Quantcast
Last updated on April 19, 2014 at 13:20 EDT

Guyana Frontier Exploration Update

March 3, 2011

VANCOUVER, March 3 /PRNewswire/ – Guyana Frontier Mining Corp. (“Guyana
Frontier”, formerly Shoreham Resources Ltd.) is pleased to provide an
update on its current exploration programs in Guyana, South America.
Guyana Frontier has been active with camp development and diamond
drilling at the Sardine Hill Gold Project, airborne geophysics covering
five major property areas, and the interpretation of analytical results
from the extensive geochemical sampling program in the Aunama and
Arawini project areas.

Sardine Hill Diamond Drilling Program

Since October 2010, Guyana Frontier has completed road improvements,
installation of a fully-supported camp with core logging and sampling
facilities, surface mapping and diamond drilling at the Sardine Hill
Gold Project, located in northern Guyana approximately 90 kilometres
from the capital city of Georgetown.  As of the end of February, 2011,
a total of 1,516 metres of diamond drilling in 8 holes has been
completed. Logging and sampling of the drill core is ongoing, and assay
results will be released after their receipt, compilation and
interpretation.  A minimum of 3,000 metres of drilling is planned to
depths of 100 to 200 metres to test the saprolite and historical
shallow bedrock mineralized zones in the northwest sector of the
property. Guyana Frontier expects to complete this drill program in
April, 2011.

Guyana Frontier has the right to earn a 100% interest in Sardine Hill
from a private Guyanese corporation. Pursuant to an option agreement
between Guyana Frontier and Mulgravian Ventures Corp. (“Mulgravian”),
Mulgravian can earn a 51% interest in the property from Guyana
Frontier, with Guyana Frontier acting as operator of the Sardine Hill
work programs.

Geochemical Sampling Programs

Approximately 7,000 soil samples were taken from September to December,
2010 in the Aunama and Arawini project areas, which form part of Guyana
Frontier’s Guiana Shield project properties.. Aunama consists of three
prospecting licences covering a total area of 14,535 hectares (35,917
acres) and Arawini consists of five prospecting licences covering a
total area of 24,125 hectares (59,613 acres). The Aunama and Arawini
projects cover extensive and highly-prospective land positions
northwest of Guyana Goldfields’ Aurora project and are contiguous on
both the east and west sides of Riva Gold Corp.’s Noseno property.

Approximately half of the analytical results have been received by
Guyana Frontier to date. Compilation and interpretation of the results
is ongoing.

Guyana Frontier holds an option to earn a 100 percent interest in the
Guiana Shield Resources property portfolio, which consists of 5 project
areas totalling approximately 211,953 acres (85,776 hectares). Pursuant
to an option agreement between Guyana Frontier and Mulgravian,
Mulgravian can earn a 51% interest in the Guiana Shield Resources
property portfolio from Guyana Frontier.

Regional Airborne Geophysical Surveys

An airborne magnetic, VLF (very low frequency) and radiometric survey by
Terraquest Ltd. has been completed on the Sardine Hill, Otomung,
Aunama, Arawini, Black Banana, Whana, Five Star and Potaro
properties.   A total of 11,420 line kilometres were flown from
November 4, 2010 to March 1, 2011. The preliminary results have been
received for all of these areas, and Guyana Frontier’s technical team
is working to integrate the data sets with other geochemical and
geological data in support of drill target development.

The technical work disclosed in this document was planned and supervised
by the President and CEO of Guyana Frontier, David Bending, M.Sc.,
P.Geo., who is a Qualified Person as defined in National Instrument
43-101, and is responsible for all technical information contained in
this news release.

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
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; 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.


Source: newswire