Mr. Peter Berdusco reports
GUYANA GOLDSTRIKE REPORTS ASSAYS OF 3.28 G/T AU OVER 4.20 METRES AND 1.29 G/T AU OVER 12.60 METRES IN TRENCHES TTR-18-11, 12 AND 13 AT TOUCAN RIDGE, MARUDI GOLD PROJECT, GUYANA
Guyana Goldstrike Inc. has released assay results from trenches TTR-18-11, TTR-18-12 and TTR-18-13 at the Toucan Ridge area on its Marudi gold project located in the Guiana Shield, Guyana, South America.
Trench TTR-18-11
TTR-18-11,
located approximately 500 metres northeast of trench TTR-18-06 along Toucan Ridge,
was trenched for a total length of 125 metres and 50 samples were taken. Quartzite-metachert (host rock) was exposed in place for two intervals, with a total length of 56.4 metres. Assay results are from samples taken in hard and slightly weathered host rock. Assays returned values of 0.81 gram per tonne gold over six metres, within 22.6 metres of 0.28 gram per tonne gold, and 3.28 grams per tonne gold over 4.2 metres, within 23.8 metres of 0.61 gram per tonne gold.
TTR-18-11 RESULTS
From (m) To (m) Length (m) Total metallic WAVG (g/t Au)
19.60 42.40 22.60 0.28
Including 35.20 41.20 6.00 0.81
52.60 76.40 23.80 0.61
Including 72.20 76.40 4.20 3.28
Trench TTR-18-12
Trench TTR-18-12, located approximately 500 metres northeast of trench TTR-18-06 along Toucan Ridge, was trenched for a total length of
136.5
metres and
57
samples were taken. It was trenched
parallel
to trench TTR-18-11 and oriented to cross an outcrop of quartzite-metachert.
Assay results are from samples taken in hard and slightly weathered host rock. Assays returned values of 1.29 grams per tonne gold over 12.6 metres and 1.18 grams per tonne gold over nine metres, within 85.1 metres of 0.36 gram per tonne gold. The interval length of 85.1 metres represents the trenching programs longest mineralized interval to date.
TTR-18-12 RESULTS
From (m) To (m) Length (m) Total metallic WAVG (g/t Au)
10.10 95.20 85.10 0.36
Including 13.10 25.70 12.60 1.29
Trench TTR-18-13
TTR-18-13, also parallel to TTR-18-11 and TTR-18-12, located approximately 500 metres northeast of trench TTR-18-06 along Toucan Ridge,
was trenched for a total length of 137.9 metres and 55 samples were taken.
Assay results are from samples taken in hard and slightly weathered host rock. Assays returned values of 1.37 grams per tonne gold over six metres within 60 metres of 0.21 gram per tonne gold.
TTR-18-13 RESULTS
From (m) To (m) Length (m) Total metallic WAVG (g/t Au)
18.00 78.00 60.00 0.21
Including 54.00 60.00 6.00 1.37
Toucan Ridge trenching
These results represent the final assays from trenches TTR-18-11, TTR-18-12 and TTR-18-13. A total of 2,023 metres have been trenched and 630 samples have been taken. The area of interest continues for more than 1.75 kilometres to the east of trench TTR-18-06. To date, a total of 12 trenches have been completed within the area of interest. Trench sites are planned where quartzite-metachert is exposed, or interpreted to occur, beneath the transported overburden.
Please see the attached table for a list of all trenching results on Toucan Ridge to date.
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. 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.
SIGNIFICANT GOLD ASSAY RESULTS TO DATE
Dated released Toucan Ridge area From (m) To (m) Length (m) Total metallic WAVG (g/t Au)
Aug. 2, 2018 TTR-18-06 18.10 22.60 4.50 1.27
Aug. 14, 2018 TTR-18-08 (adjusted) 91.70 110.60 18.90 1.22
Including 100.70 103.70 3.00 5.40
Sept. 13, 2018 TTR-18-07 212.40 239.40 27.00 0.69
Including 215.40 224.40 9.00 1.09
Sept. 26, 2018 TTR-18-08 6.00 7.30 1.30 1.19
19.10 30.50 11.40 0.58
Including 24.10 25.90 1.80 1.73
55.90 57.80 2.30 1.42
Oct. 16, 2018 TTR-18-09 124.00 136.50 12.50 1.61
Including 125.50 127.30 1.80 3.63
Oct. 24, 2018 TTR-18-09 272.50 292.30 19.80 1.87
Including 272.50 280.90 8.40 3.29
Nov. 18, 2018 TTR-18-08 201.20 220.10 18.90 2.03
Including 204.20 207.20 3.00 7.21
Nov. 18, 2018 TTR-18-07 134.90 179.40 44.50 1.22
Including 170.40 173.40 3.00 5.32
Feb. 5, 2019 TTR-18-10 152.10 155.70 3.60 4.82
Including 155.10 155.70 0.60 23.59
Feb. 13, 2019 TTR-18-11 19.60 42.40 22.60 0.28
Including 35.20 41.20 6.00 0.81
52.60 76.40 23.80 0.61
Including 72.20 76.40 4.20 3.28
TTR-18-12 10.10 95.20 85.10 0.36
Including 13.10 25.70 12.60 1.29
TTR-18-13 18.00 78.00 60.00 0.21
Including 54.00 60.00 6.00 1.37
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 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.
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.
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 by total metallic content for gold to account for free gold and the 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.
Debt financing
The company has reached an agreement with an arm's-length third party, pursuant to which the company will borrow $300,000 to be used for general working capital purposes. The loan will be evidenced by the issuance of a debenture to the lender, which will be secured by a charge over all of the assets of the company. The debenture will have a term of 36 months and will bear interest at a rate of 15 per cent per year, payable quarterly. At the option of the lender, the debenture will be convertible into common shares of the company at a price of 20 cents per share.
As additional consideration for providing the loan, the lender will be entitled to receive 1.5 million common share purchase warrants upon issuance of the debenture. The warrants will entitle the lender to acquire 1.5 million common shares of the company at a price of 30 cents per share for a period of 36 months.
In connection with completion of the loan, the company intends to pay an advisory fee of $12,000 to an arm's-length third party that assisted in introducing the lender to the company. All securities to be issued in connection with the loan, including the debenture and the warrants, will be subject to a four-month-and-one-day statutory hold period, in accordance with applicable securities laws. The completion of the loan, as well as the issuance of the debenture and the warrants, remains subject to the approval of the TSX Venture Exchange.
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.
We seek Safe Harbor.
© 2024 Canjex Publishing Ltd. All rights reserved.