Tickers: XTSX:GYA, FRAA:1ZT, PINX:GYNAF
Tags: Mining
November 16, 2017 / TheNewswire / Vancouver, Canada - Guyana Goldstrike Inc. (the "Company" or "Guyana Goldstrike") (TSXV: GYA, OTC: GYNAF, FSE: 1ZT) is pleased to announce commencement of Phase One exploration activities at the Marudi Gold Project ("Marudi" or the "Project"), Guyana, South America.
PHASE ONE HIGHLIGHTS
- Up to 12,000 metres of trenching
- Extensive rock and soil sampling
- Expansion of surface mineralization in known zones
- Detailed geological mapping (lithologic, alteration, and structural)
- Discovery of new mineralization and evaluation
- Drill-target selection and definition
"The Company's exploration strategy is to upgrade and expand the Project's two known mineralized zones and to continue to explore for new areas of mineralization," stated Locke Goldsmith, MSc., P. Eng, P. Geo, Chief Geologist and Exploration Manager for the Company. "Marudi is greatly under-explored and possesses tremendous potential for additional discoveries and we are confident of making those discoveries significant ones," continued Mr. Goldsmith.
PHASE ONE PROGRAM
The Company's in-country Field Geologist is on site conducting reconnaissance mapping and sampling. Sampling will be performed on both the hard-rock and saprolite (thoroughly decomposed, weathered and porous rock) areas. Two samples will be taken from each saprolite interval, one will be sent to the laboratory for assaying and one will be panned in camp for the presence of gold. These panned results are used as an additional check against laboratory results.
Objectives of Phase One are: 1) expand the exposures of mineralized hard-rock at newly discovered locations, 2) follow and expand zones that were identified in trenches by previous operators, and 3) examine areas where gold is present in saprolitic material and a bedrock source has not been identified. Exploration by trenching and sampling is an important, cost-effective method for identification of drill targets in saprolite terrane.
The area of immediate focus represents less than five percent of the property. The new locations of interest within this area are: Kimberley Ridge, Marudi North (west and east extensions), Marudi Spur Ridge, Toucan North, Pancake Creek, Mariwa and Success Creek.
The work will be conducted under the supervision of Mr. Locke Goldsmith, M.Sc., P. Eng, P. Geo, Chief Geologist and Exploration Manager for the Company. The on-site geological staff will be supported by the property's fully equipped mining camp which comes with employees and service buildings. Once Phase One is completed, the collected data will be reviewed, analyzed and used in the planning of the Company's diamond drilling phases.
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.
ABOUT THE MARUDI GOLD PROJECT
The Project, located in Guyana, South America, is unique in that it has three known gold bearing areas, specifically the alluvial areas, the saprorlite overburden, and the underlying hard-rock. There has been 42,000 metres of historic diamond drilling (141 holes) completed on the Project's hard-rock by prior operators. This historical work has delineated several historical mineral resource estimates on the Project.
For information concerning these estimates and the Project, readers are encouraged to review "NI 43-101 Technical Report on the Marudi Property, Guyana", a technical report prepared for the Company by Derrick Strickland, P. Geo., and is available on the Company's website (http://www.guyanagoldstrike.com/images/pdf/2016/Marudi_43-101_November_30_2016.pdf) and under the Company's profile on SEDAR (www.sedar.com).*
There exists excellent exploration upside through the development of previously identified, highly-prospective mineralized targets on the Project. The Project 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 Company considers these estimates to be historical, and cautions that a Qualified Person has not done sufficient work to classify the historical estimates as current mineral resources or mineral reserves in accordance with National Instrument 43-101. The Company does consider these historical estimates to be relevant as they may indicate the presence of gold mineralization and favourable geology.
ABOUT GUYANA
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 with over 100 million ounces of gold inventory. ** It 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
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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