VANCOUVER,
Aug. 24, 2011 /PRNewswire/ - Guyana
Frontier Mining Corp. ("Guyana
Frontier") is pleased to announce the results of a drill core
re-logging, re-sampling and re-assaying program at the Marudi
Mountain Gold Project (the "Marudi Project") located in
Guyana, South America. The purpose of the program was
to verify the results of historical drilling programs carried out
by previous explorers in the early 1990s at the Marudi Project. A
total of 1,158 metres of diamond drill core was re-logged in six
historical holes, and a total of 140 samples were re-assayed from
three of the six holes (see results in Table 1 below).
Highlights of the Re-Sampling Program
- DDH 91-60, originally drilled in 1991 in the southern Mazoa
Hill target area, returned a weighted average of 2.61 grams/tonne
gold over 151.80 metres, which included 111.05 metres of 2.96
grams/tonne gold from 0.00 - 111.05 metres;
- DDH 93-85, originally drilled in 1993 in the northern Marudi
target area, returned a weighted average of 2.12 grams/tonne gold
over 21.33 metres from 90.17 to 111.5 metres, which included 8.44
metres of 4.89 grams/tonne gold from 99.52 - 107.96 metres;
- DDH 94-114, originally drilled in 1994 in the northern Marudi
target area, returned a weighted average of 2.37 grams/tonne gold
over 29.64 metres from 165.36 to 195.0 metres, which included 6.85
metres of 6.26 grams/tonne gold from 183.00 - 189.85 metres.
Sampling Procedures
Sample intervals were selected by a P.Geo. on a
basis of mineralogy. Previous operators had split the core and sent
one-half to be assayed. In the 2011 program, the remaining one-half
of the core was cut with a diamond saw and one-quarter was
delivered to Acme Labs in Georgetown, Guyana for analysis. The holes were drilled 17
to 20 years ago and although the drill core was stored in an
on-site facility, the integrity of the remaining core cannot be
fully determined. Drill core was relogged and replaced in new boxes
as "best-fit", under the supervision of a P.Geo. The influence that
these factors may have upon comparative re-sampling and re-assaying
is not known.
The 2011 re-sampling was carried out with a
rigorous QA/QC program, which included the use of standards, blanks
and duplicates. Assays of all of the standards returned
values within the acceptance window, and re-runs of pulps and
duplicates were found to be consistent. Guyana Frontier believes that the 2011 assay
results are comparable to the historical assays, which demonstrates
that the historical sampling and assay procedures were adequate.
Therefore, the historical dataset provides valuable information for
planning a diamond drilling program, proposed for 2011-2012.
Table 1. Marudi Project: Analytical Results
for Re-Sampled Historical Holes
Hole
# |
Location |
Azimuth
(degrees) |
Dip
(degrees) |
Depth
Of Hole
(m) |
From
(m) |
To
(m) |
Interval
(m) |
Gold
Intercept
(grams/
tonne) |
91-60 |
Mazoa Grid |
180 |
-50 |
162.67 |
0.00 |
151.80 |
151.80 |
2.61 |
|
|
|
|
including |
0.00 |
111.05 |
111.05 |
2.96 |
93-85 |
Marudi Grid |
30 |
-50 |
307.54 |
90.17 |
111.50 |
21.33 |
2.12 |
|
|
|
|
including |
99.52 |
107.96 |
8.44 |
4.89 |
|
|
|
|
and |
90.17 |
99.52 |
9.35 |
0.38 |
94-114 |
Marudi Grid |
360 |
-65 |
207.00 |
165.36 |
195.00 |
29.64 |
2.37 |
|
|
|
|
including |
165.36 |
170.20 |
4.84 |
4.46 |
|
|
|
|
and |
183.00 |
189.85 |
6.85 |
6.26 |
The true widths of the mineralized intervals
reported herein, and the geometry of the mineralized zones are not
currently known.
To provide further geological information for
the proposed drilling program, a series of exploration trenches
have been excavated during the past few weeks in the Marudi target
area. Gold mineralization was discovered and sampled from saprolite
and soils adjacent to weathered quartzite uncovered during the
trenching program, assays for which are pending. The quartzite
found within the new trenches may be correlated to the mineralized
quartzite intersected in historical drilling at the Marudi
Project.
Infrastructure improvements at the Marudi
Project are ongoing, with site clearing underway on a proposed
5,000 ft. (1,600 metres) airstrip, construction completed on a new
drill core storage facility, and the refurbishment of ground access
to the property.
General Criteria for Calculation of
Mineralized
Intercepts
Sample and assay intervals are based on drilled
intervals with controlled start and end depths. The estimate of
grade across width is based on the multiple of reported gold values
and reported sample intervals. Core recoveries ranged from 100%, to
less than 50% in short intervals, and all drilled intervals were
treated equally in the weighted average calculations. Poor core
recovery may compromise or modify the gold assays by loss of gold
in fines or concentration of gold in retained material.
Analytical
Methods
All drill samples were shipped directly to the
independent preparation facility of Acme Laboratories Ltd. ("Acme")
in Georgetown, Guyana ("Acme Guyana") for sample preparation.
Both gold fire assay determinations and multi-element analyses were
conducted in Acme's facility in Santiago,
Chile.
At Acme Guyana, the core samples were crushed to
80% passing 10 mesh (1.7 mm), then split to provide a 250 gram
subsample which was pulverized to 85% passing 200 mesh (75
microns). A 30 gram split was subject to Fire Assay
preconcentration with an AA finish. Samples with results over 10
ppm Au were subject to a gravimetric analysis and results were
reported in grams per tonne with a lower limit of 0.005 grams per
tonne. A separate sub-sample, 0.5 grams of the pulp, was subject to
a 1:1:1 Aqua Regia digestion and analyzed by ICP/OES (Optical
Emission Spectroscopy) for 34 elements.
The technical work disclosed in this document
was planned and reviewed by Locke
Goldsmith, M.Sc., P.Eng., P.Geo., an independent consultant
to Guyana Frontier, who is a Qualified Person as defined in
National Instrument 43-101 [Standards of Disclosure for Mineral
Projects ("NI 43-101")], and is responsible for all technical
information contained in this news release.
About the Marudi Project
The Marudi Project consists of one Mining
Licence totaling 13,502 acres (5,464 hectares) located in southern
Guyana approximately 500
kilometres (330 miles) from the capital city of Georgetown. Guyana Frontier holds a 100%
interest in the Project, subject to a 2% net smelter returns
royalty ("NSR").
Guyana Frontier holds a 100% interest in the
adjacent Paint Mountain property ("Paint Mountain"), subject to a
2% NSR. Paint Mountain consists of one Prospecting Licence
totaling 8,848 acres (3,581 hectares) and remains largely
unexplored. In 2011, Guyana Frontier plans airborne geophysical
exploration at Paint Mountain in conjunction with geophysical
surveys at the Marudi Project.
About Guyana Frontier
Guyana Frontier is a public mineral exploration
company listed on the TSX Venture Exchange (TSX-V: GYG), and is
focused on the exploration, discovery and development of precious
metals deposits located within Guyana, South
America. Guyana Frontier began acquiring interests in
Guyanese exploration properties in 2007, and now holds various
rights to obtain working interests in approximately 342,000 acres
(138,400 hectares) of prospective lands. Guyana Frontier's goal is
to develop a significant gold resource at the Marudi Project, and
to explore its other Guyanese projects using funding from
exploration partners.
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
Forward-looking statements are based on a
number of material factors and assumptions, including, the result
of drilling and exploration activities, that contracted parties
provide goods and/or services on the agreed timeframes, that
equipment necessary for exploration is available as scheduled and
does not incur unforeseen break downs, that no labour shortages or
delays are incurred, that plant and equipment function as
specified, that no unusual geological or technical problems occur,
and that laboratory and other related services are available and
perform as contracted. Forward-looking statements involve
known and unknown risks, future events, conditions, uncertainties
and other factors which may cause the actual results, performance
or achievements to be materially different from any future results,
prediction, projection, forecast, performance or achievements
expressed or implied by the forward-looking statements. Such
factors include, among others, the interpretation and actual
results of current exploration activities; changes in project
parameters as plans continue to be refined; future prices of
minerals; possible variations in grade or recovery rates; failure
of equipment or processes to operate as anticipated; the failure of
contracted parties to perform; labour disputes and other risks of
the mining industry; delays in obtaining governmental approvals or
financing or in the completion of exploration, as well as those
factors disclosed in the company's publicly filed documents.
Although Guyana Frontier has attempted to identify important
factors that could cause actual actions, events or results to
differ materially from those described in forward-looking
statements, there may be other factors that cause actions, events
or results not to be as anticipated, estimated or intended. There
can be no assurance that forward-looking statements will prove to
be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements.
SOURCE Guyana Frontier Mining Corp.