Golden Shield Intersects 90m Shear Zone at Pancake Creek; Provides Assay Results of First Diamond Drillhole at Mazoa Hill
Golden Shield Intersects 90m Shear Zone at
Pancake Creek; Provides Assay Results of
First Diamond Drillhole at Mazoa Hill
Key Highlights:
Pancake Creek -
Golden Shield intersects
90m
shear zone
in the second of three diamond
drillholes at Pancake Creek.
Mazoa Hill -
Golden Shield intersects
15 m
at 1.40 g/t Au
from
14.5 m
depth and
16 m
at 1.01
g/t Au Incl.
8 m
at 1.23 g/t Au
from
71 m
depth in initial drill results from the first
100 m
of hole
MH-24-40.
Golden Shield
has now drilled
1336m
in 6 drillholes at the Marudi Mountain property in 2024.
VANCOUVER, BC
,
Feb. 29, 2024
/CNW/ -
Golden Shield Resources Inc.
(CSE: GSRI) (OTCQB:
GSRFF) (FRA: 4LE0) (the "
Company
" or "
Golden Shield
") is pleased to report positive drill results
and provide an initial update on the ongoing diamond drill program occurring at the company's
flagship Marudi Mountain Property
("Marudi"
or the
"Property"
). The Company intersected a
90m
shear zone with a chlorite-pyrite-pyrrhotite assemblage that is seen to host gold in the FQ unit, in
hole PAN-24-42 at the Pancake Creek target. Assays from the hole are currently in process.
Initial results for the top
100m
of the first deep drillhole at Mazoa Hill MH-24-040, have now been
returned with >
300 m
of results still pending. Results from hole MH-24-40 yielded multiple high-grade
gold intercepts across two double digit intervals. Hole MH-24-40 was designed to test the vertical
extent of the steeply dipping ore shoot at Mazoa Hill. Unfortunately, the hole had to be abandoned at
417 m
due to excessive deviation (See
February 1
st
News Release
). Results are also pending from
5 holes drilled at the Pancake/Locust Creek prospects.
Mazoa Hill Results
Hole MH-24-40 was designed to test the deep extension, and ore grade controls of the steeply
dipping oreshoot at the Mazoa Hill deposit. The initial top
100 m
of MH-24-40 have now been
received (Table 1). The first
100 m
of MH-24-40 displayed consistent FQ lithology (the host of gold
mineralization on the Marudi Mountain property), with a brief interval of saprolite (Figure 1 & 2). The
FQ continued downhole to
180 m
depth where the FQ became intercalated with the metavolcanic
host rock. The FQ lithology then returned at a depth of
205 m
. The FQ continued to be encountered,
uninterrupted, until
366.7 m
. After
366.7 m
, the drill entered the metavolcanic host rock. The drill
continued for an additional
50 m
, but the hole was shut down when the drill failed to intersect any
further favorable FQ lithology.
Figure 1. Trace of MH-24-40 and MH-24-47 (with projected trace) drilled at the Mazoa Hill deposit.
Cross section located in Figure 2. (CNW Group/Golden Shield Resources)
Table 1. Drill Results from hole MH-24-40
Drillhole
Depth of
Hole
(meters)
Azimuth
(degrees)
Dip
(degrees)
From
(m)
To
Interval
Au (g/t)
MH-24-40
417
118
56.5
14.5
29.5
15
1.40
AND
71
87
16
1.01
INCL.
77
85
8
1.2
The initial results illustrate the mineralization potential of the ore shoot across the Mazoa Hill deposit.
This ore shoot displays consistent high-grade gold mineralization in Ferruginous Quartzite (FQ) host
rock. Further results are awaited for the additional >
300 m
interval remaining in hole, MH-24-40.
These results will help formulate a greater understanding of the overall controls and metal tenor of
the Mazoa Hill deposit. These results will be implemented into an updated mineral resource in late
2024.
Figure 2. Cross Section A-B Showing Drillholes MH-24-40 and MH-24-47 (CNW Group/Golden
Shield Resources)
Exploration Update
1134 m of diamond drilling has now been completed on the Mazoa Hill deposit in six drillholes.
Drillhole MH-24-40 was completed at Mazoa Hill; however, the hole had to be abandoned at a depth
of
417 m
due to excessive deviation. Following this, the drill moved to Pancake and Locust Creek
where a total of 5 drillholes were completed (PAN-24-41, PAN-24-42, PAN-24-43, LOC-24-44 and
PAN-24-45. The drilling at Pancake Creek intersected a large shear zone, with a chlorite-pyrite-
pyrrhotite assemblage that is seen to host gold in the FQ unit; however, the mineralization potential
of this area has not been validated at this time as all geochemical results are pending.
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 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 is a gold-exploration company centered on its 100% owned project in
Guyana
,
South America
, Marudi Mountain. Marudi Mountain, located in southwestern
Guyana
,
covers 5,457 hectares of a greenstone belt assemblage and features an extensive mineralized gold
system at the Mazoa Hill Deposit.
Golden Shield
is led by an experienced management team with a
proven track record of discovery globally.
Connect with
Golden Shield
|
Website
|
|
|
X/Twitter
|
YouTube
|
To register for investor updates please visit
https://goldenshield.ca
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 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 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 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.
SOURCE
Golden Shield Resources
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For further information:
Investor Relations: Email: [email protected], Telephone: +1 604 252
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CO: Golden Shield Resources
CNW 06:00e 29-FEB-24