VANCOUVER, May 2, 2012 /PRNewswire/ - Guyana Frontier Mining Corp. ("Guyana Frontier") is pleased to provide an update on diamond drilling results from the Marudi Mountain Gold Project ("Marudi Mountain") in Guyana, South America. Two holes were completed to their optimum target depths at the Mazoa Hill target area, where drilling by previous explorers in the 1990s identified a substantial zone of gold mineralization. A third hole was lost in abnormal ground conditions. A total of 539.30 metres were completed during the Mazoa Hill segment of the 2012 program.
Phase 1 drilling has been concluded at Marudi Mountain, prior to the onset of the rainy season in southern Guyana. An additional 1,438.17 metres in nine holes were completed within the Marudi North target area, which is located approximately 1.6 kilometres north of Mazoa Hill. In total, 1,977.47 metres were drilled in 12 holes at both target areas during the Phase 1 drilling program. The Marudi North 2012 drill hole locations have not been the subject of any historical diamond drilling, and were chosen to identify potential for new zones of gold mineralization. Results for the remaining nine holes drilled at Marudi North will be released after their receipt, compilation and interpretation.
Highlights of the Mazoa Hill Target Area Diamond Drilling
(See Table 1 for detailed results)
DDH MH12-130, was lost at 68.30 metres when abnormal ground conditions were
encountered. The core recovered returned a weighted average of 1.63
grams/tonne gold over 8.0 metres from 3.0 to 11.0 metres, including
3.33 metres of 3.50 grams/tonne gold from 3.0 to 6.33 metres, and 14.85
grams/tonne gold over 6.5 metres from 59.00 to 65.5 metres, that
included 1.46 metres of 51.7 grams/tonne gold from 63.17 to 64.63
DDH MH12-131, returned a weighted average of 1.86 grams/tonne gold over 33.59 metres
from 75.5 to 109.09 metres, which included 1.08 metres of 13.96
grams/tonne gold from 106.0 metres to 107.08 metres. The hole also
intersected 25.61 metres of 3.71 grams/tonne gold from 116.59 to 142.3
metres, including 6.17 metres grading 10.51 grams/tonne gold from
120.25 to 126.42 metres. Another significant zone of mineralization was
encountered from 148.0 to 212.5 metres grading 0.86 grams/tonne gold
over 64.5 metres;
DDH 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. Another significant zone of
mineralization graded 1.73 grams/tonne gold over 41.63 metres from
92.37 to 134.0 metres, including 1.40 metres of 11.5 grams/tonne gold
from 109.6 to 111.0 metres.
MH12-130 drilled to the south at minus 50 degrees, intersected the target quartzite-metachert horizon from 45.74 metres to 68.30 metres where the hole was ended in a zone of broken rock.
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 intersected continuously from 31.55 metres to 234.16 metres, except for three narrow dykes at 117.80 to 120.25 metres, 126.42 - 127.66 metres, and 203.93 to 204.63 metres. Mafic and ultramafic metavolcanics were intersected between 234.16 and 270.00 metres.
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 intersected continuously from 13.69 metres to 161.58 metres. Mafic metavolcanics and metasediments were intersected between 161.58 and 201.00 metre.
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: Analytical Results for 2012 Mazoa Hill Drilling
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 thickness.
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.
The 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). Guyana Frontier commenced surface exploration in 2011. Detailed mapping and sampling is underway 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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 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 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.