Golden Shield Provides Update on Exploration Results and Planned Drilling at the Marudi Mountain Property
Golden Shield Provides Update on Exploration Results and Planned Drilling at the Marudi
Mountain Property
Vancouver, British Columbia, August 14, 2023 – Golden Shield Resources Inc. (CSE: GSRI
/ OTCQB: GSRFF / FRA: 4LE0) (the “Company” or “Golden Shield”) is pleased to report on
exploration results at its 100% owned flagship, 5,457-hectare, Marudi Mountain gold project
located in southwestern Guyana (the “Marudi Mountain Property” or “Marudi”).
The Company is pleased to report results from mapping and geological interpretive work at the
Marudi Mountain Property which was conducted by Specialized Geological Mapping. In addition,
the Company reports results of the reinterpretation of a 25 km2 Induced Polarization (“IP”) and
resistivity survey conducted by Arce Geofísicos S.A.C. and the 2018 helimagnetic survey
conducted by GeophysicsOne Inc. It is important to note that the 2018 helimag survey at the
Marudi Mountain Property was completed once drilling by the previous operator had ceased.
Golden Shield is the first company to have this geophysical data available to guide drilling at the
Marudi Mountain Property. Additionally, surface trenching, pitting, mapping, and sampling has
taken place with the collection of over 2,000 rock samples.
In 2022, the Company completed approximately 9,000m of drilling on the Marudi Mountain
Property and extended high-grade mineralization below the base of the historic resource
constraining pit by 180m, with the best intercept being 50 meters grading 9.10 g/t gold.
In addition, the Company has completed the purchase of a dual-purpose Air Core (“AC”) and
Reverse Circulation (“RC”) drill rig from Multi-Power Products Ltd., based in Kelowna, BC,
Canada. This drill rig will be used to penetrate through the saprolite cover and test fresh bedrock
in a grid pattern to validate drill targets before testing with the more expensive diamond drill rig
that is located on site.
Leo Hathaway, Executive Chairman of Golden Shield, commented: “Recent geological work at
Marudi has been pivotal in providing us with a new exploration model. Geophysical work has
traced the prospective horizon into areas it was previously unknown, and the Company’s recent
work has then ‘ground-truthed’ this by trenching in these areas and unearthing the horizon in
outcrop. This detailed understanding of the exploration model may now be applied elsewhere in
the southern Guyana greenstone belt, in which Golden Shield is a first mover”.
Figure 1. New Marudi property scale geology.
IP-Resistivity Survey
The reinterpreted 25 km2 IP-resistivity survey has proven effective in identifying the mineralized
ferruginous quartzite (“FQ”) and has mapped this prospective horizon over at least six kilometers
in aggregate, and at multiple locations that have been untested by drilling.
Figure 2. IP chargeability interpretation showing anomalous areas that have been
untested, or poorly tested by previous drilling.
The recognition of the surface trace of this prospective horizon indicates at least six more
prospective Mazoa-type occurrences that were undiscovered or poorly understood before recent
trenching, mapping and sampling work. These are listed below and ranked in order of priority,
according to currently available information:
1) IP-6: The new IP data identified a brand-new undrilled, possible offset of the Mazoa Hill
deposit, lying some 200m to the east, with comparable lithology and mineralization to the
known deposit. Trenching has uncovered an intercept of 8 meters grading 1.10 g/t and
this is open where it disappears below saprolite cover. This zone is a newly recognized
unit of FQ. The discovery of IP-6 confirms the ability of the IP survey to identify “blind” FQ
under deep saprolite cover. This will be tested with a grid of RC or AC drilling before
diamond drill testing.
Figure 3. IP Chargeability overlain on historic map and grab sample and trench results for
Marudi showing IP-6 anomaly to east.
2) Peace Creek: Peace Creek represented the strongest chargeability anomaly and was
historically drilled between 1946 and 1949 by the Rupununi Mining Company for a total of
438 meters, from which the best intercepts were 10.6 meters grading 1.83 g/t gold and
0.9 meters grading 105 g/t gold. Vanessa Ventures subsequently drilled three holes from
2004 to 2005, and the prospect has not seen any further drilling. There are numerous
surface workings and large field of alluvial workings to the east-southeast, with Peace
Creek being the mostly likely source of this mineralization. The Company interprets these
features as indicative of a significant gold endowment in this area. Further mapping and
trenching and/or AC/RC drilling is required to refine a drill target here.
3) Success Creek: Another brand-new undrilled prospect with a thick (yet unquantified)
section of pyrite-pyrrhotite mineralized quartzite that has returned grades of 8 meters
grading 1.4 g/t gold and 8 meters grading 1.3 g/t gold. The Company has uncovered a 15-
meter high “wall” of quartzite that dips to the northwest underneath saprolite cover (Figure
4). Recent trench results include 8 meters grading 1.25g/t gold from trench TSH-23-54, 8
meters grading 1.25g/t gold from trench TSH-23-54; and 4m grading and 1.11g/t gold from
trench TSH-23-53. The removal of surficial material is continuing to uncover additional
quartzite, and the full strike length and mineralization potential are unconstrained.
Figure 4. Geological interpretation and grab sample and trench results for Success Creek.
Figure 5. Wall of FQ at Success Creek being uncovered and sampled by company workers.
4) Marudi North: Limited drilling (8,157 meters) by previous operators was completed at
Marudi North, including an historic intercept grading 4.30 g/t gold over 17.6m.
Mineralization occurs in FQ and strikes northeast - southwest. The Company has
discovered additional FQ outcrops in trenching to the south of Marudi North (to date no
assay results received from Trench sampling) and interprets the mineralized zone to be
open in both directions (southwest and northeast), and to depth. Marudi North warrants
further drilling and will be a priority target for future exploration.
5) Toucan: The Toucan area was previously drilled by Golden Shield in 2022 with
encouraging results, the best being 4.84 g/t gold over 6 meters. Since then, the Company
has conducted additional trenching, mapping and sampling and the Company’s
interpretation has been refined to make Toucan is a high priority target. Trench results
include 4 meters grading 1.09 g/t gold in trench TTC-23-58 and 7 meters grading 1.11 g/t
gold in trench TTC-23-63.
Figure 6. Geological interpretation and grab sample and trench results for Toucan
6) Kimberly: Kimberley is a northeast-southwest trending unit of FQ that is 30 meters thick
and the strike length has not yet been established. However, trench TKI-22-4 produced 9
m grading 1.7 g/t gold; including 3 m at 3.9 g/t gold. These results will be followed up on
by the Company in the near future.
Next Steps
1) Surface work. Continued field exploration consisting of trenching, pitting, auguring,
sampling, and mapping. To date, the Company has collected over 3,248 geochemical
samples on the Marudi Mountain Property. Results for most of these samples have been
received and approximately 429 are awaited. These results will help finalize targeting for
the RC drill program.
2) RC/AC drilling. The drill rig is in Guyana and will arrive on site shortly. Systematic RC
drilling on grids, drill testing the ranked drilling targets described above, will commence in
August. This will help to establish the size and approximate grade of the fresh-rock target
currently obscured by saprolite cover.
3) Diamond drilling. In September, when results of the RC drilling have been received,
Golden Shield will commence diamond drill testing the best of the RC anomalous areas.
Results should be available in September and continue flowing to the end of Q4 2023.
Marudi represents the best understood example of an orogenic gold deposit, hosted in the
Kwitwaro group metasediments in the southern Guyana greenstone belts. This, combined with
the Company’s relationships in the area, uniquely positions Golden Shield to explore this virgin
greenstone belt for additional gold resources.
Table 1. Summary of Trench Results at the Marudi Mountain Property
Trench Name From To Width (m) Au (g/t) Target
TMH-23-47 0 8 8 1.1 IP-6
TSH-23-50 15 21 6 0.48 Success Creek
TSH-23-51 13 20 7 0.45 Success Creek
TSH-23-53 38 46 8 1.25 Success Creek
TSH-23-54 27 31 4 1.11 Success Creek
TTC-23-58 11 15 4 1.09 Toucan Creek
TTC-23-63 22.5 29.5 7 1.11 Toucan Creek
Reconnaissance Drill Results
In late 2022, preliminary drilling of five short reconnaissance holes at the Throne and July
prospects yielded narrow gold intercepts including 1.5m grading 3.14 g/t gold from 154.10m in
hole TH-22-35 at Throne and 2.4m grading 0.72 g/t gold from 133m in hole JU-22-38 at July. The
results indicate the existence of a gold-bearing system. However, the orientation of the system
cannot be constrained at this time and subsequent IP results indicate that the more prospective
target may lay some 100m to the west (see Figure 2).
Table 2. Summary of Reconnaissance Drilling
Drillhole
Name
Coordinates
(PSAD56 21N)
Total Depth
(m)
Easting Northing Azi. Dip EOH From To Width Grade (Au g/t)
TH-22-34 259443 244988 200 -55 157 No significant intercepts
TH-22-35 259481 244904 200 -55 177 154.1 155.6 1.5 3.14
JU-22-36 259494 244539 220 -55 202 No significant intercepts
JU-22-37 259594 244424 230 -55 189 No significant intercepts
JU-22-38 259623 244285 230 -55 195 133 135.4 2.4 0.72
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