- 4.5 Metres Grading 25.32 gpt Au
- 28.5 Metres Grading 0.98 gpt Au
- 37.0 Meters Grading 1.11 gpt Au
Vancouver, British Columbia--(Newsfile Corp. - October 22, 2020) - Goldsource Mines Inc. (TSXV: GXS) (OTCQB: GXSFF) (FWB: G5M) ("Goldsource" or the "Company") is pleased to announce the deployment of a third core drill at the Eagle Mountain Gold Project ("Eagle Mountain") in Guyana, South America. In addition, expansion and in-fill drill results from several targets located within Eagle Mountain are presented. Expansion drill results for the No. 1 Hill zone with adjacent Baboon zone and in-fill drill results for the Eagle Mountain deposit, Kilroy zone, represent 26 core holes for 2,630 metres (see attached Figures and tables below). These new results will be included in the ongoing updated resource estimation. Over 13,000 metres of core drilling has been completed to date in 2020, albeit the suspension of activities during April and May due to Covid-19 pandemic related precautions.
Highlights of Goldsource Ongoing Exploration:
- Eagle Mountain Gold Deposit(No. 1 Hill and Baboon zones):
- Expansion drilling defines a new surface area of approximately 450 by 450 metres directly west of the Eagle Mountain deposit resource estimation (see attached Figures).
- Expansion drill results of 11 core holes for 1,814 metres are reported below.
- Historic drilling consists of 14 holes for 1,697 metres are reported below.
- Previous drill results were reported for 5 core holes (595 metres) on July 29, 2020.
- Additional drilling is planned in Q4, 2020.
- Main Eagle Mountain Deposit(Kilroy zone):
- In-fill drill results of 13 core holes for 724 metres are reported below.
- In-fill results at Kilroy zone provide confirmation of historical results and geological model.
- Hole positioning has been designed in order to re-catergorize inferred to indicated resources.
Yannis Tsitos, President, commented, "The continued expansion of the Eagle Mountain deposit to the southwest at the No. 1 Hill and Baboon zones increases our near-surface gold mineralized footprint. This expansion is approximately 450 by 450 metres wide and outside our current resource estimate. In addition, we are pleased that the third drill has now become operational. We look forward to further drill results in Q4, 2020 and continued work on an updated resource estimate."
The most significant results for this release are found in hole EMD20-118, which intersected near surface 4.5 metres grading 25.32 grams per tonne ("gpt") gold (or "Au"), hole EMD20-067 which intersected 28.5 metres grading 0.98 gpt Au and in-fill hole EMD20-133 which intersected 37.0 metres grading 1.11 gpt Au. The following table shows the most significant results(uncut, undiluted):
Eagle Mountain Deposit (No. 1 Hill & Baboon Expansion zones) Intercepts:
| Hole ID (1) | From (m) | To (m) | Drilled
Interval (m)(2) | Au (gpt)(3) |
| EMD20-116 | 46.5 | 49.5 | 3.0 | 0.58 |
| EMD20-117 | 75.0 | 96.0 | 21.0 | 0.63 |
| Incl. | 81.0 | 85.5 | 4.5 | 1.18 |
| EMD20-118 | 3.0 | 7.5 | 4.5 | 25.32 |
| EMD20-134 | 46.5 | 48.0 | 1.5 | 0.74 |
| EMD20-135 | 25.5 | 27.0 | 1.5 | 4.82 |
| EMD20-136 | 58.5 | 60.0 | 1.5 | 1.09 |
| | 87.0 | 88.5 | 1.5 | 0.77 |
| EMD20-137 | 78.0 | 82.5 | 4.5 | 0.37 |
| EME20-067 | 31.0 | 32.5 | 1.5 | 0.48 |
| | 34.0 | 35.5 | 1.5 | 0.48 |
| | 59.5 | 61.0 | 1.5 | 0.65 |
| | 165.0 | 166.5 | 1.5 | 1.31 |
| | 189.0 | 217.5 | 28.5 | 0.98 |
| Incl. | 189.0 | 207.0 | 18.0 | 1.31 |
| and | 214.5 | 217.5 | 3.0 | 1.30 |
| EME20-068 | 124.5 | 130.5 | 6.0 | 0.50 |
| | 166.5 | 168.0 | 1.5 | 0.66 |
| EME20-069 | 25.0 | 26.5 | 1.5 | 2.46 |
| | 64.5 | 66.0 | 1.5 | 0.56 |
| | 70.5 | 72.0 | 1.5 | 0.66 |
| | 87.0 | 88.5 | 1.5 | 1.59 |
| | 100.5 | 102.0 | 1.5 | 0.48 |
| | 111.0 | 130.5 | 19.5 | 0.50 |
| EME20-070 | 20.5 | 23.5 | 3.0 | 0.51 |
| | 69.0 | 70.5 | 1.5 | 0.43 |
| | 115.5 | 117.0 | 1.5 | 0.56 |
| | 193.5 | 199.5 | 6.0 | 3.36 |
| Incl. | 193.5 | 195.0 | 1.5 | 12.97 |
Eagle Mountain Deposit (Kilroy zone) In-fill Intercepts:
| Hole ID (1) | From (m) | To (m) | Drilled
Interval (m)(2) | Au (gpt)(3) |
| EMD20-119 | 18.0 | 39.0 | 21.0 | 1.00 |
| Incl. | 18.0 | 25.5 | 7.5 | 1.93 |
| and | 31.5 | 39.0 | 7.5 | 0.73 |
| EMD20-120 | 24.0 | 43.5 | 19.5 | 1.26 |
| | 60.0 | 61.5 | 1.5 | 4.21 |
| EMD20-121 | 10.5 | 43.5 | 33.0 | 0.71 |
| Incl. | 12.0 | 25.5 | 13.5 | 1.01 |
| EMD20-123 | 0.0 | 1.5 | 1.5 | 0.54 |
| | 25.5 | 27.0 | 1.5 | 1.02 |
| | 43.5 | 45.0 | 1.5 | 0.57 |
| EMD20-124 | 0.0 | 4.5 | 4.5 | 0.56 |
| EMD20-125 | 0.0 | 9.0 | 9.0 | 0.97 |
| EMD20-127 | 0.0 | 1.5 | 1.5 | 0.50 |
| | 4.5 | 6.0 | 1.5 | 0.48 |
| | 9.0 | 10.5 | 1.5 | 0.43 |
| EMD20-128 | 6.0 | 13.5 | 7.5 | 0.68 |
| EMD20-129 | 6.0 | 47.1 | 41.1 | 0.74 |
| Incl. | 15.0 | 39.0 | 24.0 | 1.03 |
| EMD20-130 | 0.0 | 7.5 | 7.5 | 1.34 |
| EMD20-131 | 0.0 | 9.0 | 9.0 | 2.03 |
| EMD20-132 | 15.0 | 55.0 | 40.0 | 0.97 |
| Incl. | 15.0 | 18.0 | 3.0 | 0.58 |
| and | 33.0 | 52.5 | 19.5 | 1.59 |
| EMD20-133 | 18.0 | 55.0 | 37.0 | 1.11 |
Note: All numbers rounded.
(1) EMD defines diamond core holes drilled in-house.
EME defines diamond core holes drilled by drilling contractor.
(2) True widths are 70 to 100% of drilled widths.
(3) Cutoff grade of 0.3 gpt Au.
All sample preparation and geochemical analyses were completed by Actlabs Guyana Inc. in Georgetown, Guyana.
EMD20-122 and EMD20-126 intersected mineralization below the Company's cut off grade of 0.3 gpt Au.
Historic drill holes for No. 1 Hill and adjacent Baboon zone are presented in the table below. The Company currently does not plan to conduct any work to verify the historical drilling or estimates other than using them to guide its exploratory drilling work.
Eagle Mountain Deposit (No. 1 Hill & Baboon zones) Historic Intercepts:
| Hole ID (1) | From (m) | To (m) | Drilled
Interval (m)(2) | Au (gpt)(3) |
| AD01 | 0.0 | 27.8 | 27.8 | No Recovery of Saprolite ("NRS") |
| | 58.6 | 61.5 | 3.0 | 0.80 |
| AD02 | 0.0 | 34.1 | 34.1 | NRS |
| | 82.6 | 85.2 | 2.6 | 1.14 |
| | 88.3 | 89.4 | 1.1 | 1.03 |
| | 92.1 | 92.8 | 0.8 | 5.05 |
| AD05 | 0.0 | 13.3 | 13.3 | NRS |
| | 26.6 | 27.9 | 1.3 | 0.69 |
| | 76.4 | 77.7 | 1.3 | 6.26 |
| AD10 | 0.0 | 22.8 | 22.8 | NRS |
| | 61.1 | 65.8 | 4.7 | 0.78 |
| | 79.9 | 80.5 | 0.6 | 19.20 |
| AD13 | 0.0 | 16.6 | 16.6 | NRS |
| | 27.5 | 28.1 | 0.6 | 1.03 |
| | 50.1 | 50.8 | 0.6 | 48.70 |
| | 58.0 | 59.1 | 1.1 | 0.69 |
| | 97.2 | 103.2 | 6.0 | 0.81 |
| EM021 | 14.4 | 19.0 | 4.6 | 1.63 |
| | 63.5 | 65.0 | 1.5 | 1.80 |
| | 77.0 | 78.5 | 1.5 | 0.93 |
| EMD09-33 | 107.5 | 125.0 | 17.5 | 1.73 |
| | 205.9 | 208.0 | 2.1 | 2.10 |
| EMD09-40 | 0.0 | 8.5 | 8.5 | 0.56 |
| | 28.5 | 85.0 | 56.5 | 1.66 |
| | 154.5 | 156.0 | 1.50 | 0.50 |
| | 160.5 | 162.0 | 1.5 | 0.71 |
| | 195.9 | 198.4 | 2.5 | 1.38 |
| | 206.5 | 208.0 | 1.5 | 0.53 |
| | 217.0 | 219.0 | 2.0 | 0.69 |
| | 258.0 | 259.0 | 1.0 | 7.08 |
| EMD09-43 | 141.9 | 148.0 | 6.1 | 2.12 |
| | 173.9 | 176.2 | 2.4 | 1.67 |
| | 193.5 | 198.5 | 5.0 | 0.44 |
| | 238.1 | 244.2 | 6.0 | 0.41 |
| Incl. | 242.6 | 244.2 | 1.6 | 0.96 |
| | 271 | 272 | 1.0 | 3.36 |
| EMC17-151 | 4.0 | 5.0 | 1.0 | 5.72 |
| EMC18-046 | 2.0 | 7.0 | 5.0 | 1.30 |
| EMD18-022 | 10.9 | 21.4 | 10.5 | 0.98 |
| EMD18-024 | 9.4 | 19.9 | 10.5 | 0.71 |
| EMD18-025 | 31.9 | 34.9 | 3.0 | 2.41 |
Note: All numbers rounded.
(1) AD defines diamond core holes drilled by Anaconda Mining in the 1940s.
EM defines diamond core holes drilled by Golden Star Resources in the 1990s.
(2) True widths are 80 to 100% of drilled widths.
(3) Cutoff grade of 0.3 gpt Au.
Geologically, the No. 1 Hill and Baboon zones at Eagle Mountain show the same characteristics to the main Eagle Mountain deposit, with gold located in shallow dipping mineralized zones (see attached Figures), within chloritic fractures containing pyrite cross-cutting granodiorite (granitoid), with silicification. No.1 Hill is the down-dropped extension of the Kilroy zone which contains resources. This faulted extension may expand these resources that were previously limited by a fault.
Guyana COVID-19 restrictions are still in place, however the International airport in Georgetown, Guyana was re-opened on October 12th. The Drilcor (contractor) man-portable diamond core drill which was mobilized to Guyana in Q1 2020 has now become operational. The Company plans to conclude another 8,000 to 10,000 metres of drilling with three drills on in-fill, expansion, and potential discovery drilling to target:
- Salbora deposit (in-fill),
- Eagle Mountain deposit (in-fill),
- No1 Hill & Baboon Target zones (expansion & in-fill), and
- Minehaha new target (exploration).
The Qualified Person under National Instrument 43-101 - Standards of Disclosure for Mineral Projects for this news release is N. Eric Fier, CPG, P.Eng, Executive Chairman and Chief Operating Officer for Goldsource, who has reviewed and approved its contents.
ABOUT GOLDSOURCE MINES INC.
Goldsource Mines Inc. (www.goldsourcemines.com) is a Canadian resource company working aggressively to develop its advanced-stage, 100%-owned Eagle Mountain saprolite and hard-rock gold project in Guyana, South America. From 2016 to 2017, through a gravity pilot plant initiative, the Company completed testing on gravity-only gold production and both dry and wet mining open-pit techniques. Goldsource is now focused on expanding gold resources and delivering subsequent studies for decision-making on a large-scale gold production at Eagle Mountain. Goldsource is led by an experienced management team, proven in making exploration discoveries and in project construction.
Ioannis (Yannis) Tsitos
President
Goldsource Mines Inc.