Golden Shield Drills 7 m at 7.50 g/t Au and 15 m at 0.94 g/t Au from Reverse Circulation Drilling at the Marudi North Prospect
Golden Shield Drills 7 m at 7.50 g/t Au and 15 m at 0.94 g/t Au from Reverse Circulation
Drilling at the Marudi North Prospect
Vancouver, British Columbia, October 19, 2023 – Golden Shield Resources Inc.
(CSE: GSRI / OTCQB: GSRFF / FRA: 4LE0) (the “Company” or “Golden Shield”) is delighted to
announce initial results from the ongoing reverse circulation (“RC”) drill campaign at the
Company’s flagship Marudi Mountain gold project located in southwestern Guyana (the “Marudi
Mountain Property”). Assays from the first 14 of 39 drillholes completed from the Marudi North
prospect are reported herein. The Company is pleased to also provide an update on the next
stages of the RC drill program.
Leo Hathaway, Executive Chairman of Golden Shield, commented, “The RC drill rig has
enabled the Company to map fresh rock geology that exists under saprolite “cover”. This allows
the Company to iteratively de-risk exploration targets before advancing to diamond drilling. The
presence of high-grade gold in an unrecognized zone of the Marudi North prospect is an exciting
step towards unlocking exploration potential on the Marudi Mountain Property.”
Highlights:
• 39 RC drillholes (1939 m total) have been completed at the Marudi North Prospect
o Select drill highlights include:
§ MN-23-RC005: 14 m at 1.0 g/t Au from 5 m, incl. 11 m at 1.27 g/t Au
§ MN-23-RC008: 7 m at 7.50 g/t Au from 3 m, incl. 4 m at 13.06 g/t Au
§ MN-23-RC009: 4 m at 1.78 g/t Au from 13 m
§ MN-23-RC010: 5 m at 1.86 g/t Au from 5 m, incl. 1 m at 7.40 g/t Au
o Further assays for Marudi North are currently pending.
• The RC rig is currently drilling at the IP-6 prospect where 12 drillholes (779 m) have been
drilled to date with additional drill holes set to be completed.
• Pancake Creek will be drilled using the RC rig following the completion of the IP-6 Grid.
Figure 1. Property overview showing exploration targets.
RC Program Overview
The goal of the RC drill campaign at the Marudi Mountain Property is to acquire an understanding
of the shallow subsurface geology beneath the saprolite cover. Specifically, the Company seeks
to explore the Marudi Mountain Property for the favourable gold-bearing, Ferruginous Quartzite
(“FQ”), lithology that is the primary host of mineralization across the property. Drill depths currently
vary between 22-79 m, with holes having an average depth of 52.5 m. The RC drill campaign is
designed to have 140 drillholes completed across three prospects: Marudi North (completed), IP-
6 (current), and Pancake Creek. With 51 holes of the planned 140 drillholes now drilled, Golden
Shield has completed approximately 36% of the planned meters for RC drill program.
Marudi North
A total of 39 RC drillholes, totaling 1939 m, have now been completed at the Marudi North
exploration target. Previous operators recognized the existence of gold-bearing FQ unit at the
Marudi North prospect; however, Golden Shield RC drilling has helped to define a large package
of prospective FQ to the southwest of historical drillholes. This enlarges the current footprint of
the Marudi North prospect to an approximate extent of 100 x 100 m and proves the continuity of
the gold bearing horizon to the SW-of its previously known extent. Downhole geochemical data
is currently being consolidated to allow for future diamond drill targeting, with the aim of
progressing the prospect to the diamond drilling stage (Figure 2).
Figure 2. RC drilling grid at Marudi North showing historical and newly discovered extents
of FQ, projected to surface, after preliminary RC drilling
Initial RC drill results are encouraging, with highlights listed and summarized in Table 1. Further
assays for Marudi North are currently pending.
Table 1. RC drill results received to date.
Drillhole Depth of
hole (m)
Azimuth
(degrees)
Dip
(degrees) From To *Interval Au (g/t)
MN-23-RC001 79 126 55 No Significant Intercepts
MN-23-RC004 60 35 50 No Significant Intercepts
MN-23-RC005 65 35 50 5.00 19.00 14.00 1.00
Incl. 7.00 18.00 11.00 1.27
MN-23-RC006 62 130 55 No Significant Intercepts
MN-23-RC007 18 42 50 No Significant intercepts
MN-23-RC008 51 42 50 3.00 10.00 7.00 7.50
Incl. 5.00 9.00 4.00 13.06
MN-23-RC009 52 130 50 13.00 17.00 4.00 1.79
MN-23-RC010 27 207 45 5.00 10.00 5.00 1.86
Incl. 9.00 10.00 1.00 7.40
MN-23-RC011 57 90 55 No Significant Intercepts
MN-23-RC012 49 50 55 No Significant Intercepts
MN-23-RC020 64 125 55 No Significant Intercepts
MN-23-RC022 60 125 50 No Significant Intercepts
MN-23-RC023 40 35 50 No Significant Intercepts
MN-23-RC025 28 30 50 No Significant Intercepts
*There is insufficient data available to calculate true widths for these intervals. Additionally, the RC drill bit may “smear”
results down the hole, although no evidence of this has been observed. Full sampling details are provided below.
IP-6
A total of 12 RC drillholes, totaling 726 m, have now been completed at the IP-6 exploration target.
The drilling at IP-6 is targeting previously unrecognized exposures of the FQ host unit, that were
discovered as a result of the Induced Polarization (IP) survey conducted at the Marudi Mountain
Property (see the Company’s news release dated August 14, 2023). Currently, no results from
the first 12 drillholes have been returned. An additional 18 RC holes are expected to be completed
at the exploration target to delineate the extent of the FQ unit. IP-6 is within 200 m of the Mazoa
Hill deposit.
Figure 3. Overview of current drilling at the IP-6 Exploration Target
Pancake Creek
Drilling will commence at Pancake creek with the RC drill rig following the completion of the RC
drilling grid at IP-6. The Pancake Creek target has never been drilled; however, the prospect has
seen extensive sampling by Golden Shield (see the Company’s news release dated September
26, 2023). This area shows a high proportion of high-grade gold mineralization, with 94 of 478
grab samples returning values >1 g/t Au, and 115 of 478 grab samples grading above 0.5 g/t Au,
with values as high as 28.4 g/t Au. Mineralization at Pancake Creek is hosted in the same
distinctive FQ unit that hosts gold at other prospects on the Marudi Mountain Property, including
Marudi North and the Mazoa Hill deposit.
Exploration Timeline and Target Overview
Golden Shield is committed to advancing the Marudi Mountain Property through iterative and
focused exploration. The Company has a structured plan to advance the highest rated exploration
targets to diamond drill stage. Over the past year, the 10 most advanced exploration targets have
undergone extensive boots-on-the-ground exploration work including extensive sampling and
mapping. Nine of the ten exploration targets have now undergone mechanical trenching. Two of
the ten exploration targets have now undergone RC drilling, with RC drilling planned on additional
prospects. Diamond drilling at the Mazoa Hill deposit, and additional targets is expected in Q1
2024. For the status of each individual prospect, please see Figure 4.
Figure 4. Current Status of Individual Exploration Targets on the Marudi Mountain
Property
Quality Control/Quality Assurance (“QA/QC”)
Golden Shield has commenced RC drilling at the Marudi Mountain Property as of August 2023.
So far drilling has totaled 2,558 meters in 51 holes, with hole depths averaging 50 meters. Holes
were drilled at dips of -45° to -60°, using an air-core bit for saprolite and a hammer with a cross-
over sub for hard rock with dry air (no injected water or other fluids).
Samples are collected every 1 meter and are collected on-site using a cyclone splitter, producing
a 4-5 kg bulk sample, where 2-3kg is an assay sample and a 2-3 kg duplicate sample is stored
and can be used for re-assay work. Coarse blank material and standard reference pulps are
inserted into the sample stream on a 1-in-10 sample basis such that each 20-sample group
contains one blank and one reference pulp. Every 10-meter bulk sample is weighed in order to
monitor recovery. Assay samples are placed in shi pping sacks for every 10 meters upon
completion of each hole. Prior to shipping, all samples are maintained under the direct control
and supervision of the on-site geological staff.
Upon arrival at Actlabs laboratory in Georgetown (Guyana), samples are prepared using a Fire
Assay Fusion procedure and analyzed using Atomic Absorption (AA; 30 gram sample size fire
assay fusion with AA finish). All QA/QC results associated with the assays reported herein are
within expectation.
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 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
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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 public health crises; 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 public health crises; the economic and financial implications of
public health crises 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 successf ully 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;
ongoing military conflicts around the world; and the factors identified in the Company’s public disclosure documents
available on www.sedarplus.ca. 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.