(TheNewswire)
August 16, 2018 / TheNewswire / Vancouver, Canada –
Guyana Goldstrike Inc. (the “Company” or “Guyana
Goldstrike”) (TSXV: GYA, OTC: GYNAF, FSE:1ZT) is pleased to report the arrival of geophysical survey
equipment and the preparation of a new helipad for the upcoming airborne survey at its Marudi Gold Project ("Marudi" or the
"Property") located in the Guiana Gold Belt, Guyana, South America.
The airborne geophysical survey is planned to commence in early September. It will include a
magnetic and a radiometric survey with 50 metre line spacing over the entire 13,500 acre (13.5 sq. km) Property, which includes the
mineralized zones Mazoa Hill and Marudi North, as well as all areas that have been trenched in the company’s current 2018 Phase One
exploration program.
The quartzite-metachert rock unit that hosts gold mineralization on the Property contains disseminated magnetite that will be detected by the survey. The data obtained
from the survey will assist the Company in tracing the magnetite and identifying targeted areas for further exploration.
Mr. Locke Goldsmith P Eng. P Geo., VP of Exploration states: "This is the first detailed airborne
geophysical survey ever conducted on Marudi. Upon completion of the planned survey, the data collected will be supplemented with
the detailed trenching, geological mapping and rock sampling completed in the areas of interest. Our exploration team will then
have a uniform, modern dataset that will allow us to better visualize the property-scale geology. This dataset will assist in
locating important strata that host gold mineralization and will rapidly and effectively generate priority exploration drill
targets for the upcoming drill program."
Magnetite and Toucan Ridge Area Trenching
Typical quartzire-metachert host rock with appreciable magnetite and
visible gold has been identified in the Toucan Ridge area. The airborne magnetic survey is expected to assist with the positioning
of further trenching in the area and with drill target selection in the planned upcoming drill program.
To date, a total of 910 metres of trenching have been completed in the Toucan Ridge area. 335
samples have been taken. The exploration team will continue to explore along the area of interest progressing in an eastward
direction with each new trench site stepping out roughly in 50-100 metre intervals, mainly perpendicular to the ridge.
The Toucan Ridge area of interest continues for more than 1.75
kilometres to the east of the first trench - TTR-18-05. Trench sites are planned in intervals along the length of the ridge where
quartzite-metachert is exposed or interpreted to occur beneath the transported overburden.
Significant Gold Discoveries to date
The Company has trenched four areas of interest: Paunch, Pancake, Marudi-North West Extension and
Toucan Ridge, which is the current area being trenched.
In May 2018, trenching samples from the Paunch area returned the trenching program’s first
significant gold discovery with high-grade assay results of 7.45 g/t gold and 5.98 g/t over 2 metres respectively.
(See news release dated May 15, 2018: “Guyana Goldstrike Assays
up to 7.45 g/t in New Discovery of Gold Mineralization at Paunch Area, Marudi Gold Project, Guyana”;
and,
news release dated May 30, 2018: “Guyana Goldstrike Continues with Gold
Discovery: Assays up to 5.98 g/t Gold at Paunch Area, Marudi Gold Project, Guyana”)
In July 2018, trenching samples from TTR-18-06 at Toucan Ridge returned the trenching program’s
second significant gold discovery with a total metallic weighted average
assay of 1.27 g/t over 4.5 metres.
(See news release dated August 2, 2018: “Guyana Goldstrike Confirms Second Gold Discovery: Assays up to 1.53 g/t Gold in Trench TTR-18-6 at Toucan Ridge
Area, Marudi Gold Project, Guyana”)
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. When discovered
these areas are assigned high levels of priority for further exploration work, including drilling in the Company’s planned upcoming
drill program.
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 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 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: 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 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 an 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 tonnes grading 1.8 g/t and 86,200 inferred gold ounces
within 1,653,000 tonnes grading 1.6 g/t.
There exists excellent exploration upside 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 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 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.
Please visit us at:
www.guyanagoldstrike.com
About Guyana
The Republic of Guyana is located in South America adjacent to 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).
* 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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