Guyana Goldfields intercepts more significant high grades at Sulphur Rose
TORONTO, April 6 /CNW/ - Guyana Goldfields Inc. (TSX:GUY) ("Guyana" or the Company") is pleased to announce more significant drill results at property "A" (Sulphur Rose), 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 an additional seven (7) diamond drill holes from a total of nineteen (19) holes aggregating 3,958 metres drilled up to this date. The current drill program is targeting the mineralization both in the saprolite and primary zones (bedrock). Complete results are outlined in the attached table.
Drill hole SSD-1, a saprolite hole returned gold values of 2.54 g/t Au over 22.5 metres including 5.86 g/t Au over 9 metres. SSD-3 which is also a saprolite hole yielded a broad mineralized zone of 62.5 metres at 1.60 g/t Au with a high grade interval of 15 metres at 4.43 g/t Au.
Drill hole SDH-5, a hole targeting the primary zone returned a high grade interval of 8.92 g/t Au over 11 metres. SDH-6 which was drilled underneath saprolite hole SSD-3, and has shown visible gold in core, returned a high grade intersection of 3.05 g/t Au over 26.5 metres with a higher grade interval of 7.03 g/t Au over 10 metres. True widths of the reported mineralized intercepts are not known at this time.
Drill results so far have proven the continuity of significant gold mineralization in both the saprolite and the bedrock. The anomalous gold zones are hosted in quartz-chrome mica-pyrite altered intrusives and tuffaceous sediments that are cut by quartz veinings and stockworks. Drilling activities have intensified and will continue to test the lateral and vertical extent of the mineralization both in the saprolite and bedrock. Soil augering and road mapping have continued to the immediate northwest of the drilling area where similar geochemical signatures have been identified. An extensive geochemical sampling and mapping program is due to commence further north of the property to follow-up gold anomalous silt samples that have been reinforced by coincident geophysical anomalies.
Patrick Sheridan CEO states "We are highly encouraged with these early stage drilling results. To date, gold mineralization has been demonstrated over a 300 metre strike length in the Sulphur Rose area. In addition, the Company continues to aggressively explore and advance several other highly anomalous areas in this emerging gold district."
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Drill Intercept
UTM Coordinates Azimuth Dip (meters) Grade
Hole No. ------------------ (degrees) ----------------- (g/t Au)
Easting Northing From To Width
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SSD-01 217958.5 759810.3 350 -70 0 22.5 22.50 2.54
---------------------------
includ- 0 9 9.00 5.86
ing
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SSD-02 217899.0 759834.5 350 -75 1.8 236 234.20 0.42
---------------------------
includ- 1.8 78.5 76.70 0.57
ing ---------------------------
113 138.5 25.50 0.68
---------------------------
225.5 233 7.50 1.05
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SSD-03 218016.1 759773.8 0 -50 36 98.5 62.50 1.60
---------------------------
includ- 69 78 9.00 6.63
ing ---------------------------
67.5 82.5 15.00 4.43
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SDH-03 217966.9 759748.0 350 -70 134 139 5.00 1.23
---------------------------
144 159 15.00 1.36
---------------------------
160 172 12.00 0.71
---------------------------
178 183 5.00 0.75
---------------------------
217 224 7.00 0.95
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SDH-04 217802.9 760047.9 170 -45 175 238 63.00 0.69
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includ- 175 181 6.00 1.23
ing ---------------------------
197 205 8.00 1.24
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213 223 10.00 1.24
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231 238 7.00 1.01
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SDH-05 217850.4 759771.8 350 -45 88 99 11.00 8.92
3.08
(cut to
25 g/t
Au)
---------------------------
121 193 72.00 0.62
---------------------------
includ- 121 127 6.00 0.85
ing
---------------------------
146 151 5.00 1.29
---------------------------
157 171 14.00 0.84
---------------------------
178 188 10.00 1.23
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SDH-06 218017.3 759751.1 0 -75 103 129.5 26.50 3.05
2.55
(cut to
25 g/t
Au)
---------------------------
includ- 103 109 6.00 11.14
ing 8.92
(cut to
25 g/t
Au)
---------------------------
103 113 10.00 7.03
5.70
(cut to
25 g/t
Au)
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Acme Laboratories in Chile, South America completed the assay results. 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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