Guyana Frontier Reports Re-Sampling of Marudi Mountain Historical Drill Core

VANCOUVER, Aug. 24, 2011 /PRNewswire/ - Guyana Frontier Mining Corp. ("Guyana Frontier") is pleased to announce the results of a drill core re-logging, re-sampling and re-assaying program at the Marudi Mountain Gold Project (the "Marudi Project") located in Guyana, South America. The purpose of the program was to verify the results of historical drilling programs carried out by previous explorers in the early 1990s at the Marudi Project. A total of 1,158 metres of diamond drill core was re-logged in six historical holes, and a total of 140 samples were re-assayed from three of the six holes (see results in Table 1 below).

Highlights of the Re-Sampling Program

• DDH 91-60, originally drilled in 1991 in the southern Mazoa Hill target area, returned a weighted average of 2.61 grams/tonne gold over 151.80 metres, which included 111.05 metres of 2.96 grams/tonne gold from 0.00 - 111.05 metres;
• DDH 93-85, originally drilled in 1993 in the northern Marudi target area, returned a weighted average of 2.12 grams/tonne gold over 21.33 metres from 90.17 to 111.5 metres, which included 8.44 metres of 4.89 grams/tonne gold from 99.52 - 107.96 metres;
• DDH 94-114, originally drilled in 1994 in the northern Marudi target area, returned a weighted average of 2.37 grams/tonne gold over 29.64 metres from 165.36 to 195.0 metres, which included 6.85 metres of 6.26 grams/tonne gold from 183.00 - 189.85 metres.

Sampling Procedures

Sample intervals were selected by a P.Geo. on a basis of mineralogy. Previous operators had split the core and sent one-half to be assayed. In the 2011 program, the remaining one-half of the core was cut with a diamond saw and one-quarter was delivered to Acme Labs in Georgetown, Guyana for analysis. The holes were drilled 17 to 20 years ago and although the drill core was stored in an on-site facility, the integrity of the remaining core cannot be fully determined. Drill core was relogged and replaced in new boxes as "best-fit", under the supervision of a P.Geo. The influence that these factors may have upon comparative re-sampling and re-assaying is not known.

The 2011 re-sampling was carried out with a rigorous QA/QC program, which included the use of standards, blanks and duplicates.  Assays of all of the standards returned values within the acceptance window, and re-runs of pulps and duplicates were found to be consistent. Guyana Frontier believes that the 2011 assay results are comparable to the historical assays, which demonstrates that the historical sampling and assay procedures were adequate. Therefore, the historical dataset provides valuable information for planning a diamond drilling program, proposed for 2011-2012.

Table 1. Marudi Project: Analytical Results for Re-Sampled Historical Holes

The true widths of the mineralized intervals reported herein, and the geometry of the mineralized zones are not currently known.

To provide further geological information for the proposed drilling program, a series of exploration trenches have been excavated during the past few weeks in the Marudi target area. Gold mineralization was discovered and sampled from saprolite and soils adjacent to weathered quartzite uncovered during the trenching program, assays for which are pending. The quartzite found within the new trenches may be correlated to the mineralized quartzite intersected in historical drilling at the Marudi Project.

Infrastructure improvements at the Marudi Project are ongoing, with site clearing underway on a proposed 5,000 ft. (1,600 metres) airstrip, construction completed on a new drill core storage facility, and the refurbishment of ground access to the property.

General Criteria for Calculation of Mineralized Intercepts            

Sample and assay intervals are based on drilled intervals with controlled start and end depths. The estimate of grade across width is based on the multiple of reported gold values and reported sample intervals. Core recoveries ranged from 100%, to less than 50% in short intervals, and all drilled intervals were treated equally in the weighted average calculations. Poor core recovery may compromise or modify the gold assays by loss of gold in fines or concentration of gold in retained material.

Analytical Methods           

All drill samples were shipped directly to the independent preparation facility of Acme Laboratories Ltd. ("Acme") in Georgetown, Guyana ("Acme Guyana") for sample preparation. Both gold fire assay determinations and multi-element analyses were conducted in Acme's facility in Santiago, Chile.

At Acme Guyana, the core samples were crushed to 80% passing 10 mesh (1.7 mm), then split to provide a 250 gram subsample which was pulverized to 85% passing 200 mesh (75 microns). A 30 gram split was subject to Fire Assay preconcentration with an AA finish. Samples with results over 10 ppm Au were subject to a gravimetric analysis and results were reported in grams per tonne with a lower limit of 0.005 grams per tonne. A separate sub-sample, 0.5 grams of the pulp, was subject to a 1:1:1 Aqua Regia digestion and analyzed by ICP/OES (Optical Emission Spectroscopy) for 34 elements.

The technical work disclosed in this document was planned and reviewed by Locke Goldsmith, M.Sc., P.Eng., P.Geo., an independent consultant to Guyana Frontier, who is a Qualified Person as defined in National Instrument 43-101 [Standards of Disclosure for Mineral Projects ("NI 43-101")], and is responsible for all technical information contained in this news release.

About the Marudi Project

The Marudi Project consists of one Mining Licence totaling 13,502 acres (5,464 hectares) located in southern Guyana approximately 500 kilometres (330 miles) from the capital city of Georgetown. Guyana Frontier holds a 100% interest in the Project, subject to a 2% net smelter returns royalty ("NSR").

Guyana Frontier holds a 100% interest in the adjacent Paint Mountain property ("Paint Mountain"), subject to a 2% NSR.  Paint Mountain consists of one Prospecting Licence totaling 8,848 acres (3,581 hectares) and remains largely unexplored. In 2011, Guyana Frontier plans airborne geophysical exploration at Paint Mountain in conjunction with geophysical surveys at the Marudi Project.

About Guyana Frontier

Guyana Frontier is a public mineral exploration company listed on the TSX Venture Exchange (TSX-V: GYG), and is focused on the exploration, discovery and development of precious metals deposits located within Guyana, South America. Guyana Frontier began acquiring interests in Guyanese exploration properties in 2007, and now holds various rights to obtain working interests in approximately 342,000 acres (138,400 hectares) of prospective lands. Guyana Frontier's goal is to develop a significant gold resource at the Marudi Project, and to explore its other Guyanese projects using funding from exploration partners.

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

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.

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED