Golden Shield Drills Extensions of Mazoa Hill with 7.58 G/T GOLD over 31 Metres and 4.95 G/T GOLD over 10 Metres
GOLDEN SHIELD DRILLS EXTENSIONS OF MAZOA HILL WITH 7.58 G/T GOLD
OVER 31 METRES AND 4.95 G/T GOLD OVER 10 METRES
Highlights include:
Hole MH-22-21
• 31 metres grading 7.58 g/t gold
• 50 metre down dip step-out from 50 metres grading 9.10 g/t in hole MH-21-04
Hole MH-22-18
• 10 metres grading 4.95 g/t gold, including 19.06 g/t Au over 2 metres
• Open down dip
• Grade may increase with depth
Vancouver, British Columbia, May 31, 2022 – Golden Shield Resources Inc. (CSE: GSRI /
FRA: 4LE0) (the “Company” or “Golden Shield”) is pleased to announce assay results from the
initial seven holes of the Company’s eleven hole, 3,100 metre Phase 2 drill program at the
Company’s flagship, 5,457-hectare, Marudi Mountain gold project located in the Rupununi District
of southwestern Guyana. Drilling targeted the previously identified Mazoa Hill prospect. Results
from the remaining four holes are pending.
Hole MH-22-21 returned an interval of 31 metres grading 7.58 g/t gold from 256 metres down the
hole. This hole intersected the Quartz Metachert (“QMC”) unit approximately 50 metres down dip
of the previously released intercept of 58 metres grading 9.10 g/t from 142.5 metres down the
hole in MH-21-04. This 58m down dip step -out, calculated measuring between the mid -point of
both intervals, is significant, and the high-grade mineralization remains open to depth. See
Figures 1 and 2.
Holes MH -22-17 and MH -22-18 were down dip step -outs from hole MH -22-16, extending
mineralization approximately 90 metres down dip. Grade appears to increase with depth between
the latest two holes with the lowermost intercept of 10 metres grading 4.95 g/t gold from 248
metres down the hol e in MH-22-18. This intercept included 2 metres grading 19.06 g/t old from
248 metres down the hole and remains open to depth. See Figures 1 and 3.
Further north, in holes MH -22-19 and MH-22-20, the gold-bearing QMC unit appears to thicken
at depth and its geometry is not well constrained by drilling. Grades in hole MH -22-19 included
intercepts of 2 metres at 5.32 g/t gold from 224 metres down the hole, contained within a broader
zone of 8 metres at 1.78 g/t gold from 224 metres down the hole and, in hole MH-22-20, gold
occurs over a broad intercept of 32 metres grading 0.81 g/t from 256 metres down the hole. See
Figures 1 and 4.
At the northern margin of the deposit, holes MH-22-22 and MH-22-23 found that the mineralized
QMC unit continues with depth . MH-22-23, the lowermost hole on the section, intersected 3
metres at 8.23 g/t gold from 176 metres down the hole, contained within a broader zone grading
10 metres at 3 g/t gold from 169 metres down the hole. See Figures 1 and 5.
Table 1. Drillhole Intersections:
Hole No. /
Length
Azimuth /
Inclination
Interval
number
From
(m) To (m) Width (m) Au (g/t)
MH-22-17 /
266 m
240 / -65
1 215 230 15 1.22
Including 220 224 4 2.68
2 228 230 2 1.91
MH-22-18 /
324 m 240 / -73
1 239 242 3 3.39
2 248 258 10 4.95
Including 248 250 2 19.06
MH-22-19 /
270 m 240 / -65
1 200 204 4 2.5
2 214 217 3 1.74
3 224 232 8 1.78
Including 230 232 2 5.32
4 249 250 1 1.72
MH-22-20 /
301 m 240 / -75
1 180 212 32 0.81
2 229 231 2 1.92
3 234 235 1 1.33
4 243 245 2 1.88
MH-22-21 /
300 m 240 / -65
1 256 287 31 7.58
Including 256 263 7 11.43
and 267 269 2 11.27
and 275 279 2 10.51
and 280 284 4 10.93
MH-22-22/
177.4 m
240 / -65 1 166 167 1 5.87
MH-22-23/
249 m 240 /-75
1 101.5 105.5 4 2.19
2 169 179 10 3
Including 176 179 3 8.23
3 186 188 2 1.44
4 203 212 9 1.05
*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 23.54/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 contacts.
Figure 1. Drilling Plan Map of Phase Two Drilling at Mazoa Hill with cross-section locations
Figure 2. Cross Section D-D’ showing hole MH-22-21
Figure 3. Section C-C' showing holes MH-22-16, MH-22-17, MH-22-18
Figure 4. Cross section B-B' showing holes MH-22-19 and MH-22-20
Figure 5. SECTION A-A' showing holes MH-22-22 and MH-22-23
Colin Porter, VP Exploration for Golden Shield, commented: “this round of drill results highlights
that Mazoa Hill remains open to depth, centered around the high-grade central zone, intercepted
in holes MH -22-21 and MH -21-04, and confirms Golden Shield’s re-interpretation. Once all
results are received a follow -up program will be designed to drill deeper and explore for lateral
extensions”.
Future Plans
Following the completion of the Phase Two drill program, the Company’s geologists and field
crews will focus on advancement of the existing prospects to drill stage, if merited, and
exploration for additional prospects. Once Phase Two drill results are received, additional drilling
will be planned at Mazoa Hill . Work programs for Golden Shield’s two other projects, Arakaka
and Fish Creek, are being finalized and are expected to start in the second half of 2022.
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 many more gold mines yet to be found in Guyana. The company is well -financed and
has three wholly controlled gold projects: Marudi Mountain, A rakaka 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 exploratio n 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 Shi eld, 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 tre nds, 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,