3D Drilling Data to be Used to Establish a Current Gold Mineral Resource for Marudi Gold Project
Guyana Goldstrike (GYA.V) is pleased to announce that it has received the 3D modelling of legacy drill data from mining engineering firm MineIt Consulting Inc. (“MineIt”) on the Company’s Marudi Gold Project ("Marudi") located in Guyana, South America.
Marudi has had a substantial amount of geological work completed by previous mining operators, such as Noranda Inc., Sutton Resources Ltd., and Vanessa Ventures Ltd. A total of over 42,000 metres of historical diamond drilling equalling 141 drill holes has been performed on the property, of which 90 holes are represented in the modelling. As a result of this prior exploration, Guyana Goldstrike has the benefit of a large data bank of geological information that has assisted the Company in furthering its exploration objectives towards the goal of establishing a current mineral resource.
MineIt was given access to the geological information and created a database of the drill hole statistics and assays from the two main mineralized zones: Marudi North and Mazoa Hill (see figure 1 below). 3D models were then constructed using Corebox (www.corebox.net) that allow rotation and viewing of drill patterns in all directions.
Examples of the types of mineralization and assays at Marudi are shown in Figures 2 and 3 and Table 1 below. A plan and a vertical longitudinal section parallel to the strike of the mineralization, showing each of Mazoa Hill and Marudi North drill holes are presented in figures 2 and 3. The observer is looking at Az 030° towards the longitudinal sections.
IMPORTANT NOTE: The Figures and the 3D modeling can be viewed in full scale on the homepage of the Company’s website: www.guyanagoldstrike.com.
The Company has reviewed this and other data and has determined that both Marudi North and Mazoa Hill appear to be open to mineralization in multiple directions and therefore favourable to further exploration and development. The Marudi property remains over 95% unexplored with a number of highly-prospective areas identified as a priority for further exploration and evaluation.
Mr. Peter Berdusco, President and Chief Executive Officer of Guyana Goldstrike stated, "We are very pleased with the modelling MineIt has produced. The data clearly demonstrates that significant gold mineralization was encountered during the course of drilling over the years.” Mr. Berdusco continued, “We are now well positioned to build on this work and continue the exploration on Marudi, which we believe can fast track us to providing a new mineral resource estimate - this gives us a clear advantage when compared to many other exploration-stage juniors.”
MARUDI NORTH AND MAZOA HILL AND MINING CAMP
Figure 1: Plan View of Marudi North and Mazoa Hill target areas with mining camp
Below are the images of the two main mineralized zones, Marudi North and Mazoa Hill, with historic drill intercepts of gold grades categorized in a color-coded range up to 200 g/t.
MARUDI NORTH MINERALIZED ZONE
Figure 2a: Plan View Marudi North Historic Drill Holes
Figure 2b: Vertical Longitudinal Section Marudi North Historic Drill Holes
MAZOA HILL MINERALIZED ZONE
Figure 3a: Plan View Mazoa Hill Historic Drill Holes
Figure 3b: Vertical Longitudinal Section Mazoa Hill Historic Drill Holes
HISTORIC DIAMOND DRILLING RESULTS FROM MAZOA HILL 2012 PROGRAM
The table below represents mineralized intervals taken from the three audit holes that were drilled at Mazoa hill in the 2012 program.*
|Hole No.||Azimuth||Dip||Final Depth of Hole (m)||From (m)||To (m)||Interval (m)||Gold Intercept(g/t)|
* Note all assay results represent intercept lengths and are not true widths. Mineralized intervals were calculated using a cut-off grade of 0.1 g/t. Intervals containing below cut-off grade were excluded from the calculations when they were six metres or greater in length. The above assays results are included in the Project’s "NI 43-101 Technical Report on the Marudi Property, Guyana", a technical report prepared for the Company by Derrick Strickland, P. Geo. The report is available for review under the Company’s profile on SEDAR (www.sedar.com) and at the company’s website: (http://www.guyanagoldstrike.com/images/pdf/2016/Marudi_43-101_November_30_2016.pdf).
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 technical content of this news release.
About MineIt Consulting Inc.
MineIt Consulting Inc. with offices located in Vancouver, BC, Canada, is a leading mining engineering consulting firm serving the Canadian mining industry. The company provides engineering services that include Mining Engineering, Project Evaluation, Geotechnical Engineering, and Process & Metallurgy services.
Past clients of MineIt include: Goldcorp, Gold Standard, Terrane Metals, Victory Nickel, Thompson Creek, Riverside Resources, MX Gold, Anglo American, Alexco Resources and North American Tungsten.
About the Marudi Gold Project
The Marudi Gold Project (the “Project”) is the Company's flagship project located in Guyana, South America. Marudi is unique in that it has three known gold bearing areas, specifically the alluvial areas, the saprorlite overburden, and the underlying hard-rock. 42,000 metres of historic diamond drilling (141 holes) has been performed on the Project's hard-rock by prior operators. This historical work has delineated several 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.
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
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