VANCOUVER, March 15 /PRNewswire/ - Guyana Frontier Mining Corp. ("Guyana Frontier", formerly Shoreham Resources Ltd.) has commenced a diamond drilling program on the Borland Lake target area at the Favourable Lake Project in Ontario, Canada, located approximately 200 kilometres north of Red Lake, Ontario. The Favourable Lake Project is a joint venture with Gold Canyon Resources Inc. ("Gold Canyon"), with Guyana Frontier holding a 70.3% interest, and Gold Canyon holding a 29.7% interest.
The 2011 drilling plan calls for a minimum of 1,000 metres of diamond drilling in six to eight holes collared on the ice of Borland Lake, with estimated minimum depths of 125 metres and maximum depths of 200 metres, weather permitting. The purpose of the drilling program is to test a mineralized zone encountered by Noranda Exploration Co. Ltd. and Massive Energy Ltd. in historical drilling programs carried out between 1962 and 1987 that encountered significant intersections of silver, with accompanying minor values of gold, lead and zinc. Guyana Frontier was unable to effectively intersect the historical zone in its 2010 winter drilling program, due to warm winter weather and weak ice conditions on Borland Lake. Holes drilled from the shore of Borland Lake in a subsequent 2010 summer drilling program were also unable to intersect the historical mineralized zone.
Noranda's drill hole 65-2 intersected 391.2 grams per tonne silver across 33.3 metres (23 metres true width), and Massive Energy's programs confirmed the target and outlined three steeply plunging shoots within the mineralized trend, separated by sections with narrow mineralized intercepts. Massive Energy's drill hole 86-6 intersected three mineralized zones across 23.1 metres (19 metres true width), including 598.1 grams silver per tonne across 6.2 metres (4.8 metres true width) and Massive's hole 87-2 intersected 488.2 grams silver per tonne across 4.6 metres (4.0 metres true width). (NOTE: the results from these historical exploration programs are not compliant with National Instrument 43-101 and are presented for information purposes only.)
A new interpretation study of the 2008 Titan-24 geophysical survey results is underway to assist in the interpretation of results of the first holes of the 2011 drilling program, and to potentially identify any adjacent zones of interest that were unknown to previous explorers.
David Bending, M.Sc., P.Geo., President and Chief Executive Officer of Guyana Frontier, is a Qualified Person as defined in National Instrument 43-101. He is responsible for, and has reviewed, all technical information contained in this news release.
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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 planned 2011 drilling program at Guyana Frontier's Favourable Lake property, future exploration activities, 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 suitable weather and other conditions, including ice conditions, to conduct the 2011 drilling program at Guyana Frontier's Favourable Lake property, 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, changes in climatic conditions and ice conditions at the Favourable Lake property, the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; 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 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.