VANCOUVER,
May 24, 2012 /PRNewswire/ - Guyana
Frontier Mining Corp. ("Guyana
Frontier") is pleased to provide an update on the results of three
additional diamond drill holes from the Marudi Mountain Gold
Project ("Marudi Mountain") in Guyana, South
America. The three holes reported here, totalling 529.67
metres, were drilled from the first set-up at the Marudi North
target area, located near an exploration trench that showed
significant gold values during Guyana Frontier's 2011 trenching
program (see Guyana Frontier's news release, October 31, 2011). The 2012 drilling program at
Marudi North successfully encountered gold mineralization within
quartzite-metachert rocks (the "host rock"), interpreted as similar
in composition to the rocks known to host gold mineralization at
the Mazoa Hill target area, located approximately 1.6 kilometres to
the south.
Highlights of Initial Marudi North Target Area
Diamond Drilling
(See Table 1 for detailed results)
- DDH MN12-133 returned a weighted average of 2.95
grams/tonne gold over 8.92 metres from 9.08 to 18.00 metres,
including 2.40 metres of 7.45 grams/tonne gold from 9.60 to 12.00
metres, and 0.26 grams/tonne gold over 7.45 metres from 30.00 to
37.45 metres. A weighted average of 0.32 grams/tonne gold was
returned over an interval of 3.80 metres from 159.70 metres to the
end of the drill hole at 163.50 metres.
- DDH MN12-134 returned a weighted average of 4.29
grams/tonne gold over 17.55 metres from 12.50 to 30.05 metres, that
included 12.00 metres of 5.54 grams/tonne gold from 12.50 to 24.50
metres. A weighted average of 0.30 grams/tonne gold over 8.95
metres was returned from 30.05 to 39.00 metres. The weighted
average for the combined intervals from 12.50 to 39.00 metres is
2.94 grams/tonne gold over 26.5 metres.
- DDH MN12-135 returned a weighted average of 1.80
grams/tonne gold over 32.24 metres from 23.26 to 55.50 metres.
Nine holes totalling 1,438.17 metres were drilled
in the Marudi North segment of the 2012 drilling program, and a
total of 539.30 metres were earlier completed at the Mazoa Hill
target area (see Guyana Frontier's news release May 2, 2012). In all, 1,977.47 metres were
drilled in 12 holes at both target areas during the Phase 1
drilling program. Results for the remaining six holes drilled at
Marudi North will be released after their receipt, compilation and
interpretation.
The goal of Guyana Frontier's Marudi North drilling
program is to identify new zones of gold mineralization that may be
related to the Mazoa Hill target area, where drilling by previous
explorers in the 1990s identified a substantial zone of gold
mineralization. In the Marudi North target area, the host rock,
where identified in trenches, is covered by 2 to 4 metres of
saprolite cover. Trenching and auger drilling are accepted as the
best methods of mapping the host rock if it is encountered at a
shallow depth from surface, followed by diamond drilling to better
confirm its depth, width and strike direction. The character and
mineralization of the host rock at Marudi North is therefore not
completely understood, and further drilling is planned to determine
its full potential.
MN12-133: drilled in an easterly direction
at minus 50 degrees, intersected the host rock from 9.00 to 39.05
metres. The deepest gold mineralization found in the hole was
hosted in a silicified metavolcanic rock that is different than
other mineralized intervals observed in drill holes at this site.
The altered metavolcanic rock returned a weighted average grading
0.32 grams/tonne gold over 3.98 metres, from 159.70 metres to the
end of hole at 163.50 metres. Guyana Frontier plans to submit
samples of this interval for petrographic and whole rock analysis
to better understand this different style of mineralization.
MN12-134: the drill collar was sited
approximately 3 metres west of MN12-133 and was drilled in an
easterly direction at minus 70 degrees to a length of 97.67 metres.
The host rock was intersected from 12.50 to 39.00 metres, which
included mineralization within an interval of broken quartzite and
saprolite from 30.05 to 34.82 metres.
MN12-135: the drill collar was sited
approximately 1 metre east of MH12-133 and was drilled in a
westerly direction at minus 60 degrees, to a length of 268.50
metres. The host rock was intersected from 23.26 to 55.50 metres,
which included an unmineralized felsic dyke between 35.80 and 37.82
metres.
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:
Gold Results for Initial 2012 Marudi North Drilling, Holes
MN12-133, -134 and -135.
Hole
# |
Location |
Azimuth
(degrees) |
Dip
(degrees) |
Final
Depth
of Hole
(m) |
From
(m) |
To
(m) |
Interval
(m) |
Gold
Intercept
(grams/
tonne) |
MN12-133 |
Marudi N. |
119° |
-50 |
163.50 |
9.08 |
18.0 |
8.92 |
2.95 |
|
|
|
|
including |
9.60 |
12.0 |
2.40 |
7.45 |
|
|
|
|
|
30.0 |
37.45 |
7.45 |
0.26 |
|
|
|
|
|
159.70 |
163.50 |
3.80 |
0.32 |
MN12-134 |
Marudi N. |
119° |
-70 |
97.67 |
12.50 |
30.05 |
17.55 |
4.29 |
|
|
|
|
including |
12.50 |
24.5 |
12.0 |
5.54 |
|
|
|
|
|
30.05 |
39.0 |
8.95 |
0.30 |
MH12-135 |
Marudi N. |
290° |
-60 |
268.50 |
23.26 |
55.50 |
32.24 |
1.80 |
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 length.
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.
Guyana Frontier's 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) where Guyana Frontier commenced
surface exploration in 2011. Detailed trenching, mapping and
sampling is underway at Paint Mountain 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 the receipt of
further results from Guyana Frontier's 2012 drilling program,
planned additional 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.