Tickers: XTSX:GYA, FRAA:1ZT, PINX:GYNAF
Tags: Mining
July 12, 2018 / TheNewswire / Vancouver, Canada - Guyana Goldstrike Inc. (the "Company" or "Guyana Goldstrike") (TSXV: GYA, OTC: GYNAF, FSE:1ZT) is pleased to report a new discovery of gold mineralization at the Toucan Ridge area on its Marudi Gold Project ("Marudi" or the "Property") located in the Guiana Gold Belt, Guyana, South America.
A total of 70 metres has been trenched in TTR-18-6 with twenty-seven (27) samples sent to Actlabs for assaying. Initial results have been received and ten (10) samples have been resent to be tested for total metallic content. Once this has been completed all results will be released.
Locke Goldsmith M Sc. P Eng. P Geo., VP Exploration states "It is very exciting that gold has been visually identified in trenching at Toucan Ridge and confirmed in assay results. The gold was discovered in quartzite-metachert, the host rock for mineralization at the Property. It's significant to note that gold discoveries in the host rock at surface are not common at Marudi. Historical drill data from the Property has shown that mineralization within the quartzite-metachert occurs predominantly at depth. Toucan Ridge is therefore very important as an exploration area and as a result it has been elevated in priority for further trenching."
Toucan Ridge Trenching
To date, as previously announced three trenches have been completed (TTR 18-5, TTR-18-6, TTR 18-7) at Toucan Ridge and the exploration team is currently working the fourth trench (TTR-18-8).
The Toucan Ridge area is roughly 1.75 kilometres in length and is the fourth area out 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 areas explored to date.
About Quartzite-metachert (Host Rock) at Marudi
At the Marudi Property, all important gold mineralization discovered to date is associated with the medial "quartzite" unit of the Marudi Mountain Formation. Gold occurs within the magnetite-hematite rich quartzite and in the magnetite-silicate iron formation.
Map of Historical Exploration at Marudi with Location of Toucan Ridge (Toucan Hill) Area
Click Image To View Full Size
Source: 43-101 Technical Report, December 20, 2017
Marudi Property Mazoa Hill Resource Estimate Report G. Mosher M. Sc. P. Geo.
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).
Sampling and assaying
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.
Retains Market Maker
The Company also announces that it has retained Integral Wealth Securities Ltd ("Integral") to provide market-making services in accordance with TSX Venture Exchange ("TSX.V") policies. Integral will trade shares of the Company on the TSX.V for the purposes of maintaining an orderly market and improving the liquidity of the Company's shares.
Under the terms of their engagement, Integral will receive a cash fee of $5,500 per month. Integral will not receive shares or options as compensation. However, Integral and its clients may have or may acquire a direct interest in the securities of the Company in the course of their engagement. Guyana Goldstrike and Integral are unrelated and unaffiliated entities; Integral is a member of the Investment Industry Regulatory Organization of Canada ("IIROC") and can access all Canadian Stock Exchanges and Alternative Trading Systems. The capital and securities required for any trade undertaken by Integral as principal will be provided by Integral.
The engagement of Integral is for an initial 12-month period, after which time it can be terminated on 30 days' notice.
Property Geology
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 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.
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 an 18-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.
For information concerning the mineral resource estimate and the project, readers are encouraged to review "Technical Report: Marudi Property Mazoa Hill Mineral Resource Estimate", a technical report prepared for the Company by Global Mineral Resource Services and is available at http://www.guyanagoldstrike.com/images/pdf/43101_Report_Guyana_Goldstrike_Mazoa_Hill_Zone_Jan_2018.pdf and under the Company's profile on SEDAR www.sedar.com.
About Guyana
The Republic of Guyana is located in South America and is next to the country of Suriname. Guyana 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
Qualified Person
Locke Goldsmith, M.Sc., P. Eng, P. Geo, Chief Geologist and Exploration Manager for the Company, is a Qualified Person in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr. Goldsmith has reviewed and approved the scientific and technical content of this news release.
On behalf of the Board of Directors of
GUYANA GOLDSTRIKE INC.
Peter Berdusco
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan", "forecast", "may", "schedule" and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure, fluctuations in the market for gold, changes in exploration costs and government regulation in Guyana, status of artisanal mining activities and associated rights, and other factors or information. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.
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