21:29:51 EST Fri 22 Feb 2019
Enter Symbol
or Name

Guyana Goldstrike Inc
Symbol C : GYA
Shares Issued 52,440,671
Close 2018-07-11 C$ 0.305
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Guyana Goldstrike discovers Au mineralization at Toucan

2018-07-12 10:29 ET - News Release

Mr. Peter Berdusco reports


Guyana Goldstrike Inc. has made a new discovery of gold mineralization at the Toucan Ridge area on its Marudi gold project located in the Guiana gold belt, Guyana, South America.

A total of 70 metres have been trenched in TTR-18-6 with 27 samples sent to Actlabs for assaying. Initial results have been received and 10 samples have been resent to be tested for total metallic content. Once this has been completed, all results will be released.

Locke Goldsmith, MSc, PEng, PGeo, vice-president of exploration, states: "It is very exciting that gold has been visually identified in trenching at Toucan Ridge and confirmed in assay results. The gold was discovered in quartzite-metachert, the host rock for mineralization at the property. It is significant to note that gold discoveries in the host rock at surface are not common at Marudi. Historical drill data from the property have shown that mineralization within the quartzite-metachert occurs predominantly at depth. Toucan Ridge is therefore very important as an exploration area and as a result it has been elevated in priority for further trenching."

Toucan Ridge trenching

To date, as previously announced, three trenches have been completed (TTR 18-5, TTR-18-6, TTR 18-7) at Toucan Ridge and the exploration team is currently working the fourth trench (TTR-18-8).

The Toucan Ridge area is roughly 1.75 kilometres in length and is the fourth area out of nine areas of interest that the company has explored since commencing its phase 1 exploration program. The company has successfully uncovered and identified the host rock quartzite-metachert in all areas explored to date.

About quartzite-metachert (host rock) at Marudi

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.

Marudi property -- Mazoa Hill resource estimate report -- G. Mosher, MSc, PGeo

Historical trenching

Previous operators at Marudi reported 3,327.40 metres of trenching and assayed 1,069 samples with gold values assayed up to 11 grams per tonne of gold.

Sampling and assaying

All samples collected during this program were delivered to Activation Laboratories Ltd. (Actlabs) located in Georgetown, Guyana, for gold content by fire assay (FA). Actlabs is ISO 17025 accredited and/or certified to 9001:2008. With 25-plus years of experience, with full analytical laboratories that perform high-quality analysis to many industries around the world.

Quality assurance/quality control (QA/QC)

Actlabs is an ISO 9001:2008 qualified assayer that performs and makes available internal assaying controls. Certified blanks and standards are systematically used as part of Guyana Goldstrike's QA/QC program with one blank and standard inserted at every 20 sample intervals.

Retains market maker

The company also announces that it has retained Integral Wealth Securities Ltd. to provide market-making services in accordance with TSX Venture Exchange policies. Integral will trade shares of the company on the TSX-V for the purposes of maintaining an orderly market and improving the liquidity of the company's shares.

Under the terms of their engagement, Integral will receive a cash fee of $5,500 per month. Integral will not receive shares or options as compensation. However, Integral and its clients may have or may acquire a direct interest in the securities of the company in the course of their engagement. Guyana Goldstrike and Integral are unrelated and unaffiliated entities; Integral is a member of the Investment Industry Regulatory Organization of Canada and can access all Canadian stock exchanges and alternative trading systems. The capital and securities required for any trade undertaken by Integral as principal will be provided by Integral.

The engagement of Integral is for an initial 12-month period, after which time it can be terminated on 30-day notice.

Property geology

Gold mineralization at Marudi is regarded as being related to iron-formation-hosted gold 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, Lupin mine and Musselwhite mine.

The Homestake mine is located in South Dakota, United States, and 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 Mussellwhite mine 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 Guyana Goldstrike Inc.

The company is developing the Marudi gold project located in Guyana, South America; the project is unique in that it has a 20-year mining licence in good standing, all-season road access and infrastructure in place, with an established mining camp serviced by employees, service buildings and a full-time mining manager. The property has three known gold-bearing areas, specifically the alluvial areas, the saprolite and the underlying hardrock.

There have been 42,000 metres of historic diamond drilling (141 holes) completed on the project by prior operators. 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 (g/t) and 86,200 inferred gold ounces within 1,653,000 tonnes grading 1.60 grams/tonne (g/t).

There exists excellent exploration upside through the development of previously 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 and is available at the company's website and under the company's profile on SEDAR.

About Guyana

The Republic of Guyana is located in South America between Venezuela and Suriname. The country is English-speaking and under British common law with a democratically elected government. It has an established mining act and a rich history of gold production. In 2016, 690,000 ounces of gold were produced by operators mining in the country. The Fraser Institute's 2016 Annual Survey of Mining listed Guyana as the third-best mining jurisdiction with regard to investment attractiveness in the Latin America and Caribbean basin subgroup. The Guiana shield is a geographic gold-hosting region, is world recognized as a premier gold region that is highly prospective and underexplored, and has geological continuity with West Africa*. In 2016, two mines in Guyana declared the commencement of commercial production: the Aurora deposit (Guyana Goldfields) and the Karouni deposit (Troy Resources).

* Independent technical and environmental review, Karouni gold project, Guyana, Behre Dolbear Australia Pty. Ltd., April 29, 2016.

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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