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Goldsource Mines Inc
Symbol GXS
Shares Issued 315,795,291
Close 2020-07-29 C$ 0.14
Recent Sedar Documents

Goldsource drills 102m of 0.61 g/t Au at Eagle Mountain

2020-07-29 11:44 ET - News Release

Mr. Yannis Tsitos reports

GOLDSOURCE ANNOUNCES EXPANSION OF EAGLE MOUNTAIN AND SALBORA DEPOSITS

Goldsource Mines Inc. has released additional expansion and infill drill results from several targets located within the Eagle Mountain gold project in Guyana, South America. Infill drill results of the Powis prospect and expansion drill results of the Eagle Mountain gold deposit (No. 1 Hill area) and the Salbora deposit represent 19 core holes for 4,173 metres. These new results will be included in the continuing resource estimation, which is anticipated by the fourth quarter of 2020.

Eagle Mountain gold deposit (No. 1 Hill area):

  • Expansion stepout drilling is for an area 170 metres west of the boundary to the current Eagle Mountain resource.
  • Drill results of five core holes for 595 metres are reported in an attached table.
  • An additional three core holes, totalling 313 metres, have been drilled in the No. 1 Hill area and are awaiting assays.
  • Additional drilling is planned in the second half of 2020.

Salbora deposit:

  • Expansion stepout drilling results to the northern part of the deposit and to depth;
  • Drill results of seven core holes for 1,779 metres are reported in an attached table;
  • Represents an expanded high-grade footprint (surface) of 300 metres long by 100 metres wide;
  • Near-surface drilling planned in the second half of 2020.

Powis prospect:

  • Infill drill results of five core holes for 1,389 metres;
  • A gold-mineralized footprint of 200 metres long by 40 metres wide to a minimum depth of 200 metres;
  • Additional drilling planned in the second half of 2020.

The company currently does not plan to conduct any work to verify the historical drilling or estimates, other than using them to guide exploratory drilling work.

Yannis Tsitos, president, commented: "The continued expansion of several gold deposits at the Eagle Mountain project increases our near-surface gold mineralization. Two drill rigs are currently operating at Waterline, an extension target north of Salbora, and at No. 1 Hill area. We plan to add a third drill rig when COVID-19-related travel restrictions are eased in Guyana."

The most significant results for this release are holes EMD20-111, which intersected 21 metres grading 1.84 grams per tonne gold, and EME20-041, which intersected 102 metres grading 0.61 gram per tonne gold. An attached table shows the most significant results.

All sample preparation and geochemical analyses were completed by Actlabs Guyana Inc. in Georgetown, Guyana. EME20-030, EME20-031, EME20-039 and EME20-040 intersected mineralization below the company's cut-off grade of 0.3 gram per tonne gold.

Geologically, the No. 1 Hill area at Eagle Mountain shows the same characteristics to the main Eagle Mountain deposit, with gold located in shallowly dipping mineralized zones, within chloritic fractures containing pyrite crosscutting granodiorite (granitoid). No. 1 Hill is the down-dropped extension of the Kilroy zone, which contains gold resources. This extension may expand resources that were previously limited by a fault. At Salbora, several hydrothermal breccias have been discovered along a general north-south trend. The company is targeting this trend to locate additional hydrothermal breccias and gold mineralization.

Once Guyana COVID-19 restrictions have been lifted and the international airport is reopened, the company plans to operate three drills to complete additional expansion and infill drill holes for 7,500 to 10,000 metres (second half of 2020) at Eagle Mountain, including testing additional geophysical and geological target areas, such as Waterline, Montgomery and Minnehaha. The objective is to complete an updated resource estimate for the Eagle Mountain project in the fourth quarter of 2020.

The qualified person under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, for this news release is N. Eric Fier, CPG, PEng, executive chairman and chief operating officer of Goldsource, who has reviewed and approved its contents.

About Goldsource Mines Inc.

Goldsource Mines is a Canadian resource company working aggressively to develop its advanced-stage, 100-per-cent-owned Eagle Mountain saprolite and hardrock gold project in Guyana, South America.

We seek Safe Harbor.

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