VANCOUVER, May 24, 2012 /PRNewswire/ - Guyana Frontier Mining Corp. ("Guyana Frontier") is pleased to provide an update on the results of three additional diamond drill holes from the Marudi Mountain Gold Project ("Marudi Mountain") in Guyana, South America. The three holes reported here, totalling 529.67 metres, were drilled from the first set-up at the Marudi North target area, located near an exploration trench that showed significant gold values during Guyana Frontier's 2011 trenching program (see Guyana Frontier's news release, October 31, 2011). The 2012 drilling program at Marudi North successfully encountered gold mineralization within quartzite-metachert rocks (the "host rock"), interpreted as similar in composition to the rocks known to host gold mineralization at the Mazoa Hill target area, located approximately 1.6 kilometres to the south.
Highlights of Initial Marudi North Target Area Diamond Drilling
(See Table 1 for detailed results)
DDH MN12-133 returned a weighted average of 2.95 grams/tonne gold over 8.92 metres
from 9.08 to 18.00 metres, including 2.40 metres of 7.45 grams/tonne
gold from 9.60 to 12.00 metres, and 0.26 grams/tonne gold over 7.45
metres from 30.00 to 37.45 metres. A weighted average of 0.32
grams/tonne gold was returned over an interval of 3.80 metres from
159.70 metres to the end of the drill hole at 163.50 metres.
DDH MN12-134 returned a weighted average of 4.29 grams/tonne gold over 17.55 metres
from 12.50 to 30.05 metres, that included 12.00 metres of 5.54
grams/tonne gold from 12.50 to 24.50 metres. A weighted average of 0.30
grams/tonne gold over 8.95 metres was returned from 30.05 to 39.00
metres. The weighted average for the combined intervals from 12.50 to
39.00 metres is 2.94 grams/tonne gold over 26.5 metres.
- DDH MN12-135 returned a weighted average of 1.80 grams/tonne gold over 32.24 metres from 23.26 to 55.50 metres.
Nine holes totalling 1,438.17 metres were drilled in the Marudi North segment of the 2012 drilling program, and a total of 539.30 metres were earlier completed at the Mazoa Hill target area (see Guyana Frontier's news release May 2, 2012). In all, 1,977.47 metres were drilled in 12 holes at both target areas during the Phase 1 drilling program. Results for the remaining six holes drilled at Marudi North will be released after their receipt, compilation and interpretation.
The goal of Guyana Frontier's Marudi North drilling program is to identify new zones of gold mineralization that may be related to the Mazoa Hill target area, where drilling by previous explorers in the 1990s identified a substantial zone of gold mineralization. In the Marudi North target area, the host rock, where identified in trenches, is covered by 2 to 4 metres of saprolite cover. Trenching and auger drilling are accepted as the best methods of mapping the host rock if it is encountered at a shallow depth from surface, followed by diamond drilling to better confirm its depth, width and strike direction. The character and mineralization of the host rock at Marudi North is therefore not completely understood, and further drilling is planned to determine its full potential.
MN12-133: drilled in an easterly direction at minus 50 degrees, intersected the host rock from 9.00 to 39.05 metres. The deepest gold mineralization found in the hole was hosted in a silicified metavolcanic rock that is different than other mineralized intervals observed in drill holes at this site. The altered metavolcanic rock returned a weighted average grading 0.32 grams/tonne gold over 3.98 metres, from 159.70 metres to the end of hole at 163.50 metres. Guyana Frontier plans to submit samples of this interval for petrographic and whole rock analysis to better understand this different style of mineralization.
MN12-134: the drill collar was sited approximately 3 metres west of MN12-133 and was drilled in an easterly direction at minus 70 degrees to a length of 97.67 metres. The host rock was intersected from 12.50 to 39.00 metres, which included mineralization within an interval of broken quartzite and saprolite from 30.05 to 34.82 metres.
MN12-135: the drill collar was sited approximately 1 metre east of MH12-133 and was drilled in a westerly direction at minus 60 degrees, to a length of 268.50 metres. The host rock was intersected from 23.26 to 55.50 metres, which included an unmineralized felsic dyke between 35.80 and 37.82 metres.
To view a map depicting the locations of the planned and completed 2012 drill holes and historical drill holes at Marudi Mountain, please visit Guyana Frontier's website at www.guyanafrontier.com
Table 1. Marudi Mountain Project: Gold Results for Initial 2012 Marudi North Drilling, Holes MN12-133, -134 and -135.
The true widths of the mineralized intervals reported herein, and the geometry of the mineralized zones are not currently known. Mineralized intervals were calculated using a 0.1 grams/tonne cutoff grade. Intervals containing below cutoff grade were excluded from the calculations when they were 6 metres or greater in length.
Analytical Methods and Quality Control
All drill samples were shipped directly to the independent preparation facility of Acme Laboratories Ltd. in Georgetown, Guyana ("Acme Guyana") for sample preparation. Both gold fire assay determinations and multi-element analyses were conducted in Acme's facility in Santiago, Chile ("Acme").
At Acme Guyana, the core samples were crushed to 80% passing 10 mesh (1.7 mm), then split to provide a 500 gram subsample which was pulverized to 85% passing 200 mesh (75 microns). A 50 gram split was subject to fire assay with an AA finish. Samples with results over 10 ppm gold were subject to a gravimetric analysis and results are reported in grams per tonne, with a lower limit of 0.005 grams per tonne. A separate sub-sample, 0.5 grams of the pulp, was subject to a 1:1:1 aqua regia digestion and analyzed by ICP/OES (Optical Emission Spectroscopy) for 34 elements.
Guyana Frontier's 2012 diamond drilling program is subject to a rigorous QA/QC program, which includes the use of standards and blanks. Assays of all of the standards returned values within the acceptance window, and re-runs of pulps and duplicates of pulps were found to be consistent. Certain mineralized samples that may be subject to the "nugget effect," or a form of localized enrichment within the sample, are being re-submitted to Acme for total metallic assay. In addition, 5 percent of the received analyses, have been, or are in the process of being re-submitted to a laboratory independent of Acme Labs for check assay in order to monitor and assess analytical accuracy.
The technical work disclosed in this document was planned and reviewed by Locke Goldsmith, M.Sc., P.Eng., P.Geo., an independent consultant to Guyana Frontier, who is a Qualified Person as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"), and is responsible for and has approved all technical information contained in this news release.
About the Marudi Mountain Project
Marudi Mountain consists of one mining licence totalling 13,502 acres (5,464 hectares) located in southern Guyana approximately 500 kilometres (330 miles) from the capital city of Georgetown. Guyana Frontier holds a 100 percent interest in the project, subject to a 2 percent net smelter returns royalty ("NSR").
Guyana Frontier also holds a 100 percent interest in the adjacent Paint Mountain property, subject to a 2 percent NSR. Paint Mountain consists of one prospecting licence totalling 8,848 acres (3,581 hectares) where Guyana Frontier commenced surface exploration in 2011. Detailed trenching, mapping and sampling is underway at Paint Mountain on the basis of favourable geology and the presence of artisanal alluvial gold miners. Airborne geophysical surveys, included magnetic, radiometric and Lidar surveys, are planned for both the Marudi Mountain and the Paint Mountain projects in 2012.
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FORWARD LOOKING STATEMENTS
This release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements that address activities, events or developments that Guyana Frontier expects or anticipates will or may occur in the future, including such things as the receipt of further results from Guyana Frontier's 2012 drilling program, planned additional exploration activities at the Marudi Mountain and Paint Mountain properties, the establishment of an NI 43-101 compliant resource at the Marudi Mountain property, future business strategy, competitive strengths, goals, expansion, growth of Guyana Frontier's businesses, operations, plans and with respect to exploration results, the timing and success of exploration activities generally, permitting time lines, government regulation of exploration and mining operations, environmental risks, title disputes or claims, limitations on insurance coverage, timing and possible outcome of any pending litigation and timing and results of future resource estimates or future economic studies.
Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "planning", "planned", "expects" or "looking forward", "does not expect", "continues", "scheduled", "estimates", "forecasts", "intends", "potential", "anticipates", "does not anticipate", or "belief", or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements are based on a number of material factors and assumptions, including, the result of drilling and exploration activities, that contracted parties provide goods and/or services on the agreed timeframes, that equipment necessary for exploration is available as scheduled and does not incur unforeseen break downs, that no labour shortages or delays are incurred, that plant and equipment function as specified, that no unusual geological or technical problems occur, and that laboratory and other related services are available and perform as contracted. Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; the existence of weather conditions suitable for exploration activities; future prices of minerals; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in Guyana Frontier's publicly filed documents. Although Guyana Frontier has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
SOURCE Guyana Frontier Mining Corp.