Identifies Outcrops Along a 1,100 m Magnetic Trend; Marudi Gold Project, Guyana
Guyana Goldstrike (GYA.V) reported identification of previously unmapped outcrops along 1,100 metres of a magnetic quartzite-metachert trend on its Marudi Gold Project ("Marudi" or the "Property") located in the Guiana Gold Belt, Guyana, South America.
North of Mazoa Hill, which is location of the present 43-101 resource, the geological team identified and mapped several weathered outcrops of magnetic quartzite-metachert, within a length of 1,100 metres. Twenty-five grab samples from four outcrops have returned and confirmed the presence of gold mineralization with gold values by fire assay up to 1.04 ppm Au.
Gold mineralization that is hosted in quartzite-metachert at Mazoa Hill is associated with a magnetic anomaly. This magnetic anomaly extends northerly from Mazoa Hill for approximately 1,700 metres. The identification of auriferous quartzite-metachert host rock on surface along the northerly trend of the magnetic anomaly indicates the importance of this exploration target.
The magnetic feature that coincides with the Mazoa Hill occurrence is considered underexplored. This strong linear magnetic anomaly trends both north and south of Mazoa Hill for a total length of approximately 5 km, of which about 7.5% has been tested by previous drilling.
Targets in the vicinity of Mazoa Hill offer the potential to expand known mineralization and to increase the mineral resource by exploratory drilling. The company is prioritizing drill targets for its planned 2019 phase one diamond drilling program.
Current Gold Zones and Mineral Resource Estimates at Marudi
The Mazoa Hill Zone contains the Company’s current mineral resource estimate. The Toucan Ridge area is located approximately one kilometre north of the Mazoa Hill zone. Data analyzed suggests that the mineralized zone is open at depth and to the southeast. Mazoa Hill zone mineral resource estimates:
- 259,100 indicated gold ounces within 4,428,000 tonnes grading 1.80 g/t;
- 86,200 inferred gold ounces within 1,653,000 tonnes grading 1.60 g/t
For further information regarding the resource estimates, readers are encouraged to review the technical report “Marudi Property Mazoa Hill Mineral Resource Estimate”, available under the Company’s profile on SEDAR.
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.
About the Marudi Gold Project
The Company is developing the Marudi Gold Project located in Guyana, South America. The project has 18-year mining license in good standing, all-season road access, infrastructure in place, with an established camp serviced by employees, service buildings, and a full-time camp manager. The Property has three known gold bearing areas: 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 that have delineated two zones of mineralization: Mazoa Hill and Marudi North zones. 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 1.80 g/t and 86,200 inferred gold ounces within 1,653,000 tonnes grading 1.60 g/t. The Company has recently discovered a third mineralized zone: Toucan Ridge. This zone is the current focus of the Company’s 2018 trenching program. There exists excellent exploration upside for the further discovery of mineralized zones through the development of previously and newly identified mineralized bedrock targets on the project.