The Company is pleased to report results from mapping and geological interpretive work at the Marudi Mountain Property which was conducted by Specialized Geological Mapping. In addition, the Company reports results of the reinterpretation of a 25 km2 Induced Polarization ("IP") and resistivity survey conducted by Arce Geofísicos S.A.C. and the 2018 helimagnetic survey conducted by
In 2022, the Company completed approximately 9,000m of drilling on the Marudi Mountain Property and extended high-grade mineralization below the base of the historic resource constraining pit by 180m, with the best intercept being 50 meters grading 9.10 g/t gold.
In addition, the Company has completed the purchase of a dual-purpose Air Core ("AC") and Reverse Circulation ("RC") drill rig from
The reinterpreted 25 km2 IP-resistivity survey has proven effective in identifying the mineralized ferruginous quartzite ("FQ") and has mapped this prospective horizon over at least six kilometers in aggregate, and at multiple locations that have been untested by drilling.
The recognition of the surface trace of this prospective horizon indicates at least six more prospective Mazoa-type occurrences that were undiscovered or poorly understood before recent trenching, mapping and sampling work. These are listed below and ranked in order of priority, according to currently available information:
1) IP-6: The new IP data identified a brand-new undrilled, possible offset of the Mazoa Hill deposit, lying some 200m to the east, with comparable lithology and mineralization to the known deposit. Trenching has uncovered an intercept of 8 meters grading 1.10 g/t and this is open where it disappears below saprolite cover. This zone is a newly recognized unit of FQ. The discovery of IP-6 confirms the ability of the IP survey to identify "blind" FQ under deep saprolite cover. This will be tested with a grid of RC or AC drilling before diamond drill testing.
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4) Marudi North: Limited drilling (8,157 meters) by previous operators was completed at Marudi North, including an historic intercept grading 4.30 g/t gold over 17.6m. Mineralization occurs in FQ and strikes northeast - southwest. The Company has discovered additional FQ outcrops in trenching to the south of Marudi North (to date no assay results received from Trench sampling) and interprets the mineralized zone to be open in both directions (southwest and northeast), and to depth. Marudi North warrants further drilling and will be a priority target for future exploration.
5) Toucan: The Toucan area was previously drilled by Golden Shield in 2022 with encouraging results, the best being 4.84 g/t gold over 6 meters. Since then, the Company has conducted additional trenching, mapping and sampling and the Company's interpretation has been refined to make Toucan is a high priority target. Trench results include 4 meters grading 1.09 g/t gold in trench TTC-23-58 and 7 meters grading 1.11 g/t gold in trench TTC-23-63.
6) Kimberly: Kimberley is a northeast-southwest trending unit of FQ that is 30 meters thick and the strike length has not yet been established. However, trench TKI-22-4 produced 9 m grading 1.7 g/t gold; including 3 m at 3.9 g/t gold. These results will be followed up on by the Company in the near future.
- Surface work. Continued field exploration consisting of trenching, pitting, auguring, sampling, and mapping. To date, the Company has collected over 3,248 geochemical samples on the Marudi Mountain Property. Results for most of these samples have been received and approximately 429 are awaited. These results will help finalize targeting for the RC drill program.
- RC/AC drilling. The drill rig is in
Guyana and will arrive on site shortly. Systematic RC drilling on grids, drill testing the ranked drilling targets described above, will commence in August. This will help to establish the size and approximate grade of the fresh-rock target currently obscured by saprolite cover. - Diamond drilling. In September, when results of the RC drilling have been received, Golden Shield will commence diamond drill testing the best of the RC anomalous areas. Results should be available in September and continue flowing to the end of Q4 2023.
Marudi represents the best understood example of an orogenic gold deposit, hosted in the Kwitwaro group metasediments in the southern
Trench | From | To | Width (m) | Au (g/t) | Target |
TMH-23-47 | 0 | 8 | 8 | 1.1 | IP-6 |
TSH-23-50 | 15 | 21 | 6 | 0.48 | Success Creek |
TSH-23-51 | 13 | 20 | 7 | 0.45 | Success Creek |
TSH-23-53 | 38 | 46 | 8 | 1.25 | Success Creek |
TSH-23-54 | 27 | 31 | 4 | 1.11 | Success Creek |
TTC-23-58 | 11 | 15 | 4 | 1.09 | Toucan Creek |
TTC-23-63 | 22.5 | 29.5 | 7 | 1.11 | Toucan Creek |
In late 2022, preliminary drilling of five short reconnaissance holes at the Throne and July prospects yielded narrow gold intercepts including 1.5m grading 3.14 g/t gold from 154.10m in hole TH-22-35 at Throne and 2.4m grading 0.72 g/t gold from 133m in hole JU-22-38 at July. The results indicate the existence of a gold-bearing system. However, the orientation of the system cannot be constrained at this time and subsequent IP results indicate that the more prospective target may lay some 100m to the west (see Figure 2).
Drillhole | Coordinates (PSAD56 21N) | Total Depth (m) | |||||||
Easting | Northing | Azi. | Dip | EOH | From | To | Width | Grade (Au g/t) | |
TH-22-34 | 259443 | 244988 | 200 | -55 | 157 | No significant intercepts | |||
TH-22-35 | 259481 | 244904 | 200 | -55 | 177 | 154.1 | 155.6 | 1.5 | 3.14 |
JU-22-36 | 259494 | 244539 | 220 | -55 | 202 | No significant intercepts | |||
JU-22-37 | 259594 | 244424 | 230 | -55 | 189 | No significant intercepts | |||
JU-22-38 | 259623 | 244285 | 230 | -55 | 195 | 133 | 135.4 | 2.4 | 0.72 |
All Golden Shield sample assay results have been independently monitored through a quality control / quality assurance ("QA/QC") protocol which includes the insertion of blind standards, blanks as well as pulp and reject duplicate samples. Logging and sampling are completed at Golden Shield's core handling facility located at the Marudi property. Drill core is diamond sawn on site and half drill-core samples are securely transported to
Certain data disclosed in this news release is related to historical drilling results. The Company has not undertaken any independent investigation of the drilling, nor has it independently analyzed the results of the historical exploration work in order to verify the results. The Company considers these historical drill results relevant as the Company is using this data as a guide to plan exploration programs. The Company's current and future exploration work includes verification of the historical data through drilling.
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This news release includes certain "Forward–Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward–looking information" under applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target", "plan", "forecast", "may", "would", "could", "schedule" and similar words or expressions, identify forward–looking statements or information. These forward–looking statements or information relate to, among other things: the exploration and development of the Company's mineral projects; and release of exploration results.
Forward–looking statements and forward–looking information relating to any future mineral production, liquidity, enhanced value and capital markets profile of Golden Shield, future growth potential for Golden Shield and its business, and future exploration plans are based on management's reasonable assumptions, estimates, expectations, analyses and opinions, which are based on management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things, the price of gold and other metals; no escalation in the severity of the COVID-19 pandemic; costs of exploration and development; the estimated costs of development of exploration projects; Golden Shield's ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms.
These statements reflect Golden Shield's respective current views with respect to future events and are necessarily based upon a number of other assumptions and estimates that, while considered reasonable by management, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual 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 or forward-looking information and Golden Shield has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the Company's dependence on one mineral project; precious metals price volatility; risks associated with the conduct of the Company's mineral exploration activities in
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