Golden Shield Resources (CSE:GSRI) has announced drill results from the initial hole of a 13-hole, 3,000-metre (m) program at Mazoa Hill, the most advanced of eight prospects at the company's flagship, 5,457-hectare, Marudi Mountain gold project in the Rupununi District of southwestern Guyana.
The company noted that it is currently drilling the ninth hole of the Phase 2 drill program at Mazoa Hill. While results for eight of the holes that have been completed are pending, it revealed that it drilled 33m grading 3.45 grams per tonne (g/t) at hole MH-22-16.
Drilling of the remaining four holes of the program is progressing and will be finished before the end of this month, Golden Shield added.
READ: Golden Shield Resources reveals three new gold showings at its Marudi Mountain project in Guyana
The company said it interprets gold mineralization to occur in a series of en-echelon high-grade shoots defined by intense silicification within a broader silicified zone, previously described as quartzite-metachert (QMC). In these areas, silica flooding is associated pyrite pyrrhotite and native gold.
Hole MH-22-16 confirms its reinterpretation of the geology of Mazoa Hill with a lower mineralised limb folding gently to the west, the company added. The reinterpretation of the geology shows that mineralization continues into an area that was entirely undrilled by previous operators.
"Because historical drill holes did not intersect the lower limb extension, previous models assumed the QMC host-rock terminated at depth,” the company’s vice president for exploration Colin Porter said in a statement. “However, Golden Shield's reinterpretation of the Mazoa Hill mineralization has shown that the deposit is open at depth along the lower limb extension. This will allow the Golden Shield team to continue to define a new, updated resource at Mazoa Hill, as we continue to step out laterally, and at depth.”
Following the completion of the Phase 2 drill program, Golden Shield said its geologists and field crews will focus on advancing existing prospects to drill stage if merited, and exploration for additional prospects. Once results from Phase 2 drilling are received additional drilling will be planned, it added.
The company also announced the signing of an agreement with OGIB Corporate Bulletin to provide certain marketing, online corporate communications, publishing, writing and investor relations services for a six-month term.
Vancouver-based Golden Shield owns three high-grade gold projects in Guyana: Marudi Mountain, Arakaka and Fish Creek.
Contact the author at stephen.gunnion@proactiveinvestors.com