Guyana Goldstrike Continues with Gold Discovery
Assays up to 5.98 g/t Gold at Paunch Area, Marudi Gold Project, Guyana
[USPRwire, Thu May 31 2018] Guyana Goldstrike Inc. (the "Company" or "Guyana Goldstrike") (TSXV: GYA, OTC: GYNAF, FSE:1ZT) is pleased to report that the Company's geological team has completed trenching, mapping and sampling at the Paunch area on its Marudi Gold Project ("Marudi" or the "Property") located in the Guiana Gold Belt, Guyana, South America.
Locke Goldsmith P Eng. P Geo., VP Exploration states "These results are very encouraging as they confirm the presence of gold in the new discovery area. This is the first of nine areas of interest that we plan to trench over the coming months in preparation for a phase one drill program. The results obtained from trenches A and L with peak gold values of 7.45 and 5.98 g/t Au are located further south and are closer to the ridge top than the other lower values." Mr. Goldsmith continues, "This is suggestive that the gold dispersion is down slope due to transportation and originates from a nearby, yet undiscovered bedrock source."
Selected fire assay intervals from Paunch trenches A, B, C, and L are summarized in Table 1 below.
Trenches A and L with peak gold values of 7.45 and 5.98 g/t Au over 2.0 m horizontal lengths respectively are located farther south and closer to the ridge top than a peak gold value in trench B of 1.86 g/t Au across 2.0 m horizontal. Gold dispersion down slope is suggested.
Sampling of 166.2 m of trenching was completed with 106 horizontal chip-channel sample intervals taken along the base of trench walls. Two samples were collected from each sample interval. One sample was shipped to Actlabs in Georgetown for fire assay of gold and a second sample was panned by the Company to examine and determine if free gold was present in the heavy mineral concentrate.
A second sample was panned in camp to determine if free gold was present in the heavy mineral concentrate. If present, a visual count of gold points and an estimate of the amount of gold dust were recorded. A gold point is a piece that is noticeable as slightly larger than dust. Very fine gold dust particles may be counted in the range of 1 to 10 but greater amounts must be estimated because the eye does not distinguish between individual specks in a finely divided, closely packed concentration.
Gold, when observed in a pan concentrate at the time of trench sampling, is an indication that trench extensions and additional trenches may be advisable. The trend of greater or lesser amounts of gold over distance may suggest a vector towards a bedrock source.
Counts of gold in pan concentrates are compared as a check with results from fire assays.
Paunch trenches predominantly contained gold dust from pan concentrates in appreciable quantities (100+) and an absence of wire or angular gold suggesting that transport has occurred and has originated from a nearby bedrock source.
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About the Marudi Gold Project
The Company is developing the Marudi Gold Project located in Guyana, South America, the project is unique in that it has a mining license in good standing, all-season road access, infrastructure in place, with an established mining camp serviced by employees, service buildings, and a full-time mining manager. The Property has three known gold bearing areas, specifically 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. 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 grams/tonne (g/t) and 86,200 inferred gold ounces within 1,653,000 tonnes grading 1.60 grams/tonne (g/t). There exists excellent exploration upside through the development of previously identified mineralized bedrock targets on the Project.
The Republic of Guyana is located in South America between Venezuela and 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