Guyana Goldstrike Completes Geophysical Survey; Hosts Site Visit; Marudi Gold Project, Guyana
(TheNewswire)
October 19, 2018 / TheNewswire / Vancouver, Canada – Guyana Goldstrike Inc. (the “Company” or “Guyana Goldstrike”) (TSXV: GYA, OTC: GYNAF, FSE:1ZT) is pleased to report the completion of a helicopter-borne magnetic and radiometric geophysical survey and a site visit at its Marudi Gold Project ("Marudi" or the "Property") located in the Guiana Gold Belt, Guyana, South America.
Geophysical Survey Highlights
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- First-ever performed geophysical survey over the entire 13,500 acre Property
- A total of 1201 kilometres of flight lines were flown over the entire Property with a very low terrain clearance of 40 metres
- Maximum resolution: 50-metre line spacing improves on historic government magnetic surveys that were designed and flown on 250-metre line spacing and at higher altitude
- Latest technology: Advancements in instrument sensitivity, data acquisition and processing are expected to provide high-quality results
- Successful track record: Magnetic and radiometric surveys are recognized as an excellent tool for the exploration of iron-formation-hosted gold deposits
- A report with deliverables from the contractor, Precision GeoSurveys, is expected in about four weeks’ time
- The Company will then commission a detailed interpretation of the raw data (deliverables) by an independent third-party geophysicist
- Objective of survey results: To provide geophysical signatures from previously known mineralized zones, to identify extensions of known mineralization for further development, to locate new zones for exploration, and to generate priority drill targets
- The Company has planned a drilling campaign for January 2019
Marudi Site Visit
The Company is also pleased to announce that it has hosted a Marudi site visit, which included representatives from Gold Mountains Asset Management Ltd (GMA), a wholly-owned subsidiary of Zijin Mining Group (see below under “Zijin Mining Group”). GMA through its managed funds, Zijin Global Fund and Zijin Midas Exploration Fund invested $3.2MM CDN earlier this year for the further exploration of hard-rock mineralization at Marudi.
The group visited the property and toured the various exploration and mineralized zones of interest and the mining camp facilities. Photos from the site visit can be viewed at the Company’s website: https://www.guyanagoldstrike.com/index.php/investors/photos.
Zijin Mining Group
Listed on the Shanghai and Hong Kong stock exchanges with a market capitalization of $18B, Zijin Mining Group (“Zijin”) is a large Chinese mining group specializing in gold, copper, zinc and metalliferous resource exploration and development. It is the largest public gold producer, the second largest mined zinc producer and the third largest mined copper producer, in China. Its core asset Zijinshan Gold/Copper Mine was rated as China’s largest Gold Mine by China Gold Association in March 2008.
Zijin has developed an extensive product portfolio of gold, copper, lead and zinc, tungsten, iron ore and other base metals and has invested in 24 provinces across China and 9 foreign countries including Australia, Tajikistan, Russia, Kyrgyzstan, Papua New Guinea, Democratic Republic of Congo, Peru, South Africa, and Serbia.
Current Zones and Mineral Resource Estimate at Marudi
The Toucan Ridge area is located approximately one kilometre east of the Marudi North zone and one kilometre north of the Mazoa Hill zone. The Mazoa Hill zone contains the project’s current mineral resource estimate. Data analyzed suggests that the mineralized zone is open at depth and to the southeast. Mineral Resource Estimate:
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- 259,100 indicated gold ounces within 4,428,000 tonnes grading 1.8 g/t; and,
- 86,200 inferred gold ounces within 1,653,000 tonnes grading 1.6 g/t
A total of 1112 metres of trenching has been completed in the Toucan Ridge area of the Marudi Property. 390 samples have been taken. The exploration team will continue along the ridge progressing in an eastward direction with each new trench site stepping out roughly 50-100 metre intervals, mainly perpendicular to the ridge. The area of interest continues for more than 1.75 kilometres to the east of the first trench - TTR-18-05. Trench sites are planned where quartzite-metachert is exposed or interpreted to occur beneath the transported overburden. The eastern part of Toucan Ridge is approximately 400 metres south of the Paunch area which was trenched in May and returned the Company’s first significant gold discovery.
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. When discovered these areas are assigned high levels of priority for further exploration work, including drilling in the Company’s planned drill program.
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 sizeable gold production. They have a strong association between gold and iron sulfide 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 USA 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 1878-2001. (Source: https://en.wikipedia.org/wiki/Homestake_Mine_(South_Dakota)
The Lupin Mine located in Nunavut, Canada, no longer in production, produced approximately 3 million ounces of gold. (Source: http://www.kinross.com/news-and-investors/news-releases/press-release-details/2003/Suspension-of-Operations-at-the-Lupin-Mine/default.aspx)
The Mussellwhite 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: https://en.wikipedia.org/wiki/Musselwhite_mine)
About the Marudi Gold Project
The Company is developing the Marudi Gold Project located in Guyana, South America. The project has 18-year mining license 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 have 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 1.8 g/t and 86,200 inferred gold ounces within 1,653,000 tonnes grading 1.6 g/t. 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 and is available at http://www.guyanagoldstrike.com/images/pdf/43101_Report_Guyana_Goldstrike_Mazoa_Hill_Zone_Jan_2018.pdf and under the Company's profile on SEDAR www.sedar.com.
About Guyana Goldstrike Inc.
Guyana Goldstrike Inc. is a Canadian based junior gold company focused on the exploration, development, and operation of the Marudi Gold Project in Guyana, South America.
Please visit us at:
About Guyana
The Republic of Guyana is located in South America adjacent to 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 was 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 regards to investment attractiveness in the Latin America and Caribbean Basin sub-group. The Guiana Shield is the geographic gold-hosting region, and is world-recognized as a premier gold region that is highly prospective, under-explored 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, M.Sc., P. Eng, P. Geo, 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.
On behalf of the Board of Directors of
GUYANA GOLDSTRIKE INC.
Peter Berdusco
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure, fluctuations in the market for gold, changes in exploration costs and government regulation in Guyana, status of artisanal mining activities and associated rights, and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.
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