Quantcast
Last updated on April 23, 2014 at 15:23 EDT

Guyana Frontier Provides Initial Results from Marudi Mountain Project

May 2, 2012

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 metres;

        --  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

     _________________________________________________________________________________
    |        |        |          |         |  Final  |      |      |        |  Gold   |
    |   Hole |Location| Azimuth  |   Dip   |  Depth  | From |   To |Interval|Intercept|
    |    #   |        |(degrees) |(degrees)| of Hole | (m)  |  (m) |  (m)   | (grams/ |
    |        |        |          |         |   (m)   |      |      |        | tonne)  |
    |________|________|__________|_________|_________|______|______|________|_________|
    |        |  Mazoa |          |         |         |      |      |        |         |
    |MH12-130|   Hill |181°41'05"|    -50  |   68.30 | 3.00 | 11.0 |   8.0  |   1.63  |
    |________|________|__________|_________|_________|______|______|________|_________|
    |        |        |          |         |including|  3.0 | 6.33 |   3.33 |   3.50  |
    |________|________|__________|_________|_________|______|______|________|_________|
    |        |        |          |         |         | 59.0 |65.50 |   6.50 |   14.85 |
    |________|________|__________|_________|_________|______|______|________|_________|
    |        |        |          |         |including|63.17 |64.63 |   1.46 |   51.70 |
    |________|________|__________|_________|_________|______|______|________|_________|
    |        |  Mazoa |          |         |         |      |      |        |         |
    |MH12-131|   Hill |180°00'00"|    -50  |  270.00 |31.25 |39.78 |   8.53 |   1.01  |
    |________|________|__________|_________|_________|______|______|________|_________|
    |        |        |          |         |including|35.20 |35.82 |   0.62 |   8.84  |
    |________|________|__________|_________|_________|______|______|________|_________|
    |        |        |          |         |         | 62.5 | 67.0 |   4.5  |   2.65  |
    |________|________|__________|_________|_________|______|______|________|_________|
    |        |        |          |         |         | 75.5 |109.09|  33.59 |   1.86  |
    |________|________|__________|_________|_________|______|______|________|_________|
    |        |        |          |         |including|99.87 |100.1 |   0.23 |   22.10 |
    |________|________|__________|_________|_________|______|______|________|_________|
    |        |        |          |         |    and  |106.0 |107.08|   1.08 |   13.96 |
    |________|________|__________|_________|_________|______|______|________|_________|
    |        |        |          |         |         |116.69|142.3 |  25.61 |   3.71  |
    |________|________|__________|_________|_________|______|______|________|_________|
    |        |        |          |         |including|120.25|126.42|   6.17 |   10.51 |
    |________|________|__________|_________|_________|______|______|________|_________|
    |        |        |          |         |    and  |130.41|132.41|   2.0  |   9.35  |
    |________|________|__________|_________|_________|______|______|________|_________|
    |        |        |          |         |         |148.0 |212.5 |   64.5 |   0.86  |
    |________|________|__________|_________|_________|______|______|________|_________|
    |        |        |          |         |         |218.5 |232.5 |   14.0 |   0.94  |
    |________|________|__________|_________|_________|______|______|________|_________|
    |        |        |          |         |         |245.17|246.52|   1.35 |   4.50  |
    |________|________|__________|_________|_________|______|______|________|_________|
    |        |  Mazoa |          |         |         |      |      |        |         |
    |MH12-132|   Hill |186°26'58"|    -50  |  201.00 |  0.0 | 12.0 |   12.0 |   0.24  |
    |________|________|__________|_________|_________|______|______|________|_________|
    |        |        |          |         |         |47.03 | 84.5 |  37.47 |   2.59  |
    |________|________|__________|_________|_________|______|______|________|_________|
    |        |        |          |         |including|63.44 | 74.5 |  11.06 |   5.85  |
    |________|________|__________|_________|_________|______|______|________|_________|
    |        |        |          |         |including| 66.5 | 68.5 |   2.0  |   11.0  |
    |________|________|__________|_________|_________|______|______|________|_________|
    |        |        |          |         |    and  | 82.5 | 84.5 |   2.0  |   5.00  |
    |________|________|__________|_________|_________|______|______|________|_________|
    |        |        |          |         |         |92.37 |134.0 |  41.63 |   1.73  |
    |________|________|__________|_________|_________|______|______|________|_________|
    |        |        |          |         |including|109.6 |111.0 |   1.40 |   11.50 |
    |________|________|__________|_________|_________|______|______|________|_________|
    |        |        |          |         |         |140.07|154.13|  14.06 |   0.38  |
    |________|________|__________|_________|_________|______|______|________|_________|

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.


Source: PR Newswire