Guyana Frontier Provides Final 2012 Drilling Results from Marudi Mountain Project
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.
__________________________________________________________________________________
| | | | | Final | | | | Gold |
| Hole |Location| Azimuth | Dip | Depth | From | To |Interval| Intercept |
| # | |(degrees)|(degrees)| of Hole | (m) | (m) | (m) | (grams/ |
| | | | | (m) | | | | tonne) |
|________|________|_________|_________|_________|______|______|________|___________|
|MN12-136| Marudi | | | | | | | no |
| | N. | 115° | -50 | 37.50 | - | - | - |significant|
| | | | | | | | |gold values|
|________|________|_________|_________|_________|______|______|________|___________|
|MN12-137| Marudi | 115° | -55 | 292.50 |195.13|204.94| 9.81 | 0.78 |
| | N. | | | | | | | |
|________|________|_________|_________|_________|______|______|________|___________|
|MN12-138| Marudi | | | | | | | no |
| | N. | 135° | -55 | 136.50 | - | - | - |significant|
| | | | | | | | |gold values|
|________|________|_________|_________|_________|______|______|________|___________|
|MN12-139| Marudi | | | | | | | no |
| | N. | 295° | -55 | 193.50 | - | - | - |significant|
| | | | | | | | |gold values|
|________|________|_________|_________|_________|______|______|________|___________|
|MN12-140| Marudi | 140° | -55 | 139.50 |48.97 |57.16 | 8.19 | 0.31 |
| | N. | | | | | | | |
|________|________|_________|_________|_________|______|______|________|___________|
| | Marudi | | | |72.50 |80.50 | 8.0 | 1.90 |
| | N. | | | | | | | |
|________|________|_________|_________|_________|______|______|________|___________|
| | | | |including|74.50 |78.50 | 4.0 | 3.40 |
|________|________|_________|_________|_________|______|______|________|___________|
|MN12-141| Marudi | 165° | -55 | 110.00 | 36.0 |42.50 | 8.95 | 0.26 |
| | N. | | | | | | | |
|________|________|_________|_________|_________|______|______|________|___________|
| | | | | | 60.0 | 66.0 | 6.0 | 0.30 |
|________|________|_________|_________|_________|______|______|________|___________|
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.
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 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.
