VANCOUVER, June 10, 2011 /PRNewswire/ - Guyana Frontier
Mining Corp. ("Guyana Frontier",
formerly known as Shoreham Resources Ltd.) is pleased to announce
the results of a diamond drilling program on the Borland Lake
target area at the Favourable Lake Project in Ontario, Canada. The Favourable Lake Project,
located approximately 200 kilometres north of Red Lake, Ontario, is a joint venture between
Guyana Frontier, which holds a 70.3% interest, and Gold Canyon
Resources Inc., which holds a 29.7% interest.
The 2011 drilling program successfully achieved
the objective of testing a historical silver mineralized zone, last
drilled by a previous operator in 1987. Two holes totaling 236
metres were completed from the ice of Borland Lake, targeting the
location of the mineralized zone as interpreted from filed
assessment reports, and from the interpreted results of Guyana
Frontier's 2008 Titan 24 geophysical survey.
Mineralized intervals from the 2011 drilling
program are presented in Table 1 below.
Table
1. Mineralized Intersections from 2011 Borland Lake
Drilling Program
Hole
Number |
Hole
Depth
(m) |
Bearing/Dip
(degrees) |
From
(m) |
To
(m) |
Interval
(m) |
Estimated
True Width
(m) |
Silver
(g/t) |
Gold
(g/t) |
Lead
(%) |
Zinc
(%) |
B-11-01 |
118.0 |
030/-70 |
76.80 |
90.80 |
14.00 |
7.70 |
291 |
0.73 |
0.46 |
0.55 |
|
|
including |
76.80 |
79.75 |
2.95 |
1.62 |
37 |
0.05 |
0.02 |
0.21 |
|
|
and |
79.75 |
90.80 |
11.05 |
6.08 |
365 |
0.92 |
0.58 |
0.75 |
|
|
|
|
|
|
|
|
|
|
|
|
|
and |
92.10 |
96.00 |
3.90 |
2.15 |
31 |
0.89 |
0.03 |
0.12 |
|
|
and |
105.60 |
108.90 |
3.30 |
1.82 |
38 |
0.22 |
0.04 |
0.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
B-11-02 |
118.0 |
180/-45 |
23.80 |
64.50 |
40.70 |
30.53 |
99 |
1.03 |
0.25 |
0.29 |
|
|
including |
23.80 |
49.00 |
25.20 |
13.86 |
33 |
0.12 |
0.04 |
0.08 |
|
|
and |
49.00 |
64.50 |
15.50 |
8.53 |
285 |
1.63 |
0.28 |
0.69 |
|
|
and |
49.00 |
56.14 |
7.14 |
3.93 |
106 |
0.37 |
0.10 |
0.26 |
|
|
and |
56.14 |
64.50 |
8.36 |
4.60 |
438 |
2.99 |
5.90 |
1.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
and |
67.70 |
73.70 |
6.00 |
5.40 |
93 |
0.51 |
0.19 |
2.70 |
(Cut offs for averaged samples were 10.0
grams per tonne silver, or in the absence of significant silver
values, 0.5 grams/tonne gold. The values reported herein reflect
re-assaying with assay standards certified for the range of gold
values reported in hole B-11-02).
Hole B-11-01 encountered silver, gold,
lead and zinc mineralized veinlets, disseminated sulphides and
breccias from 76.8 to 90.8 metres within siliceous metagreywacke
and quartzite rocks, and in two other mineralized intervals between
92.1 and 108.9 metres downhole. Sulphides containing argentite (a
silver-bearing, halide mineral) were noted in the core, with
accompanying sphalerite, pyrrhotite and pyrite. The estimated true
width of the mineralized interval was 7.7 metres (25.26 feet),
which averaged 291 grams/tonne (8.49 ounces per ton) silver,
including 365 grams/tonne (10.65 oz/ton) silver over 6.08 metres
(19.94 feet). Minor values of gold, lead and zinc were also
encountered.
Hole B-11-02 was collared approximately
84 metres from Hole B-11-01 and intersected mineralized zones at
downhole depths of 23.8 to 64.5 metres, and from 67.7 to 73.7
metres. Mineralization was again observed within siliceous
metagreywacke and quartzite rocks with notably higher silver and
gold values than were seen in B-11-01, averaging 99 grams/tonne
(2.89 oz/ton) silver and 1.03 grams/tonne gold over an estimated
true width of 30.53 metres (100.14 feet), which included 285
grams/tonne (8.3 oz/ton) silver and 1.63 grams/tonne (0.05 oz/ton)
gold over 8.53 metres (27.98 feet), and 438 grams/tonne (12.78
oz/ton) silver and 2.99 grams/tonne gold (0.09 oz/ton) over 4.6
metres (15.1 feet). Pegmatites were observed cutting through
the mineralized zones, from 64.5 to 66.24 metres, for example.
A review of the results and re-examination of
the 2011 drill core has prompted Guyana Frontier to complete
additional sampling to potentially extend the intervals of
mineralized material. The results from this additional
sampling will be reported when available. Guyana Frontier is also
testing selected core samples from the 2011 drilling program for
bulk resistivity/conductivity response to better interpret the
results of the 2008 Titan 24 survey geophysical survey. The
integration of geophysical and geological information gained in the
last three years is expected to generate high-priority drill
targets for the 2012 winter exploration season.
Analytical Methods
Core samples were collected by diamond saw
cutting and transmitted in secure custody to Activation
Laboratories Ltd.'s preparation facility in Red Lake, Ontario. They were subject to fire
assay pre-concentration and AA finish to determine gold
concentrations, gravimetric finish to confirm gold values exceeding
1000 parts per billion and silver values exceeding 100 ppm,
total (four acid) digestion and assay for lead, zinc, and copper
followed by ICP analysis for a suite of 36 elements.
NOTE: Conversion factor for grams per tonne to
troy ounces per short ton are grams/tonne divided by 34.2857, or
grams/tonne multiplied by 0.0292. One metre = 3.28 feet.
David Bending,
M.Sc., P.Geo., President and CEO of Guyana Frontier, is a qualified
person as defined in National Instrument 43-101. He is responsible
for and has reviewed all technical information contained in this
news release.
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.
FORWARD LOOKING STATEMENTS
This news release contains forward-looking
statements that are based on Guyana Frontier's current expectations
and estimates. Forward-looking statements are frequently
characterized by words such as "plan", "expect", "project",
"intend", "believe", "anticipate", "estimate", "suggest",
"indicate" and other similar words or statements that certain
events or conditions "may" or "will" occur, and include, without
limitation, statements regarding the anticipated receipt of
analytical results from completed exploration activities and
Guyana Frontier's plans with
respect to the further exploration and development of its projects.
Such forward-looking statements involve known and unknown risks,
uncertainties and other factors that could cause actual events or
results to differ materially from estimated or anticipated events
or results implied or expressed in such forward-looking statements.
Any forward-looking statement speaks only as of the date on which
it is made and, except as may be required by applicable securities
laws, Guyana Frontier disclaims any intent or obligation to update
any forward-looking statement, whether as a result of new
information, future events or results or otherwise. Forward-looking
statements are not guarantees of future performance and accordingly
undue reliance should not be put on such statements due to the
inherent uncertainty therein.
SOURCE Guyana Frontier Mining Corp.