(TheNewswire)
November 28, 2018 / TheNewswire / Vancouver, Canada
– Guyana Goldstrike Inc. (the “Company” or “Guyana
Goldstrike”) (TSXV: GYA, OTC: GYNAF, FSE:1ZT) is pleased to report that the technical team has made a new
discovery of quartzite-metachert (host rock) float at the Toucan Ridge area on its Marudi Gold Project ("Marudi" or the "Property")
located in the Guiana Gold Belt, Guyana, South America.
Large fragments of angular host rock float (quartzite-metachert that has broken away from bedrock)
are present in a 250-metre-long section along the crest of a spur ridge that descends to the southeast from Toucan Ridge. This new
discovery is approximately 350 metres east of trench TTR-18-14 where the technical team has currently commenced sampling and
mapping. It is also approximately 1150 metres northeast of TTR-18-6 which is the most western trench on the ridge. Recognition of
this occurrence of host rock for gold mineralization is a new discovery within Toucan Ridge.
The technical team plans to immediately trench the new discovery area with the commencement of
trench TTR-18-15. Please view below, "Toucan Ridge Location Map" for the Toucan
Ridge area of interest, new discovery site, shown by red stars, and all trenching performed at the ridge.
Current Trenching at Toucan Ridge - 1.75 Kilometre Area of Interest
A total of 2202 metres of trenching has been completed and 711 samples taken at the Toucan Ridge
area. The area of interest continues for more than 1.75 kilometres to the east of trench TTR-18-06. To date, a total of 9 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.
Mineral Resource Estimates from the Mazoa Hill Zone
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:
-
- 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.
Paunch Area Trenching
In May of this year, the technical team made its first discovery of gold mineralization at the
Paunch area. At Paunch, trench sampling was performed on the silty saprolite metasediment. Assay results with peak gold values of
7.45 and 5.98 g/t Au were obtained and suggestive that the gold dispersion was down slope due to transportation and originated from a nearby, yet undiscovered bedrock source. This source is possibly on Toucan Ridge. Please
see below, "Toucan Ridge Location Map" for the location of the Paunch area
trenching.
Toucan Hill - Diamond Drill Hole TH 93-84
One historical hole has been drilled near Toucan Ridge. In 1993, Romanex-Sutton drilled 300 metres
south of the ridge at the Toucan Hill area. The hole encountered a 39 metre section of elevated mineralization including 3 metres
of 0.82 g/t Au at a depth of approximately 180 metres below surface. The hole terminated at a depth of 230 metres
below surface in the quartzite-metachert host rock without drilling through it. The location of the hole is marked in the
“Toucan Ridge Location Map” below.
TOUCAN RIDGE LOCATION MAP
Click Image To View Full Size
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: http://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
tonnes grading 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 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 an 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.
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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