Golden Shield is set to commence a fully funded diamond drill program at the Marudi Mountain Property inmid-January 2024 .- This diamond drill program will focus on testing the depth of high-grade gold mineralization at Mazoa Hill to guide resource estimation and testing new high-potential exploration drill targets.
- The diamond drill 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 the preparation of a current resource estimate.
- Company continues to make progress on the Marudi RC drill campaign, with 101 holes completed in 2023, totalling 5,588 metres. The aim of the drilling campaign is to target newly discovered zones and establish continuity of mineralization laterally with the ultimate goal to follow up with an expanded diamond drill-program on defined targets.
The Company is still receiving and processing results from December's reverse circulation ("RC") drill program from
Over 30,000m of drilling has taken place at Mazoa Hill, intersecting high grade gold mineralization to a vertical depth of approximately 400m with hole MH-23-33 (13.70m grading 2.28 g/t gold including 3.00m grading 7.64 g/t gold), the final hole of Golden Shield's 2022 diamond drill program. Golden Shield has systematically stepped out and traced the high grade "ore" shoot to approximately 180m beyond the previous pit limiting shell and the mineralization remains open below the base of all drilling at a vertical depth of approximately 400m. As depth to the target increases below this, the drill cost to test it for each intercept in step out drilling becomes progressively more expensive (See Figure 2 and 3).
In order to extend mineralization and for a number of geological reasons (below), Golden Shield has decided to drill a deep hole, up to 950m deep, targeting the axis of high-grade gold mineralization (See Figure 4). The maximum depth is limited by the drill rods available at site, so Golden Shield has asked the Canadian drill contractor to ship additional drill rods to site. Geological reasons for drilling this exploratory hole include:
- Testing continuity of mineralization along strike (previous holes drilled across strike).
- Testing vertical depth extent of high-grade mineralization in order to determine viability of drilling depth extent into Inferred category.
- Obtain information on vertical zonation (lithology, alteration, mineralization), within deposit.
- Understand gold mineralization controls, especially east-west gold bearing veins cut at low angles by previous drilling.
- Provide a good geostatistical sample of the average grade of the deposit.
- Confirm the presence of any faulting or folding that could displace the high grade zone at depth.
Golden Shield has completed three phases of diamond drilling in 2021 and 2022, totaling over 9,000 m. The Company has had significant past drilling success at Mazoa Hill, including the following highlights:
- 50 m at 9.10 g/t Au in MH-21-04
- 9.75 m at 11.9 g/t Au MH-21-03
- 43 m at 1.39 g/t Au MH-21-02
- 33.2 m at 3.45 g/t Au MH-22-16
- 31 m at 7.58 g/t Au MH-22-21
- 10 m at 4.59 g/t Au MH-22-18
The 2021 and 2022 drill programs at Mazoa Hill confirmed that mineralization extends beyond the historical resource both laterally and at depth. The excellent drilling results from the previous drill campaigns have not been incorporated in the historical resource. The upcoming diamond drill program at Mazoa Hill will definitively determine the vertical extent of gold mineralization at Mazoa Hill, below all previous drilling (See Figure 3).
The Company will keep drilling while the hole is intersecting the prospective Ferruginous Quartzite ("FQ") lithology.
Golden Shield's geologists and an external consultant are reviewing Mazoa Hill data and drill core and working to identify the most cost-effective way to explore this high-grade deposit/deposits and prepare a current mineral resource estimate. The historical mineral resource estimate on Mazoa Hill (the "Historical Resource Estimate") is detailed in Table 2.
Table 2. Mazoa Hill; Historical Mineral Resource Estimate1,2
Categorization (1,2) | 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: |
(2) Readers are cautioned that the Historical Resource Estimate is considered historical in nature and as such is based on prior data and reports prepared by a previous property owner. A qualified person has not done sufficient work to classify the Historical Resource Estimate as a current resource and the Company is not treating the Historical Resource Estimate as a current resource. Significant data compilation, re-drilling, re-sampling and data verification may be required by a qualified person before the Historical Resource Estimate can be classified as a current resource. There can be no assurance that the historical mineral resource, in-whole or in part, will ever become economically viable. In addition, mineral resources are not mineral reserves and do not have demonstrated economic viability. Even if classified as a current resource, there is no certainty as to whether further exploration will result in any inferred mineral resources being upgraded to an indicated or measured mineral resource category. |
101 RC drillholes, totaling 5,588m have now been completed at Marudi. Results have yet to be received or are being processed from 36 RC holes drilled in 2023, and these will be released as soon as possible.
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.
Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
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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