Tickers: XTSX:GYA, FRAA:1ZT, PINX:GYNAF
Tags: Mining
- Indicated 259,100 gold ounces within 4,428,000 tonnes grading 1.80 grams/tonne (g/t)
- Inferred 86,200 gold ounces within 1,653,000 tonnes grading 1.60 grams/tonne (g/t)
January 23, 2018 / TheNewswire / Vancouver, Canada - Guyana Goldstrike Inc. (the "Company" or "Guyana Goldstrike") (TSXV: GYA, OTC: GYNAF, FSE: 1ZT). reports that Global Mineral Resource Services has completed and delivered a mineral resource estimate for the Mazoa Hill Zone at the Company's Marudi Gold Project ("Marudi" or the "Project"), Guyana, South America.
Mr. Peter Berdusco President and CEO states: "The resource estimate for Mazoa Hill is a Company milestone and a great step towards the further development of the Marudi Gold Project. The potential for additional ounces on the property is excellent when one considers the following factors: Mazoa Hill is open in a number of directions including at depth, the Marudi North Zone is also open in a number of directions and contains a historic resource estimate and lastly, only five percent of the entire property has ever been explored."
Mazoa Hill Zone
The Mazoa Hill Zone has been explored by surface trenching and approximately 63 drillholes. This work has defined a zone of mineralized quartzite that strikes northwest, is approximately 300 meters long along strike, 150 meters wide across strike and has been traced to a depth of 250 meters below surface. The zone is near-vertical or dips steeply to the northeast. The saprolite layer above the quartzite is up to 30 metres thick but is generally thinner and the Mazoa Formation quartzite is partially exposed at surface. This estimate has been constrained by a conceptual pit and is stated at a cutoff grade of 0.5 g/t gold. Marudi Property Mazoa Hill Mineral Resource Estimate, Summary page 2.
The following table presents the current mineral resource estimate for the Mazoa Hill Zone
Mazoa Hill Resources in Conceptual Pit @ 0.5 g/t Cutoff | |||||
Class | Tonnes | Au Capped g/t | Au Uncapped g/t | Ounces Capped | Ounces Uncapped |
Indicated | 4,428,000 | 1.8 | 1.9 | 259,100 | 269,700 |
Inferred | 1,653,000 | 1.6 | 1.6 | 86,200 | 87,600 |
Notes:
1. Open pit resources stated as contained within a conceptual open pit above a 0.50 g/t Au cut-off.
2. Pit constraints are based on an assumed gold price of US$1,500/oz., mining cost of US$2.30/t and processing cost of US$16.80/t.
3. Assay grades were capped at 30 g/t gold; capped Mineral Resource estimate is reported.
4. Mineral Resource tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding.
5. Mineral Resource tonnage and grades are reported as undiluted.
6. Contained Au ounces are in-situ and do not include recovery losses.
For further information, readers are encouraged to reviewed the technical report, "Marudi Property Mazoa Hill Mineral Resource Estimate", available under the Company's profile on SEDAR (www.sedar.com). Readers are cautioned that mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resources estimated will be converted into mineral reserves.
3D HD Video
In conjunction with the technical report, the Company completed a 3D HD video of the Marudi Gold Project allowing for the viewing of the entire property and specifically the Mazoa Hill zone showing the drill intercepts, the blocked out mineralized zone and a conceptual open pit design. The 3D HD Video can be viewed on Company's website located on its homepage at www.guyanagoldstrike.com
Phase One Exploration
The Company is currently in the initial phase of an exploration program on the Project. This initial phase consists of up to 12,000 metres of trenching, extensive rock and soil sampling, expansion of surface mineralization in known zones, detailed geological mapping (lithologic, alteration, and structural), evaluation of new mineralization, drill-target selections and definitions. The results from this phase will be released as they become available.
Property Geology
Gold mineralization at Marudi is regarded as being related to iron-formation-hosted gold ("IFG") deposits that occur in other cratonic greenstone belts. 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 lack of lead and zinc enrichment. Existing IFG deposits are the Homestake Mine, Lupin Mine, and Musselwhite Mine.
The Company encourages all interested parties to visit the Company's website www.guyanagoldstrike.com for further information or contact the Company by telephone, 1.877.844.4661 or email, info@guyanagoldstrike.com.
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.
About The Marudi Gold Project
The Project, located in Guyana, South America, is unique in that it has a mining license in good standing, all-season road access, 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 saprorlite overburden, and the underlying hard-rock. There has been 42,000 metres of historic diamond drilling (141 holes) completed on the Project by prior operators. This work has delineated historical mineral resource estimates on the Project. There exists excellent exploration upside through the development of previously identified, highly-prospective mineralized targets on the Project.
For information concerning these estimates and the Project, readers are encouraged to review "NI 43-101 Technical Report on the Marudi Property, Guyana", a technical report prepared for the Company by Derrick Strickland, P. Geo., and is available on the Company's website located at (http://www.guyanagoldstrike.com/images/pdf/2016/Marudi_43-101_November_30_2016.pdf) and under the Company's profile on SEDAR (www.sedar.com).*
* The Company considers these estimates to be historical, and cautions that a Qualified Person has not done sufficient work to classify the historical estimates as current mineral resources or mineral reserves in accordance with National Instrument 43-101. The Company does consider these historical estimates to be relevant as they may indicate the presence of gold mineralization and favourable geology.
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 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 with over 100 million ounces of gold inventory. ** It 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
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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