VANCOUVER, June 22, 2012 /PRNewswire/ - Guyana Frontier
Mining Corp. ("Guyana Frontier")
is pleased to provide an update on the results of the remaining six
diamond drill holes from the Marudi Mountain Gold Project ("Marudi
Mountain") in Guyana, South America. The six holes reported here,
totalling 909.5 metres, were drilled at the Marudi North target
area from two collar locations, of which three holes encountered
gold mineralization. The 2012 drilling program at Marudi North
successfully intersected gold mineralization within
quartzite-metachert rocks (the "host rock") in six of the nine
holes drilled. In all, 1,977.47 metres were drilled in 12 holes at
both target areas during the Phase 1 drilling program. Nine holes
totalling 1,438.17 metres were drilled in the Marudi North segment
of the 2012 drilling program, and 539.30 metres were earlier
completed in 3 holes at Mazoa Hill.
Highlights of Marudi North Diamond Drilling,
Final Holes
(See Table 1 for detailed results)
- DDH MN12-137 returned a weighted average of 0.77
grams/tonne gold over 9.81 metres from 195.13 to 204.94
metres.
- DDH MN12-140 returned a weighted average of 1.90
grams/tonne gold over 8.19 metres from 72.5 to 80.5 metres,
including 3.40 grams/tonne over 4.0 metres from 74.50 to 78.50
metres.
- DDH MN12-141 returned a weighted average of 0.31
grams/tonne gold over 6.0 metres from 60.0 to 66.0 metres.
The goals of Guyana Frontier's 2012 drilling
program were twofold: to confirm historical results at the Mazoa
Hill target area where drilling by previous explorers in the 1990s
identified a substantial zone of gold mineralization, and to
identify new zones of gold mineralization at the Marudi North
target area that could be related to Mazoa Hill.
Mazoa Hill Target Area
Guyana Frontier's three Mazoa Hill 2012 drill
holes showed significant gold mineralization, as indicated by holes
MH12-130, -131 and -132. For example, hole 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 (see Guyana Frontier's
news release of May 2, 2012). Guyana
Frontier has access to most of the historical drill core from the
1991-1995 and 2004 drilling programs on site in a secure storage
facility, and prior to further drilling plans to carry out
additional re-logging, re-sampling and re-assaying programs to add
further understanding of the historical gold resource, which is not
compliant with the standards of National Instrument 43-101 (see
Guyana Frontier's review of the Mazoa Hill historical resource
estimate in its news release of June 6,
2012).
Marudi North Target Area
At Marudi North, located 1.6 kilometres to the
north of Mazoa Hill, Guyana Frontier has begun to define a new zone
of gold mineralization, and has collected valuable subsurface
geological information for integration with prior results of
trenching and soil sampling, and planned geophysical surveys.
Previously reported holes MN12-134 returned a weighted average of
4.29 grams/tonne gold over 17.55 metres from 12.50 to 30.05 metres,
which included 12.0 metres of 5.54 grams/tonne gold from 12.50 to
24.50 metres, and MN12-135 returned a weighted average of 1.80
grams/tonne gold over 32.24 metres from 23.26 to 55.50 metres (see
Guyana Frontier news release dated May 24,
2012).
Three of the last six holes drilled in the
Marudi North target area encountered varying amounts of gold
mineralization in the host rock. The host rock appears to be
faulted and deformed in this western area of Marudi North, which
made targeting more difficult. For example, in hole MN12-137, a
feldspar-porphyry dyke and extensive faults were encountered at the
expected location of the upper host rock target zone, and the lower
zone host rock was not intersected until 195.13 metres to 204.94
metres. In hole MN12-138, the host rock was not intersected,
despite its suggested strike and direction interpreted from the
2011 trenching program. In holes MN12-140 and -141, the host rock
unexpectedly appears to trend westerly and dip southerly. The
geological characteristics and mineralization of the host rock at
Marudi North is therefore not completely understood, and demands
further drilling to determine its full potential.
To view a map depicting the locations of the
completed 2012 drill holes and historical drill holes at Marudi
Mountain, and for a detailed list of the 2012 drilling results,
please visit Guyana Frontier's website at
http://www.guyanafrontier.com/s/MarudiMountain.asp#dpm
Table 1. Marudi Mountain Project:
Gold Results for 2012 Marudi North Drilling, Holes MN12-136,
-137, -138, -139, -140 and -141.
Hole
# |
Location |
Azimuth
(degrees) |
Dip
(degrees) |
Final
Depth
of Hole
(m) |
From
(m) |
To
(m) |
Interval
(m) |
Gold
Intercept
(grams/
tonne) |
MN12-136 |
Marudi N. |
115° |
-50 |
37.50 |
- |
- |
- |
no significant gold
values |
MN12-137 |
Marudi N. |
115° |
-55 |
292.50 |
195.13 |
204.94 |
9.81 |
0.78 |
MN12-138 |
Marudi N. |
135° |
-55 |
136.50 |
- |
- |
- |
no significant gold
values |
MN12-139 |
Marudi N. |
295° |
-55 |
193.50 |
- |
- |
- |
no significant gold
values |
MN12-140 |
Marudi N. |
140° |
-55 |
139.50 |
48.97 |
57.16 |
8.19 |
0.31 |
|
Marudi N. |
|
|
|
72.50 |
80.50 |
8.0 |
1.90 |
|
|
|
|
including |
74.50 |
78.50 |
4.0 |
3.40 |
MN12-141 |
Marudi N. |
165° |
-55 |
110.00 |
36.0 |
42.50 |
8.95 |
0.26 |
|
|
|
|
|
60.0 |
66.0 |
6.0 |
0.30 |
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,
0.25 grams of the pulp, was subject to a 4-acid digestion and
analyzed by ICP/ES (Emission Spectroscopy) for 36 elements.
Guyana Frontier's 2012 diamond drilling program
is subject to an industry standard 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 also holds a
prospecting licence for the adjacent Paint Mountain property,
totalling 8,848 acres (3,581 hectares), where Guyana Frontier commenced surface exploration
in 2011. Detailed trenching, mapping and sampling was carried out
at Paint Mountain in 2012 on the basis of favourable geology and
the presence of artisanal alluvial gold miners. An airborne
magnetic and radiometric survey is 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.