Tickers: XTSX:GYA, FRAA:1ZT, PINX:GYNAF
November 9, 2017 – Vancouver, Canada – Guyana Goldstrike Inc. (the “Company” or “Guyana Goldstrike”) (TSXV: GYA, OTC: GYNAF, FSE: 1ZT) is pleased to announce details of a planned multi -phase exploration program on the Company's 5,463 hectares Marudi Gold Project in Guyana, South America (the “Property”). The primary objective of the program is to identify new hard-rock gold mineralization in an effort to expand beyond the Property’s historic resource estimate.
HIGHLIGHTS OF THE EXPLORATION PROGRAM
- Up to 10,000 Metres of Diamond Drilling
- Up to 12,000 Metres of Trenching
- Detailed Rock, Soil and Core Sampling and Assaying
- Airborne Magnetic Survey over the entire Property
Mr. Locke Goldsmith, P.Eng., P.Geo., and Chief Geologist for the Company states, “It is exciting to be organizing a comprehensive exploration program that will see the Marudi Gold Project advance. Only five percent of the Property has been explored to date, and therefore the opportunity for new discoveries is very favourable.”
Exploration Program Summary:
The multi-phase program will consist of a planned 12,000 metre excavator trenching and sampling program of targeted locations. It is anticipated to be followed by up to 10,000 metres of diamond drilling in areas where successful trenching and sampling has occurred. Assays will be performed on all samples from rock, soil and core.
An airborne magnetic and radiometric survey is also planned to be flown over the Property (54.63 sq km ) to ascertain a geophysical signature of the complete area. The metachert rock unit that hosts gold mineralization on the Property contains disseminated magnetite that will be detected by the survey. The data obtained from the survey will assist the Company in tracing the unit through areas of saprolite and identifying targeted sites for further exploration.
Marudi North and Mazoa Hill Mineralized Zones
The Company has been endowed with legacy data from previous operators which includes 141 holes (42,000 metres) of diamond drilling completed on the Property. The majority of the drilling was conducted on two main mineralized zones: Marudi North and Mazoa Hill. Both zones are open to mineralization in multiple directions and at depth, and therefore favorable to further exploration and development. The Company recently completed 3D modeling of both zones that allow rotation and viewing of the drill patterns in all directions. The 3D modelling can be viewed in full scale on the homepage of the Company's website: www.guyanagoldstrike.com. An objective of the exploration program will be the expansion and further definition of these two zones.
“The Marudi Property is underlain by Proterozoic metasediments of the Kwitaro Group and the younger Southern Guyana Granite Complex. The Kwitaro Group is mostly comprised of shallow water metasediments with interbedded basic volcanic strata which are metamorphosed to amphibolites facies (Berrangé, 1972). The Southern Guyana Granite Complex is part of the tectono-thermal TransAmazonian Orogenic Cycle which resulted in block faulting, crustal shortening, folding, metamorphism, and anatexi (Hurley, et. al. 1967). Locally the Property is dominated by the Marudi Formation of the Kwitaro Group which includes a lower pelitic unit, a medial quartzite and meta-andesite unit with subordinate tuff and ironstone (the ‘quartzite’ unit). These rocks are overlain by a massive unit of orthoamphibolite (metabasalt). These metasedimentary and metavolcanic rocks have been subjected to upper greenschist and lower amphibolite grade regional metamorphism. The Marudi granodiorite lies mostly north of the north flank of Marudi Mountain. Metasedimentary and metavolcanic units at the Marudi Property have been complexly deformed with at least two local and three regional generations of folding recognized. Fold axes and beds have been offset by a significant northwest striking fault which cuts the Mazoa Hill anticline. Displacement on this fault is uncertain.
Gold mineralization at the Property is regarded as being related to iron-formation hosted gold deposits which occur in other cratonic greenstone belts. Iron-formation hosted gold deposits and occurrences can be divided into two sub-types: stratiform and non-stratiform. At the Marudi Property, all important gold mineralization discovered to date is associated with the medial ‘quartzite’ unit of the Marudi Mountain Formation. Gold occurs within the magnetite-hematite rich quartzite and in the magnetite-silicate iron formation.” (Source: Strickland 2016, NI 43-101 Technical Report on the Marudi Property, Guyana).
The proposed exploration program on the Property will be completed in multiple phases, as working capital and financing are made available to the Company. The Company may also elect to alter subsequent phases of the program, based on the results and success of earlier phases. The Company will continue to provide corporate and exploration updates as the program develops.
The Marudi Gold Project (the “Project”) is the Company's flagship project located in Guyana, South America. The Project is unique in that it 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 historical work has delineated historical mineral resource estimates 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 (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).*
There exists excellent exploration upside through the development of previously identified, highly-prospective mineralized targets on the Project. The Project 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 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.
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.
The Republic of Guyana is located in South America between Venezuela and Suriname. The country is English speaking under British Common Law with a democratically elected government. It has an established mining act and a rich history of gold production. In 2013, 458,000 ounces of gold were produced by operators mining in the country. The Guiana Shield has over 100 million ounces of gold inventory and is world-recognized as a premier gold region.** With geological continuity with West Africa, the shield is highly prospective and under-explored. In 2016, two mines 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.
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.