Golden Shield Resources (CSE:GSRI) Inc told investors it has completed an initial 13-hole diamond drill program at its 5,457 hectare (Ha) Marudi Mountain gold project in Guyana and was awaiting lab assays.
Seven holes, for 1,516 metres (m), were drilled at the Mazoa Hill zone, where a historical resource, based on 63 holes, showed an indicated resource of 259,100 ounces of gold and 86,200 ounces in inferred.
Meanwhile, six holes, for 848m, were sunk at the Toucan Creek zone, where there had been no previous drilling, said the company.
Here, a similar quartzite to that at Mazoa Hill is exposed at surface and 19 recent grab samples taken over a 25m by 20m area returned 13 values above 1.50 grams per ton (g/t) gold, it added.
READ: Golden Shield Resources is putting the spotlight on Guyana's mineral potential with its Marudi Mountain gold project
Historical trenching from Toucan Ridge, which lies around 400m to the northeast of Toucan Creek, showed results including 5.4 g/t average gold grade over a 3m interval.
Golden Shield said it plans to test the area connecting Toucan Creek and Toucan Ridge by completing trenching and drilling.
Hilbert Shields, CEO, told investors: "The Marudi project is a large property and earlier exploration efforts focused mostly on the Mazoa Hill area.
"Golden Shield geologists have quickly gained a strong understanding of mineralization controls and are discovering new areas that will be explored and drill-tested. We feel confident that the Marudi Project has significant exploration potential."
Since January this year, the firm's geologists have been undertaking extensive mapping and sampling at the property to identify additional drill targets.
Drilling on the Marudi project is scheduled to continue in March this year.
Golden Shield is well-financed and has three high-grade gold projects in the South American country - Marudi, Arakaka and Fish Creek.
Contact the author at giles@proactiveinvestors.com