Guyana Goldstrike Trenches, Maps and Samples Paunch Area at Marudi Gold Project, Guyana
Tickers: XTSX:GYA, FRAA:1ZT, PINX:GYNAF
Tags: Mining
May 9, 2018 / TheNewswire / Vancouver, Canada - Guyana Goldstrike Inc. (the "Company" or "Guyana Goldstrike") (TSXV: GYA, OTC: GYNAF, FSE:1ZT) is pleased to report that the Company's geological team has completed preliminary trenching, mapping and sampling at the Paunch area on its Marudi Gold Project ("Marudi" or the "Property") located in the Guiana Gold Belt, Guyana, South America.
Peter Berdusco, President and CEO of the Company states "Our mandate via the recent investment by Zijin's Global and Midas Exploration Funds is to explore Marudi for additional hard rock ounces to add to the Company's existing resources. To this effort, we have initially identified seven areas of geological interest for the discovery of gold mineralization. Our first area of focus, Paunch, is located only 1 km north of the Marudi camp and is accessible by road. We anticipate assay results from Paunch very shortly."
A total of 166.4 metres of surface trenching was completed at Paunch in 12 trenches, 95 sample intervals with 166 horizontal chip channel samples analyzed (including separated undersized and oversized samples) and 5 duplicates all taken at intervals of between 1-3 metres at the bottom of the trench walls to depths of 1-3 metres.
Assay results will be announced when analyses have been received and maps are completed.
The map below contains the locations of trenching performed in 2008 and 2011 by a prior operator. The location of Paunch has been added to the top right of the map. The Marudi camp and associated buildings are situated between the two previous trenching programs and to the south of Paunch. Paunch is roughly 1.5 kilometres north of the Mazoa Hill mineral resource and 1 kilometre east of the Marudi North zone. A successful trenching program at Paunch may open mineralization to the north east of the camp and potentially merit further exploration work.
Paunch Area, Trench L
Historical Trenching
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)
Locke Goldsmith P. Eng. P. Geo VP of Exploration states "Exploration by trenching and sampling is an important and cost-effective method for the identification of hard rock drill targets for future diamond drilling. The Paunch area is the first announcement of a robust trenching program that is now underway. We look forward to trenching the other areas of interest and further defining our drill targets."
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 at Paunch.
Property Geology
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.
The Company is developing the Marudi Gold Project located in Guyana, South America, the project is unique in that it has a 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).