Greetings McBro
Long time no hear/see. Am still in construction stage in backyard. Manage to keep track of juniors but not much time for anything else. Am thinking of attending the Asian Mining Conference in Vancouver June 24/25. Don't know if it is worthwhile considering the Indos handling of Busang when THEY THOT THERE WAS 200M OZ'S.
Rick
GUYANA GOLDFIELDS INC. ANNOUNCES FURTHER EXCEPTIONAL DRILLING RESULTS FROM THE PETERS MINE PROPERTY, GUYANA
HOLE MS-8 - 118.3 FEET OF .228 OZ/TON
HOLE MS-9 - 81 FEET OF .066 OZ/TON
HOLE WW14 - 57 FEET OF .493 OZ/TON
HOLE WW15 - 79 FEET OF .144 OZ/TON
HOLE WW16 - .37 FEET OF .09 OZ/TON
HOLE WW17 - 44 FEET OF .273 OZ/TON
Symbol: GGFI - Canadian Dealing Network
TORONTO, May 21 /CNW/ - Patrick Sheridan Jr., President of the Company is
pleased to announce additional drilling results from the Company's Peters Mine
Property, Guyana. The Company holds a 100% interest in the property and is
presently drilling with two rigs. Two additional rigs have been purchased by
the Company and are presently being mobilized to the property.
Core from the Company's drilling program is split in half with half being
sent to an independent Canadian owned and operated lab in Georgetown, Guyana.
The other half of the core is stored on site. The lab uses fire assay. The
Company retains all pulps and rejects for future analysis and checking.
Intersection Length Grade Grade
Hole No. Dip Azimuth (feet) (feet) ozs/ton gram/tonne
-------- --- ------- ------ ------ ------- ----------
MS8 -45 deg. 150 deg. 354-472.3 118.3 .228 7.81
including 431-472.3 41.3 .573 19.64
490-514 24 .057 1.96
519.4-526.8 7.4 .042 1.42
The upper section of this hole (354-472.3 feet), was reported in the
Company's release of April 15, 1997. The hole was drilled to a depth of 872
feet.
Intersection Length Grade Grade
Hole No. Dip Azimuth (feet) (feet) ozs/ton gram/tonne
-------- --- ------- ------ ------ ------- ----------
MS9 -45 deg. 150 deg. 361-442 81 .066 2.27
Hole MS-9 was drilled 50 feet to the Northeast of Hole MS-8. The targeted
depth of the hole was 650 feet. At a depth of 422 feet, the rods broke through
a drift for 12 feet. The hole continued through the other side of the drift
for only 8 feet. Company personnel then attempted to redrill the hole, but
were unsuccessful. The last 8 feet of core assayed .253 oz/ton (8.67grams).
The hole was located well away from any previously mapped underground
workings. The Company believes the existence of these workings are indicative
of a mineralized structure with a length, width and depth for in excess of
what historical records indicate.
Holes MS-10 and MS-11 have been completed and assays are pending.
Intersection Length Grade Grade
Hole No. Dip Azimuth (feet) (feet) ozs/ton gram/tonne
-------- --- ------- ------ ------ ------- ----------
WW14 -45 deg. 270 deg. 0-57 57 .493 16.88
Hole WW14 was drilled in the Company's oxidized zone. Results were only
available for the first 35 feet of the hole at the time of April 15, 1997 new
release. This hole ended in mineralization due to technical limitations. The
last six feet of core averaged .249 oz/ton (8.52 grams/tonne).
Intersection Length Grade Grade
Hole No. Dip Azimuth (feet) (feet) ozs/ton gram/tonne
-------- --- ------- ------ ------ ------- ----------
WW15 -45 deg. 90 deg. 14-93 79 .144 4.93
Hole WW15 was collared 30 feet south and 90 feet west of WW14. The hole
ended in mineralization. The last 5 feet of core assayed .083 oz/ton (2.83
grams/tonne). Sludge samples from the hole, taken every 10 feet, returned the
following values:
From (feet) Assay oz/ton grams/tonne
----------- ------------ -----------
0 - 10 .067 2.3
10 - 20 .065 2.23
20 - 30 .085 2.9
30 - 40 .219 7.5
40 - 50 .172 5.91
50 - 60 .100 3.43
60 - 70 .191 6.55
70 - 80 .211 7.25
80 - 90 .233 7.98
Intersection Length Grade Grade
Hole No. Dip Azimuth (feet) (feet) ozs/ton gram/tonne
-------- --- ------- ------ ------ ------- ----------
WW16 -60 deg. 90 deg. 13-50 37 .09 3.04
Hole WW16 was drilled at the same location as WW15, but at a steeper
angle in order to drill under WW15. The hole only reached a depth of 53 feet
and ended in mineralization. Visible gold was noted in the last foot of
recovered core at 50 feet (the last 3 feet of core were not recovered as the
rods stuck).
Intersection Length Grade Grade
Hole No. Dip Azimuth (feet) (feet) ozs/ton gram/tonne
-------- --- ------- ------ ------ ------- ----------
WW17 -45 deg. 270 deg. 0-44 44 .273 9.37
including 24-43 19 .582 20.32
66-69 3 .032 1.12
77-80 3 0.54 1.88
Hole WW17 was collared in the same location as WW15 and WW16 but drilled
in the opposite direction. The depth of the hole was 86 feet.
Holes WW8 - WW17 inclusive have delineated a mineralized zone at surface
with a minimum width of 150 feet. This zone is open in all directions as well
as to depth. Holes WW18 to WW20 have been completed and assays are expected
shortly.
In March of this year the Company initiated an auger programme over an
area 300-1000 feet North of the main shaft area and from the baseline to 1000
feet east. Assay results from this programme detail a large and highly
anomalous zone. One auger sample, from the southeast corner of the targeted
area, averaged .186 oz/ton (6.37 grams/tonne) over its entire (10 foot)
length. Four short holes are in progress in this area in order to test the
significance of this area.
Shareholders of the Company have approved a resolution to split the
shares of the Company on a three for one basis. Management believes the shares
will trade on a split basis before the end of June. The record date for the
split will be announced along with additional drilling results in early June.
For further information please contact Patrick Sheridan Jr., President at
the Company's head office, or alternatively Mr. Jay Howson, Investor
Relations, at 368-4545.
-30-
For further information: Patrick Sheridan, Jr., Phone: (416) 363-3933, Internet: guygold(at)tcn.net, www.tcn.net/(tilde)guygold
GUYANA GOLDFIELDS INC. has 10 releases in this database. |
