Greetings Mike
I think you need a helping hand here. I haven't had a chance to evaluate this company or news release(will leave that for Tony), however here's the newswire service announcement.
Actually now that I take a closer look, the values look "extremely" good!!! However will give way to a more qualified expert/analyst.
Best Regards
Rick
Subject: GUYANA GOLDFIELDS INTERSECTS HIGH GRADE GOLD MINERALIZATION ON THREE SEPARATE ZONES AT PETERS MINE PROPERTY GUYANA
Attention Business Editors:
GUYANA GOLDFIELDS INTERSECTS HIGH GRADE GOLD MINERALIZATION ON THREE SEPARATE ZONES AT PETERS MINE PROPERTY GUYANA
HOLE MS8 - 40.8 FEET OF.573 OZ/TON
HOLE WW14 - 35 FEET OF .627 OZ/TON
HOLE HH3 - 20 FEET OF.680 OZ/TON
HOLE MS7 - 22.2 FEET OF .312 OZ/TON
Symbol: GGFI - Canadian Dealing Network
TORONTO, April 15 /CNW/ - Patrick Sheridan Jr., President of Guyana
Goldfields Inc. is pleased to announce additional diamond drill assay results
from the Company's Peters Mine Property, Guyana. Management views the results
with extreme encouragement as they indicate:
(i) That the mineralized body intersected in Hole's MS1 to MS 5
(inclusive) has been extended along strike by holes MS7 (50 foot
step out) and MS8 (110 foot step out) reported hereunder; and
(ii) The results of holes WW8 - WW14 (reported hereunder) show that the
same orebody has a significant and relatively high grade oxidized
cap at surface.; and that
(iii) Further significant results were received from a short hole drill
programme at the Herolds Hill Zone, located approximately 2800 feet
south of the drill programme in the Main Shaft Area.
Drilling to the west of the Main shaft, hole MS7 was drilled to a depth
of 608 feet. The hole was collared 55 feet Northeast of Holes MS1 and MS2 (see
release of January 30, 1997). Results are as follows:
Intersection Length Grade Grade
Hole No. Dip Azimuth (feet) (feet) ozs/ton gram/tonne
-------- --- ------- ------------ ------ ------- ----------
MS7 50 150
degrees degrees 345 - 353.7 8.7 .106 3.62
383.6 - 396.9 13.3 .208 7.11
407.2 - 429.4 22.2 .312 10.7
470.4 - 480.5 10.5 .163 5.57
563 - 578 15 .078 2.69
596.8 - 604.1 7.3 .074 2.53
The average value of the entire intersection from 345.6 to 442 feet was
.107 oz/ton (3.67 g/tonne) over a core length of 96.4 feet. The hole was
abandoned short of its targeted depth of 800 feet and was stopped in
mineralization.
Hole MS8 was collared 110 feet Northeast of Hole MS1-2 and is still in
progress. Assays are presently available for the first 494 feet of the hole.
Results are as follows:
Intersection Length Grade Grade
Hole No. Dip Azimuth (feet) (feet) ozs/ton gram/tonne
-------- --- -------- ------------ ------ ------- ----------
MS8 45 150
degrees degrees 354 - 414.6 60.6 .059 2.02
431 - 472.3 40.8 .573 19.64
490 - 494 4 .08 2.77
FURTHER ASSAYS PENDING
The average value of the entire section between 354 - 472.3 is .228
oz/ton (7.81 g/tonne) over a core length of 118.3 feet. Visual indications
reveal there is a high probability of further down hole ore-grade
intersections in this hole.
Drilling to the South and East of the Main shaft, a short hole programme
commenced approximately five weeks ago. Results of the first seven holes are
as follows:
Length of Intersection Length Grade Grade
Hole no. Dip/Azimuth Hole (feet) (feet) (feet) ozs/ton gram/tonne
-------- ----------- ----------- ------------ ------ ------- ----------
WW8 45 degrees/
90 degrees 65 45.5 - 65 19.5 .024 .83
WW9 45 degrees/
90 degrees 52 0 - 37 37 .101 3.49
WW10 45 degrees/
90 degrees 11 0 - 11 11 .104 3.57
WW11 45 degrees/
90 degrees 60 0 - 48 48 .089 3.08
WW12 45 degrees/
90 degrees 22 0 - 22 22 .085 2.91
WW13 45 degrees/
90 degrees 66 0 - 66 66 .075 2.59
WW14 45 degrees/
270 degrees 35 0 - 35 35 .627 21.6
Hole WW1O and WW12 were abandoned due to caving problems in the hole.
Hole WW14 has continued to a depth of sixty feet and further assays are
pending on the bottom of this hole. The short hole programme is exploring what
is believed to be the surface extension of the orebody intersected in holes
MS1 - MS8. This area is approximately 400 feet to the Southeast of the collars
of Hole MS1 and 250 feet east of the intersections of that hole.
The Company also drilled an additional five short holes in the Herolds
Hill Zone located 2800 feet south of the Main Shaft Zone. The best holes were
as follows:
Length of Intersection Length Grade Grade
Hole no. Dip/Azimuth Hole (feet) (feet) (feet) ozs/ton gram/tonne
-------- ----------- ----------- ------------ ------ ------- ----------
HH3 45 degrees/
290 degrees 40 6 - 26 20 .680 23.63
HH7 90 degrees/0 60 0 - 17.5 17.5 .066 7.11
A third drill rig has been purchased in Canada and is presently being
mobilized for the property. This rig will be used to further explore and
define the Herolds Hill, Red Hill and Lennies Hope Zones.
Core from the Company's programme is split with half being sent to an
independent Canadian owned and operated assay lab in Georgetown. The other
half of the core is stored on site. The lab uses fire assay. For individual
samples with exceptional grades, as many as six cuts are taken from each
sample. For individual assays of ore grade material both the pulps and the
rejects are assayed again. All pulps and rejects from the assay lab are put in
storage by the Company.
The Company's shares trade on the Canadian Dealer Network under the
symbol GGFI. There are approximately 2.1 million shares issued on a fully
diluted basis. At the Company's Annual and Special Meeting of Shareholders to
be held May 9th in Montreal, Shareholders will be asked to approve a split in
the Company's stock on a three (3) for one (1) basis.
-0- 04/15/97
For further information: Patrick Sheridan Jr., President, Phone: (416) 363-3933 |
