VANCOUVER, June 22, 2012 /PRNewswire/ - Guyana Frontier Mining Corp. ("Guyana Frontier") is pleased to provide an update on the results of the remaining six diamond drill holes from the Marudi Mountain Gold Project ("Marudi Mountain") in Guyana, South America. The six holes reported here, totalling 909.5 metres, were drilled at the Marudi North target area from two collar locations, of which three holes encountered gold mineralization. The 2012 drilling program at Marudi North successfully intersected gold mineralization within quartzite-metachert rocks (the "host rock") in six of the nine holes drilled. In all, 1,977.47 metres were drilled in 12 holes at both target areas during the Phase 1 drilling program. Nine holes totalling 1,438.17 metres were drilled in the Marudi North segment of the 2012 drilling program, and 539.30 metres were earlier completed in 3 holes at Mazoa Hill.
Highlights of Marudi North Diamond Drilling, Final Holes
(See Table 1 for detailed results)
- DDH MN12-137 returned a weighted average of 0.77 grams/tonne gold over 9.81 metres from 195.13 to 204.94 metres.
- DDH MN12-140 returned a weighted average of 1.90 grams/tonne gold over 8.19 metres from 72.5 to 80.5 metres, including 3.40 grams/tonne over 4.0 metres from 74.50 to 78.50 metres.
- DDH MN12-141 returned a weighted average of 0.31 grams/tonne gold over 6.0 metres from 60.0 to 66.0 metres.
The goals of Guyana Frontier's 2012 drilling program were twofold: to confirm historical results at the Mazoa Hill target area where drilling by previous explorers in the 1990s identified a substantial zone of gold mineralization, and to identify new zones of gold mineralization at the Marudi North target area that could be related to Mazoa Hill.
Mazoa Hill Target Area
Guyana Frontier's three Mazoa Hill 2012 drill holes showed significant gold mineralization, as indicated by holes MH12-130, -131 and -132. For example, hole MH12-132 returned a weighted average of 2.59 grams/tonne gold over 37.47 metres from 47.03 to 84.5 metres, which included 11.06 metres of 5.85 grams/tonne gold from 63.44 to 74.5 metres, and 2.0 metres of 11.0 grams/tonne gold from 66.5 to 68.5 metres (see Guyana Frontier's news release of May 2, 2012). Guyana Frontier has access to most of the historical drill core from the 1991-1995 and 2004 drilling programs on site in a secure storage facility, and prior to further drilling plans to carry out additional re-logging, re-sampling and re-assaying programs to add further understanding of the historical gold resource, which is not compliant with the standards of National Instrument 43-101 (see Guyana Frontier's review of the Mazoa Hill historical resource estimate in its news release of June 6, 2012).
Marudi North Target Area
At Marudi North, located 1.6 kilometres to the north of Mazoa Hill, Guyana Frontier has begun to define a new zone of gold mineralization, and has collected valuable subsurface geological information for integration with prior results of trenching and soil sampling, and planned geophysical surveys. Previously reported holes MN12-134 returned a weighted average of 4.29 grams/tonne gold over 17.55 metres from 12.50 to 30.05 metres, which included 12.0 metres of 5.54 grams/tonne gold from 12.50 to 24.50 metres, and MN12-135 returned a weighted average of 1.80 grams/tonne gold over 32.24 metres from 23.26 to 55.50 metres (see Guyana Frontier news release dated May 24, 2012).
Three of the last six holes drilled in the Marudi North target area encountered varying amounts of gold mineralization in the host rock. The host rock appears to be faulted and deformed in this western area of Marudi North, which made targeting more difficult. For example, in hole MN12-137, a feldspar-porphyry dyke and extensive faults were encountered at the expected location of the upper host rock target zone, and the lower zone host rock was not intersected until 195.13 metres to 204.94 metres. In hole MN12-138, the host rock was not intersected, despite its suggested strike and direction interpreted from the 2011 trenching program. In holes MN12-140 and -141, the host rock unexpectedly appears to trend westerly and dip southerly. The geological characteristics and mineralization of the host rock at Marudi North is therefore not completely understood, and demands further drilling to determine its full potential.
To view a map depicting the locations of the completed 2012 drill holes and historical drill holes at Marudi Mountain, and for a detailed list of the 2012 drilling results, please visit Guyana Frontier's website at http://www.guyanafrontier.com/s/MarudiMountain.asp#dpm
Table 1. Marudi Mountain Project: Gold Results for 2012 Marudi North Drilling, Holes MN12-136, -137, -138, -139, -140 and -141.
|MN12-136||Marudi N.||115°||-50||37.50||-||-||-||no significant gold values|
|MN12-138||Marudi N.||135°||-55||136.50||-||-||-||no significant gold values|
|MN12-139||Marudi N.||295°||-55||193.50||-||-||-||no significant gold values|
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, 0.25 grams of the pulp, was subject to a 4-acid digestion and analyzed by ICP/ES (Emission Spectroscopy) for 36 elements.
Guyana Frontier's 2012 diamond drilling program is subject to an industry standard 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 also holds a prospecting licence for the adjacent Paint Mountain property, totalling 8,848 acres (3,581 hectares), where Guyana Frontier commenced surface exploration in 2011. Detailed trenching, mapping and sampling was carried out at Paint Mountain in 2012 on the basis of favourable geology and the presence of artisanal alluvial gold miners. An airborne magnetic and radiometric survey is 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.