TORONTO, Nov. 11, 2011 /CNW/ - Guyana Goldfields Inc. (TSX: GUY) ("GGI" or "the Company") is pleased to announce that assay results from eighty-five (85) new
drill holes have been received from drilling within the "Golden Square
Mile" at the Aurora Gold Project. These drill holes are part of an
ongoing exploration program within the "Golden Square Mile", which
began at the beginning of June 2011, subsequent to the last resource
estimate cut-off date of May 2011, and will be continued in 2012. The
primary aim of the drill program is to expand known mineralization at
depth beneath all zones. All intervals in this release are down hole
depths. There are seven (7) diamond drill rigs currently drilling on
exploration targets within the "Golden Square Mile" and along trend at
These results will not be included in the upcoming Feasibility Study due
to be delivered by January 15, 2012, however, a revised resource
estimate for Aurora will be issued mid December 2011 incorporating all
additional exploration resources discovered post the May 2011 cut-off
date. The revised resource estimate is being prepared by SRK Consulting
(Canada), Inc. ("SRK") of Toronto, Ontario in accordance with National
Instrument 43-101 ("NI 43-101") and provides an update to SRK's
previous resource estimate issued earlier this year (see press release
dated September 9, 2011).
Deep diamond drilling at Rory's Knoll continues with the objective to
further expand the mineralized zone from 1,566 meters (which is the
current depth of the Measured & Indicated block model for the
Feasibility Study) to 2,100 meters below surface, where a previous
mother hole went to a depth of 2,112 meters (see press release dated
September 9, 2011). Results from five (5) drill holes have been
received and confirm the continuity of grade, width, and depth of the
mineralized tonalite. This new drilling to date between 1,566 and 2,100
meters has only tested 25% of the projected extension of mineralization
at Rory's Knoll, which is outlined in light blue in Figures 1 and 2.
New results from RKD-162 wedge holes include:
RKD-162W-5: 92.00 meters @ 3.14 g/t Au from 1,014 meters, including 16
meters @ 7.12 g/t Au from 1,054 meters. And 115 meters @ 3.34 g/t Au
from 1,158 meters including 16 meters @ 7.35 g/t Au from 1,211 meters.
RKD-162W-6: 32 meters @ 3.05 g/t Au from 943 meters, 50 meters @ 3.32
g/t Au from 1,055 meters and 22 meters @ 4.80 g/t Au from 1,211 meters.
Results from RKD-163 wedge holes include:
RKD-163W-1: 174 meters @ 3.22 g/t Au from 1,557 meters, including 4
meters @ 14.70 g/t Au from 1,557 meters and including 6 meters @ 10.37
g/t Au from 1,719 meters.
RKD-163W-3: 62 meters @ 3.47 g/t Au from 1,558 meters, 50 meters @ 4.13
g/t Au from 1,684 meters and 84 meters @ 4.28 g/t Au from 1,943 meters
including 10 meters @ 9.80 g/t Au from 1,985 meters.
RKD-163W-4A: 12 meters @ 3.04 g/t Au from 1,578 meters, 10 meters @ 3.18
g/t Au from 1,804 meters and 14 meters @ 4.00 g/t Au from 1,954 meters.
The reported grade intercepts for Rory's Knoll were calculated from a
minimum grade cut-off of 1.8 g/t Au with minimum reported average grade
of 3.00 g/t Au (which is consistent with the Feasibility Study
parameters and SRK's latest resource estimate).
Central Zone - Aleck Hill and Mad Kiss
At Aleck Hill and Mad Kiss, in-fill and step-out drilling continues and
assay results from eighty (80) drill holes were received. Results from
step-out drilling further extended the dip and strike continuity of all
zones. Significant intercepts include:
AHD-251: 30 meters @ 1.66 g/t Au from 405 meters, including 3 meters @
10.30 g/t Au from 432 meters.
AHD-260: 22 meters @ 5.35 g/t Au from 327 meters, including 10 meters @
10.15 g/t Au from 333 meters.
AHD-266: 63 meters @ 1.40 g/t Au from 231 meters, including 12 meters @
4.65 g/t Au from 282 meters.
AHD-268: 34 meters @ 2.33 g/t Au from 423 meters, including 7.50 meters
@ 4.48 g/t Au from 449.50 meters.
AHD-269: 45 meters @ 2.73 g/t Au from 561 meters, including 20 meters @
5.27 g/t Au from 586 meters.
AHD-270: 72 meters @ 2.96 g/t Au from 647 meters, including 39 meters @
5.27 g/t Au from 680 meters, including 14.50 meters @ 12.63 g/t Au from
Grade intercepts for the central zones were calculated using a minimum
grade cut-off of 0.40 g/t Au (which is consistent with the Feasibility
Study parameters and SRK's latest resource estimate issued Sept 9,
The complete assay results received between September 4, 2011 and
November 9, 2011 for the eighty-five (85) new drill holes at both
Rory's Knoll and the central zones are tabulated in the attached
intercept spreadsheets 1 and 2. Significant intercepts from these
results confirming the continuity of the mineralized zones are
highlighted in yellow.
Spreadsheet 1 - Rory's Knoll
Spreadsheet 2 - Central Zone
Aleck Hill zones
Mad Kiss zones
Total new drill holes
Dan Noone, Vice-President, Exploration states, "Exploration success thus
far has exceeded our expectations and we still have yet to determine
the limits of mineralization. The results show all zones continue to
extend and remain open at depth and we will deliver an updated revised
resource estimate in December to demonstrate the growth within the
deposit that we have been encountering. We are currently devising our
exploration program for 2012 which will focus on making new discoveries
along strike outside of the "Golden Square Mile".
The Aurora deep drilling program is being carried out under the
direction of Mr. Niel Silvio (Aus.IMM), a qualified person within the
meaning of National Instrument 43-101. Mr. Silvio has reviewed the
contents of this news release. Drill core samples were sent to and
prepared at ACME Analytical Laboratories Ltd (ACME Lab) in Georgetown,
Guyana, while assaying was done at ACME Lab in Santiago, Chile and
Vancouver, Canada using FA-AAS with Fire-Assay gravimetric finish for
samples with > 3,000 ppb Au.
About Guyana Goldfields Inc.
Guyana Goldfields Inc. is a Canadian based mineral exploration company,
primarily focused on the exploration and development of gold deposits
in Guyana, South America where the Company has operated since 1996.
The Company is currently undertaking drilling and studies to advance
and develop the Aurora Gold Project in Guyana with a current measured
and indicated resource of 5.71 million ounces gold (47,040 million
tonnes at a grade of 3.83 g/t). A revised resource estimate is expected
in December 2011 followed by the completion of a Feasibility Study in
At the Aranka Properties, currently in advanced staged exploration,
drilling of highly prospective targets is ongoing. The Company
discovered a gold deposit at Sulphur Rose containing an initial
inferred resource of 460,400 oz and plans to release an updated
resource estimate in November 2011. As at the date hereof, the Company
has approximately $41 million in cash and short-term bank guaranteed
investment certificates and no debt; there are approximately 83 million
shares issued and outstanding..
Forward Looking Statements - Certain information set forth in this news
release may contain forward-looking statements that involve substantial
known and unknown risks and uncertainties. These forward-looking
statements are subject to numerous risks and uncertainties, certain of
which are beyond the control of Guyana, including, but not limited to
the impact of general economic conditions, industry conditions,
volatility of commodity prices, risks associated with the uncertainty
of resource and reserve estimates, currency fluctuations, dependence
upon regulatory approvals, the availability of future financing and
exploration risk. Readers are cautioned that the assumptions used in
the preparation of such information, although considered reasonable at
the time of preparation, may prove to be imprecise and, as such, undue
reliance should not be placed on forward-looking statements.
PDF with caption: "Figure 1 Rory's Knoll". PDF available at: http://stream1.newswire.ca/media/2011/11/11/20111111_C4958_DOC_EN_6517.pdf
PDF with caption: "Figure 2 Rory's Knoll". PDF available at: http://stream1.newswire.ca/media/2011/11/11/20111111_C4958_DOC_EN_6518.pdf
PDF with caption: "Spreadsheet 1 - Rory's Knoll". PDF available at: http://stream1.newswire.ca/media/2011/11/11/20111111_C4958_DOC_EN_6519.pdf
PDF with caption: "Spreadsheet 2 - Central Zone". PDF available at: http://stream1.newswire.ca/media/2011/11/11/20111111_C4958_DOC_EN_6520.pdf
SOURCE Guyana Goldfields Inc.
For further information:
Guyana Goldfields Inc.,
Vice President, Corporate Communications
Tel: (416) 628-5936 Ext. 2295,
Fax: (416) 628-5935,