Golden Shield Drills 13.40M Grading 12.24 G/T GOLD and Another 13.40M Grading 2.54 G/T GOLD Further Extending Mineralization at Mazoa Hill
GOLDEN SHIELD DRILLS 13.40M GRADING 12.24 G/T GOLD AND ANOTHER
13.40M GRADING 2.54 G/T GOLD FURTHER EXTENDING MINERALIZATION AT
MAZOA HILL
Vancouver, British Columbia, November 7th, 2022 – Golden Shield Resources Inc. (CSE:
GSRI / FRA: 4LE0 / OTCQB: GSRFF) (the “Company” or “Golden Shield”) is pleased to
announce assay results from three holes from the Company’s ongoing Phase III drill program at
its 100% owned flagship, 5,457-hectare Marudi Mountain gold project located southwestern
Guyana (the “Marudi Mountain Property”). The Phase III drill program comprises approximately
3,000m, with six holes designed to test the southern and depth extension of the Mazoa Hill
Deposit and five drill holes dedicated to testing the July and Throne targets, as discussed in the
Company’s news release dated September 13, 2022.
HIGHLIGHTS
• 13.40 m grading 12.24 g/t gold, 4.3 m grading 8.68 g/t gold and another 13.40 metres
grading 2.54 g/t gold including 6.0 grading 4.93 g/t gold confirm continuation of high-grade
mineralization at depth at Mazoa Hill
• 19.6 m at 1.06 g/t Au encountered in new, upper lens of mineralized host Quartz-Metachert
Unit (QMC)
• The intersections in all three holes are outside the currently defined resource at Mazoa
Hill and both zones remain open along strike and down-plunge. Results are awaited for
three further holes on a further step out section to the SE with host rock QMC identified in all.
• Drilling commenced on the Throne and July Targets with holes targeting anomalous
gold values and prospective lithologies identified from surface sampling and trenching
programmes.
Hilbert Shields, CEO of Golden Shield commented: “The results of these first three holes at Mazoa
Hill continues the extension of the known mineralized zone and finding new lenses of additional
mineralization is always a welcome surprise. We eagerly await results from the remaining three
holes drilled at Mazoa Hill, and the ongoing initial test drilling of the Throne and July Prospects.
Furthermore, we look forward to the outcome of the IP Survey and the comprehensive integration
of the multiple layers of historical geological, as well as new data, being gathered by contractors
currently on site.”
Figure 1. Overview of the Marudi Mountain Property showing location of the Mazoa Hill
Deposit and additional prospects. The area of focus for Phase III drilling is highlighted.
MAZOA DRILL RESULTS
The six recently completed diamond drill holes at Mazoa Hill targeted strike and down -plunge
extensions of a high-grade zone or “shoot” identified by Golden Shield's Phase I and II drilling.
Historical drilling did not recognize the strike or vertical extent of this shoot. The high-grade shoot
is hosted in a broader envelope of “quartzite-metachert” (QMC) which is interpreted as a strongly
silicified shear zone along the contact between amphibolite schist and mica schist.
Drill holes MH-22-28, MH-22-29 are approximately 50m apart on section and were drilled to test
the down-plunge extension of the high-grade shoot at Mazoa Hill. The two holes stepped out 50m
to the southeast of hole MH22-21 which intersected 31m grading 7.58 g/t gold (see the Company’s
news release dated May 31, 2022).
Hole MH-22-28 intersected three zones:
• 13.40m grading 12.24 g/t gold from 285.00m at the lower contact of the QMC unit.
• 3.00m grading 4.23 g/t gold from 259.80m also at the lower contact of the QMC unit and,
• 19.60m grading 1.06 g/t gold from 194.00m in a newly identified zone above the main
QMC unit
Hole MH-22-29 intersected three zones within the main QMC unit:
• 9.00m grading 2.01 g/t gold from 194.00m at the upper QMC contact.
• 13.40m grading 2.54 g/t gold from 315.70m including 6.00m grading 4.93 g/t gold from
315.70m.
• 4.30m grading 8.68 g/t gold from 337.40m at the lower contact of the QMC unit
All intercepted zones remain open at depth and along strike, to the southeast.
MH-22-30 was designed to test the depth extension of mineralization approximately 50 meters
vertically below hole MH-22-21, in the central part of the deposit. The hole intersected
approximately 50 meters of QMC host lithology, but did not return significant grades from this
area, perhaps suggesting a base to, or fault offset, to the high-grade zone, closing off the
mineralized lens at depth on this section.
The Mazoa Zone intersected by Holes MH-22-28 and MH-22-29 remain open to depth and along
strike to the south and will be a focus of our next drill campaign.
Table 1. Drillhole Intersections.
Hole / Depth Azimuth and
Inclination Interval From To Width Au
(g/t)
MH-22-28 /
351m
240 /-60
1 194.00 213.60 19.60 1.06
Including 207.40 213.50 6.10 2.89
2 259.80 262.80 3.00 4.23
3 285.00 298.40 13.40 12.24
MH-22-29/
354m
240 /-60
1 259.40 260.50 1.10 2.03
2 284.70 293.70 9.00 2.01
3 315.70 321.10 13.40 2.54
Including 315.70 321.70 6.00 4.93
4 327.60 329.10 1.50 2.65
5 337.40 341.70 4.30 8.68
Hole / Depth Azimuth and
Inclination Interval From To Width Au
(g/t)
MH-22-30/
348m
240 /-60
1 79.75 86.25 6.50 1.30
Including
79.75 81.25 1.50 4.08
*Lengths are drill indicated core length, as insufficient drilling has been undertaken to determine true widths at this time. The highest
assay used for weighted average grade is 50.90/t gold and top-cutting is not deemed to be necessary. Average widths are calculated
using a 0.50 g/t gold cut-off grade with < 4 m of internal dilution below cut-off grade. Sample lengths are 1m unless reduced below
this to respect geological contact.
Figure 2. Drill locations of 2021 (Phase I) and 2022 (Phase II + Phase III) drilling.
Figure 3. Vertical Long Section of the Mazoa Hill Deposit located at A-A’ on Figure 2.,
showing downdip extension of mineralization in Holes MH-22-28 and MH-22-29. Circles
plot mid-point drill intercepts, and circle size corresponds to gold grade (g/t) x length of
drill intercept (m).
NEXT STEPS - MAZOA HILL TREND AND PROPERTY-WIDE EXPLORATION
With results from the first three of six holes at Mazoa Hill now complete, assays from three
remaining holes drilled at Mazoa Hill, MH-22-31, MH-22-32 and MH-22-33 remain to be received.
Drilling is currently focused on July and Throne Prospects (see the Company’s news release
dated September 13, 2022). Both the July and Throne prospects display the same QMC host-
rock that hosts gold mineralization at Mazoa Hill and occur along strike to the south of the Mazoa
Hill deposit, forming a 1.8 kilometre long trend (see Figure 1).
Property exploration is ongoing at the Marudi Mountain property. Auger sampling work that has
been ongoing for months, in, addition to Induced Polarization (IP) Survey is being implemented
across approximately 25 square kilometres covering the Mazoa-Throne-July trend. Furthermore,
Specialized Geological Mapping has been contracted to assist with geological modelling and
generation of additional drill targets with a geologist on site for most of November.
DTC ELIGIBILITY
The Company has also received The Depository Trust Company (the “DTC”) full-service eligibility
in the United States, making the Company’s stock more accessible to U.S. retail and institutional
investors.
The DTC is the largest securities depository in the world and facilitates electronic settlement of
stock certificate transfers in the United States. The shares of the Company, trading under the
symbol "GSRFF" in the United States, are now eligible to be electronically cleared and settled
through the DTC and are therefore considered "DTC eligible". This electronic method of clearing
securities offers a more efficient, lower-cost settlement process for investors and brokers.
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 Person
Leo Hathaway, P. Geo, Executive Chair of Golden Shield, anxd 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:
Hilbert N Shields
President and CEO
Email: [email protected]
Telephone: +1 778-654-9665
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 drilling 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 metACTLABS; 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 metACTLABS 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 ti tle 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.