Key Highlights
Golden Shield is set to commence a fully-funded diamond drill program at the Marudi Mountain Property in earlyJanuary 2024 . This program will focus on exploration to allow the Company to prepare a current mineral resource estimate at Mazoa Hill and testing new high-potential exploration targets.- The diamond drilling program will build on significant intercepts from previous drilling activities at Mazoa Hill, including 50m grading 9.10 g/t Au and 9.75m grading 11.9 g/t Au.
- The diamond drill is already on site and a consultant is being retained to assist in preparing a current mineral resource estimate in 2024.
- The Company continues to make progress on the Marudi RC drilling campaign, with 91 of 140 holes complete, totalling 4,597 metres. The aim of the RC campaign is to target newly discovered zones and establish the continuity of mineralization laterally and to depth, with the ultimate goal to follow up with an expanded diamond drill-program on defined targets.
Figure 1. Current Status of Individual Exploration Targets
Mazoa Hill and Diamond Drilling Campaign
Over 30,000 metres of drilling has taken place at Mazoa Hill, but the vertical extent of the gold mineralized body has never been determined. Golden Shield has completed three phases of diamond drilling in 2021 and 2022, totaling over 9,000 metres. Mazoa Hill has had significant past drilling success which include the following highlights:
- 50 m at 9.10 g/t Au
- 9.75 m at 11.9 g/t Au
- 43 m at 1.39 g/t Au
- 33.2 m at 3.45 g/t Au
- 31 m at 7.58 g/t Au
- 10 m at 4.59 g/t Au
Figure 2. Property overview showing exploration targets.
The 2022 exploration program confirmed that mineralization extends beyond the historical resource both laterally and at depth. The drilling results from the previous drill campaigns have not been incorporated in the historical resource. Therefore, the upcoming diamond drill program at Mazoa Hill, slated for early
Mazoa Resource Estimate Review
Golden Shield geologists and an external consultant have been reviewing Mazoa Hill data, reviewing drill core and working to identify the most cost-effective way to explore this high-grade deposit and prepare a current mineral resource estimate. The historical mineral resource estimate on Mazoa Hill (the "Historic Resource Estimate") is detailed in Table 1.
Table 1. Mazoa Hill; Historical Mineral Resource Estimate1,2
Categorization | Tonnes | Au Capped | Au Uncapped | Ounces - | Ounces - |
Indicated | 4,428,000 | 1.8 | 1.9 | 259,100 | 269,700 |
Inferred | 1,653,000 | 1.6 | 1.6 | 86,200 | 87,600 |
(1) Source: G. Mosher, |
Marudi Mountain Exploration Update
A total of 91 reverse circulation ("RC") drillholes, totaling 4,597 metres have now been completed at Marudi. The drillholes have an average depth of 51 metres. Shallow RC drilling is a cost-effective way of targeting the high-grade gold showings hosted in the gold-bearing Ferruginous Quartzite (FQ). The RC drilling program is designed to delineate the extent of the mineralized FQ unit under saprolite cover at Marudi. RC drilling eliminates the need to conduct blind drilling and provides a preliminary understanding of mineralization potential exploration targets. The RC drilling campaign has been critical in de-risking exploration targets across the Property, in preparation for possible diamond drilling.
The RC drilling campaign has focused on three main exploration targets: Marudi North, IP-6 and
Table 2. Highlights from the RC Drill Program at Marudi North, IP-6 and
Drillhole | Depth of | Azimuth | Dip | From | To | *Interval | Au | Prospect | ||
MN-23- | 52 | 50 | 55 | 8 | 15 | 8 | 1.3 | Marudi | ||
Incl. | 11 | 13 | 3 | 2.67 | ||||||
MN-23- | 61 | 124 | 55 | 28 | 34 | 7 | 0.73 | Marudi | ||
MN-23- | 56 | 124 | 55 | 40 | 42 | 2 | 1.45 | Marudi | ||
MN-23- | 55 | 130 | 50 | 11 | 17 | 5 | 2.13 | Marudi | ||
Incl. | 11 | 10 | 1 | 5.67 | ||||||
MN-23- | 58 | 124 | 60 | 8 | 11 | 3 | 3.74 | Marudi | ||
Incl. | 8 | 10 | 2 | 5.37 | ||||||
and | 16 | 18 | 2 | 2.1 | ||||||
MN-23- | 60 | 124 | 50 | 3 | 5 | 2 | 6.88 | Marudi | ||
IP6-23- | 56 | 25 | 50 | 18 | 20 | 2 | 1.4 | IP-6 | ||
IP6-23- | 52 | 25 | 50 | 40 | 42 | 2 | 1.09 | IP-6 | ||
IP6-23- | 65 | 25 | 50 | 49 | 53 | 4 | 1.03 | IP-6 | ||
LC-23- | 55 | 215 | 50 | 2 | 8 | 6 | 2.14 | Pancake Creek | ||
And | 18 | 22 | 4 | 3.51 | ||||||
Incl. | 19 | 21 | 2 | 5.46 | ||||||
LC-23- | 60 | 215 | 50 | 56 | 60 | 4 | 6.34 | Pancake | ||
LC-23- | 49 | 35 | 55 | 29 | 31 | 2 | 2.74 | Pancake | ||
LC-23-RC075 | 55 | 215 | 55 | 29 | 30 | 1 | 5.06 | Pancake | ||
*Of the 91 RC reconnaissance holes drilled 78 contained no significant results and are not shown in this table |
A total of 21 RC drillholes, totaling 1,896 metres, have been completed on the
Figure 3. Preliminary Drilling Results from the Pancake Creek Prospect
Marudi North
A total of 39 RC drillholes, totalling 2,051 metres, were completed on the Marudi North RC drill grid. All RC drill results have now been returned for the Marudi North Prospect. Marudi North continues to show shallow (<50 m deep) high-grade gold intercepts. The targets trend in a NW-SE direction and are hosted by a shallow FQ-body with an apparent southwest trending dip. Marudi North remains a high-priority exploration target and is in proximity (~350 m) to the
Figure 4. RC Drilling Overview at Marudi North
IP-6
RC Drilling at IP-6 targeted a large Induced-Polarization (IP) anomaly, that had an apparent correlation with surficial exposures of FQ. 31 RC drillholes totaling 1529 m have been completed (Figure 3). This area is 250 m from the Mazoa Hill Deposit. Drilling has intersected a high-grade mineralized corridor that trends NW-SE, and can be traced over an apparent distance of 160 m. The mineralized zone has an apparent width of 1-4 m. However, the continuity and true width of the zone has not yet been defined. Additional trenching, and/or RC drilling will be planned to establish the continuity, trend, and scale of the prospect. However, currently, the correlation of high chargeability signatures with known exposures of FQ is uncertain.
Figure 5. RC Drilling Overview at IP-6
Qualified Persons
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; release of exploration results; and timing of a mineral resource.
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 public health crises; 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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