07:56:40 EDT Fri 19 Apr 2024
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Guyana Goldstrike Inc
Symbol GYA
Shares Issued 52,709,537
Close 2019-02-05 C$ 0.205
Market Cap C$ 10,805,455
Recent Sedar Documents

Guyana Goldstrike trenches 0.6m of 23.5g/t Au at Marudi

2019-02-05 10:54 ET - News Release

Mr. Peter Berdusco reports

GUYANA GOLDSTRIKE REPORTS HIGH-GRADE ASSAYS OF 23.59 G/T AU OVER 0.60 METRES WITHIN 3.60 METRES OF 4.82 G/T AU IN TRENCH TTR-18-10 AT TOUCAN RIDGE AREA, MARUDI GOLD PROJECT, GUYANA

Guyana Goldstrike Inc. has released high-grade assays from trench TTR-18-10 at the Toucan Ridge area on its Marudi gold project located in the Guiana gold belt, Guyana, South America.

Trench TTR-18-10

Trench TTR-18-10 final assay results from quartzite-metachert (host rock) have returned high-grade values of 23.59 grams per tonne gold over 0.60 metre within 3.60 metres of 4.82 g/t Au.

In addition, an assay result of 0.43 g/t Au over 20.90 metres was obtained from colluvium at the overburden-saprolite interface, continuing downslope from the high-grade interval described in this news release.

Trench TTR-18-10 is located approximately 350 metres eastward of trench TTR-18-06 and was trenched for 354.50 metres with 134 samples taken. Five sections have been identified as bearing quartzite-metachert host rock.

The Toucan Ridge area of interest continues for more than 1.75 kilometres to the east of trench TTR-18-05.

Current gold zones and mineral resource estimates at Marudi

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. Mazoa Hill zone mineral resource estimates:

  • 259,100 indicated gold ounces within 4,428,000 tonnes grading 1.80 grams per tonne;
  • 86,200 inferred gold ounces within 1,653,000 tonnes grading 1.60 g/t.

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

About quartzite-metachert (host rock) 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: the Homestake mine, Lupin mine and 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 (source: Wikipedia).

The Lupin mine, located in Nunavut, Canada, no longer in production, produced approximately three million ounces of gold (source: Kinross website).

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 (source: Wikipedia).

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, 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 hard rock.

There has been 42,000 metres of historic diamond drilling (141 holes) completed on the project by prior operators that has delineated two zones of mineralization: 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 1.80 g/t and 86,200 inferred gold ounces within 1,653,000 tonnes grading 1.60 g/t. 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 for the further discovery of mineralized zones through the development of previously and newly identified mineralized bedrock targets on the project.

Sampling and assaying

All samples collected during the trenching program were delivered by Guyana Goldstrike staff to Activation Laboratories Ltd. (Actlabs), located in Georgetown, Guyana. Actlabs is an ISO 17025-accredited and ISO 9001:2008-qualified-and-certified assayer that performs and makes available internal assaying controls. Actlabs has more than 25 years of experience and maintains complete analytical laboratories that perform high-quality analysis for many industries around the world.

Two samples are collected from each interval in the trenches. The first sample is sent to Actlabs to be assayed either by fire assay for gold, or for gold by total metallic content, to account for free gold and nugget effect. The second sample is panned to determine if visible gold may be present; a count of gold points and dust is recorded.

All samples that are identified by the project geologist as quartzite-metachert (the typical host rock for gold mineralization at Marudi) are routinely sent to Actlabs for total metallic content. Sample intervals of any rock type that contain visible gold in panning are also assayed by total metallics.

Quality assurance/quality control

Certified blanks and standards are systematically used in the trenching program as part of Guyana Goldstrike's quality assurance/quality control program. One blank and one standard are inserted into sample shipments at every 20th sample. Duplicates are also inserted into sample shipments.

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.

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.

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