REPORTS VISIBLE GOLD WITH DISCOVERY AT TOUCAN RIDGE AREA, MARUDI GOLD
Guyana Goldstrike Inc. (GYA.V) has made a new discovery of gold mineralization at the Toucan Ridge area on its Marudi gold project located in the Guiana gold belt, Guyana, South America.
A total of 70 metres has been trenched in TTR-18-6 with twenty-seven (27) samples sent to Actlabs for assaying. Initial results have been received and ten (10) samples have been resent to be tested for total metallic content. Once this has been completed all results will be released.
Locke Goldsmith M Sc. P Eng. P Geo., VP Exploration states "It is very exciting that gold has been visually identified in trenching at Toucan Ridge and confirmed in assay results. The gold was discovered in quartzite-metachert, the host rock for mineralization at the Property. It's significant to note that gold discoveries in the host rock at surface are not common at Marudi. Historical drill data from the Property has shown that mineralization within the quartzite-metachert occurs predominantly at depth. Toucan Ridge is therefore very important as an exploration area and as a result it has been elevated in priority for further trenching."
Toucan Ridge Trenching
To date, as previously announced three trenches have been completed (TTR 18-5, TTR-18-6, TTR 18-7) at Toucan Ridge and the exploration team is currently working the fourth trench (TTR-18-8).
The Toucan Ridge area is roughly 1.75 kilometres in length and is the fourth area out nine areas of interest that the Company has explored since commencing its Phase One exploration program. The Company has successfully uncovered and identified the host rock quartzite-metachert in all areas explored to date.
About Quartzite-metachert (Host Rock) at Marudi
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.
Previous operators at Marudi reported 3,327.40 metres of trenching and assayed 1,069 samples with gold values assayed up to 11 g/t of gold. (Source: D. Strickland P. Geo NI 43-101 Technical Report, November 30, 2016).
Sampling and assaying
All samples collected during this program were delivered to Activation Laboratories Ltd. (Actlabs) located in Georgetown, Guyana for gold content by Fire Assay (FA). Actlabs is ISO 17025 accredited and/or certified to 9001: 2008. With 25+ years' experience, with full analytical laboratories that perform high quality analysis to many industries around the world.
Quality assurance / Quality control (QA/QC)
Actlabs is an ISO 9001:2008 qualified assayer that performs and makes available internal assaying controls. Certified blanks and standards are systematically used as part of Guyana Goldstrike's QA/QC program with one blank and standard inserted at every 20 sample intervals.
Gold mineralization at Marudi is regarded as being related to iron-formation-hosted gold ("IFG") deposits that occur in other cratonic greenstone belts around the world. 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 absence of lead and zinc enrichment.
About the Marudi Gold Project
The Company is developing the Marudi Gold Project located in Guyana, South America. The project is unique in that it has an 18-year 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 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. 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 1.8 grams/ tonne (g/t) and 86,200 inferred gold ounces within 1,653,000 tonnes grading 1.60 grams/ tonne (g/t). There exists excellent exploration upside through the development of previously identified mineralized bedrock targets on the Project.
The Republic of Guyana is located in South America and is next to the country of Suriname. Guyana 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
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.