Guyana Goldfields intercepts more significant gold zones at Sulphur Rose
TORONTO, May 25 /CNW/ - Guyana Goldfields Inc. (TSX:GUY) ("GUY" or the "Company") is pleased to announce more significant drill results at Sulphur Rose (property "A"), 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 (30) kilometres northeast of the Company's flagship Aurora property, presently the subject of a definitive feasibility study.
Assay results have been received from an additional fourteen (14) diamond drill holes from a total of thirty (30) holes aggregating 7,672 metres drilled to date. The current drill program is targeting the mineralization both in the saprolite and primary zones (bedrock). Complete results are outlined in the table below.
Drill hole SSD-04, located at the southeastern section of the mineralization returned 57 metres grading 4.05 g/t Au including 16.5 metres at 8.82 g/t Au. SSD-04 was drilled underneath trench ST-01 (103.2 metres at 4.98 g/t Au; March 4, 2010 press release).
Drill hole SDH-17, a hole drilled underneath hole SSD-04 has shown visible gold in core, yielded a broad mineralized zone of 60.5 metres at 2.64 g/t Au including higher grade intervals of 43.5 metres at 3.31 g/t Au and 16 metres at 6.94 g/t Au.
Drill holes SDH-07 and SDH-08 located at the northwest section of the mineralization returned wide intervals of 22 metres grading 1.16 g/t Au and 38 metres of 1.42 g/t Au, respectively.
The latest drill results are showing a highly distinct northwest trending zone of significant gold mineralization measuring approximately 350 x 60 metres and containing a higher-grade zone to the southeast. Mineralization has been intersected to 150 metres below surface and still open at depth. Recent petrographic and mineralogical studies of the drill cores have confirmed the presence of fine gold associated with silver and lead tellurides.
Exploration activities have been intensified with two drill rigs currently conducting drilling at the property. More geophysical targets proximal to the drilling area have been identified and show similar strong potassium signatures.
In addition to the Sulphur Rose zone, a team of four (4) geologists have commenced reconnaissance work farther north of the concession area at the Wynamu prospect to follow-up anomalous gold in stream sediments and coincident geophysical potassium anomalies.
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Hole UTM Coordinates Drill Intercept
No. (PSAD 56) Azimuth (meters)
------------------ Dip -------------------- Grade
Easting Northing (degrees) From To Width (g/t Au)
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SSD-04 217984.3 759775.1 0 -60 25.5 82.5 57.00 4.05
4.03
(cut to 25
g/t Au)
------------------------------
including 45 61.5 16.50 8.82
8.77
(cut to 25
g/t Au)
-------------------------------------------------------------------------
SSD-05 217788.0 760032.1 180 -45 27 33 6.00 2.12
------------------------------
40.5 52.5 12.00 1.15
------------------------------
66 73.5 7.50 0.52
------------------------------
186 243 57.00 0.87
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SDH-07 217740.1 760077.8 180 -45 90 109 19.00 1.39
------------------------------
131 140.5 9.50 0.46
------------------------------
190 220 30.00 0.74
------------------------------
including 190 196 6.00 1.02
------------------------------
206 220 14.00 1.04
------------------------------
224 246 22.00 1.16
------------------------------
including 227 237 10.00 2.02
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SDH-08 217750.5 759800.1 0 -45 122 160 38.00 1.36
------------------------------
including 122 127 5.00 6.48
6.06
(cut to 25
g/t Au)
------------------------------
175 188.5 13.50 1.13
------------------------------
228 251 23.00 1.04
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SDH-09 218006.4 760013.2 180 -45 No
significant
results
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SDH-10 217651.1 759819.1 0 -45 No
significant
results
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SDH-11 217649.7 760144.6 180 -45 85 95.2 10.20 0.70
------------------------------
125 133 8.00 3.11
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SDH-12 217847.0 759998.3 0 -44 No
significant
results
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SDH-13 217980.8 759969.2 0 -45 No
significant
results
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SDH-14 217596.2 760127.6 180 -45 27 39 12.00 0.91
------------------------------
52.5 58.5 6.00 0.92
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SDH-15 217743.0 760036.8 0 -45 No
significant
results
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SDH-16 217891.2 760025.9 180 -45 181 195 14.00 1.28
------------------------------
207 215 8.00 0.55
------------------------------
230 234 4.00 2.20
------------------------------
246 280 34.00 1.11
------------------------------
287 293 6.00 0.91
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SDH-17 217991.6 759695.4 0 -45 115.5 176 60.50 2.64
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including 115.5 159 43.50 3.31
------------------------------
including 142 158 16.00 6.94
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SDH-18 217899.7 759752.3 0 -45 103 108 5.00 1.22
------------------------------
133 161.5 28.50 0.58
------------------------------
194.5 202 7.50 0.69
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To view a drill plan and cross sections please view the following links:
Drill plan:
http://files.newswire.ca/826/guyanadrillplan.pdf
Cross Sections:
http://files.newswire.ca/826/guyanacross1.pdf
http://files.newswire.ca/826/guyanacross2.pdf
http://files.newswire.ca/826/guyanacross3.pdf
http://files.newswire.ca/826/guyanacross4.pdf
Analytical testing and reporting of assays was conducted by Acme Analytical Laboratories Ltd. ("AcmeLabs") based in Georgetown, Guyana and Santiago, Chile. 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 targeted 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 $76 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.: Dan Noone, VP, Exploration, Tel (416) 628-5936 Ext. 5925, Email: [email protected]; 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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