Golden Shield Resources (CSE:GSRI) Inc revealed high-grade assay results from the final four holes of the company's 11-hole Phase Two drill program and recent trenching results at its flagship Marudi Mountain gold project in the Rupununi district of southwestern Guyana.
The Vancouver-based company said the 3,100-metre Phase Two drill program on the 5,457-hectare Marudi Mountain gold project was designed to test the extension of mineralization at depth, and laterally at the previously-identified Mazoa Hill prospect.
Golden Shield said that MH-22-24, MH-22-25 and MH-22-26 were drilled to test the southern extension of the Mazoa Hill Deposit as the area had seen limited historical drilling. Meanwhile, MH-22-27 was drilled to infill a previously undrilled panel in the northern part of the deposit.
Geological logging and interpretative work has shown that a high-grade mineralized envelope within the quartz metachert plunges shallowly to the south. The Main Zone is interpreted to be down-dropped vertically to the south, by a steeply dipping fault. The next phase of drilling, which is the third, will target the down-dropped extension of the Main Zone, noted the company.
Golden Shield highlighted the following results:
Hole MH-22-26: The company drilled 10 meters (m) grading 2.68 grams per tonne (g/t) gold (Au), including 3m at 5.12 g/t Au;
Hole MH-22-27: The company drilled 4m grading 7.77 g/t Au.
In a statement, Golden Shield CEO Hilbert Shields said: "The final four drill holes from our Phase Two drill campaign at Marudi Mountain continue to produce high-grade gold intercepts.”
“The previously unrecognized down-faulted continuation of high-grade mineralization resulted from holes MH-22-24, MH-22-25 and MH-22-26 and this has greatly improved the company's understanding of the Mazoa Hill deposit," he added.
Investors can see the complete drillhole intersection results in table form here.
Since June, geologists at Marudi have been conducting an ongoing trenching program to develop new prospects and advance these and existing prospects to drill stage. This has increased the number of prospects with favourable QMC host rock at surface from eight to 13, noted the company.
All the prospects are summarized here.
Moreover, trenching at the Throne target has uncovered quartz metachert (QMC) over a maximum strike length of 230m and a maximum width of 150m. At the July target, the QMC unit displays cubic boxworks after pyrite suggesting gold values at surface may have been depleted by leaching.
Meanwhile, Golden Shield is planning to kick off drilling in mid-September and continue until the Christmas break. Drilling will initially target the southern extension of Mazoa Hill followed by a drill test of the Throne and July prospects as results from Mazoa are pending. It may also test other targets resulting from ongoing exploration work.
Trenching and surface work will continue with the help of the company's two excavators at site. An extensive structural mapping program is planned, as well an Induced Polarization (IP) survey.
"The discovery of two areas of QMC that are larger than the surface expression of Mazoa Hill and also anomalous in gold, is significant, and extends the trend to the south-southeast of Mazoa Hill some 1.9 kilometers,” said Colin Porter, VP Exploration at Golden Shield.
“Surface weather will have diminished the gold levels compared to what may exist at depth, so the planned drill testing is required to quantify grades and thicknesses,” he added.
Golden Shield added that it continues to “evaluate opportunities” for future gold acquisitions in Guyana.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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