Commences Airborne Geophysical Survey at Marudi Gold Project, Guyana
Guyana Goldstrike Inc. (GYA.V) reported the commencement of its airborne geophysical survey at the Marudi Gold Project ("Marudi" or the "Property") located in the Guiana Gold Belt, Guyana, South America.
The airborne geophysical survey will include both a magnetic and radiometric survey with 50 metre line spacing over the entire 13,500 acre (54 sq. km) Property, which includes the mineralized zones Mazoa Hill and Marudi North, as well as all areas that have been trenched in the company's current 2018 Phase one exploration program, which includes the Toucan Ridge area.
The quartzite-metachert rock unit that hosts gold mineralization on the Property contains disseminated magnetite that will be detected by the survey. The data obtained from the survey will assist the Company in tracing the magnetite and identifying targeted areas for further exploration.
The survey will be performed by Precision Geosurveys Inc. of Langley, Canada.
Magnetite and Toucan Ridge Area Trenching
Typical quartzire-metachert host rock with appreciable magnetite and visible gold has been identified in the Toucan Ridge area. The airborne magnetic survey is expected to assist with the positioning of further trenching in the area and with drill target selection in the planned upcoming drill program.
To date, 1128 metres of trenching has been completed in the Toucan Ridge area. 390 samples have been taken. The exploration team will continue to explore along the area of interest progressing in an eastward direction with each new trench site stepping out in metred intervals, mainly perpendicular to the ridge.
The Toucan Ridge area of interest continues for more than 1.75 kilometres to the east of the trench - TTR-18-06. Trench sites are planned in intervals along the length of the ridge where quartzite-metachert is exposed or interpreted to occur beneath the transported overburden.
Current Zones and Mineral Resource Estimate
The Toucan Ridge area is located approximately one kilometre east of the Marudi North zone and one kilometre north of the Mazoa Hill zone. The Mazoa Hill zone contains the Marudi Gold Project's current mineral resource estimate. Data analyzed suggests that the mineralized zone is open at depth and to the southeast. Mineral Resource Estimate:
- 259,100 indicated gold ounces within 4,428,000 tonnes grading 1.8 g/t; and,
- 86,200 inferred gold ounces within 1,653,000 tonnes grading 1.6 g/t
Assay Highlights from Mazoa Hill Zone - 2012 Diamond Drill Program
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.
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.