Guyana Goldfields announces new discovery at Aranka
TORONTO, March 4 /CNW/ - Guyana Goldfields Inc. (TSX:GUY) ("Guyana" or the Company") is pleased to announce initial drill results from a new discovery at its Aranka group of properties. The Aranka group of properties are comprised of a contiguous 307,000 acre land package approximately thirty kilometres north east of the Company's flagship Aurora property, presently the subject of a definitive feasibility study.
At property "A" (Sulphur Rose), assay results have been received from the initial trenching and drilling program conducted at the property.
Results from three (3) trenches excavated to date have returned a best interval of 4.98 g/t Au over 103.2 meters, (trench No. 1). Several other zones with anomalous Au grades have been delineated (Refer to table for complete results). Trenching has confirmed the 300 X 100 meter Au anomalous zone earlier delineated by soil augering.
Nine diamond drill holes, totalling 1804 meters, have been drilled up to this date to test the sub-surface continuity of the Au anomalous zones delineated from the trenches. The Company has received assays from two holes to date, the rest are pending.
Drill Hole SDH-1 returned elevated gold values of 0.44 g/t Au over 52 meters and 1.03 g/t Au over 13 meters. SDH-2 yielded 1.62 g/t Au over 41 meters including higher grade intervals of 2.47 g/t Au over 24.5 meters and 6.06 g/t Au over 7 meters (Refer to table for complete results). Results from SDH 1 and SDH-2 confirmed the existence of a new Au mineralized field at the Aranka district. The anomalous Au zones are hosted in felsic intrusives and tuffaceous sediments showing intense quartz-chrome mica-pyrite alteration.
Drilling will continue to test the lateral and vertical extent of the mineralization. Soil augering and road mapping has continued within the immediate vicinity of the property and preliminary results show a geochemical signature similar to the current drilling area.
DRILLING RESULTS
March 4, 2010
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UTM Coordinates Drill Intercept
(PSAD 56) Azimuth Dip (meters) Grade
AREA Hole No. ------------------ (True (degrees)---------------(g/t Au)
Easting Northing North) From To Width
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SDH-01 217915.9 760024.6 170 -50 92 105 13.00 1.03
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121 173.5 52.50 0.44
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includ- 131 154 23.00 0.58
ing
Sul- -------------------------------------------------------------------
phur
Rose -------------------------------------------------------------------
SDH-02 217966.8 759748.5 350 -45 73 114 41.00 1.62
------------------------
includ- 82.5 107 24.50 2.47
ing ------------------------
92 99 7.00 6.06
------------------------
124 133 9.00 1.43
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TRENCH RESULTS
March 4, 2010
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Trench
AREA Trench Channel Grade
No. Width (g/t Au)
(meters)
-----------------------------------------
Trench No. 1 103.20 4.98
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including 79.20 5.71
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Trench No. 2 39.20 0.96
Sul- -------------------
phur 16.00 3.83
Rose ----------------------------------
----------------------------------
Trench No. 3 36.20 2.78
-------------------
6.00 1.14
-------------------
6.00 2.58
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The Company is mobilizing a second drill rig to the area in order to expedite the ongoing drilling program. Six geologists are actively exploring the district where extensive geophysical and geochemical investigations have delineated several areas for additional exploration. The Company has budgeted $6 Million for the Aranka program over the next twelve months.
This news release and its contents have been reviewed by Mr. Augusto Flores IV (P.Geo), a qualified person within the meaning of National Instrument 43-101.
About Guyana Goldfields Inc.
Guyana Goldfields Inc. is a Canadian based mineral exploration company primarily focused on the exploration and development of gold deposits in Guyana, South America where the Company has operated since 1996. The Company is currently undertaking technical studies to advance and develop the Aurora Gold Project in Guyana which is slated to begin production mid 2012. The Aranka Properties, currently in advanced staged exploration, are drilling highly-prospective targets in an ongoing program. As at the date hereof, the Company has approximately $79 million in cash and short-term bank guaranteed investment certificates and no debt.
Forward Looking Statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Guyana, including, but not limited to the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of resource and reserve estimates, currency fluctuations, dependence upon regulatory approvals, the availability of future financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
%SEDAR: 00022477E
For further information: Guyana Goldfields Inc., Claude Lemasson, President & COO, Jacqueline Wagenaar, Director of Investor Relations, Tel: (416) 628-5936 Ext. 2295, Fax: (416) 628-5935, E-mail: [email protected], Website: www.guygold.com
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