Surface Sampling: The Company has received assay results from grab samples taken during grid-traverse mapping, west and downslope of, the historically drilled, Marudi North prospect. Approximately 187 grab samples were collected over an area of 300 meters by 110 meters. Of these samples, 98 samples (representing 52% of the samples collected) yielded assays greater than 1.0 g/t gold ranging between 1.2 g/t and 37.6 g/t with an average tenor of 5.8 g/t gold. Given the high-grade nature of these assays, the observations of veining (fluid flow), silica flooding (alteration), abundant pyrite (sulphidation), stretching and rotation of pyrite (deformation) visible gold observed in four mineralized samples of the Ferruginous Quartzite ("FQ"), the Marudi North Prospect has been upgraded to Priority #1 for RC drilling. This will be undertaken by the Company owned and operated RC/Aircore ("AC") Prospector II Drill Rig. Drilling is expected to commence next week.
Historical
TABLE 1: | Historical Marudi North drill hole intersections | ||||
From (m) | To (m) | Intersection (m) | Grade (Au g/t) | Host Geology | |
1947 Drilling | 91.40 | 94.18 | 2.78 | 3.90 | FQ |
74.07 | 78.03 | 3.96 | 15.7 | FQ | |
99.06 | 103.08 | 4.02 | 8.50 | FQ | |
1993 Drilling | 99 | 108 | 9.00 | 1.90 | FQ |
186 | 192 | 6.00 | 1.47 | FQ | |
2011 Drilling | 12.5 | 24.5 | 12.00 | 2.78 | FQ |
Geology: The host rock for all Marudi North historical mineralized intersections is the FQ unit, which also hosts gold mineralization at Mazoa Hill. The FQ at Marudi North occurs in a similar geological setting to Mazoa, as a unit "sandwiched" between foot-wall metavolcanic and hanging-wall metasediments. A 1-2 meters thick, laminated magnetite rich "marker horizon" that locally exhibits the characteristics of a Banded Iron Formation ("BIF"), is sometimes found between the FQ and the hanging wall metasediments. At Marudi, the rock package is structurally complex, developing zones of intense brittle deformation, mostly concentrated in the FQ. Minor veining and brittle fracturing is also developed in other units (mainly metavolcanics and metasediments), however, mineralized sulphides and free visible gold is consistently observed in the central FQ. Mineralization is intermittently developed, forming zones of high-grade "shoots" or intersections. These zones are characterized by densely populated, deformed and elongated sulphides developing a prominent stretching lineation, together with quartz and quartz-sulphide shear and extensional veins.
At Marudi North the FQ presents characteristics for a host rock to gold mineralization: it is competent, sandwiched between two rheologically weaker units and is flooded with magnetite, making it a highly reactive host to gold bearing fluids.
Geophysics: As reported in the Company's news release dated
Mechanized Trenching: At Target 1 (see Figure 2), following receipt of grab sample assay results, a mechanized trench sampling program was initiated prior to RC drilling, in order to trace the source of FQ float and sub-crop by attempting to expose, map and sample in-situ FQ in trenches up to 6 meters deep. To date, in-situ FQ units have been exposed in three trenches over a total distance of 159 meters. Additional mapping and sampling has been completed and a fourth trench is in progress. Assay results from ongoing surface work are pending. Visible gold was noted in trench excavations of highly altered FQ in all trenches. Target 2 (see Figure 2) will be trenched before being scheduled for RC drilling.
RC Drilling Grid: At Marudi North, RC/AC drilling is expected to commence next week. A grid of 35 shallow RC holes is scheduled for Target 1, with target depths on or about 50 meters (see Figure 2).
As referenced in the Company's news release date
This new area is an extensively alluvial-mined creek with its headwaters in the Marudi North area. Lower down creek, the west bank catchment area has yielded significant results with 24 samples assaying greater than 1.0 g/t grab samples. This area is south of the historically drilled Marudi North area and is on-trend with Success-Kimberly trend which has been trenched and is scheduled for RC drilling. A significant fault (see Figure 3), is interpreted from geophysics, is interpreted to separate the western Marudi-North-Locust Ck block from the eastern
Updates on other areas prospects,
- Surface work. Continued field exploration consisting of trenching and grab sampling and mapping will continue.
- RC/AC drilling. The RC Drill Rig is on site and drilling is expected to commence shortly.
- Diamond drilling. In late September/early October, once sufficient assay results from the RC drilling have been received, Golden Shield will commence diamond drill testing the best of the RC anomalous areas.
Marudi represents the best understood example of an orogenic gold deposit, hosted in the Kwitwaro group metasediments in the southern
All Golden Shield sample assay results have been independently monitored through a quality control / quality assurance ("QA/QC") protocol which includes the insertion of blind standards, blanks as well as pulp and reject duplicate samples. Logging and sampling are completed at Golden Shield's core handling facility located at the Marudi property. Drill core is diamond sawn on site and half drill-core samples are securely transported to
Certain data disclosed in this news release is related to historical drilling results. The Company has not undertaken any independent investigation of the drilling, nor has it independently analyzed the results of the historical exploration work in order to verify the results. The Company considers these historical drill results relevant as the Company is using this data as a guide to plan exploration programs. The Company's current and future exploration work includes verification of the historical data through drilling.
Golden Shield also announces that Mr.
This news release includes certain "Forward–Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward–looking information" under applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target", "plan", "forecast", "may", "would", "could", "schedule" and similar words or expressions, identify forward–looking statements or information. These forward–looking statements or information relate to, among other things: the exploration and development of the Company's mineral projects; and release of exploration results.
Forward–looking statements and forward–looking information relating to any future mineral production, liquidity, enhanced value and capital markets profile of Golden Shield, future growth potential for Golden Shield and its business, and future exploration plans are based on management's reasonable assumptions, estimates, expectations, analyses and opinions, which are based on management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things, the price of gold and other metals; no escalation in the severity of the public health crises; costs of exploration and development; the estimated costs of development of exploration projects; Golden Shield's ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms.
These statements reflect Golden Shield's respective current views with respect to future events and are necessarily based upon a number of other assumptions and estimates that, while considered reasonable by management, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward–looking statements or forward-looking information and Golden Shield has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the Company's dependence on one mineral project; precious metals price volatility; risks associated with the conduct of the Company's mineral exploration activities in
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