TORONTO, Feb. 19, 2019 /CNW/ - Golden Star Resources
Ltd. (NYSE American: GSS; TSX: GSC; GSE: GSR) ("Golden
Star" or the "Company") announces an updated Mineral Resource
estimate at Father Brown consisting of the Father Brown Zone and
Adoikrom Zone. Inferred Mineral Resources have increased from
246,000 ounces at year end 2017, to 474,743 ounces, representing a
93% increase.
HIGHLIGHTS
- Father Brown is located 85 kilometres from the Wassa plant
along an existing haul road
- Father Brown pits were mined by the Company from 2011 to 2015
producing approximately 300,000 ounces (2.2 million tonnes at 4.4
grams per tonne ("g/t") of gold ("Au") in total)
- Updated Mineral Resource of 237,897 Indicated ounces and
474,743 Inferred ounces at Father Brown and Adoikrom Zones at an
average grade of 6.7 g/t
- Updated Indicated and Inferred Mineral Resource estimate
includes results of 18 holes totaling 8,873 metres of drilling
Father Brown Mineral Resource Summary – December 31, 2018
Deposit
Area
|
Resource
Category
|
Tonnes
|
Grade
(g/t Au)
|
Ounces
('000)
|
Father
Brown
|
Indicated
|
654,578
|
8.67
|
182,552
|
Inferred
|
997,157
|
5.44
|
174,446
|
Adoikrom
|
Indicated
|
326,887
|
5.27
|
55,345
|
Inferred
|
1,315,865
|
7.10
|
300,297
|
TOTAL
|
Indicated
|
981,465
|
6.72
|
237,897
|
Inferred
|
2,313,022
|
6.72
|
474,743
|
Notes to Mineral Resource Estimate
- The Mineral Resources were estimated in compliance with the
requirements of National Instrument ("NI") 43-101.
- The Mineral Resources for Father Brown includes the Father
Brown Zone and Adoikrom Zone.
- The Father Brown Mineral Resource has been estimated at a gold
price of $1,450 per ounce using an
economic gold grade cut-off of 3.2 g/t Au.
- The identified Mineral Resources in the block model are
classified according to the CIM definitions for the Measured,
Indicated and Inferred categories and are constrained by a block
cut-off grade calculated using a gold price of $1,450 per ounce and below the 2018 year-end
topographic surface. The Mineral Resources are reported in situ
without modifying factors applied.
- The stated Mineral Resources were prepared under the
supervision of S. Mitchel Wasel,
Vice President of Exploration for the Company. Mr. Wasel is a
Qualified Person as defined in NI 43-101.
- Numbers may not add due to rounding.
- Mineral Resources are not Mineral Reserves and do not
necessarily demonstrate economic viability.
Sam Coetzer, President and
Chief Executive Officer of Golden Star, commented:
"I am encouraged by the results we are seeing at Father
Brown, and given the proximity of the deposit to the existing Wassa
plant and infrastructure, Father Brown has the potential to
demonstrate significant organic growth for Golden Star.
With this latest information, we will be looking at the
economic viability of the two mineralized structures whilst we
continue to test the inferred potential at depth and will undertake
a conceptual mine planning exercise which will guide our next phase
of drilling expected to convert material into the Indicated Mineral
Resource category. We expect to make a decision on accelerating the
drilling in Q2 2019, and will notify the market
accordingly."
In 2019, a drilling budget of $1.5
million will be allocated to inferred expansion drilling of
9,000 metres. Further drilling will be assessed to expand the
Inferred Mineral Resources and drill off the Inferred Mineral
Resources to seek to upgrade them to the Indicated Mineral Resource
category.
Significant Intersections
The initial drill planning at Father Brown was to systematically
drill below the historic open pits and try and extend the existing
Inferred Mineral Resource of 1.5 Mt grading 5.1 g/t. Drilling
results were sporadic until the orientation of the high-grade
plunge at Adoikrom was identified. Holes FUG18DD002, 003, 004 and
FUGDD19016A all intersected wider higher-grade zones that now
define the moderate 65 degree plunge of the Adoikrom gold
mineralization.
The drilling targeting the Father Brown structure at depth has
not identified continuous gold mineralization at depth, directly
below the pits. However detailed mapping and variography has
determined that the gold mineralization associated with this
structure may be plunging shallowly to the North. The
Company's geologists are now drill testing the down plunge
extensions of Father Brown and this will be the focus of the
programs in the coming weeks.
Hole
ID
|
Azm
|
Dip
|
From
(m)
|
To
(m)
|
Interval
(m)
|
~ True
Width
|
Au
g/t
|
Zone
|
FUG18DD002
|
90.7
|
-67.3
|
155.0
|
157.4
|
2.4
|
1.8
|
5.2
|
ADK HW
|
FUG18DD002
|
92.5
|
-67
|
306.0
|
315.0
|
9.0
|
6.9
|
4.1
|
ADK
|
FUG18DD003
|
92.3
|
-55.4
|
264.2
|
268.2
|
4.0
|
3.5
|
2.9
|
ADK
|
FUG18DD003
|
94.8
|
-54.9
|
296.6
|
297.6
|
1.0
|
0.9
|
8.6
|
ADK
FW
|
FUG18DD004
|
90.5
|
-85.3
|
443.0
|
453.0
|
10.0
|
5.3
|
4.5
|
ADK
|
FUGDD18009
|
99.6
|
-66.3
|
529.4
|
531.5
|
2.1
|
1.6
|
6.0
|
ADK
|
FUGDD18011
|
86.3
|
-67.2
|
321.0
|
324.7
|
3.7
|
2.8
|
6.1
|
ADK
|
FUGDD18014
|
87.6
|
-57.9
|
454.3
|
457.3
|
3.0
|
2.6
|
4.5
|
ADK
|
FUGDD19016A
|
89.3
|
-77.6
|
360.5
|
367.5
|
7.0
|
4.4
|
7.4
|
ADK
|
Notes
- All widths quoted in this press release are estimated true
widths. The full set of intercepts, including the drilled
widths, are included in Appendix A.
Background on compilation of updated Inferred Mineral
Resource estimate
The Inferred Mineral Resource estimate was created by Golden
Star geologists utilizing Leapfrog Edge, geological modeling
software. The wire frames were created using the vein
modeling application in Leapfrog and grades were estimated into a
block model using Ordinary Kriging.
The deeper drilling has helped identify the plunge of both of
these mineralized structures and it is these horizons which host
the higher grades and are now the focus of the current follow up
drill programs.
All monetary amounts refer to United States dollars
unless otherwise indicated.
Robert Vallis Appointed as Senior Vice President, Corporate
Development
Golden Star also announces that Robert
Vallis had been appointed as Senior Vice President,
Corporate Development. Mr. Vallis is a seasoned Corporate
Development professional with over twenty years of experience in
the mining sector. Most recently, Robert held the position of Vice
President, Business Development at Yamana Gold Inc., and prior to
that was employed by Barrick Gold Corporation.
The Company wishes to thank Bruce
Higson-Smith for his years of service at Golden Star, and
wishes him well in his future endeavours.
Company Profile:
Golden Star is an established gold mining company that owns and
operates the Wassa and Prestea underground mines in Ghana, West
Africa. Listed on the NYSE American, the Toronto Stock
Exchange and the Ghana Stock Exchange, Golden Star is focused on
delivering strong margins and free cash flow from its two
high-grade, low cost underground mines. Gold production guidance
for 2019 is 220,000-240,000 ounces at a cash operating cost per
ounce1 of $620-$680. As
the winner of the PDAC 2018 Environmental and Social Responsibility
Award, Golden Star is committed to leaving a positive and
sustainable legacy in its areas of operation.
APPENDIX A
HOLE
ID
|
Azimuth
(°)
|
Dip
(°)
|
From
(m)
|
To
(m)
|
Drilled
Width
(m)
|
~ True
Width
(m)
|
Grade
Au (g/t)
|
Zone
|
FUG18DD001A
|
96
|
-66.5
|
147.0
|
149.0
|
2.0
|
1.5
|
3.0
|
ADK
HW
|
FUG18DD001A
|
104.5
|
-65.8
|
417.7
|
432.5
|
14.8
|
11.5
|
1.7
|
ADK
|
FUG18DD002
|
90.7
|
-67.3
|
155.0
|
157.4
|
2.4
|
1.8
|
5.2
|
ADK
HW
|
FUG18DD002
|
92.5
|
-67
|
306.0
|
315.0
|
9.0
|
6.9
|
4.1
|
ADK
|
FUG18DD002
|
95.1
|
-66.7
|
392.8
|
394.5
|
1.7
|
1.7
|
3.0
|
FBZ
|
FUG18DD003
|
92.3
|
-55.4
|
264.2
|
268.2
|
4.0
|
3.5
|
2.9
|
ADK
|
FUG18DD003
|
94.8
|
-54.9
|
296.6
|
297.6
|
1.0
|
0.9
|
8.6
|
ADK
FW
|
FUG18DD003
|
94.8
|
-54.9
|
314.9
|
317.9
|
3.0
|
3.0
|
1.8
|
FBZ HW
|
FUG18DD004
|
90.5
|
-85.3
|
443.0
|
453.0
|
10.0
|
5.3
|
4.5
|
ADK
|
FUG18DD005
|
104.1
|
-79.3
|
481.0
|
489.0
|
8.0
|
7.2
|
1.3
|
FBZ
|
FUG18DD006
|
98.2
|
-64.6
|
348.0
|
350.0
|
2.0
|
1.6
|
2.1
|
ADK
|
FUG18DD006
|
100.7
|
-63.9
|
499.0
|
501.0
|
2.0
|
2.0
|
0.3
|
FBZ
|
FUGDD18007
|
91.7
|
-69.4
|
235.0
|
237.0
|
2.0
|
1.5
|
2.6
|
ADK HW
|
FUGDD18007
|
92.6
|
-69.3
|
241.0
|
243.0
|
2.0
|
1.5
|
3.0
|
ADK
HW
|
FUGDD18007
|
92.6
|
-69.3
|
246.0
|
248.0
|
2.0
|
1.5
|
1.4
|
ADK HW
|
FUGDD18007
|
92.1
|
-69.2
|
256.0
|
257.5
|
1.5
|
1.1
|
2.4
|
ADK HW
|
FUGDD18007
|
94
|
-69
|
397.4
|
399.4
|
2.0
|
1.5
|
1.7
|
ADK
|
FUGDD18007
|
94.3
|
-68.9
|
408.6
|
411.0
|
2.4
|
2.3
|
1.6
|
FBZ
|
FUGDD18007
|
94.7
|
-68.7
|
488.0
|
490.0
|
2.0
|
1.9
|
0.9
|
FBZ FW
|
FUGDD18008
|
93.7
|
-66.2
|
344.0
|
346.0
|
2.0
|
1.5
|
3.2
|
ADK
|
FUGDD18009
|
94.8
|
-67.2
|
388.0
|
390.0
|
2.0
|
1.5
|
4.5
|
ADK
HW
|
FUGDD18009
|
99.6
|
-66.3
|
529.4
|
531.5
|
2.1
|
1.6
|
6.0
|
ADK
|
FUGDD18009
|
99.6
|
-66
|
557.0
|
563.0
|
6.0
|
5.8
|
1.2
|
FBZ
|
FUGDD18010
|
88.6
|
-60.2
|
290.4
|
293.5
|
3.1
|
2.6
|
2.2
|
ADK HW
|
FUGDD18010
|
90.6
|
-57.8
|
352.4
|
354.4
|
2.0
|
1.7
|
2.1
|
ADK
|
FUGDD18010
|
90.8
|
-57.1
|
372.2
|
374.3
|
2.1
|
1.8
|
3.5
|
ADK
FW
|
FUGDD18010
|
92.1
|
-56.6
|
404.8
|
405.3
|
0.5
|
0.5
|
8.8
|
FBZ
|
FUGDD18011
|
86.3
|
-67.2
|
321.0
|
324.7
|
3.7
|
2.8
|
6.1
|
ADK
|
FUGDD18012
|
91.1
|
-80.3
|
534.7
|
536.2
|
1.5
|
1.3
|
1.4
|
FBZ
|
FUGDD18012
|
93
|
-803
|
577.0
|
579.0
|
2.0
|
1.1
|
0.8
|
ADK
|
FUGDD18012
|
94.8
|
-80.1
|
609.0
|
611.0
|
2.0
|
1.2
|
2.0
|
ADK FW
|
FUGDD18014
|
85.6
|
-58.4
|
235.2
|
236.7
|
1.5
|
1.3
|
1.8
|
ADK HW
|
FUGDD18014
|
87.6
|
-57.9
|
454.3
|
457.3
|
3.0
|
2.6
|
4.5
|
ADK
|
FUGDD18015
|
87.1
|
-52.1
|
293.0
|
296.0
|
3.0
|
2.7
|
1.4
|
ADK
|
FUGDD18015
|
89.9
|
-47.6
|
484.6
|
487.4
|
2.8
|
2.8
|
1.1
|
FBZ
|
FUGDD19016A
|
86.7
|
-77.9
|
168.0
|
169.0
|
1.0
|
0.6
|
5.9
|
ADK HW
|
FUGDD19016A
|
89.3
|
-77.6
|
360.5
|
367.5
|
7.0
|
4.4
|
7.4
|
ADK
|
FUGDD19017
|
94
|
-74.8
|
394.0
|
397.8
|
3.8
|
2.6
|
1.8
|
ADK
|
FUGDD19017
|
96.3
|
-74.6
|
567.0
|
569.0
|
2.0
|
1.9
|
2.1
|
FBZ FW
|
FUG18RC001
|
92.4
|
-66.6
|
184.0
|
187.0
|
3.0
|
2.9
|
1.7
|
FBZ
|
FUG18RC002
|
89.6
|
-65.9
|
3.0
|
10.0
|
7.0
|
6.8
|
1.7
|
FBZ Surf
|
FUG18RC002
|
89.6
|
-65.9
|
27.0
|
28.0
|
1.0
|
1.0
|
4.3
|
FBZ
HW
|
Statements 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 "forward looking
information" within the meaning of Canadian securities
laws. Generally, forward-looking information and statements
can be identified by the use of forward-looking terminology such as
"plans", "expects", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates", "believes" or
variations of such words and phrases (including negative or
grammatical variations) or statements that certain actions, events
or results "may", "could", "would", "might" or "will be taken",
"occur" or "be achieved" or the negative connotation thereof.
Forward-looking information and statements in this press release
include, but are not limited to, information or statements with
respect to: the ability of Father Brown to provide significant
organic growth for the Company; the allocation of $1.5 million to the drilling budget at Father
Brown, and the Company's ability to convert Inferred Mineral
Resources to Indicated Mineral Resources at Father Brown. Investors
are cautioned that forward-looking statements and information are
inherently uncertain and involve risks, assumptions and
uncertainties that could cause actual facts to differ
materially. There can be no assurance that future developments
affecting the Company will be those anticipated by management. 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 any estimate at any particular time or in
response to any particular event.
Technical Information
The Mineral Resource estimates have been compiled by the
Company's technical personnel in accordance with definitions and
guidelines set out in the Definition Standards for Mineral
Resources and Mineral Reserves adopted by the Canadian
Institute of Mining, Metallurgy, and Petroleum and as required
by NI 43-101.
The Mineral Resource technical contents of this press release
have been reviewed and approved by S. Mitchel Wasel, BSc Geology, a
"Qualified Person" pursuant to NI 43-101. Mr. Wasel is Vice
President Exploration for Golden Star and an active member of
the Australasian Institute of Mining and Metallurgy. The
2018 and 2017 estimates of Mineral Resources were prepared under
the supervision of Mr. Wasel.
The results for Father Brown stated herein are based on the
analysis of saw-split HQ/NQ diamond half core or a three kilogram
single stage riffle split of a nominal 25 to 30 kg Reverse
Circulation chip sample which has been sampled over nominal one
meter intervals (adjusted where necessary for mineralized
structures). Sample preparation and analyses have been carried out
at Intertek Laboratories in Tarkwa, which are independent
from Golden Star, using a 1,000 gram slurry of sample and tap water
which is prepared and subjected to an accelerated cyanide leach
("LEACHWELL"). The sample is then rolled for twelve hours before
being allowed to settle. An aliquot of solution is then taken, gold
extracted into Di-iso Butyl Keytone ("DiBK"), and determined by
flame Atomic Absorption Spectrophotometry ("AAS"). Detection Limit
is 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.
Cautionary Note to US Investors Concerning Estimates of
Inferred Mineral Resources
This press release uses the term "Inferred Mineral
Resources." The Company advises US investors that while this
term is recognized and required by NI 43-101,
the SEC does not recognize it. "Inferred Mineral
Resources" have a great amount of uncertainty as to their
existence, and great uncertainty as to their economic and legal
feasibility. It cannot be assumed that all or any part of
Inferred Mineral Resources will ever be upgraded to a higher
category. In accordance with Canadian rules, estimates of Inferred
Mineral Resources cannot form the basis of feasibility or other
economic studies. US investors are cautioned not to assume
that any part or all of the Inferred Mineral Resource exists, or is
economically or legally mineable.
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SOURCE Golden Star Resources Ltd.