Golden Shield Further Extends Mazoa Hill Deposit with 24.8 Metres Grading 3.48 Gpt GOLD
GOLDEN SHIELD FURTHER EXTENDS MAZOA HILL DEPOSIT WITH 24.8
METRES GRADING 3.48 GPT GOLD
Vancouver, British Columbia, December 7, 2022 – Golden Shield Resources Inc. (CSE:
GSRI / FRA: 4LE0 / OTCQB: GSRFF) (the “Company” or “Golden Shield”) is pleased to
announce assay results from the remaining three of the six holes drilled at Mazoa Hill at its 100%
owned flagship, 5,457-hectare Marudi Mountain gold project located in southwestern Guyana (the
“Marudi Mountain Property”). All three diamond drill holes intersected gold mineralization
highlighted by a 25-meter intersection grading 3.48 g/t gold. Assay results from the initial three
drill holes were announced on November 7, 2022. As reported on September 13, 2022, the six
drill holes form part of the Company’s 3,000 meter Phase III drill program designed primarily to
test the southern and depth extension of the gold mineralization at the Mazoa Hill.
The better drill intersections from this three hole drill fence that stepped out 60m to the southeast,
on Mazoa Hill are:
• MH-22-31 - 24.80m grading 3.48 g/t gold, and
- 23.00m grading 2.06 g/t gold, including
- 5.90m grading 5.26 g/t gold.
• MH-22-32 - 21.46m grading 2.25 g/t gold including
- 7.46m grading 4.45 g/t gold
• MH-22-33 - 13.70m grading 2.28 g/t gold including
- 3.00m grading 7.64 g/t gold
Hilbert Shields, CEO of Golden Shield, commented: “Our three drilling campaigns this year at
Mazoa Hill have all been rewarded with high grade and width intersections in the quartz metachert
(QMC), the host lithology at Mazoa Hill. The Company has both extended the Mazoa gold
mineralization and successfully tracked the QMC down plunge and used its increased
understanding of the lithological and structural controls at Mazoa to map, sample and exploratory
drill, two "Mazoa Type" targets within an almost 2 km prospective exploration corridor.”
MAZOA HILL DRILLING RESULTS
The recently completed Phase III six-hole diamond drill campaign at Mazoa Hill was designed to
test the strike and down-plunge extensions of a high-grade zone or “shoot” identified in Golden
Shield’s 2022 Phase I & II programs (Figure 1). 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 lies along the contact between amphibolite schist and mica schist.
Figure 1. Drill locations of 2021 (Phase I) and 2022 (Phase II + Phase III) drilling.
Drill holes MH-22-31, MH-22-32 and MH-22-33 (See Figure 1) were drilled approximately 50
metres apart, along a fence that stepped out approximately 60 metres to the southeast from the
adjacent fence consisting of holes MH-21-07, MH-22-28 and MH-22-29. Holes MH-22-31, MH-
22-32 and MH-22-33 represent the deepest drilling to date by Golden Shield and were designed
to test the extension of mineralization in the southeast section of the Mazoa. The intercepts in the
three current holes, lie between 90-100 metres outside of the historic resource constraining pit.
The Mazoa Hill Deposit remains open at depth and along strike to the southeast.
Table 1. Drillhole Intersections.
Hole /
Depth
Azimuth /
Inclination Interval From To Width Au (g/t)
Area within
Main QMC
Zone
MH-22-31 /
357 m
240 /-65
1 253.40 256.50 3.10 7.04 Upper contact
2 286.60 309.60 23.00 2.06 Central area
Incl. 295.60 301.50 5.90 5.26 Central area
3 317.40 342.20 24.80 3.48 Lower contact
Hole /
Depth
Azimuth /
Inclination Interval From To Width Au (g/t)
Area within
Main QMC
Zone
MH-22-32 /
380 m 240 /-65 1 310.38 331.84 21.50 2.25 Central area
Incl. 324.38 331.84 7.50 4.45 Central area
MH-22-33/
468m
240 /-65
1 365.10 366.60 1.50 7.27 Upper contact
2 374.10 375.10 1.50 4.24 Central area
3 400.60 414.30 13.70 2.28 Central area
Incl. 404.50 407.50 3.00 7.64 Lower contact
4 426.30 429.30 3.00 2.48 Lower contact
*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 13.36 g/t Au 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. Cross Section oriented north-northeast/south-southwest showing holes MH-22-
31, MH-22-32 and MH-22-33.
Figure 3. Vertical Long Section of the Mazoa Hill Deposit located at B-B’ 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).
OUTSTANDING DRILL RESULTS
Five relatively short exploratory diamond drill holes were drilled at the end of the Phase III
campaign to test anomalously gold mineralized trenches and float of QMC that were outlined at
the July and Throne prospects. July and Throne are both located south of Mazoa Hill and are
proximal to the "exploration corridor" outlined by our mapping and advanced re-processing of the
historical helimag-survey data. Assay results from these five holes are pending.
MAZOA HILL CORRIDOR AND PROPERTY-WIDE EXPLORATION
The processing and interpretation of the recently completed induced polarization geophysics
survey is underway. The integration of all 2022 exploration data has commenced; once all
outstanding assay results are received and geophysical data massaging is complete, the 2023
exploration program will be finalized.
Figure 4. Location map showing Prospects and Phase III drilling areas overlain on re-
interpreted heli-mag data.
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 Person
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.
Resignation
The Company has received and accepted the resignation of Mr. Rory Harding, VP Corporate
Development. The Company would like to thank Mr. Harding for all of his hard work over the past
couple of years and wish him well in his future endeavors. The Company has no plans to fill the
position at this time.
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 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