,200 inferred gold ounces within 1,653,000 tonnes grading 1.6 grams per tonne. The company has recently discovered a third mineralized zone: Toucan Ridge. This zone is the current focus of the company's 2018 trenching program. There exists excellent exploration upside through the development of previously and newly identified mineralized bedrock targets on the project.

For information concerning the mineral resource estimate and the project, readers are encouraged to review "Technical Report: Marudi Property Mazoa Hill Mineral Resource Estimate," a technical report prepared for the company by Global Mineral Resource Services. The report is available at the company's website and under the company's profile on SEDAR.

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 Goldstrike Inc.

Guyana Goldstrike is a Canadian-based junior gold company focused on the exploration, development and operation of the Marudi gold project in Guyana, South America.

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