Key Highlights:
- 1.45 g/t Au over 20 m at
Pancake Creek is the best intersection drilled byGolden Shield's RC drilling campaign to date. - Diamond-drilling at
Pancake Creek has been initiated, initial hole completed, second hole underway. - Initial hole at Mazoa Hill abandoned at 417 metres due to excessive deviation, redrill hole targeting depth extension to commence following drilling at
Pancake Creek . - Samples from 417-meter diamond drill-hole at Mazoa Hill have been submitted for assay, results are pending.
The Company has now received results for all of the 2,040 metres in 47 RC drill holes at
The results found at the bottom of hole PC-23-108 and throughout hole PC-23-109 define a zone of near-surface high-grade gold. Diamond drilling will focus on expanding this to depth and laterally. These results in the western section of
Table 2. Final RC drilling intercepts from 2023 RC drill campaign at the Pancake Creek Prospect
Drillhole | Depth of hole | Azimuth | Dip | From | To | *Interval | Au (g/t) |
LC-23-RC076 | 54 | 35 | 55 | No Significant Intercepts | |||
LC-23-RC077 | 55 | 215 | 55 | No Significant Intercepts | |||
LC-23-RC078 | 50 | 215 | 55 | No Significant Intercepts | |||
LC-23-RC079 | 45 | 215 | 55 | No Significant Intercepts | |||
LC-23-RC080 | 55 | 215 | 55 | No Significant Intercepts | |||
LC-23-RC081 | 46 | 125 | 55 | No Significant Intercepts | |||
LC-23-RC082 | 52 | 215 | 55 | No Significant Intercepts | |||
LC-23-RC083 | 55 | 215 | 55 | 25 | 27 | 2 | 1.3 |
LC-23-RC084 | 54 | 215 | 55 | No Significant Intercepts | |||
LC-23-RC085 | 51 | 35 | 55 | 19 | 21 | 2 | 1.6 |
LC-23-RC086 | 70 | 285 | 50 | No Significant Intercepts | |||
LC-23-RC087 | 60 | 215 | 55 | No Significant Intercepts | |||
LC-23-RC088 | 30 | 215 | 55 | No Significant Intercepts | |||
LC-23-RC089 | 55 | 215 | 55 | 11 | 13 | 2 | 2.74 |
LC-23-RC090 | 55 | 215 | 55 | No Significant Intercepts | |||
LC-23-RC091 | 33 | 35 | 55 | No Significant Intercepts | |||
LC-23-RC092 | 54 | 215 | 55 | No Significant Intercepts | |||
LC-23-RC093 | 54 | 35 | 55 | No Significant Intercepts | |||
LC-23-RC094 | 61 | 90 | 55 | No Significant Intercepts | |||
LC-23-RC095 | 55 | 215 | 55 | No Significant Intercepts | |||
LC-23-RC096 | 32 | 215 | 55 | No Significant Intercepts | |||
LC-23-RC097 | 51 | 215 | 55 | No Significant Intercepts | |||
LC-23-RC098 | 46 | 215 | 55 | No Significant Intercepts | |||
LC-23-RC099 | 29 | 90 | 55 | No Significant Intercepts | |||
LC-23-RC100 | 60 | 217 | 55 | No Significant Intercepts | |||
LC-23-RC101 | 40 | 215 | 68 | 36 | 40 | 4 | 1.52 |
LC-23-RC102 | 60 | 217 | 55 | 28 | 32 | 4 | 4.73 |
Incl. | 28 | 30 | 2 | 12.1 | |||
LC-23-RC103 | 57 | 217 | 55 | No Significant Intercepts | |||
LC-23-RC104 | 45 | 217 | 60 | No Significant Intercepts | |||
LC-23-RC105 | 46 | 217 | 55 | No Significant Intercepts | |||
LC-23-RC106 | 50 | 217 | 55 | No Significant Intercepts | |||
LC-23-RC107 | 9 | 217 | 55 | No Significant Intercepts | |||
PC-23-RC108 | 38 | 180 | 55 | No Significant Intercepts | |||
PC-23-RC109 | 34 | 180 | 55 | 10 | 30 | 20 | 1.45 |
Incl. | 10 | 14 | 4 | 2.48 | |||
Incl. | 23 | 29 | 6 | 2.37 | |||
PC-23-RC110 | 22 | 180 | 60 | 5 | 17 | 12 | 2.2 |
Incl. | 5 | 9 | 4 | 2.84 | |||
Incl. | 12 | 16 | 4 | 2.9 | |||
PC-23-RC111 | 25 | 180 | 55 | No Significant Intercepts | |||
PC-23-RC112 | 34 | 180 | 60 | 18 | 23 | 5 | 1.21 |
PC-23-RC113 | 32 | 180 | 60 | RESULTS PENDING | |||
PC-23-RC114 | 29 | 180 | 60 | RESULTS PENDING | |||
Marudi Drilling Update
Drilling at the Mazoa Hill Deposit (see
Diamond drill targeting is ongoing, with preliminary diamond drill holes being planned for Marudi North, and
Quality Assurance
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
pulverised and a 50-gram charge is analysed by Fire Assay with gravimetric finish. Golden Shield is not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data referred to herein.
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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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