VANCOUVER, March 16, 2012 /PRNewswire/ - Guyana Frontier
Mining Corp. ("Guyana Frontier" or
the "Company") is pleased to provide an update on its 3,000-metre
diamond drilling program underway at the Marudi Mountain Gold
Project ("Marudi Mountain") in southern Guyana, South
America. Two holes have been completed at the Mazoa Hill
target area, where drilling by previous explorers identified a
substantial zone of gold mineralization. A third hole was lost in
abnormal ground conditions. Results for all of the Mazoa Hill drill
holes will be released after assays are received, compiled and
interpreted.
At the first Mazoa Hill collar location, hole
MH12-130 was lost at 68.30 metres when abnormal ground conditions
were encountered.
Drill hole MH12-131 was subsequently sited 25
metres east and drilled to the south at minus 50 degrees to a depth
of 270 metres. The target quartzite-metachert horizon was cored
continuously from 31.55 metres to 234.16 metres, except for three
narrow dykes at 117.80 - 120.25 metres, 126.42 - 127.66 metres, and
203.93 - 204.63 metres. Mafic and ultramafic metavolcanics were
intersected between 234.16 and 270.00 metres.
Drill hole MH12-132 was sited 30 metres west of
MH12-130. It was also drilled to the south at minus 50 degrees, and
was completed to a depth of 201 metres. Quartzite-metachert was
cored continuously from 13.69 metres to 161.58 metres. Mafic
metavolcanics and metasediments were intersected between 161.58 and
201.00 metres.
The two completed Mazoa Hill holes were planned
to provide drilling and assay data compliant with modern Quality
Control/Quality Assurance protocols as an initial step in verifying
the historical drill data and converting the historical resource
into one fully-compliant with the disclosure standards of National
Instrument 43-101 ("N.I. 43-101").
The drill is currently working at hole MR12-133
at the Marudi North target area where Guyana Frontier identified
highly-prospective drill targets from its 3,400.4 metres trenching
program carried out in the summer and fall of 2011 (see Guyana
Frontier news release of October 31,
2011). The drilling program is expected to continue into
April 2012. To view a map depicting
the locations of the planned 2012 drill holes and historical drill
holes at Marudi Mountain, please visit Guyana Frontier's website at
www.guyanafrontier.com
The technical disclosure in this news release
has been reviewed and approved by Locke
Goldsmith, M.Sc, P.Eng., P.Geo., a qualified person as
defined in N.I. 43-101, and an independent contractor to
Guyana Frontier.
About Marudi Mountain
Marudi Mountain consists of one mining licence
totalling 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
percent interest in the project, subject to a 2 percent net smelter
returns royalty ("NSR").
Guyana Frontier also holds a 100 percent
interest in the adjacent Paint Mountain property, subject to a 2
percent NSR. Paint Mountain consists of one prospecting licence
totalling 8,848 acres (3,581 hectares) and remains largely
underexplored. Guyana Frontier recently commenced surface
exploration at Paint Mountain. A portion of the property has been
selected for detailed mapping and sampling on the basis of
favourable geology and the presence of artisanal alluvial gold
miners. Airborne geophysical surveys are planned for both Marudi
Mountain and the Paint Mountain projects in early 2012.
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 release contains "forward-looking
statements" within the meaning of applicable Canadian securities
legislation. Forward-looking statements include, but are not
limited to, statements that address activities, events or
developments that the Company expects or anticipates will or may
occur in the future, including such things as planned exploration
activities at the Marudi Mountain and Paint Mountain properties,
the establishment of an NI 43-101 compliant resource at the Marudi
Mountain property, future business strategy, competitive strengths,
goals, expansion, growth of the Company's businesses, operations,
plans and with respect to exploration results, the timing and
success of exploration activities generally, permitting time lines,
government regulation of exploration and mining operations,
environmental risks, title disputes or claims, limitations on
insurance coverage, timing and possible outcome of any pending
litigation and timing and results of future resource estimates or
future economic studies.
Often, but not always, forward-looking
statements can be identified by the use of words such as "plans",
"planning", "planned", "expects" or "looking forward", "does not
expect", "continues", "scheduled", "estimates", "forecasts",
"intends", "potential", "anticipates", "does not anticipate", or
"belief", or describes a "goal", or variation of such words and
phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will" be taken, occur or be
achieved.
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; the existence of
weather conditions suitable for exploration activities; 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 the Company 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.