VANCOUVER,
May 2, 2012 /PRNewswire/ - Guyana
Frontier Mining Corp. ("Guyana
Frontier") is pleased to provide an update on diamond drilling
results from the Marudi Mountain Gold Project ("Marudi Mountain")
in Guyana, South America. Two holes were completed to
their optimum target depths at the Mazoa Hill target area, where
drilling by previous explorers in the 1990s identified a
substantial zone of gold mineralization. A third hole was lost in
abnormal ground conditions. A total of 539.30 metres were completed
during the Mazoa Hill segment of the 2012 program.
Phase 1 drilling has been concluded at Marudi
Mountain, prior to the onset of the rainy season in southern
Guyana. An additional 1,438.17
metres in nine holes were completed within the Marudi North target
area, which is located approximately 1.6 kilometres north of Mazoa
Hill. In total, 1,977.47 metres were drilled in 12 holes at both
target areas during the Phase 1 drilling program. The Marudi North
2012 drill hole locations have not been the subject of any
historical diamond drilling, and were chosen to identify potential
for new zones of gold mineralization. Results for the remaining
nine holes drilled at Marudi North will be released after their
receipt, compilation and interpretation.
Highlights of the Mazoa Hill Target Area Diamond
Drilling
(See Table 1 for detailed results)
- DDH MH12-130, was lost at 68.30 metres when abnormal
ground conditions were encountered. The core recovered returned a
weighted average of 1.63 grams/tonne gold over 8.0 metres from 3.0
to 11.0 metres, including 3.33 metres of 3.50 grams/tonne gold from
3.0 to 6.33 metres, and 14.85 grams/tonne gold over 6.5 metres from
59.00 to 65.5 metres, that included 1.46 metres of 51.7 grams/tonne
gold from 63.17 to 64.63 metres;
- DDH MH12-131, returned a weighted average of 1.86
grams/tonne gold over 33.59 metres from 75.5 to 109.09 metres,
which included 1.08 metres of 13.96 grams/tonne gold from 106.0
metres to 107.08 metres. The hole also intersected 25.61 metres of
3.71 grams/tonne gold from 116.59 to 142.3 metres, including 6.17
metres grading 10.51 grams/tonne gold from 120.25 to 126.42 metres.
Another significant zone of mineralization was encountered from
148.0 to 212.5 metres grading 0.86 grams/tonne gold over 64.5
metres;
- DDH MH12-132, returned a weighted average of 2.59
grams/tonne gold over 37.47 metres from 47.03 to 84.5 metres, which
included 11.06 metres of 5.85 grams/tonne gold from 63.44 to 74.5
metres, and 2.0 metres of 11.0 grams/tonne gold from 66.5 to 68.5
metres. Another significant zone of mineralization graded 1.73
grams/tonne gold over 41.63 metres from 92.37 to 134.0 metres,
including 1.40 metres of 11.5 grams/tonne gold from 109.6 to 111.0
metres.
MH12-130 drilled to the south at minus 50
degrees, intersected the target quartzite-metachert horizon from
45.74 metres to 68.30 metres where the hole was ended in a zone of
broken rock.
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 intersected
continuously from 31.55 metres to 234.16 metres, except for three
narrow dykes at 117.80 to 120.25 metres, 126.42 - 127.66 metres,
and 203.93 to 204.63 metres. Mafic and ultramafic metavolcanics
were intersected between 234.16 and 270.00 metres.
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
intersected continuously from 13.69 metres to 161.58 metres. Mafic
metavolcanics and metasediments were intersected between 161.58 and
201.00 metre.
To view a map depicting the locations of the
planned and completed 2012 drill holes and historical drill holes
at Marudi Mountain, please visit Guyana Frontier's website at
www.guyanafrontier.com
Table 1. Marudi Mountain Project:
Analytical Results for 2012 Mazoa Hill Drilling
Hole
# |
Location |
Azimuth
(degrees) |
Dip
(degrees) |
Final
Depth
of Hole
(m) |
From
(m) |
To
(m) |
Interval
(m) |
Gold
Intercept
(grams/
tonne) |
MH12-130 |
Mazoa Hill |
181°41'05" |
-50 |
68.30 |
3.00 |
11.0 |
8.0 |
1.63 |
|
|
|
|
including |
3.0 |
6.33 |
3.33 |
3.50 |
|
|
|
|
|
59.0 |
65.50 |
6.50 |
14.85 |
|
|
|
|
including |
63.17 |
64.63 |
1.46 |
51.70 |
MH12-131 |
Mazoa Hill |
180°00'00" |
-50 |
270.00 |
31.25 |
39.78 |
8.53 |
1.01 |
|
|
|
|
including |
35.20 |
35.82 |
0.62 |
8.84 |
|
|
|
|
|
62.5 |
67.0 |
4.5 |
2.65 |
|
|
|
|
|
75.5 |
109.09 |
33.59 |
1.86 |
|
|
|
|
including |
99.87 |
100.1 |
0.23 |
22.10 |
|
|
|
|
and |
106.0 |
107.08 |
1.08 |
13.96 |
|
|
|
|
|
116.69 |
142.3 |
25.61 |
3.71 |
|
|
|
|
including |
120.25 |
126.42 |
6.17 |
10.51 |
|
|
|
|
and |
130.41 |
132.41 |
2.0 |
9.35 |
|
|
|
|
|
148.0 |
212.5 |
64.5 |
0.86 |
|
|
|
|
|
218.5 |
232.5 |
14.0 |
0.94 |
|
|
|
|
|
245.17 |
246.52 |
1.35 |
4.50 |
MH12-132 |
Mazoa Hill |
186°26'58" |
-50 |
201.00 |
0.0 |
12.0 |
12.0 |
0.24 |
|
|
|
|
|
47.03 |
84.5 |
37.47 |
2.59 |
|
|
|
|
including |
63.44 |
74.5 |
11.06 |
5.85 |
|
|
|
|
including |
66.5 |
68.5 |
2.0 |
11.0 |
|
|
|
|
and |
82.5 |
84.5 |
2.0 |
5.00 |
|
|
|
|
|
92.37 |
134.0 |
41.63 |
1.73 |
|
|
|
|
including |
109.6 |
111.0 |
1.40 |
11.50 |
|
|
|
|
|
140.07 |
154.13 |
14.06 |
0.38 |
The true widths of the mineralized intervals
reported herein, and the geometry of the mineralized zones are not
currently known. Mineralized intervals were calculated using a 0.1
grams/tonne cutoff grade. Intervals containing below cutoff grade
were excluded from the calculations when they were 6 metres or
greater in thickness.
Analytical Methods and Quality Control
All drill samples were shipped directly to the
independent preparation facility of Acme Laboratories Ltd. 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 ("Acme").
At Acme Guyana, the core samples were crushed to
80% passing 10 mesh (1.7 mm), then split to provide a 500 gram
subsample which was pulverized to 85% passing 200 mesh (75
microns). A 50 gram split was subject to fire assay with an AA
finish. Samples with results over 10 ppm gold were subject to a
gravimetric analysis and results are 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 2012 diamond drilling program is subject to a
rigorous QA/QC program, which includes the use of standards and
blanks. Assays of all of the standards returned values within the
acceptance window, and re-runs of pulps and duplicates of pulps
were found to be consistent. Certain mineralized samples that may
be subject to the "nugget effect," or a form of localized
enrichment within the sample, are being re-submitted to Acme for
total metallic assay. In addition, 5 percent of the received
analyses, have been, or are in the process of being re-submitted to
a laboratory independent of Acme Labs for check assay in order to
monitor and assess analytical accuracy.
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 and has
approved all technical information contained in this news
release.
About the Marudi Mountain Project
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). Guyana Frontier commenced surface
exploration in 2011. Detailed mapping and sampling is underway on
the basis of favourable geology and the presence of artisanal
alluvial gold miners. Airborne geophysical surveys, included
magnetic, radiometric and Lidar surveys, are planned for both the
Marudi Mountain and the Paint Mountain projects in 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 Guyana Frontier 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 Guyana Frontier'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 Guyana Frontier'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.