VANCOUVER, BC / ACCESSWIRE / January 30, 2020 / Guyana Goldstrike Inc. (the "Company" or "Guyana Goldstrike") (TSXV:GYA)(OTC PINK:GYNAF)(FSE:1ZT) is pleased to announce that the Company has selected drill targets at the Marudi Gold Project ("Marudi" or the "Property," or the "Project") located in Guyana, South America.
The Company's 2018/19 trenching program successfully outlined a new mineralized area that continues for more than 1.75 kilometres along Toucan Ridge (see map below). Toucan Ridge is roughly one kilometre northeast of the Mazoa Hill Zone which currently contains the Project's mineral resource estimate (please see "Mineral Resource Estimate" below).
A diamond drill program of up to 12 holes is planned and may be extended. The planned drill program will predominately focus on Toucan Ridge where a total of 2,458 metres of trenching was completed and 837 samples were taken.
Drill targets have been chosen from identified magnetic anomalies and gold assays from surface trenching and sampling of the quartzite-metachert host rock.
The specific drill locations will be in proximity to trenches TTR-18-7 and TTR-18-8, as priority targets, followed potentially by drilling trench areas TTR-18-9, TTR-18-11, TTR-18-12, and TTR-18-13.
In 2018, trenches TTR-18-7 and TTR-18-8 assayed grades as high as 7.2 g/t Au over 3 metres.
The first drill pads will be positioned to drill angled holes across the area of trenches TTR-18-7 and TTR-18-8 to an initial planned depth of 130 metres and a maximum depth of 200 metres.
In preparation for the next phase of exploration, the technical team has reviewed the legacy data, including drill assays, drill angles, collar location, grade and interval lengths from past drilling on the Property in order to further refine its exploration efforts at Marudi. The compilation of these historic drill assays will provide important information that the technical team will use to calibrate drilling on the Property.
The following assay highlights are from the Mazoa Hill Zone which is approximately one kilometre south west of the Toucan Ridge discovery area:
Assay Highlights of Sutton Resources Diamond Drill Programs 1991-94 - Mazoa Hill Zone:
- MR 91-068 - 6 metres of 29.97 g/t Au; within 72 metres of 5.11 g/t Au
- MR 91-074 - 15 metres of 15.30 g/t Au; within 75.00 metres of 4.60 g/t Au
- MR 94-102 - 52 metres of 4.06 g/t Au; within 190 metres of 2.39 g/t Au
- MR 94-113 - 36 metres of 7.74 g/t Au; within 141 metres of 3.31 g/t Au
- MR 94-115 - 45 metres of 10.82 g/t Au and 30 metres of 15.16 g/t Au; within 81 metres of 7.71 g/t Au
- MR 94-120 - 12 metres of 16.65 g/t Au; within 57 metres of 4.51 g/t Au
Please note: Interval lengths are not true widths.
Target Area Location Map
Mineral Resource Estimates
The Mazoa Hill Zone contains the Company's current mineral resource estimate. Data analyzed suggests that the mineralized zone is open in several directions including at depth.
- 243,300 indicated gold ounces within 3,637,000 tonnes grading 2.1 g/t;
- 78,800 inferred gold ounces within 1,278,000 tonnes grading 1.9 g/t
For further information concerning the Mazoa Hill Zone Resource Estimate, 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: GYA Mazoa Hill Zone 43-101, at the Company's website www.guyanagoldstrike.com and under the Company's profile on www.sedar.com.
Readers are cautioned that although the Project has a mineral resource estimate and a mining license a production decision has not been reached by the Company in respect of the Project, nor has a feasibility study been completed to assess the economic viability of commercial production at the Project. Also note, mineral resources that are not mineral reserves do not have demonstrated economic viability.
The Company also announces that Frontier Flex Marketing (Frontier) continues to provide investor relations and marketing services to the Company. The agreement with Frontier commenced on January 2019, with remuneration of $7,000 per month. The services were put on hiatus for an extended period in 2019. The Company has re-commenced services as of January 2020. This was part of an extension and revision to an original agreement with Frontier Merchant Capital for similar investor relations and marketing services that was signed on January 2018, with remuneration of $5,000 per month. Frontier Merchant Capital were also granted 50,000 stock options of the Company at 25 cents in January 2018 and 150,000 stock options at 30 cents on October 30, 2018.
About Guyana Goldstrike Inc.
The Company is developing the Marudi Gold Project, which has a 17-year mining license and is located in Guyana, South America. Historic diamond drilling completed on the Project by prior operators have delineated two zones of gold mineralization: Mazoa Hill and Marudi North zones. A mineral resource estimate has been completed on the Mazoa Hill Zone. Data analyzed suggests the zone is open to mineralization in multiple directions and at depth.
Through the recent exploration program, the Company has discovered a third mineralized zone, called Toucan Ridge, which is situated approximately 1000 metres to the northeast of the Mazoa Hill Zone. In addition to the known gold zones and the new Toucan Ridge zone, the Company has over 45 sq. kms of underexplored land and believes the greater land position has excellent upside potential for the discovery of new mineralized zones through the development of previously and newly identified mineralized bedrock targets on the Project.
About Guyana
The Republic of Guyana is located in South America adjacent to Suriname. The country is English speaking and its legal system is based on British common law with a democratically elected government. It has an established mining act and a rich history of gold production. 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. Barrick has recently announced that the Giuana Shield will be their priority region for discovery opportunities and early stage exploration.* Exxon Recently announced the discovery of 6 billion barrels of offshore oil with production scheduled for first quarter of 2020. This discovery will designate Guyana as having the fastest growing GPD in 2020, estimated to be 86%.**
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.
SOURCE: Guyana Goldstrike Inc.