Golden Shield Resources Drills 1.45 g/t Au over 20 m Including 2.37 g/t Au over 6 m at Marudi Mountain; Provides Drilling Update at Mazoa Hill Deposit
Golden Shield Resources Drills 1.45 g/t Au
over 20 m Including 2.37 g/t Au over 6 m at
Marudi Mountain; Provides Drilling Update at
Mazoa Hill Deposit
Key Highlights:
1.45 g/t Au over
20 m
at Pancake Creek is the best intersection drilled by
Golden Shield's
RC
drilling campaign to date.
Diamond-drilling at Pancake Creek has been initiated, initial hole completed, second hole
underway.
Initial hole at Mazoa Hill abandoned at 417 metres due to excessive deviation, redrill hole
targeting depth extension to commence following drilling at Pancake Creek.
Samples from
417-meter diamond drill-hole at Mazoa Hill
have been submitted for assay,
results are pending.
VANCOUVER, BC
,
Feb. 1, 2024
/CNW/ -
Golden Shield Resources Inc.
(CSE: GSRI) (OTCQB:
GSRFF) (FRA: 4LE0) (the "
Company
" or "
Golden Shield
") is pleased to announce additional
results from its reverse circulation ("
RC
") drill campaign at the Marudi Mountain Property (
"
Marudi
"). The Company has now received all results from the RC drilling campaign and will use
these to inform targeting in the ongoing diamond drilling program. The Company is also pleased to
provide an update on the ongoing deep drillhole that is actively being drilled at the Mazoa Hill deposit
("
Mazoa Hill
").
Leo Hathaway
, Executive Chairman of
Golden Shield
, commented "The RC results have
defined exciting targets for diamond drill follow up. While drilling at Mazoa Hill deviated more
than expected, it passed through the upper part of the Mazoa Hill deposit and in a direction
not previously drilled, and will be very useful in corroborating previous drill results. We are
excited to be diamond drilling and we continue to learn more with every hole."
Figure 1. Property overview showing exploration targets (CNW Group/Golden Shield Resources)
Table 1. Current Status of Individual Exploration (CNW Group/Golden Shield Resources)
Figure 3. Target Areas for 2024 Diamond Drilling (CNW Group/Golden Shield Resources)
Pancake Creek
The Company has now received results for all of the 2,040 metres in 47 RC drill holes at Pancake
Creek. Preliminary results suggest high-grade gold mineralization from surface (See Table 2), in two
corridors that trend in a northwest-southwest direction. Most notably, drilling intersected 20 metres
at 1.45 g/t Au in hole PC-23-109, to the west of the main drilling trend. The high-grade gold results
are constrained to the mineralized Ferruginous Quartzie ("
FQ
") unit. At this time, the extent, width,
and depth of the two emergent zones at Pancake Creek have not been fully constrained due to the
shallow nature of shallow the RC drilling. However, the
20 m
intersection of mineralized FQ
encountered in hole PC-23-109 represents a new discovery of FQ at Marudi that is being followed
up with drill testing. Currently, one diamond drill hole, PAN24-41 has been completed to 102 metres
in the area and a second drill hole, PAN24-42, is being collared (see Figure 2)
Figure 2. RC Drilling Results from the Pancake Creek Prospect (CNW Group/Golden Shield
Resources)
The results found at the bottom of hole PC-23-108 and throughout hole PC-23-109 define a zone of
near-surface high-grade gold. Diamond drilling will focus on expanding this to depth and laterally.
These results in the western section of Pancake Creek, represent the longest continuous intercept of
gold mineralization encountered in
Golden Shield's
RC drilling campaign. The anomalous areas in the
western part of Pancake (Figure 2) will also be diamond drill tested.
Table 2. Final RC drilling intercepts from 2023 RC drill campaign at the Pancake Creek
Prospect
Drillhole
Depth of hole
(m)
Azimuth
(degrees)
Dip
(degrees)
From
To
*Interval
Au (g/t)
LC-23-RC076
54
35
55
No Significant Intercepts
LC-23-RC077
55
215
55
No Significant Intercepts
LC-23-RC078
50
215
55
No Significant Intercepts
LC-23-RC079
45
215
55
No Significant Intercepts
LC-23-RC080
55
215
55
No Significant Intercepts
LC-23-RC081
46
125
55
No Significant Intercepts
LC-23-RC082
52
215
55
No Significant Intercepts
LC-23-RC083
55
215
55
25
27
2
1.3
LC-23-RC084
54
215
55
No Significant Intercepts
LC-23-RC085
51
35
55
19
21
2
1.6
LC-23-RC086
70
285
50
No Significant Intercepts
LC-23-RC087
60
215
55
No Significant Intercepts
LC-23-RC088
30
215
55
No Significant Intercepts
LC-23-RC089
55
215
55
11
13
2
2.74
LC-23-RC090
55
215
55
No Significant Intercepts
LC-23-RC091
33
35
55
No Significant Intercepts
LC-23-RC092
54
215
55
No Significant Intercepts
LC-23-RC093
54
35
55
No Significant Intercepts
LC-23-RC094
61
90
55
No Significant Intercepts
LC-23-RC095
55
215
55
No Significant Intercepts
LC-23-RC096
32
215
55
No Significant Intercepts
LC-23-RC097
51
215
55
No Significant Intercepts
LC-23-RC098
46
215
55
No Significant Intercepts
LC-23-RC099
29
90
55
No Significant Intercepts
LC-23-RC100
60
217
55
No Significant Intercepts
LC-23-RC101
40
215
68
36
40
4
1.52
LC-23-RC102
60
217
55
28
32
4
4.73
Incl.
28
30
2
12.1
LC-23-RC103
57
217
55
No Significant Intercepts
LC-23-RC104
45
217
60
No Significant Intercepts
LC-23-RC105
46
217
55
No Significant Intercepts
LC-23-RC106
50
217
55
No Significant Intercepts
LC-23-RC107
9
217
55
No Significant Intercepts
PC-23-RC108
38
180
55
No Significant Intercepts
PC-23-RC109
34
180
55
10
30
20
1.45
Incl.
10
14
4
2.48
Incl.
23
29
6
2.37
PC-23-RC110
22
180
60
5
17
12
2.2
Incl.
5
9
4
2.84
Incl.
12
16
4
2.9
PC-23-RC111
25
180
55
No Significant Intercepts
PC-23-RC112
34
180
60
18
23
5
1.21
PC-23-RC113
32
180
60
RESULTS PENDING
PC-23-RC114
29
180
60
RESULTS PENDING
Marudi Drilling Update
Drilling at the Mazoa Hill Deposit (
see
January 24
th
news release
) commenced on
January 13, 2024
.
Unfortunately, the initial hole deviated laterally to the east well beyond the planed limits and passed
through the FQ contact into volcanic wallrock at 367 metres and was terminated at 417 metres (see
Figures 4 and 5). Despite not achieving its target, this hole passed through areas of sparse drilling in
the upper part of the Mazoa Hill deposit and will provide useful geological information on structure
and mineralisation controls. A new hole is being planned that incorporates a larger degree of
planned deviation and this will be drilled following completion of the Pancake Creek program.
Figure 4. Plan Map Showing relative location of MH24-40 at Mazoa Hill (CNW Group/Golden Shield
Resources)
Diamond drill targeting is ongoing, with preliminary diamond drill holes being planned for Marudi
North, and Pancake Creek. Marudi North has seen limited historical diamond drilling but displays
high-grade gold intercepts that occur in the same mineralized FQ unit that hosts mineralization
across the property. The historic intercepts at Marudi North will be followed up to confirm the
existence historical mineralization and confirm the extent of the favourable FQ unit. Pancake Creek
has not seen any historical diamond drilling. The prospect has only become a recent focus of the
Company after its discovery from preliminary fieldwork, trenching, and the RC-drilling reported in this
news release. Both Marudi North, and Pancake Creek occur within
500 m
of each other, and the
Company believes they have the potential to connect.
Figure 5. Drill section looking north. Hole MH24-40 is oriented towards viewer. (CNW Group/Golden
Shield Resources)
Quality Assurance
All
Golden Shield
sample assay results have been independently monitored through a quality control
/ quality assurance ("QA/QC") protocol which includes the insertion of blind standards, blanks as well
as pulp and reject duplicate samples. Logging and sampling are completed at Golden Shield's core
handling facility located at the Marudi property. Drill core is diamond sawn on site and half drill-core
samples are securely transported to Actlabs Guyana Inc ("Actlabs") sample preparation and
analysis facility in
Georgetown
,
Guyana
. Samples are crushed and
pulverised and a 50-gram charge is analysed by Fire Assay with gravimetric finish.
Golden Shield
is
not aware of any drilling, sampling, recovery, or other factors that could materially affect the
accuracy or reliability of the data referred to herein. ACTLABS Laboratories is independent of
Golden Shield
.
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
.
Connect with
Golden Shield
|
Website
|
|
|
X/Twitter
|
YouTube
|
To register for investor updates please visit
https://goldenshield.ca
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, identify forward
looking statements or information. These
forward
looking statements or information 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 reasonable 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 the COVID-
19 pandemic; 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 on 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 costs 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 COVID-19; the economic and
financial implications of COVID-19 to the Company; operating or technical difficulties in connection
with mining or development activities; employee relations, labour unrest or unavailability; 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 grades of reserves; stock market volatility; conflicts
of interest among certain directors and officers; lack of liquidity for shareholders of the Company;
litigation risk; and the factors identified in the Company's public disclosure documents available on
www.sedar.com
. 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 intended. 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.
SOURCE
Golden Shield Resources
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For further information:
Investor Relations, Email: [email protected], Telephone: +1 604 252
2672
CO: Golden Shield Resources
CNW 06:00e 01-FEB-24