Golden Shield Commences RC drilling At Marudi Mountain And Updates Surface Sampling Results
Golden Shield Commences RC drilling At Marudi Mountain And Updates Surface
Sampling Results
Vancouver, British Columbia, September 26, 2023 – Golden Shield Resources Inc. (CSE:
GSRI / OTCQB: GSRFF / FRA: 4LE0) (the “Company” or “Golden Shield”) is pleased to report
on progress at its 100% owned flagship, 5,457-hectare, Marudi Mountain gold project located in
southwestern Guyana (the “Marudi Mountain Property” or “Marudi”).
The Company is pleased to announce that Reverse Circulation (“RC”) drilling has now
commenced at Marudi North, and that 37 holes, colared on a a pre-planned grid, have been
completed to date (Figure 1). In addition, three trenches have been completed since the
Company’s August 28, 2023 news release and 269 sample results are awaited from these.
Mapping and sampling work is continuing on an ongoing basis.
Leo Hathaway, Executive Chairman of Golden Shield, commented: “Drilling with the
Company’s RC rig has transformed exploration at Marudi, and geologists are now able to map
gold bearing rocks below the saprolite “cover”. This has led to the broadening of the mineralized
footprints of Marudi North, Success and Pancake Creek, and the three areas may well grow to
amalgamate into one larger area that extends southwards towards Mazoa Hill.
Additional results from Marudi North and other areas of active exploration are provided in sections
below, and results to date are summarized in Table 1, below.
Table 1. Summary of Golden Shield Assay Results, 2022/23
Prospect RC holes
drilled /
planned /
total metres
Trenches
complete /
total
metres
Selective
grabs
taken
Results highlights
Marudi
North
37 / 35 / 1895 3 / 362 237 Trench TMN-23-69: 5m grading 1.43 g/t Au
Trench TMN-23-70: 7m grading 1.69 g/t Au, incl.
3m grading 3.02g/t Au
128 grabs grade >0.5 g/t Au
112 grabs grade >1 g/t Au
13 grabs grade >10 g/t Au
Pancake
Ck.
(undrilled)
478 115 grabs grade >0.5 g/t Au
94 grabs grade >1g/t Au
8 grabs grade >10 g/t Au
IP-6
(undrilled)
0 / 30 / 0 6 / 579 12 Trench TMH-23-47: 8m grading 1.10g/t Au
7 grabs grade >0.5 g/t Au
5 grabs grade >1 g/t Au
Success
(undrilled)
6 / 502 73 Trench TMH-23-53: 8m grading 1.25g/t Au
Trench TMH-23-47: 4m grading 1.11g/t Au
13 grabs grade >0.5 g/t Au
11 grabs grade >1 g/t Au
Kimberly
(undrilled)
105 4 grabs grade >0.5 g/t Au
4 grab grades >1 g/t Au
Paunch
Ck.
(undrilled)
34 4 grabs grade >0.5 g/t
1 grab >1g/t
Prospect RC holes
drilled /
planned /
total metres
Trenches
complete /
total
metres
Selective
grabs
taken
Results highlights
Toucan 9 / 628 511 Trench TMH-23-58: 4m grading 1.09g/t Au
Trench TMH-23-63: 7m grading 1.11g/t Au
28 grabs grade >0.5 g/t Au
14 grabs grade >1 g/t Au
Figure 1. Marudi Mountain Property Map
1) MARUDI NORTH
At Marudi North, 1,895 metres have been drilled in 37 RC holes of a planned 35 hole program.
In addition, three mechanically excavated trenches totaling 362 linear metres have been
completed, and results from these are described below:
TMN-23-69 (105m) – 23m of FQ from which samples were sent for analysis. 27 continuous
channel samples with an average length of 1m have been received so far and contain 5m grading
1.43 g/t gold.
TMN-23-70 (135m) – 92m of FQ with veinlets, disseminated pyrite up to 3% and visible gold at
one location. 96 continuous channel samples with an average lenth of 1m have been received so
far and contains 3m grading 4.90 g/t gold and 7m grading 1.69g/t gold, including 3m grading 3.02
g/t gold.
TMN-23-71 (124m) – 65m of FQ with veinlets, stockworks and disseminated pyrite up to 5%.
Assay results from all continuous chip samples are pending. See map in Figure 2 for trench
locations.
At Marudi North 237 selective grab samples have been taken and, of these, 128 assayed more
than 0.5g/t gold, of which 112 returned values of more than 1g/t gold, with grades reaching 37.6
g/t gold (see Figure 2).
Figure 2. Marudi North Geology and Surface Results Summary Map
2) PANCAKE CREEK
At Pancake Creek 478 selctive grab samples have now been collected by Golden Shield
geologists on north-south oriented, 100m spared gridlines. Of these, 115 assayed more than
0.5g/t gold, of which 94 returned values of more than 1g/t gold, with grades reaching 28.4 g/t gold
(see Figure 3).
Figure 3. Pancake Creek Geology and Surface Results Summary Map
3) SUCCESS CREEK
At Success Creek 73 selctive grab samples have now been collected by Golden Shield geologists
on north-south oriented, 100m spared gridlines. Of these 13 assayed more than 0.5g/t gold, of
which 11 returned values of more than 1g/t gold, with grades reaching 5.6 g/t gold (see Figure 4).
Figure 4. Success Creek Geology and Surface Results Summary Map
4) NEXT STEPS
1) RC dfrilling. Once drilling at Marudi North is complete RC drilling will commence on a
pre-planned grid at the IP-6 target.
2) Diamond drilling. In late October or early November, when results of the RC drilling have
been received, Golden Shield will commence diamond drill testing the best of the RC
anomalous areas. Results should be available in October and continue flowing to the end
of Q4 2023.
Figure 5. IP6, Planned RC Grid, Geology and Surface Results Summary Map
The Archaean host rocks are interpreted to have been cut by late feeder structures channelling
gold bearing fluids which reacted with the iron bearing host to deposit gold, often in fold hinges or
shear zones. Marudi is hosted in the Kwitwaro group metasediments of the southern Guyana
greenstone belts. This, combined with the Company’s relationships in the area, uniquely positions
Golden Shield to explore this virgin greenstone belt for additional gold 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 samp ling 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.
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.
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:
John Martin
Investor Relations
Email: [email protected]
Telephone: +1 888-908-6648
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.