Results Include 1.1 Metres Grading 75.7 Grams
Per Tonne of Gold
TORONTO, July 6, 2017 /CNW/ - Golden Star Resources Ltd.
(NYSE MKT: GSS; TSX: GSC; GSE: GSR) ("Golden Star" or the
"Company") is pleased to report 14 results from the 2017 in-fill
drilling program at its Prestea Underground Gold Mine ("Prestea
Underground") in Ghana.
The focus of this program was to further define the West Reef
ore body, where Prestea Underground's high grade Mineral Reserves
(1.09 million tonnes at 13.93 grams per tonne ("g/t") of gold
("Au") are located.
HIGHLIGHTS:
- Assay results for 14 diamond drill ("DD") holes from the 2017
Prestea Underground in-fill drilling program have been
received
- The 14 DD holes comprised 2,323 metres of drilling and were
drilled from within Prestea Underground's workings
- Significant intercepts included:
-
- o 1.1 metres ("m") grading 75.7 g/t Au from 147.0m in hole
WR17-24-274S05A
- o 2.0m grading 26.9 g/t Au from 148.2m in hole
WR17-24-274S03
- o 3.3m grading 14.7g/t Au from 140.7m in hole
WR17-24-274S10
- o 3.2m grading 14.4g/t Au from 146.8m in hole WR17-24-274S04A,
including:
-
- 0.9m grading 39.5g/t Au from 146.8m
- These results confirm the previously modelled high grade
nature, strong continuity of gold mineralization and thickness of
the West Reef ore body (averaging 1.5 metres)
- Assay results for five holes are pending and a further three
holes remain to be drilled in the 2017 Prestea Underground in-fill
drilling program – all remaining results are expected during the
third quarter of 2017
Sam Coetzer, President and
Chief Executive Officer of Golden
Star, commented:
"This in-fill drilling program has further increased our
confidence in the grade, continuity and thickness of the currently
defined West Reef Mineral Reserve. Our exploration team will
begin the extension drilling of the West Reef during the second
half of 2017 and I am looking forward to announcing those results
in due course. The development of our first raise is complete
and our second raise is going well, with the raise climber now
having advanced 90 metres up from 24 Level. Prestea Underground is
one of the highest grade development projects in West Africa1 and when it
commences production it will contribute strongly to Golden Star's transformation into a high grade,
low cost gold producer."
Notes
1. Based on publicly available information of
public companies.
14 Drilling Results
During the second quarter of 2017 Golden
Star conducted an in-fill stope definition drilling program to
further delineate the West Reef ore body of Prestea
Underground. This work focused on assessing flexures in the
dip of the ore body ahead of raise development and ultimately stope
development.
Twenty holes have been drilled to date, with the assay results
for 14 of these holes announced today. These results confirm
the previously modelled high grade nature and strong continuity of
gold mineralization and the thickness of the ore body. The
full set of results is listed in Appendix A.
Expected Drilling Results
Assay results for five holes are pending, one hole was abandoned
and a further three holes are expected to be drilled in the 2017
Prestea Underground in-fill drilling program. The results of
these holes are expected to be announced during the third quarter
of 2017.
APPENDIX A
Full set of initial 14 DD results
HOLE
ID
|
Azimuth
(°)
|
Dip (°)
|
From
(m)
|
To (m)
|
Drilled
Width
(m)
|
True
Width
(m)
|
Grade
(Au g/t)
|
WR17-24-274S01
|
294
|
11
|
156.3
|
160.9
|
4.6
|
4.54
|
5.7
|
Including
|
294
|
11
|
159.2
|
160.3
|
1.1
|
1.09
|
12.7
|
WR17-24-274S02
|
284
|
3
|
158.4
|
159.2
|
0.8
|
0.77
|
3.3
|
WR17-24-274S03
|
276
|
10
|
148.2
|
150.2
|
2.0
|
1.99
|
26.9
|
WR17-24-274S03A
|
276
|
10
|
149.5
|
151.7
|
2.2
|
2.17
|
11.8
|
Including
|
276
|
10
|
150.0
|
150.9
|
0.8
|
0.84
|
27.0
|
WR17-24-274S04
|
270
|
12
|
147.2
|
148.2
|
1.0
|
0.99
|
36.6
|
WR17-24-274S4A
|
270
|
12
|
146.8
|
150.0
|
3.2
|
3.17
|
14.4
|
Including
|
270
|
12
|
146.8
|
147.7
|
0.9
|
0.89
|
39.5
|
WR17-24-274S05
|
259
|
13
|
147.4
|
148.0
|
0.6
|
0.60
|
24.1
|
WR17-24-274S05A
|
259
|
13
|
147.0
|
148.1
|
1.1
|
1.09
|
75.7
|
WR17-24-274S05B
|
259
|
13
|
147.0
|
149.1
|
2.1
|
2.06
|
16.0
|
Including
|
259
|
13
|
148.2
|
149.1
|
0.9
|
0.92
|
35.0
|
WR17-24-274S06
|
298
|
28
|
147.0
|
150.0
|
2.8
|
2.8
|
9.8
|
WR17-24-274S07
|
302
|
39
|
148.5
|
149.5
|
1.0
|
0.95
|
22.3
|
WR17-24-274S09
|
286
|
16
|
147.0
|
150.0
|
3.0
|
2.99
|
8.3
|
WR17-24-274S10
|
288
|
30
|
140.7
|
144.0
|
3.3
|
3.25
|
14.7
|
WR17-24-274S12
|
278
|
30
|
137.0
|
139.0
|
2.0
|
1.97
|
22.3
|
Including
|
278
|
30
|
137.7
|
138.3
|
0.6
|
0.61
|
69.6
|
Company Profile
Golden Star is an established
gold mining company that owns and operates the Wassa and Prestea
mines situated on the prolific Ashanti Gold
Belt in Ghana, West Africa. Listed on the NYSE MKT, the TSX,
and the GSE, Golden Star is
strategically focused on increasing operating margins and cash flow
through the development of its two high grade, low cost underground
mines both in conjunction with existing open pit operations. The
Wassa Underground Gold Mine commenced commercial production in
January 2017 and the Prestea
Underground Gold Mine is expected to achieve commercial production
in Q3 2017. Gold production in 2017 is expected to be
255,000-280,000 ounces with cash operating costs of $780-860 per ounce.
Cautionary note regarding forward-looking information
Some statements contained in this news release are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 and other applicable
securities laws. Such statements include: the timing of the release
of the remaining in-fill drilling results; the timing of the
extension drilling of the West Reef to begin; and Prestea
Underground's ability to contribute to Golden Star's transformation into a high grade,
low cost gold producer. Investors are cautioned that
forward-looking statements are inherently uncertain and involve
risks and uncertainties. Factors that could cause actual results to
differ materially include timing of and unexpected events during
exploration; variations in ore grade; variations in relative
amounts of refractory, non-refractory and transition ores;
technical or permitting issues; fluctuations in gold price and
costs; availability of capital and/or external financing on
acceptable terms; changes in U.S. and Canadian securities markets;
and general economic conditions. There can be no assurance that
future developments affecting the Company will be those anticipated
by management. Please refer to the discussion of these risks and
other factors in the Company's Annual Information Form for the year
ended December 31, 2016 and other filings of the Company
with the United States Securities and Exchange
Commission and the applicable Canadian securities regulatory
authorities. The forecasts contained in this press release
constitute management's current estimates, as of the date of this
press release, with respect to the matters covered thereby. We
expect that these estimates will change as new information is
received. While we may elect to update these estimates at any time,
we do not undertake to update any estimate at any particular time
or in response to any particular event.
Technical Information
The technical contents of this press release have been reviewed
and approved by S. Mitchel Wasel, BSc Geology, a Qualified Person
pursuant to National Instrument 43-101. Mr. Wasel is Vice President
of Exploration for Golden Star and
an active member and Registered Chartered Professional of
the Australasian Institute of Mining and Metallurgy.
The results for Prestea Underground stated herein are based on
the analysis of saw-split HQ/NQ diamond half core. Sample
preparation and analysis have been carried out at SGS
Laboratories in Tarkwa using a 500 gram pulverized sample. The
sample is brush screened through a 75 micron nylon screen.
The plus and minus sized fractions are then analyzed by fire assay.
The plus fraction is fired to extinction and the minus fraction is
fired twice. The plus and minus sized fraction analysis are then
weight averaged to determine total gold content. Detection limit to
0.01 ppm.
All analytical work is subject to a systematic and rigorous
Quality Assurance-Quality Control (QA-QC). At least 5% of samples
are certified standards and the accuracy of the analysis is
confirmed to be acceptable from comparison of the recommended and
actual "standards" results. The remaining half core is stored on
site for future inspection and detailed logging, to provide
valuable information on mineralogy, structure, alteration patterns
and the controls on gold mineralization.
Additional information on earlier drilling results and Mineral
Reserve and Mineral Resource estimates at Prestea are available in
the Company's National Instrument 43-101 compliant Technical Report
titled "NI 43-101 Technical Report on a Feasibility Study of
the Prestea Underground Gold Project in Ghana" with
an effective date of November 3, 2015.
SOURCE Golden Star Resources Ltd.