VANCOUVER,
Oct. 31, 2011 /PRNewswire/ - Guyana
Frontier Mining Corp. ("Guyana
Frontier") is pleased to announce the initial results of a
trenching program at the Marudi Mountain Gold Project (the "Marudi
Project") located in southern Guyana, South
America. Nineteen trenches totaling 3,400.4 metres in length
were excavated and sampled by Guyana Frontier in the Marudi North
target area, beginning in July 2011.
The results of the trenching indicate gold mineralization is
present in bedrock within the area tested. Drill collar locations
for a proposed diamond drilling program have been selected based on
the analytical results received to date. Maps depicting the 2011
trenching program and photos of gold mineralization recovered can
be viewed on Guyana Frontier's website at www.guyanafrontier.com at
"Projects - Marudi Mountain".
Highlights of the 2011 Trenching
Program
- 1,086 soil samples each weighing between 1 to 3 kilograms were
taken in continuous horizontal 3 metre intervals in most of the
trenches;
- To date, analytical results for 1,073 samples have been
received, of which 179 samples showed gold values greater than 0.26
grams/tonne, with the highest values in Trenches 04 and 06 assaying
up to 12.0 grams/tonne gold (see Table 1 below);
- Gold mineralization is associated with the subcrops of
quartzite/metachert rocks found within the trenches, and consists
of fine gold dust and gold grains up to 0.5 x 2.0 millimetres in
size;
- The angular, wire, and hackly shapes of gold grains indicate
that the gold recovered in pan concentrates has weathered in situ
from bedrock and has not been transported from its source;
- A 400 to 500 metres strike length of the quartzite rocks has
been interpreted from the work carried out to date, providing a
highly prospective target area for a proposed 2011-2012 diamond
drilling program.
2011 Trenching Program
The location of the 2011 trenching program was
determined from a review of the results of auger drilling and
trenching work carried out by Guyana Frontier in 2007-2008, and by
observations made in the summer of 2011 during re-logging of
historical diamond drill holes drilled by previous explorers in the
early 1990s (see Guyana Frontier News Release dated August 24, 2011). The historical drill holes
indicate the presence of gold-bearing quartzite rocks in the Marudi
North target area, which could therefore host a similar geological
setting as is found at the southern Mazoa Hill target area. Mazoa
Hill was the subject of extensive historical diamond drilling by
previous explorers due to the gold mineralization found there. The
results of the 2011 trenching program demonstrate that Guyana
Frontier has succeeded in mapping gold-bearing quartzite rocks in
the Marudi North target area.
Subcrops of quartzite/metachert in Marudi North
trenches 04 and 06, for example, were exposed in horizontal widths
of 5 to 40 metres, interbedded with saprolite after metavolcanics.
Gold grains were observed in panned samples, usually located above
and near quartzite. The greatest concentrations of gold occur
towards the eastern, stratigraphically lower, downslope margin of
quartzite, and in adjacent saprolite.
Outcrop patterns of quartzite are discontinuous
along strike. A 290 degree normal fault or shear plane with
apparent right lateral offset with the northern block down-dropped
is interpreted to transect the local stratigraphy approximately
parallel to, and between Trenches 04 and 06. The influence that a
shear zone may have had upon genesis and distribution of gold
mineralization at this site, other than interpreted offset, is not
yet determined.
Bedding/foliation in quartzite and attitude of
the quartzite/saprolite contact in the west end of Trench 06 when
projected down dip, crosses the upper portion of historical drill
hole 92-79 where quartzite and banded iron formation were observed.
Original 1992 drill logs note visible gold in hole 92-79 between
138.90 to 145.92 metres, as measured in the length of the hole.
Table 1. 2011 Marudi North Trenching Program: Range of
Gold Values in Samples
Location |
Trench
Name and
Number |
Length
of Trench
(m) |
Number of Samples With
Range of Gold Values
(grams/tonne Au) |
Total Number
of Samples |
0-0.25 |
0.26-0.50 |
0.51-0.75 |
0.76-1.0 |
>1.1 |
Marudi N. |
Trench 01 |
49.0 |
10 |
0 |
0 |
0 |
0 |
10 |
Marudi N. |
Trench 02 |
12.0 |
4 |
0 |
0 |
0 |
0 |
4 |
Marudi N. |
Trench 03 |
52.0 |
Assays Pending |
13 |
Marudi N. |
Trench 04 |
342.0 |
46 |
32 |
16 |
6 |
14 |
114 |
Marudi N. |
Trench 04E |
63.0 |
7 |
0 |
0 |
0 |
0 |
7 |
Marudi N. |
Trench 05 |
13.4 |
5 |
0 |
0 |
0 |
0 |
5 |
Marudi N. |
Trench 06 |
216.0 |
37 |
21 |
5 |
5 |
4 |
72 |
Marudi N. |
Trench 06E |
174.0 |
58 |
0 |
0 |
0 |
0 |
58 |
Marudi N. |
Trench 06W |
30.0 |
2 |
5 |
0 |
0 |
3 |
10 |
Marudi N. |
Trench 07 |
348.0 |
79 |
24 |
3 |
2 |
2 |
110 |
Marudi N. |
Trench 08 |
42.0 |
12 |
1 |
2 |
0 |
0 |
15 |
Marudi N. |
Trench 09 |
138.0 |
47 |
0 |
1 |
0 |
0 |
48 |
Marudi N. |
Trench A |
243.0 |
78 |
1 |
0 |
1 |
1 |
81 |
Marudi N. |
Trench B |
286.0 |
75 |
7 |
0 |
0 |
2 |
84 |
Marudi N. |
Trench C |
417.0 |
128 |
4 |
1 |
0 |
0 |
133 |
Marudi N. |
Trench D |
252.0 |
83 |
0 |
0 |
0 |
0 |
83 |
Marudi N. |
Trench E |
228.0 |
74 |
0 |
0 |
0 |
0 |
74 |
Marudi N. |
Trench F |
294.0 |
87 |
4 |
4 |
1 |
1 |
97 |
Marudi N. |
Trench G |
201.0 |
62 |
3 |
0 |
2 |
1 |
68 |
TOTAL |
19 |
3,400.4 |
894 |
102 |
32 |
17 |
28 |
1,086 |
NOTE: The detail and distribution of the gold
values described in Table 1 above should be read in conjunction
with and compared to the map entitled "Marudi Project - 2011
Trenching Program Gold Values and Proposed Drill Holes" on the
Guyana Frontier website at the following web address:
http://www.guyanafrontier.com/s/MarudiMountain.asp
The gold assay results as shown in Table 1 above
are susceptible to the "nugget effect", that is, non-uniform
distribution of individual gold grains can provide higher or lower
assays when sample results are compared to the results of a
duplicate sample.
Sampling Procedures
Trenches were dug with an excavator and averaged
2.6 metres in depth. Chip channel samples of decomposed quartzite
and saprolite were collected in continuous 3-metre intervals from
trench walls, were bagged on site, and delivered to Acme
Laboratories Ltd. ("Acme") in Georgetown, Guyana. At intervals of 20 samples a duplicate
was collected and submitted to Acme for geochemical analysis.
Another sample was collected from each chip-channel, panned to
separate heavy minerals, and the number of visible gold grains
recorded.
Analytical
Methods
At Acme, 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). Gold fire assay
determinations and multi-element analyses were conducted in Acme's
facility in Santiago, Chile.
A 30 gram split was subject to Fire Assay
pre-concentration with an AA finish. Samples with results over 10
ppm gold 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.
Proposed 2011-2012 Diamond Drilling
Program
Based on the results of the 2011 trenching
program received to date, approximately 6,000 metres of diamond
drilling in 20 to 25 holes is planned. Guyana Frontier intends to
test the Marudi North area with a minimum of 3,000 metres of
drilling, and if results warrant, to continue the drilling program
subject to obtaining additional exploration financing.
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. Guyana Frontier has recently commenced exploration at
Paint Mountain. Rock samples have been collected and will be sent
for geochemical analysis and petrography. A portion of the property
has been selected for detailed mapping and sampling on the basis of
favourable geology and the presence of artisanal placer miners.
Airborne geophysical surveys are planned for both Paint Mountain
and the Marudi Projects.
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.