Golden Shield Commences Marudi Mountain Diamond Drilling Campaign With Deep Hole At Mazoa Hill
Golden Shield Commences Marudi Mountain
Diamond Drilling Campaign With Deep Hole At Mazoa Hill
Key Highlights
• Golden Shield has commenced a fully funded diamond drill program at the Marudi
Mountain Property.
• The first hole of this diamond drill program, currently at 270 metres, will focus on
testing the depth of high-grade gold mineralization at Mazoa Hill to guide resource
estimation and testing new high-potential exploration drill targets.
• The diamond drill p rogram will build on significant intercepts from previous drilling
activities at Mazoa Hill, including 50m grading 9.10 g/t gold and 9.75m grading 11.9 g/t
gold.
• Golden Shield is processing data from reverse circulation drilling at IP-6, Marudi North
and Pancake Creek and will release diamond drill priorites on these prospects shortly.
Vancouver, British Columbia, January 24, 2024 – Golden Shield Resources Inc. (CSE: GSRI /
OTCQB: GSRFF / FRA: 4LE0) (the “Company” or “Golden Shield”) is pleased to announce that it
has commenced a fully-funded diamond drill program at the Marudi Mountain Property (“ Marudi” or
the “Property”). The first hole of the diamond drilling program will test the vertical extent of the steeply
plunging high-grade gold “ore” shoot at Mazoa Hill and from there move to testing new high-potential
exploration targets, starting with Pancake Creek.
Leo Hathaway, Executive Chairman of Golden Shield, commented , “Golden Shield released
encouraging results including 50 metres grading 9.10 g/t gold from Mazoa Hill in 2022, and continued
stepping out on 50 fences to depth, to more than 180m beyond the Historic Pit Limiting Shell. In
January we will initiate a 3,000m drill program that will determine the vertical depth and resource
potential at Mazoa Hill and the potential of the other targets, Pancake Creek being the most
compelling.”
The Company is still receiving and processing results from December’s reverse circulation (“RC”)
drill program from Pancake Creek and elsewhere. These results will be released and incorporated
into exploration plans as they are available.
Details of the Mazoa Hill deep hole are provided in the Company’s news release dated January 15,
2024. The diamond drill hole is currently at approximately 290 metres depth.
Qualified Persons
Leo Hathaway, P. Geo, Executive Chair of Golden Shield, and a Qualified Person as defined by
National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed, verified, and
approved the scientific and technical information in this news release and has verified the data
underlying that scientific and technical information.
About Golden Shield
Golden Shield Resources was founded by experienced professionals who are convinced that there
are many more gold mines yet to be found in Guyana. The company is well -financed and has three
wholly controlled gold projects: Marudi Mountain, Arakaka and Fish Creek. Golden Shield continues
to evaluate other gold opportunities in Guyana.
For further information please contact:
Investor Relations
Email: [email protected]
Telephone: +1 604 252 2672
Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian
Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
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, ide ntify forward ‐looking statements or information. These forward ‐looking
statements or infor mation 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 reason able 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 public health crises ; 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 o n
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 Guyana; regulatory, consent
or permitting delays; risks relating to reliance on the Company’s management team and outside contractors; risks regarding
mineral resources and reserves; the Company’s inability to obtain insurance to cover all risks, on a commercially reasonable
basis or at all; currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; risks relating
to project financing and equity issuances; risks and unknowns inherent in all mining projects, including the inaccuracy of
reserves and resources, metallurgical recoveries and capital and operating c osts of such projects; contests over title to
properties, particularly title to undeveloped properties; laws and regulations governing the environment, health and safety;
the ability of the communities in which the Company operates to manage and cope with the implications of public health
crises; the economic and financial implications of public health crises to the Company; operating or technical difficulties in
connection with mining or development activities; employee relations, labour unrest or unavaila bility; the Company’s
interactions with surrounding communities and artisanal miners; the Company’s ability to successfully integrate acquired
assets; the speculative nature of exploration and development, including the risks of diminishing quantities or g rades of
reserves; stock market volatility; conflicts of interest among certain directors and officers; lack of liquidity for sharehol ders
of the Company; litigation risk; and the factors identified in the Company’s public disclosure documents available on
www.sedarplus.ca. Readers are cautioned against attributing undue certainty to forward ‐looking statements or forward -
looking information. Although the Company has attempted to identify important factors that could cause actual results to
differ materially, there may be other factors that cause results not to be anticipated, estimated or inte nded. The Company
does not intend, and does not assume any obligation, to update these forward ‐looking statements or forward -looking
information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements
or information, other than as required by applicable law.