TORONTO, April 20 /CNW/ - Guyana Goldfields Inc. (TSX:GUY) ("Guyana" or the "Company") is pleased to announce the discovery of a new gold zone in the "Golden Square Mile" at the 100% owned Aurora Mine Property, Guyana. The Property is currently the subject of a definitive feasibility study being prepared by AMEC Engineering, Oakville, Ontario.
Diamond core drilling at the property has been focused on expanding existing mineralized zones as well as searching for additional gold mineralization. A new zone has been intercepted on the western side of the Mad Kiss area, parallel to the new gold zone announced October 8, 2009. The zone consists of quartz-carbonate-sulfide veins and stockworks within a quartz feldspar porphyry (Q.F.P.), and lies 240 metres west of the zone announced October 8, 2009. The best intersections to date are hole MKD-77 from 206 metres to 259 metres returned 53 metres grading 4.25 g/t Au. (uncut), including 13.42 g/t Au over 16 metres. In addition, hole MKD-68 returned 9 metres of 19.09 g/t Au from 130 to 139 metres. This zone remains open to depth and appears to plunge towards the Walcott Hill zone, creating intriguing drill targets at the intersection of the respective zones. This new gold zone remains open laterally as well.
Follow up drilling on an additional zone announced in the press release of October 8, 2009 has also returned encouraging results. The best intercepts to date include hole MKD-62 which returned 34 metres of 9.6 g/t Au (uncut) from 264 to 298 m, including 12 metres grading 26.59 g/t Au; hole MKD-81 returned 12 m of 10.46 g/t Au (uncut) at a downhole depth of 378 metres. This zone remains open to depth.
Additional drilling at the Aleck Hill zone has also returned significant results. Specifically, hole AD-108 intersected a new vein zone at depth, possibly representing the down dip extension of the main Aleck Hill zone. Between 426 metres and 448 metres downhole a quartz-carbonate-sulfide stockwork zone was intersected which averaged 5.63 g/t Au over the 22 metre length including 6 metres grading 13.40 g/t Au.
Patrick Sheridan, CEO of the Company states "The ongoing drilling program at the Aurora project continues to demonstrate there is significant exploration upside on the Aurora project. Drilling continues to discover additional high grade gold mineralization and an aggressive program will continue at the property for the forseeable future."
Assaying was done at ACME Labatories Chile using FA-AAS with Fire-Assay gravimetric finish for samples with (greater than) 3,000 ppb. Au. True widths of mineralization are not known at this time. The Company maintains a vigorous QA/QC protocol.
This news release and its contents have been reviewed by Mr. Niel Silvio (AusIMM/AIG), a qualified person within the meaning of National Instrument 43-101.
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 technical studies to advance and develop the Aurora Gold Project in Guyana which is slated to begin production mid 2012.The Company is also actively exploring and drilling the nearby 300,000 acre Aranka Group of properties, at which a new discovery has recently been announced by the Company. As at the date hereof, the Company has approximately $79 million in cash and short-term bank guaranteed investment certificates and no debt.
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.
SOURCE Guyana Goldfields Inc.
For further information: For further information: Guyana Goldfields Inc., Claude Lemasson, President & COO; Jacqueline Wagenaar, Director of Investor Relations, Tel: (416) 628-5936 Ext. 2295, Fax: (416) 628-5935, E-mail: firstname.lastname@example.org, Website: www.guygold.com