Golden Shield Resources (CSE:GSRI, OTCQB:GSRFF) Inc said drilling at its flagship Marundi Mountain gold project in Guyana has extended the mineralization zone at the Mazoa Hill deposit.
The company reported assay results from three drill holes carried out under its Phase III drill program, a 3,000 metre (m) program designed to test the southern and depth extension of the Mazoa Hill deposit, with five holes dedicated to testing the July and Throne targets.
Highlights included 13.4m grading 12.24 grams per ton (g/t) gold, 4.3m grading 8.68 g/t gold and another 13.4m grading 2.54 g/t gold including 6m grading 4.93 g/t gold, which the company said confirmed the continuation of high-grade mineralization at depth at Mazoa Hill.
READ: Golden Shield Resources lists on US exchange OTCQB under ticker symbol ‘GSRFF’
Golden Shield said the intersections in all three drill holes were outside the currently defined resource at Mazoa Hill and both zones remain open along strike and down-plunge.
"The results of these first three holes at Mazoa Hill continues the extension of the known mineralized zone and finding new lenses of additional mineralization is always a welcome surprise,” commented Golden Shield CEO Hilbert Shields.
He said the company was eagerly awaiting results from the remaining three holes drilled at Mazoa Hill and the ongoing initial test drilling at the July and Throne prospects.
“Furthermore, we look forward to the outcome of the IP Survey and the comprehensive integration of the multiple layers of historical geological, as well as new data, being gathered by contractors currently on site,” he said.
DTC eligibility
Further, the company announced that it has received Depository Trust Company full-service eligibility in the United States, which it said makes its stock more accessible to US retail and institutional investors.
The company’s shares, trading under the ticker symbol “GSRFF” in the US, are now eligible to be electronically cleared and settled through the DTC and therefore considered “DTC eligible.”
Golden Shield said this electronic method of clearing securities offers a more efficient, lower-cost settlement process for investors and brokers.
Golden Shield Resources (CSE:GSRI, OTCQB:GSRFF) is a gold exploration company focused on three highly prospective 100%-owned exploration projects in Guyana, South America: Marudi Mountain, Arakaka, and Fish Creek.
Contact the author at emily.jarvie@proactiveinvestors.com
Follow her on Twitter @emilyjjarvie