Intersects 5.3m @ 15.73 g/t Gold Near Surface In Guyana
Goldsource Mines Inc. (TSXV:GXS) has obtained additional positive infill and expansion drill results for the company’s 100%-owned Eagle Mountain Gold Project in Guyana, South America.
Newly reported results represent 43 core holes totalling 3,786m from the Zion and Bacchus areas, located in the eastern and northern locations of the Eagle Mountain deposit.
Year to date, the company has drilled 14,891m in 123 shallow drill holes and is 90% through the 2021 base programme of 16,500m. As the company is preparing for an updated Mineral Resource Estimate (MRE) anticipated later in 2021, the focus has been on infill and expansion drilling of the Eagle Mountain deposit, which is defined by a series of sub-horizontal mineralised zones that are laterally extensive and start at surface.
This drilling was designed to upgrade a significant portion of Inferred mineral resources to the Indicated category and to test for lateral extensions of the zones.
In terms of sequencing of drilling activities, the company has front-end loaded the infill and expansion drilling of the Eagle Mountain deposit in 2021 to prepare for the delivery of the MRE update in late 2021.
CEO, Steve Parsons, said that with these activities progressing well with respect to the objectives for the MRE update, drill results through the balance of the year will reflect a higher proportion of exploration drilling, which is also a primary objective of the 2021 drill program. This will encompass follow-up drilling of prospects along the Salbora-Powis structural corridor, including the Toucan Prospect where the Company recently intersected 6.0 metres (estimated true width (ETW) of 3.5m grading 18.14 grams per tonne (g/tr) gold starting 100.5m down the hole and testing of known geophysical targets.
Based on preliminary success with the Toucan Prospect and the presence of a number of high priority targets, management has approved an expanded scope for exploration drilling. The net result is an approximate 5,000m increase to the 2021 drill programme, bringing planned drilling to an estimated 21,500m
Highlights (Eagle Mountain deposit):
Zion Area:
- Results for 24 core holes totaling 2,100m
- Expansion hole EMM21-041 intersected 6.0 metres (ETW of 5.3 metres) grading 15.73 gpt gold starting 57 metres down the hole, immediately below and outside of the February 2021 MRE outline.
- Expansion drilling has extended near surface mineralisation laterally by at least 150 metres north with holes EMM21-035 to EMM21-039 intersecting the continuation of the zone in saprolite (within 25m of surface) with the highest-grade interval in EMM21-038 intersecting 2.5 metres (ETW) at 10.13 gpt gold, 22m from surface.
- Infill hole EMM21-031 intersected 46.5m (ETW of 35.6m) grading 1.00 gpt gold from surface, confirming the thick shallow mineralised zone in this area, as previously defined by historical hole EMD11-077, which intersected 42.2m at 1.00 gpt gold (ETW of 32.3 metres) approximately 30 metres to the northwest.
- Expansion drill hole EMM21-027 intersected 3.0m (ETW of 2.3m) grading 9.61 g/t gold at 30m depth in a thin near surface zone not previously modelled.
Bacchus Area:
- Results for 19 core holes totalling 1,686m
- Infill hole EMD20-150 intersected 21m (ETW of 16m) grading 1.44 gpt gold from surface. At 76.5m down the hole, an estimated vertical depth of 58 metres, the hole also intersected 3.0m (ETW of 2.3m) grading 5.32 gpt gold, a zone not modelled in the February 2021 MRE. This zone is now understood to extend 150 metres to the northwest in Bacchus where expansion hole EMD21-167 intersected 7.5 metres (ETW of 5.7 metres) grading 1.06 gpt gold at an estimated vertical depth of 15m
- Infill hole EMD20-149 intersected 37.5m (ETW of 28.8m) grading 1.02 g/t gold starting 9.0 metres down the hole enhancing the thickness of mineralisation by 15m from the previously modelled resource outline.
“We remain very pleased with the progress of the drill programme,” Mr Parson said. “The results are providing added definition to the near surface sub-horizontal mineralised zones of the Eagle Mountain deposit, showing continuity of mineralisation and expanding zones, at this time, in the Zion and Bacchus areas.
“Importantly, of the 83 infill, expansion and exploration core holes released so far in 2021, 88% have returned significant mineralised intervals with gold grades above the cut-off used in the February 2021 MRE. In the coming weeks, we anticipate releasing more infill and expansion drill results, specifically for the Baboon and Friendly areas of the Eagle Mountain deposit.
“With favourable progress on the infill programme, we look forward to shifting gears with the exploration program, specifically getting back to testing some of the new target areas and under drilled prospects such as Toucan and Powis, which sit adjacent to existing mineral resource but along a separate structural trend.”
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