VANCOUVER, March 16, 2012 /PRNewswire/ - Guyana Frontier Mining Corp. ("Guyana Frontier" or the "Company") is pleased to provide an update on its 3,000-metre diamond drilling program underway at the Marudi Mountain Gold Project ("Marudi Mountain") in southern Guyana, South America. Two holes have been completed at the Mazoa Hill target area, where drilling by previous explorers identified a substantial zone of gold mineralization. A third hole was lost in abnormal ground conditions. Results for all of the Mazoa Hill drill holes will be released after assays are received, compiled and interpreted.
At the first Mazoa Hill collar location, hole MH12-130 was lost at 68.30 metres when abnormal ground conditions were encountered.
Drill hole MH12-131 was subsequently sited 25 metres east and drilled to the south at minus 50 degrees to a depth of 270 metres. The target quartzite-metachert horizon was cored continuously from 31.55 metres to 234.16 metres, except for three narrow dykes at 117.80 - 120.25 metres, 126.42 - 127.66 metres, and 203.93 - 204.63 metres. Mafic and ultramafic metavolcanics were intersected between 234.16 and 270.00 metres.
Drill hole MH12-132 was sited 30 metres west of MH12-130. It was also drilled to the south at minus 50 degrees, and was completed to a depth of 201 metres. Quartzite-metachert was cored continuously from 13.69 metres to 161.58 metres. Mafic metavolcanics and metasediments were intersected between 161.58 and 201.00 metres.
The two completed Mazoa Hill holes were planned to provide drilling and assay data compliant with modern Quality Control/Quality Assurance protocols as an initial step in verifying the historical drill data and converting the historical resource into one fully-compliant with the disclosure standards of National Instrument 43-101 ("N.I. 43-101").
The drill is currently working at hole MR12-133 at the Marudi North target area where Guyana Frontier identified highly-prospective drill targets from its 3,400.4 metres trenching program carried out in the summer and fall of 2011 (see Guyana Frontier news release of October 31, 2011). The drilling program is expected to continue into April 2012. To view a map depicting the locations of the planned 2012 drill holes and historical drill holes at Marudi Mountain, please visit Guyana Frontier's website at www.guyanafrontier.com
The technical disclosure in this news release has been reviewed and approved by Locke Goldsmith, M.Sc, P.Eng., P.Geo., a qualified person as defined in N.I. 43-101, and an independent contractor to Guyana Frontier.
About Marudi Mountain
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) and remains largely underexplored. Guyana Frontier recently commenced surface exploration at Paint Mountain. A portion of the property has been selected for detailed mapping and sampling on the basis of favourable geology and the presence of artisanal alluvial gold miners. Airborne geophysical surveys are planned for both Marudi Mountain and the Paint Mountain projects in early 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 the Company expects or anticipates will or may occur in the future, including such things as planned 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 the Company'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 the company's publicly filed documents. Although the Company 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.