Closes $1M First Tranche of Private Placement
Guyana Goldstrike Inc. (GYA.V) is pleased to announce that it has closed an initial tranche of its previously announced non-brokered private placement.
In connection with closing of this initial tranche, the Company has issued 5,192,500 units at a price of $0.20 per Unit, for gross proceeds of $1,038,500. Each "Unit" consists of one common share of the Company, and one common share purchase warrant exercisable to acquire an additional common share at a price of $0.30 per share for a period of thirty-six months.
The Company intends to complete a further tranche of the placement and will provide additional details as soon as they are available. Completion of an additional tranche of the placement remains subject to the approval of the TSX Venture Exchange. All securities issued in connection with closing of the placement are subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws.
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.