Tickers: XTSX:GYA, FRAA:1ZT, PINX:GYNAF
November 8, 2018 / TheNewswire / Vancouver, Canada - Guyana Goldstrike Inc. (the "Company" or "Guyana Goldstrike") (TSXV: GYA, OTC: GYNAF, FSE:1ZT) is pleased to announce that it is currently soliciting and reviewing bids from drilling contractors for the right to diamond drill the Company's Marudi Gold Project ("Marudi" or the "Property") located in the Guiana Gold Belt, Guyana, South America.
The planned phase one drilling will focus on Toucan Ridge - a new gold discovery area at Marudi. The phase one target zones will focus on the multiple trench sites along the ridge which have successfully confirmed gold mineralization. Target zones will be further defined once the magnetic and radiometric survey report has been completed and then reviewed by the technical team. The primary objective of phase one is to confirm mineralization at depth. The target zones are open in all directions and trenching is currently ongoing and progressing in an eastward direction along the ridge's 1.75 kilometre area of interest.
Please view below, "Toucan Ridge Location Map" for the location of the Toucan Ridge area of interest and current related trenches.
Drilling is anticipated to commence in early Q1 2019. The company has planned additional diamond drilling phases in 2019. The additional phases are based upon drilling success at Toucan Ridge and depth confirmation drilling at other areas of interest on the property. These areas will be scheduled for trenching and priority will be given to those areas possessing the best exploration upside. The goal of the 2019 program is to expand Marudi's mineral resource estimates. Further details of phase one and the 2019 drill program will be disclosed in subsequent news releases.
One historical hole has been drilled near Toucan Ridge. In 1993, Romanex-Sutton drilled 300.00 metres south of the ridge at Toucan Hill. The hole encountered a 39.00 metre section of elevated mineralization including 3.00 metres of 0.82 g/t Au at a depth of roughly 180.00 metres below surface. The hole terminated at a depth of 230.00 metres below surface in the quartzite-metachert host rock without drilling through it. The location of the hole is marked in the "Toucan Ridge Location Map" below.
Mineral Resource Estimates and Assay Highlights from Mazoa Hill Zone
In 2012, the prior operator drilled the Mazoa Hill Zone which contains the Company's current mineral resource estimate. The Toucan Ridge area is located approximately one kilometre north of the Mazoa Hill zone. Data analyzed suggests that the mineralized zone is open at depth and to the southeast. Mazoa Hill zone mineral resource estimates:
- 259,100 indicated gold ounces within 4,428,000 tonnes grading 1.80 g/t;
- 86,200 inferred gold ounces within 1,653,000 tonnes grading 1.60 g/t
For further information regarding the resource estimates, readers are encouraged to review the technical report "Marudi Property Mazoa Hill Mineral Resource Estimate", available under the Company's profile on SEDAR.
Note: Interval lengths do not represent true widths
Current Trenching at Toucan Ridge - 1.75 Kilometre Area of Interest
A total of 1748 metres of trenching has been completed and 518 samples taken at the Toucan Ridge area. The area of interest continues for more than 1.75 kilometres to the east of trench TTR-18-06. To date, a total of 7 trenches have been completed within the area of interest. Trench sites are planned where quartzite-metachert is exposed or interpreted to occur beneath the transported overburden.
About Quartzite-metachert (Host Rock) at Marudi
At Marudi, all important gold mineralization discovered to date is associated with the medial quartzite-metachert (host rock) unit of the Marudi Mountain Formation. Gold occurs within the magnetite-hematite rich quartzite and in the magnetite-silicate iron formation. Mineralization of the host rock may be affected at surface by the erosion at different levels of the strata. Therefore, all discoveries of quartzite-metachert on the Property are considered important for the potential of containing mineralization at surface and/or at depth and should be explored through trenching and drilling.
About the Marudi Gold Project
The Company is developing the Marudi Gold Project located in Guyana, South America. The project has 18-year mining license in good standing, all-season road access, infrastructure in place, with an established camp serviced by employees, service buildings, and a full-time camp manager. The Property has three known gold bearing areas: the alluvial areas, the saprolite, and the underlying hard-rock.
There has been 42,000 metres of historic diamond drilling (141 holes) completed on the project by prior operators that have delineated two zones of mineralization: Mazoa Hill and Marudi North zones. The Company has recently completed a mineral resource estimate on the Mazoa Hill zone containing 259,100 indicated gold ounces within 4,428,000 tonnes grading 1.80 g/t and 86,200 inferred gold ounces within 1,653,000 tonnes grading 1.60 g/t. The Company has recently discovered a third mineralized zone: Toucan Ridge. This zone is the current focus of the Company's 2018 trenching program. There exists excellent exploration upside for the further discovery of mineralized zones through the development of previously and newly identified mineralized bedrock targets on the project.
For information concerning the mineral resource estimate and the project, readers are encouraged to review "Technical Report: Marudi Property Mazoa Hill Mineral Resource Estimate", a technical report prepared for the Company by Global Mineral Resource Services and is available at http://www.guyanagoldstrike.com/images/pdf/43101_Report_Guyana_Goldstrike_Mazoa_Hill_Zone_Jan_2018.pdf and under the Company's profile on SEDAR www.sedar.com.
About Guyana Goldstrike Inc.
Guyana Goldstrike Inc. is a Canadian based junior gold company focused on the exploration, development, and operation of the Marudi Gold Project in Guyana, South America.
Please visit us at: www.guyanagoldstrike.com
The Republic of Guyana is located in South America adjacent to 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, and 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
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.
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.
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