To Complete and Deliver a Mineral Resource Estimate for the Mazoa Hill Zone at the Marudi Gold Project
Guyana Goldstrike (GYA.V) announced it has entered into an agreement with Global Mineral Resource Services to complete and deliver a mineral resource estimate for the Mazoa Hill Zone at the Company's Marudi Gold Project, Guyana, South America.
The estimate will be disclosed within a technical report prepared in accordance with NI 43-101. There have been 9,666 metres of historic diamond drilling (54 holes) completed on Mazoa Hill by prior operators that resulted in a historical mineral resource estimate.
The strategy of the Company is to bring the historical work current and to continue to evaluate the Project for additional ounces from the current zones and through the discovery of new zones.
ABOUT THE MARUDI GOLD PROJECT
The Project, located in Guyana, South America, 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 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. 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 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).