The Company is pleased to announce that Reverse Circulation ("RC") drilling has now commenced at Marudi North, and that 37 holes, colared on a pre-planned grid, have been completed to date (Figure 1). In addition, three trenches have been completed since the Company's
Additional results from Marudi North and other areas of active exploration are provided in sections below, and results to date are summarized in Table 1, below.
Table 1. Summary of Golden Shield Assay Results, 2022/23
Prospect | RC holes | Trenches | Selective | Results highlights |
Marudi North | 37 / 35 / 1895 | 3 / 362 | 237 | Trench TMN-23-69: 5m grading 1.43 g/t Au Trench TMN-23-70: 7m grading 1.69 g/t Au, incl. 128 grabs grade >0.5 g/t Au 112 grabs grade >1 g/t Au 13 grabs grade >10 g/t Au |
Pancake Ck. (undrilled) | 478 | 115 grabs grade >0.5 g/t Au 94 grabs grade >1g/t Au 8 grabs grade >10 g/t Au | ||
IP-6 (undrilled) | 0 / 30 / 0 | 6 / 579 | 12 | Trench TMH-23-47: 8m grading 1.10g/t Au 7 grabs grade >0.5 g/t Au 5 grabs grade >1 g/t Au |
Success (undrilled) | 6 / 502 | 73 | Trench TMH-23-53: 8m grading 1.25g/t Au Trench TMH-23-47: 4m grading 1.11g/t Au 13 grabs grade >0.5 g/t Au 11 grabs grade >1 g/t Au | |
Kimberly (undrilled) | 105 | 4 grabs grade >0.5 g/t Au 4 grab grades >1 g/t Au | ||
Paunch Ck. (undrilled) | 34 | 4 grabs grade >0.5 g/t 1 grab >1g/t | ||
Toucan | 9 / 628 | 511 | Trench TMH-23-58: 4m grading 1.09g/t Au Trench TMH-23-63: 7m grading 1.11g/t Au 28 grabs grade >0.5 g/t Au 14 grabs grade >1 g/t Au |
1) MARUDI NORTH
At Marudi North, 1,895 metres have been drilled in 37 RC holes of a planned 35 hole program.
In addition, three mechanically excavated trenches totaling 362 linear metres have been completed, and results from these are described below:
TMN-23-69 (105m) – 23m of FQ from which samples were sent for analysis. 27 continuous channel samples with an average length of 1m have been received so far and contain 5m grading 1.43 g/t gold.
TMN-23-70 (135m) – 92m of FQ with veinlets, disseminated pyrite up to 3% and visible gold at one location. 96 continuous channel samples with an average length of 1m have been received so far and contains 3m grading 4.90 g/t gold and 7m grading 1.69g/t gold, including 3m grading 3.02 g/t gold.
TMN-23-71 (124m) – 65m of FQ with veinlets, stockworks and disseminated pyrite up to 5%. Assay results from all continuous chip samples are pending. See map in Figure 2 for trench locations.
At Marudi North 237 selective grab samples have been taken and, of these, 128 assayed more than 0.5g/t gold, of which 112 returned values of more than 1g/t gold, with grades reaching 37.6 g/t gold (see Figure 2).
2) PANCAKE CREEK
At
3) SUCCESS CREEK
At
4) Next Steps
1) RC drilling. Once drilling at Marudi North is complete RC drilling will commence on a pre-planned grid at the IP-6 target.
2) Diamond drilling. In late October or early November, when results of the RC drilling have been received, Golden Shield will commence diamond drill testing the best of the RC anomalous areas. Results should be available in October and continue flowing to the end of Q4 2023.
The Archaean host rocks are interpreted to have been cut by late feeder structures channelling gold bearing fluids which reacted with the iron bearing host to deposit gold, often in fold hinges or shear zones. Marudi is hosted in the Kwitwaro group metasediments of 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.
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 COVID-19 pandemic; 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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