Guyana Goldstrike Selects Bonga Xploration for Diamond Drilling at Marudi Gold Project, Guyana, South America
Vancouver, Canada – TheNewswire - September 18, 2019 - Guyana Goldstrike Inc. (the "Company" or "Guyana Goldstrike") (TSXV:GYA) (OTC:GYNAF) (FSE:1ZT) is pleased to announce that Bonga Xploration Drilling Ltd. of Vancouver, Canada has been selected as the driller to carry out diamond drilling at its Marudi Gold Project (“Marudi” or the “Property”) located within the Guiana Shield, Guyana, South America.
The Bonga Xploration team has visited the Property and has gained a full understanding of Guyana Goldstrike’s expectations for the upcoming program.
The drilling program will consist of up to 2,500 metres and can be extended for additional metres. This program will test and confirm at depth the gold associated and correlated to anomalous gold mineralization reported in the sampling results from surface trenching and the magnetic anomalies identified along the length of the 1.75 km Toucan Ridge area.
Further details on the drilling and exploration program will be released once the company has finalized all logistics and contracts.
In 2018, a total of 12 trenches totaling 2,458 metres were completed at Toucan Ridge.
Over 850 trench samples were assayed from the Toucan Ridge area returning grades as high as 23.5 g/t gold.
For more information on the Company’s exploration program, readers are encouraged to read the Company’s news release “Guyana Goldstrike Announces Phase Two Exploration Program of Drilling, Trenching and Geophysics at Marudi Gold Project, Guyana”, released on August 13th, 2019. The release can be found at the Company’s website www.guyanagoldstrike.com.
2018 Significant Assay Results at Toucan Ridge Area
About BONGA XPLORATION DRILLING SUPPLIES LTD (BXD)
Incorporated in 2016, Bonga Xploration Drilling Supplies Ltd (BXD) provides drilling services and supplies to the mining industry. With offices in Canada, Uganda, Tanzania & Senegal, it owns a fleet of man portable, Heli-portable, underground, and deep borehole drill rigs and other various mining production equipment.
BXD has extensive years’ experience, specializing in drilling services and the sale of earth moving/mining equipment. As drillers, BXD has worked in climates and types of geological formations, from extreme conditions in Northern Canada to projects in the Andes of South America, Philippine’s, Vietnam, Caribbean, East & West Africa, and Greenland.
About the Marudi Gold Project
The Company is developing the Marudi Gold Project, which has a 17-year mining license and is located in Guyana, South America. There has been 42,000 meters of historic diamond drilling completed on the project by prior operators that have delineated two zones of gold mineralization: Mazoa Hill and Marudi North zones. A mineral resource estimate has been completed on the Mazoa Hill Zone. It is open to mineralization in multiple directions and at depth.
The Company has also recently discovered a third mineralized zone, called Toucan Ridge, which is situated about 1000 metres to the northeast of the Mazoa Hill Zone. In addition to the known gold deposits and the new Toucan Ridge zone, the company has over 45 sq. kms of underexplored land and believes the greater land position has excellent upside potential for the discovery of new mineralized zones through the development of previously and newly identified mineralized bedrock targets on the project.
For information concerning the Mazoa Hill Zone Conceptual Pit Mineral Resource Estimate, readers are encouraged to review "Technical Report: Marudi Property Mazoa Hill Mineral Resource Estimate", a technical report prepared for the Company by Global Mineral Resource Services and is available at: GYA Mazoa Hill Zone 43-101 and under the Company's profile on www.sedar.com.
The Republic of Guyana is located in South America adjacent to Suriname. The country is English speaking and under British Common Law with a democratically-elected government. It has an established mining act and a rich history of gold production. In 2016, 690,000 ounces of gold was produced by operators mining in the country. The Fraser Institute's 2016 Annual Survey of Mining listed Guyana as the third best mining jurisdiction with regards to investment attractiveness in the Latin America and Caribbean Basin sub-group. The Guiana Shield is the geographic gold-hosting region and is world-recognized as a premier gold region that is highly prospective, under-explored and has geological continuity with West Africa. In 2016, two mines in Guyana declared the commencement of commercial production: the Aurora deposit (Guyana Goldfields) and the Karouni deposit (Troy Resources).
Locke Goldsmith, M.Sc., P. Eng, P. Geo, Chief Geologist and Exploration Manager for the Company, is a Qualified Person in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Goldsmith has reviewed and approved the scientific and technical content of this news release.
On behalf of the Board of Directors of
GUYANA GOLDSTRIKE INC.
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure, fluctuations in the market for gold, changes in exploration costs and government regulation in Guyana, status of artisanal mining activities and associated rights, and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause 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. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.