Guyana Goldstrike Reports Assays of 3.28 g/t Au over 4.20 M February 14, 2019 / TheNewswire / Vancouver, Canada - Guyana Goldstrike Inc. (the "Company" or "Guyana Goldstrike") (TSXV: GYA, OTC: GYNAF, FSE:1ZT) is pleased to report assay results from Trenches TTR-18-11, TTR-18-12, and TTR-18-13 at the Toucan Ridge area on its Marudi Gold Project ("Marudi" or the "Property") located in the Guiana Shield, Guyana, South America.
Trench TTR-18-11
TTR-18-11, located approximately 500 metres northeast of trench TTR-18-06 along Toucan Ridge, was trenched for a total length of 125.00 metres and 50 samples were taken. Quartzite-metachert (host rock) was exposed in place for two intervals with a total length of 56.40 metres. Assay results are from samples taken in hard and slightly weathered host rock. Assays returned values of 0.81 g/t Au over 6.00 metres, within 22.60 metres of 0.28 g/t Au, and 3.28 g/t Au over 4.20 metres within 23.80 metres of 0.61 g/t Au.
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Note: Interval lengths do not represent true widths.
Trench TTR-18-12
Trench TTR-18-12, located approximately 500 metres northeast of trench TTR-18-06 along Toucan Ridge, was trenched a total length of 136.50 metres with 57 samples taken. It was trenched parallel to trench TTR-18-11 and was oriented to cross an outcrop of quartzite-metachert. Assay results are from samples taken in hard and slightly weathered host rock. Assays returned values of 1.29 g/t Au over 12.60 metres and 1.18 g/t Au over 9.00 metres, within 85.10 metres of 0.36 g/t Au. The interval length of 85.10 metres represents the trenching programs longest mineralized interval to date.
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Note: Interval lengths do not represent true widths.
Trench TTR-18-13
TTR-18-13, also parallel to TTR-18-11 and 12, located approximately 500 metres northeast of trench TTR-18-06 along Toucan Ridge, was trenched for a total length of 137.90 metres with 55 samples taken. Assay results are from samples taken in hard and slightly weathered host rock. Assays returned values of 1.37 g/t Au aver 6.00 metres within 60.00 metres of 0.21 g/t Au.
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Note: Interval lengths do not represent true widths.
Toucan Ridge Trenching
These represent the final assays from trenches TTR-18-11, TTR-18-12, and TTR-18-13. A total of 2023 metres has been trenched and 630 samples taken. The area of interest continues for more than 1.75 kilometres to the east of trench TTR-18-06. To date, a total of 12 trenches have been completed within the area of interest. Trench sites are planned where quartzite-metachert is exposed or interpreted to occur beneath the transported overburden.
Please view below, "Table of Significant Gold Assay Results to Date" for a list of all trenching results on Toucan Ridge to date, and "Toucan Ridge Location Map" for the location of the Toucan Ridge area of interest and related trenches.
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:
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- 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.
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TOUCAN RIDGE LOCATION MAP
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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.
Marudi 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 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 and was in production from 1878-2001. (Source: https://en.wikipedia.org/wiki/Homestake_Mine_(South_Dakota)
The Lupin Mine located in Nunavut, Canada, no longer in production, produced approximately 3 million ounces of gold. (Source: https://www.kinross.com/news-and-investors/news-releases/press-release-details/2003/Suspension-of-Operations-at-the-Lupin-Mine/default.aspx)
The Musselwhite mine located in Ontario, Canada has estimated reserves of 2.29 million ounces of gold and is owned and operated by Goldcorp and will be in production until 2020. (Source: https://en.wikipedia.org/wiki/Musselwhite_mine)
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 tonnesgrading 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.
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 https://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.