Golden Shield Resources Announces Diamond Drilling in Early January at Mazoa Hill and Provides Exploration Update
Golden Shield Resources Announces
Diamond Drilling in Early January at Mazoa Hill and Provides Exploration Update
Key Highlights
• Golden Shield is set to commence a fully-funded diamond drill program at the
Marudi Mountain Property in early January 2024. This program will focus on
exploration to allow the Company to prepare a current mineral resource estimate at
Mazoa Hill and testing new high-potential exploration targets.
• The diamond drilling program will build on significant intercepts from previous
drilling activities at Mazoa Hill, including 50m grading 9.10 g/t Au and 9.75m grading
11.9 g/t Au.
• The diamond drill is already on site and a consultant is being retained to assist in
preparing a current mineral resource estimate in 2024.
• The Company continues to make progress on the Marudi RC drilling campaign, with
91 of 140 holes complete, totalling 4,597 metres. The aim of the RC campaign is to
target newly discovered zones and establish the continuity of mineralization
laterally and to depth, with the ultimate goal to follow up with an expanded diamond
drill-program on defined targets.
Vancouver, British Columbia, November 30, 2023 – Golden Shield Resources Inc. (CSE:
GSRI / OTCQB: GSRFF / FRA: 4LE0) (the “Company” or “Golden Shield”) is pleased to
announce that it will commence a fully-funded diamond drill program at the Marudi Mountain
Property (“Marudi” or the “Property”) in early January of 2024. The diamond drilling campaign
will focus on exploration to allow the Company to prepare a current mineral resource estimate at
the Mazoa Hill target on the Property and testing new high-potential exploration targets. The
Company is also pleased to provide an exploration update on the ongoing Reverse Circulation
(RC) drill program that is being completed across the Property.
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 180 metres beyond the historic pit
limiting shell. In January, we will initiate a 3,000 metre 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.”
Figure 1. Current Status of Individual Exploration Targets
Mazoa Hill and Diamond Drilling Campaign
Over 30,000 metres of drilling has taken place at Mazoa Hill, but the vertical extent of the gold
mineralized body has never been determined. Golden Shield has completed three phases of
diamond drilling in 2021 and 2022, totaling over 9,000 metres. Mazoa Hill has had significant past
drilling success which include the following highlights:
• 50 m at 9.10 g/t Au
• 9.75 m at 11.9 g/t Au
• 43 m at 1.39 g/t Au
• 33.2 m at 3.45 g/t Au
• 31 m at 7.58 g/t Au
• 10 m at 4.59 g/t Au
Figure 2. Property overview showing exploration targets.
The 2022 exploration program confirmed that mineralization extends beyond the historical
resource both laterally and at depth. The drilling results from the previous drill campaigns have
not been incorporated in the historical resource. Therefore, the upcoming diamond drill program
at Mazoa Hill, slated for early January 2024, will definitively determine the vertical extent of gold
mineralization at Mazoa Hill. The diamond drill is already on site and a consultant is being retained
to assist in preparing a current mineral resource estimate in 2024.
Mazoa Resource Estimate Review
Golden Shield geologists and an external consultant have been reviewing Mazoa Hill data,
reviewing drill core and working to identify the most cost-effective way to explore this high-grade
deposit and prepare a current mineral resource estimate. The historical mineral resource
estimate on Mazoa Hill (the “Historic Resource Estimate”) is detailed in Table 1.
Table 1. Mazoa Hill; Historical Mineral Resource Estimate1,2
Categorization Tonnes Au Capped
g/t
Au Uncapped
g/t
Ounces -
Capped
Ounces -
Uncapped
Indicated 4,428,000 1.8 1.9 259,100 269,700
Inferred 1,653,000 1.6 1.6 86,200 87,600
(1) Source: G. Mosher, P. Geo., 2018. "Marudi Property Mazoa Hill Mineral Resource Estimate”, NI 43-101 technical report prepared
for Guyana Goldstrike Inc. The Historical Resource Estimate was based on the following assumptions: (a) open pit resources we re
stated as contained within a conceptual open pit above a 0.50 g/t Au cut-off; (b) pit constraints were based on an assumed gold price
of US$1,500/oz., mining cost of US$2.30/t and processing cost of US$16.80/t; (c) assay grades were capped at 30 g/t Au; (d) mineral
resource tonnage and contained metal were rounded to reflect the accuracy of the estimate, and numbers may not add due to
rounding; (e) mineral resource tonnage and grades were reported as undiluted; and (f) contained Au ounces are in -situ and did not
include recovery losses.
(2) Readers are cautioned that the Historical Resource Estimate is considered historical in nature and as such is based on prior data
and reports prepared by a previous property owner. A qualified person has not done sufficient work to classify the Historical Resource
Estimate as a current resource and the Company is not treating the Historical Resource Estimate as a current resource. Signif icant
data compilation, re-drilling, re-sampling and data verification may be required by a qualified person before the Historical Resource
Estimate can be classified as a current resource. There can be no assurance that the historical mineral resource, in-whole or in part,
will ever become economically viable. In addition, mineral resources are not mineral reserves and do not have demonstrated economic
viability. Even if classified as a current resource, there is no certainty as to whether further exploration will result in any inferred mineral
resources being upgraded to an indicated or measured mineral resource category.
Marudi Mountain Exploration Update
A total of 91 reverse circulation (“RC”) drillholes, totaling 4,597 metres have now been completed
at Marudi. The drillholes have an average depth of 51 m etres. Shallow RC drilling is a cost-
effective way of targeting the high-grade gold showings hosted in the gold-bearing Ferruginous
Quartzite (FQ). The RC drilling program is designed to delineate the extent of the mineralized FQ
unit under saprolite cover at Marudi. RC drilling eliminates the need to conduct blind drilling and
provides a preliminary understanding of mineralization potential exploration targets. The RC
drilling campaign has been critical in de-risking exploration targets across the Property, in
preparation for possible diamond drilling.
The RC drilling campaign has focused on three main exploration targets: Marudi North, IP-6 and
Pancake Creek. To date, all results have been returned for drilling at the Marudi North and IP-6
prospects. Results for five drill holes, totaling 258 m have now been returned for Pancake Creek.
Results are waited for an additional 21 drillholes, totaling 1,026 metres. An additional 49 drillholes
are planned across the Property, with a primary focus on the Pancake Creek prospect, which has
returned consistent high-grade gold results (see the Company’s September 16, 2023 news
release).
Table 2. Highlights from the RC Drill Program at Marudi North, IP-6 and Pancake Creek
Drillhole Depth of
hole (m)
Azimuth
(degrees)
Dip
(degrees) From To *Interval Au
(g/t) Prospect
MN-23-
RC013 52 50 55 8 15 8 1.3 Marudi
North Incl. 11 13 3 2.67
MN-23-
RC014 61 124 55 28 34 7 0.73
Marudi
North
MN-23-
RC036 56 124 55 40 42 2 1.45
Marudi
North
MN-23-
RC037 55 130 50 11 17 5 2.13 Marudi
North Incl. 11 10 1 5.67
MN-23-
RC038 58 124 60 8 11 3 3.74 Marudi
North Incl. 8 10 2 5.37
and 16 18 2 2.1
MN-23-
RC039 60 124 50 3 5 2 6.88
Marudi
North
IP6-23-
RC049 56 25 50 18 20 2 1.4
IP-6
IP6-23-
RC051 52 25 50 40 42 2 1.09
IP-6
IP6-23-
RC061 65 25 50 49 53 4 1.03
IP-6
LC-23-
RC072
55
215
50
2
8
6
2.14
Pancake
Creek And 18 22 4 3.51
Incl. 19 21 2 5.46
LC-23-
RC073
60
215
50 56 60 4 6.34 Pancake
Creek
LC-23-
RC074
49 35 55 29 31 2 2.74 Pancake
Creek
LC-23-RC075 55 215 55 29 30 1 5.06 Pancake
Creek
*Of the 91 RC reconnaissance holes drilled 78 contained no significant results and are not shown in this table
Pancake Creek
A total of 21 RC drillholes, totaling 1,896 metres, have been completed on the Pancake Creek
prospect. Results for 5 drillholes, totaling 258 metres, have now been returned. Preliminary results
have yielded high-grade gold results from surface (see Table 2), that trend in a NW-SW direction.
The high-grade gold results are constrained to the mineralized FQ unit. At this time, the extent,
width, and depth of the Pancake Creek prospect have not been constrained. Additional RC drilling
is planned to target the newly discovered zone and establish the continuity of mineralization
laterally and to depth.
Figure 3. Preliminary Drilling Results from the Pancake Creek Prospect
Marudi North
A total of 39 RC drillholes, totalling 2,051 metres, were completed on the Marudi North RC drill
grid. All RC drill results have now been returned for the Marudi North Prospect. Marudi North
continues to show shallow (<50 m deep) high-grade gold intercepts. The targets trend in a NW-
SE direction and are hosted by a shallow FQ-body with an apparent southwest trending dip.
Marudi North remains a high-priority exploration target and is in proximity (~350 m) to the Pancake
Creek exploration prospect.
Figure 4. RC Drilling Overview at Marudi North
IP-6
RC Drilling at IP-6 targeted a large Induced-Polarization (IP) anomaly, that had an apparent
correlation with surficial exposures of FQ. 31 RC drillholes totaling 1529 m have been completed
(Figure 3). This area is 250 m from the Mazoa Hill Deposit. Drilling has intersected a high-grade
mineralized corridor that trends NW-SE, and can be traced over an apparent distance of 160 m.
The mineralized zone has an apparent width of 1-4 m. However, the continuity and true width of
the zone has not yet been defined. Additional trenching, and/or RC drilling will be planned to
establish the continuity, trend, and scale of the prospect. However, currently, the correlation of
high chargeability signatures with known exposures of FQ is uncertain.
Figure 5. RC Drilling Overview at IP-6
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.
Technical Information
Certain data disclosed in this news release is related to historical drilling results. The Company
has not undertaken any independent investigation of the drilling, nor has it independently
analyzed the results of the historical exploration work in order to verify the results. The Company
considers these historical drill results relevant as the Company is using this data as a guide to
plan exploration programs. The Company's current and future exploration work includes
verification of the historical data through drilling.