Golden Shield Discovers Three New GOLD Showings in Trenching at Marudi
GOLDEN SHIELD DISCOVERS THREE NEW GOLD SHOWINGS IN TRENCHING AT
MARUDI
HIGHLIGHTS:
• Assay results show elevated gold values in all trenches at three new prospects
• Broad zones of prospective host rocks identified at three new targets
• Further trenching and drilling planned on these and additional prospects
Vancouver, British Columbia, May 3, 2022 – Golden Shield Resources Inc. (CSE: GSRI) (the
“Company” or “Golden Shield”) is pleased to announce the assay results from the first five
trenches on newly identified targets at the Company’s flagship, 5,457-hectare, Marudi Mountain
gold project located in the Rupununi District of southwestern Guyana (the “Marudi Project”).
MARUDI TRENCHING PROGRAMME
Recent interpretation of geophysical data identified three new priority target areas that match the
known geophysical signature of mineralization at the Mazoa Hill deposit: Throne, Kimberley and
Success Creek prospects (See Figure 1.)
Subsequent fieldwork discovered previously unrecognized quartz metachert (“QMC”) outcrops,
the distinctive host rock at Mazoa Hill and other prospects, at all three priority targets. Grab
samples were taken at the new targets (February 23rd News Release) and returned significant
gold values. A first phase of 470 m trenching in five trenches at the three highest priority targets
was completed: two trenches at the Throne and Kimberley targets, and one trench at Success
Creek. These results are summarized in Table 1.
As surface exposures have been subjected to intense tropical weathering and leaching significant
amounts of gold are also likely to have been remobilised and therefore bedrock is expected to
return a higher tenor of gold mineralization, which will be tested by future drilling.
Dr. Colin Porter, Vice President of Exploration, commented “the identification of additional and
previously unrecognised mineralised QMC units in three target areas is extremely encouraging
and the result of a pragmatic, results -oriented exploration approach. We look forward to
advancing these target areas and to commence further trenching on additional targets across the
property”.
Figure 1. Location of district scale target areas, Marudi Project.
Throne Target: This target is situated 0.75km southeast of Mazoa Hill and field traverses located
an exposure of in-situ QMC with a strike length of at least 180m and a strong similarity to surface
exposures at the Mazoa Hill Deposit. Two trenches were excavated:
§ Trench TTH-22-8 (azimuth: 013; length: 94.6 m) exposed a 60m wide zone of QMC with
abundant box works showing leaching of fresh rock sulphides. Anomalous gold values are
present across the trench with best intersection of 4m grading 1.09g/t gold.
§ Trench TTH-22-10 (azimuth: 007; length: 113.9 m) shows three separate QMC zones with
a best intersection of 14m grading 0.62g/t gold in the widest QMC unit.
The Throne target is considered drill ready, based on the broad zones of QMC, elevated gold
values, along with proximity and visual similarity to Mazoa Hill.
Table 1. Marudi Project Phase 1 Trench Results:
Trench details Intercept details
Prospect Trench Azimuth
(°)
Total Length
(m)
From
(m)
To
(m)
Width
(m)
Au
ppm
Throne TTH-22-8 013 94.6 22.9 24.9 2.0 1.18
Throne TTH-22-8 020 94.6 24.9 26.9 2.0 0.91
Throne TTH-22-8 026 94.6 42.8 44.8 2.0 1.29
Throne TTH-22-8 020 94.6 56.8 58.8 2.0 0.52
Throne TTH-22-8 N/A 94.6 65.8 67.8 2.0 1.10
Throne TTH-22-10 007 113.9 72.9 86.3 13.4 0.65
Throne TTH-22-10 007 113.9 72.9 80.9 8.0 0.97
Kimberley TKI-22-4 165 100.6 35.3 38.3 3.0 1.18
Kimberley TKI-22-5 179 115.3 35.4 38.4 3.0 0.53
Kimberley TKI-22-5 179 115.3 67.8 76.8 9.0 1.78
Kimberley Including 179 115.3 73.8 76.8 3.0 3.91
Success
Creek
TSU-22-11 110 42.7 25.8 28.8 3.0 2.07
Figure 2 Throne Target area trenches with gold intercepts overlain on first derivative heli-
magnetic data, Marudi Project.
Kimberley Target: This target is situated 1.3km west-northwest of Mazoa Hill. Field traverses
located QMC exposures and grab samples returned values up to 4.93g/t gold. Two trenches were
excavated covering a strike length of 90m. Both trenches exposed a single, broad, 50m wide
QMC unit striking northwest-southeast.
§ Trench TKI-22-5 (azimuth: 180; length: 115.3 m) returned an intersection of 9m grading
1.78g/t gold close to the southern margin of the QMC unit.
§ Trench TKI-22-4(azimuth: 165; length: 100.6 m) returned an intersection of 3m grading
1.18g/t gold close to the northern margin of the QMC unit.
The QMC unit is open along strike, with potential for an overall strike length of 320m based on
the geophysical anomaly. Further trenching is planned to test this extent.
Figure 3 Kimberley Target area trenches, trenches with gold intercepts overlain on first
derivative heli-magnetic data, Marudi Project.
Success Creek Target: This target is situated 2.1km west-northwest of Mazoa Hill and is situated
directly above a creek system containing substantial alluvial gold. Field traverses located a
laterally extensive area of QMC exposures and returned values up to 2.48g/t gold. A single trench
has been excavated exposing a 25m wide zone of QMC with a northeast-southwest strike.
• Trench TSU-22-11 (azimuth; length) returned an intersection of 3m @ 2.07g/t close to the
southern margin of the QMC unit.
The QMC unit remains open along strike, and further trenching is planned to confirm the full
extent.
Figure 4 Success Target area trenches, trenches with gold intercepts overlain on first
derivative heli-magnetic data, Marudi Project.
Golden Shield has currently completed approximately 1,800m of diamond drilling in five holes of
a planned ten-hole program at Mazoa Hill. The program is designed to expand the extents of
mineralization delineated so far. Additionally, further trenching of new prospects identified by
geophysics and surface mapping and sampling .
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 gold mines yet to be found in Guyana. The Company is well-financed and has three
100% owned high grade gold projects; Marudi Mountain, Arakaka and Fish Creek. Drilling has
been commenced at Marudi Mountain with the completion of an initial drill program comprising
2,364m of diamond drilling in 13 drill holes and further drilling is planned. Additionally, exploration
programs are being planned at Arakaka and Fish Creek.
For further information please contact:
Hilbert Shields
President and CEO
Email: [email protected]
Telephone: +1 778-654-9665
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forward-looking statements or information relate to, among other things: the exploration and development of the
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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
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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.
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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
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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
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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
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