Guyana Goldstrike Announces Over 250,000 Indicated
Ounces and Over 85,000 Inferred Ounces of Gold at Mazoa Hill Zone,
Marudi Gold Project, Guyana
- Indicated
259,100 gold ounces within 4,428,000 tonnes grading 1.80
grams/tonne (g/t)
-
Inferred 86,200 gold ounces within
1,653,000 tonnes grading 1.60
grams/tonne (g/t)
Vancouver, Canada -- February 7, 2018 -- InvestorsHub
NewsWire -- Guyana Goldstrike Inc. (the "Company" or "Guyana
Goldstrike") (TSXV: GYA, OTC: GYNAF, FSE: 1ZT).
reports that Global Mineral Resource
Services has completed and delivered a mineral resource estimate
for the Mazoa Hill Zone at the Company's Marudi Gold Project
("Marudi" or the "Project"), Guyana, South America.
Mr. Peter Berdusco President and CEO
states: "The resource estimate for Mazoa Hill is a Company
milestone and a great step towards the further development of the
Marudi Gold Project. The potential for additional ounces on the
property is excellent when one considers the following factors:
Mazoa Hill is open in a number of directions including at depth,
the Marudi North Zone is also open in a number of directions and
contains a historic resource estimate and lastly, only five percent
of the entire property has ever been explored."
Mazoa Hill Zone
The Mazoa Hill Zone has been explored
by surface trenching and approximately 63 drillholes. This work has
defined a zone of mineralized quartzite that strikes northwest, is
approximately 300 meters long along strike, 150 meters wide across
strike and has been traced to a depth of 250 meters below surface.
The zone is near-vertical or dips steeply to the northeast. The
saprolite layer above the quartzite is up to 30 metres thick but is
generally thinner and the Mazoa Formation quartzite is partially
exposed at surface. This estimate has been constrained by a
conceptual pit and is stated at a cutoff grade of 0.5 g/t gold.
Marudi Property Mazoa Hill Mineral Resource Estimate, Summary
page 2.
The following table presents the
current mineral resource estimate for the Mazoa Hill Zone
Mazoa Hill Resources in Conceptual Pit @ 0.5 g/t
Cutoff
|
Class
|
Tonnes
|
Au Capped g/t
|
Au Uncapped g/t
|
Ounces Capped
|
Ounces Uncapped
|
Indicated
|
4,428,000
|
1.8
|
1.9
|
259,100
|
269,700
|
Inferred
|
1,653,000
|
1.6
|
1.6
|
86,200
|
87,600
|
Notes:
1. Open pit resources stated as
contained within a conceptual open pit above a 0.50 g/t Au
cut-off.
2. Pit constraints are based on an
assumed gold price of US$1,500/oz., mining cost of US$2.30/t and
processing cost of US$16.80/t.
3. Assay grades were capped at 30 g/t
gold; capped Mineral Resource estimate is reported.
4. Mineral Resource tonnage and
contained metal have been rounded to reflect the accuracy of the
estimate, and numbers may not add due to rounding.
5. Mineral Resource tonnage and
grades are reported as undiluted.
6. Contained Au ounces are in-situ
and do not include recovery losses.
For further information, readers are
encouraged to reviewed the technical report, "Marudi Property Mazoa
Hill Mineral Resource Estimate", available under the Company's
profile on SEDAR (www.sedar.com). Readers are cautioned that
mineral resources are not mineral reserves and do not have
demonstrated economic viability. There is no certainty that all or
any part of the mineral resources estimated will be converted into
mineral reserves.
3D HD Video
In conjunction with the technical
report, the Company completed a 3D HD video of the Marudi Gold
Project allowing for the viewing of the entire property and
specifically the Mazoa Hill zone showing the drill intercepts, the
blocked out mineralized zone and a conceptual open pit design.
The 3D HD
Video can be viewed on Company's website located on its homepage
at www.guyanagoldstrike.com
Phase One
Exploration
The Company is currently in the
initial phase of an exploration program on the Project. This
initial phase consists of up to 12,000
metres of trenching, extensive rock
and soil sampling, expansion of surface mineralization in known
zones, detailed geological mapping (lithologic, alteration, and
structural), evaluation of new mineralization, drill-target
selections and definitions. The results from this phase will be
released as they become available.
Property Geology
Gold mineralization at Marudi is
regarded as being related to iron-formation-hosted gold ("IFG")
deposits that occur in other cratonic greenstone belts. These
deposits can be remarkably long-lived with sizeable gold
production. They have a strong association between gold and iron
sulfide minerals, the presence of gold bearing quartz veins and
structures, the occurrence of deposits in structurally complex
terranes, and the lack of lead and zinc enrichment. Existing IFG
deposits are the Homestake Mine, Lupin Mine, and Musselwhite
Mine.
The Company encourages all interested
parties to visit the Company's website www.guyanagoldstrike.com for further
information or contact the Company by telephone, 1.877.844.4661 or
email, info@guyanagoldstrike.com.
Qualified
Person
Locke Goldsmith, M.Sc., P. Eng, P.
Geo, Chief Geologist and Exploration Manager for the Company, is a
Qualified Person in accordance with National Instrument 43-101
- Standards of Disclosure for Mineral Projects. Mr. Goldsmith
has reviewed and approved the scientific and technical content of
this news release.
About The
Marudi Gold Project
The Project,
located in Guyana, South America, is unique in that it has a
mining license in good standing, all-season road access,
infrastructure in place, with an established mining camp serviced
by employees, service buildings, and a full-time mining manager.
The property has three known gold bearing
areas, specifically the alluvial areas, the saprorlite
overburden, and the underlying hard-rock. There has been 42,000
metres of historic diamond drilling (141 holes) completed on the
Project by prior operators. This work has delineated historical
mineral resource estimates on the Project. There exists excellent
exploration upside through the development of previously
identified, highly-prospective mineralized targets on the
Project.
For information concerning these
estimates and the Project, readers are encouraged to review "NI
43-101 Technical Report on the Marudi Property, Guyana", a
technical report prepared for the Company by Derrick Strickland, P.
Geo., and is available on the Company's website located at
(http://www.guyanagoldstrike.com/images/pdf/2016/Marudi_43-101_November_30_2016.pdf)
and under the Company's profile on SEDAR (www.sedar.com).*
* The Company considers these
estimates to be historical, and cautions that a Qualified Person
has not done sufficient work to classify the historical estimates
as current mineral resources or mineral reserves in accordance
with National Instrument 43-101.
The Company does consider these historical estimates to be
relevant as they may indicate the presence of gold mineralization
and favourable geology.
ABOUT GUYANA
The Republic
of Guyana is located in South America between Venezuela and
Suriname. The country is English speaking and under British Common
Law with a democratically-elected government. It has an
established mining act and a rich history of gold production. In
2016, 690,000 ounces of gold was produced by operators mining in
the country. The Fraser Institute's 2016 Annual Survey of Mining
listed Guyana as the third best mining jurisdiction with regards to
investment attractiveness in the Latin America and Caribbean Basin
sub-group. The Guiana Shield is the geographic gold-hosting region
with over 100 million ounces of gold inventory. ** It is
world-recognized as a premier gold region that is highly
prospective, under-explored and has geological continuity with West
Africa. In 2016, two mines in Guyana declared the commencement of
commercial production: the Aurora deposit (Guyana Goldfields) and
the Karouni deposit (Troy Resources).
** Independent Technical and
Environmental Review Karouni Gold Project - Guyana, Behre Dolbear
Australia Pty Ltd, April 29, 2016
On behalf of the Board of Directors of
GUYANA GOLDSTRIKE INC.
Peter Berdusco
President and Chief Executive Officer
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.
This news release may contain
certain "Forward-Looking Statements" within the meaning of the
United States Private Securities Litigation Reform Act of 1995 and
applicable Canadian securities laws. When used in this news
release, the words "anticipate", "believe", "estimate", "expect",
"target, "plan", "forecast", "may", "schedule" and other similar
words or expressions identify forward-looking statements or
information. These forward-looking statements or information may
relate to future prices of commodities, accuracy of mineral or
resource exploration activity, reserves or resources, regulatory or
government requirements or approvals, the reliability of third
party information, continued access to mineral properties or
infrastructure, fluctuations in the market for gold, changes in
exploration costs and government regulation in Guyana, status of
artisanal mining activities and associated rights, and other
factors or information. Such statements represent the Company's
current views with respect to future events and are necessarily
based upon a number of assumptions and estimates that, while
considered reasonable by the Company, are inherently subject to
significant business, economic, competitive, political and social
risks, contingencies and uncertainties. Many factors, both known
and unknown, could cause results, performance or achievements to be
materially different from the results, performance or achievements
that are or may be expressed or implied by such forward-looking
statements. The Company does not intend, and does not assume any
obligation, to update these forward-looking statements or
information to reflect changes in assumptions or changes in
circumstances or any other events affections such statements and
information other than as required by applicable laws, rules and
regulations.
Guyana Goldstrike (PK) (USOTC:GYNAF)
Historical Stock Chart
From Jul 2024 to Aug 2024
Guyana Goldstrike (PK) (USOTC:GYNAF)
Historical Stock Chart
From Aug 2023 to Aug 2024