Reports 107.5 Metres of Quartzite-Metachert Host Rock for Gold at Toucan Ridge Area, Marudi Gold Project, Guyana
Toucan Ridge Area Becomes a Priority Drill Target
Guyana Goldstrike Inc.'s (GYA.V) geological team has extended trenching of quartzite-metachert over a 100-metre-long horizon at the Toucan Ridge area on its Marudi gold project located in the Guiana gold belt, Guyana, South America.
At trench TTR-18-7 quartzite-metachert (the host rock for gold mineralization) has been trenched and exposed at surface for a continuous length of 107.5 metres. The south end of TTR-18-7 is near Toucan Creek where alluvial gold has been mined in the past.
Locke Goldsmith M Sc. P Eng. P Geo., VP Exploration states, "Trenching over a 100 metres of continuous quartzite-metachert, the host rock for gold mineralization at Marudi, is very significant. It establishes Toucan Ridge as a top priority for further exploration to determine the potential of it becoming a new and third mineralized zone at the Property. Further emphasizing the areas importance is the recent discovery of visible gold in our previous trench. Mineralization in the host rock at Marudi may or may not be present at surface due to erosion at different levels of the strata. The visual gold therefore identified at surface is another indicator that we are in the correct strata. This coupled with the length of the host rock horizon is establishing Toucan Ridge as a strong priority candidate for the Company's upcoming drill program."
Toucan Ridge Trenching and Magnetite
The Toucan Ridge area is the fourth of 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 four areas explored.
To date, four trenches have been completed on Toucan Ridge for a length of approximately 580 m. In these trenches, concentrations of magnetite in quartzite-metachert occur in discrete horizons that may be traceable from trench to trench. The Company has planned a high-resolution airborne geophysical survey over the entire 13,500-acre Property using magnetic and radiometric systems. These systems are designed to detect magnetite and potassium concentrations respectively . Discrete horizons of magnetite in quartzite-metachert would be mapped by the survey. Interpretation of the r esulting imagery can then be applied to further define and prioritize future trenching and drill targets for our planned drill program.
Trenching is planned to continue eastward from TTR-18-7 along the ridge following the trend of quartzite-metachert. The Toucan Ridge area is roughly 1.75 kilometres in length.
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. When discovered these areas are assigned high levels of priority for further exploration work, including drilling in the Company ' s planned drill program.
Marudi Property Mazoa Hill Resource Estimate Report G. Mosher M. Sc. P. Geo.
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)
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.
Examples of some existing IFG deposits are: the Homestake Mine, Lupin Mine, and Musselwhite Mine.
The Homestake Mine is located in South Dakota USA and was the largest and deepest gold mine in North America. It has reported production of 43.9 million ounces of gold (source: https://en.wikipedia.org/wiki/Homestake_Mine_(South_Dakota) and was in production from 1878-2001. The Lupin Mine located in Nunavut, Canada, no longer in production, produced approximately 3 million ounces of gold (source: http://www.kinross.com/news-and-investors/news-releases/press-release-details/2003/Suspension-of-Operations-at-the-Lupin-Mine/default.aspx ).
The Mussellwhite mine has estimated reserves of 2.29 million ounces of gold (source: https://en.wikipedia.org/wiki/Musselwhite_mine ) and is owned and operated by Goldcorp and will be in production until 2020.
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 a 20-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 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, 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.