(TheNewswire)
September 13, 2018 – Vancouver, Canada – Guyana Goldstrike Inc. (the “Company” or
“Guyana Goldstrike”) (TSXV: GYA, OTC: GYNAF, FSE:1ZT) is pleased to report initial assay results from
Trench TTR-18-7 at the Toucan Ridge area on its Marudi Gold Project ("Marudi" or the "Property") located in the Guiana Gold Belt,
Guyana, South America.
Trench TTR-18-7 initial assays returned values of 0.69 g/t Au over 27 metres including 1.09 g/t Au over 9 metres. The
trench is located approximately 100 metres eastward of trench TTR-18-06 along Toucan Ridge.
The results have been added to the “Table of Significant Gold Assay Results” below.
Additional samples are pending from trench TTR-18-07 and will be released once received and reviewed by the Company.
Mr. Peter Berdusco President and CEO states,
“Our mandate via the investment by Zijin's
Global and Midas Exploration Funds earlier this year is very clear - to explore and develop Marudi for additional hard rock ounces
to add to the Company's existing resources. To this effort, our trenching program has explored four of the nine identified areas of
geological interest for the discovery of gold, with Toucan Ridge currently under exploration. Further results from Toucan Ridge are
pending for trenches, TTR-18-06, TTR-18-07, TTR-18-08, and TTR-18-09. The geological team is continuing to prudently step out and
trench along the ridge’s area of interest with the current sampling and mapping of trench TTR-18-10.”
Please see below a map of the Toucan Ridge area of interest and trench locations.
Current Zones and Mineral Resource Estimate
The Toucan Ridge area is located approximately one kilometre east of the Marudi North zone and one kilometre north of
the Mazoa Hill zone. The Mazoa Hill zone contains the project’s current mineral resource estimate. Data analyzed suggests
that the mineralized zone is open at depth and to the southeast. Please find the Mazoa Hill zone mineral resource estimate
below:
-
-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
Also see “Highlights of Historical Drill Results - Mazoa Hill Zone, 2012”
below, for select drill assays.
Table of Significant Gold Assay Results
Click Image To View Full Size
Note: Interval lengths do not represent true widths.
Toucan Ridge Area Location and Trenching
A total of 1128 metres of trenching has been completed in the Toucan Ridge area. 390 samples have been taken.
The exploration team will continue along the ridge progressing in an eastward direction with each new trench site stepping out
roughly 50-100 metre intervals, mainly perpendicular to the ridge. The area of interest continues for more than 1.75 kilometres to
the east of the first trench - TTR-18-05. Trench sites are planned where quartzite-metachert is exposed or interpreted to occur
beneath the transported overburden. The eastern part of Toucan Ridge is approximately 400 metres south of the Paunch area which was
trenched in May and returned the Company’s first significant gold discovery.
TOUCAN RIDGE LOCATION MAP
Click Image To View Full Size
Highlights of Historical Drill Results – Mazoa Hill Zone, 2012
Click Image To View Full Size
Please note all drill assays above represent intercept and are not true width.
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 drill program.
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)
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 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.
Sampling and Assaying
All samples collected during the trenching program were delivered by Guyana Goldstrike personnel to Activation
Laboratories Ltd. (Actlabs), located in Georgetown, Guyana. Actlabs is ISO 17025 accredited and a ISO 9001:2008 qualified and
certified assayer that performs and makes available internal assaying controls. Actlabs has more than 25 years' experience and
maintains complete analytical laboratories that perform high quality analysis for many industries around the world.
Two samples are collected from each interval in the trenches. The first sample is sent to Actlabs to be assayed
either by fire assay for gold, or for gold by total metallic content, to account for free gold and nugget effect. The second sample
is panned to determine if visible gold may be present; a count of gold points and dust is recorded.
All samples that are identified by the project geologist as quartzite-metachert (the typical host rock for gold
mineralization at Marudi) are routinely sent to Actlabs for total metallic content. Sample intervals of any rock type that contain
visible gold in panning are also assayed by total metallics.
Quality Assurance / Quality Control
Certified blanks and standards are systematically used in the trenching program as part of Guyana Goldstrike's
quality assurance/quality control (QA/QC) program. One blank and one standard are inserted into sample shipments at every
20th sample. Duplicates are also inserted into sample shipments.
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.
FOLLOW US:
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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