GOLDEN SHIELD BEGINS PHASE III DRILLING AT MARUDI MOUNTAIN TO EXTEND MINERALIZATION AT MAZOA HILL AND TEST NEW EXPLORATION TARGETS

  • Lateral and depth expansion of high-grade gold mineralization at the Mazoa Hill deposit: Drill holes will exit on existing high grade intersections.

  • Test new exploration prospects by drilling: New targets will be drill tested to assess the expansion potential of the Marudi Mountain property.

  • Continue exploring: An induced polarization (IP) survey will be conducted on the Marudi Mountain property, which includes a minimum of 20 line km, on the Mazoa, Throne and July prospects. Trenching and field mapping will continue throughout the drilling program.

VANCOUVER, BC, September 20, 2022 /CNW/ – Golden Shield Resources Inc. (CSE: GSRI) (FRA: 4LE0) (there “Company” Where “golden shield“) is pleased to announce the start of Phase III drilling on the Marudi Mountain property located in the southwest Guyana (there “Marudi Mountain PropertyDrill crews have been mobilized to the site and drilling is underway. Phase III drilling will target extending the mineralization at the Mazoa Hill deposit and drilling new exploration targets.

CEO, Hilbert Shields said: “Continued exploration of the Marudi Mountain property is currently our priority. golden shield The Phase I and Phase II exploration programs confirmed and extended the high-grade gold mineralization of the Mazoa Hill deposit. Since June, the field teams have been working hard to uncover new targets, and we are excited about the results, especially at Throne and July..”

Overview of the Marudi Mountain property with a 100m depth slice map of Magnetization Vector Inversion (MVI) in the background. Phase III drill targets are highlighted. (CNW Group/Golden Shield Resources)

Phase III drilling

The primary objective of the 3000 meters, Phase III, drill program on the Marudi Mountain property aims to extend high-grade gold mineralization at depth and laterally at the Mazoa Hill deposit and test at least two undrilled targets; Throne and July. These new targets were identified by golden shield geologists and have been shown to have the same mineralized host lithology, Quartzite-Metachert (“QMC”), as the Mazoa Hill deposit. Prioritization of clean field drill targets will be based on coincident anomalies in trenching, geophysical and field exploration data.

Exploration

Field exploration, including trenching, mapping, sampling and field crossings, will continue while drilling is underway on the Marudi Mountain property. The Company will also perform an induced polarization (IP) study. The IP survey aims to map gold sulphide mineralization on the Marudi Mountain property and will take place between the Mazoa Hill deposit and the July and Throne prospects. This zone was established as a 1.9 km mineralized corridor (see press release from the September 12, 2022). The IP survey will be oriented in a NE-SW direction, perpendicular to the apparent trend of the mineralized host rock. A total of 20 km of line must be completed on the property. The IP survey will establish the deep geophysical signature at Mazoa Hill and, based on this, identify similar target areas.

Qualified person

Leo HathawayP. Geo, Executive Chairman of golden shieldand a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed, verified and approved the scientific and technical information contained in this press release and verified the data underlying this scientific information and techniques.

About golden shield

Golden Shield Resources was founded by experienced professionals who are convinced that there are still many more gold mines to be discovered in Guyana. The company is well financed and has three fully controlled gold projects: Marudi Mountain, Arakaka and Fish Creek. golden shield continues to evaluate other gold opportunities in Guyana.

This press release includes certain “ForwardLooking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forwardResearch Information” under applicable Canadian securities laws. When used in this press release, the words “anticipate”, “believe”, “estimate”, “expect”, “target” , “plan”, “anticipate”, “may”, “would”, “could”, “schedule” and similar words or phrases, identify forwardlooking for statements or information. These beforeforward-looking statements or information relate, among other things, to: the exploration and development of the Company’s mining projects; and publication of drilling results.

Forwardforward-looking and forward-looking statementsseek information relating to any future mining production, liquidity, increased value and financial market profile of golden shieldfuture growth potential for golden shield and its activities, and future exploration plans are based on management’s reasonable assumptions, estimates, expectations, analyzes and opinions, which are based on management’s experience and perception of trends, current conditions and anticipated developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things, the price of gold and other metals; no escalation in the severity of the COVID-19 pandemic; exploration and development costs; estimated development costs of exploration projects; golden shield its ability to operate safely and efficiently and its ability to obtain financing on reasonable terms.

These statements reflect golden shield respective current views regarding future events and are necessarily based on a number of other assumptions and estimates which, while considered reasonable by management, are inherently subject to significant business, economic, competitive, political and social. Many factors, known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements which are or may be expressed or implied by such information.forward-looking statements or forward-looking information and golden shield has made assumptions and estimates based on or related to many of these factors. These factors include, but are not limited to: the Company’s dependence on a mining project; the volatility of precious metal prices; risks associated with the conduct of the Company’s mineral exploration activities in Guyana; regulatory, consent or authorization delays; risks related to dependence on the Company’s management team and external contractors; risks related to mineral resources and reserves; the Company’s inability to obtain insurance covering all risks, whether on a commercially reasonable basis or at all; currency fluctuations; risks related to the inability to generate sufficient operating cash flow; risks related to project financing and share issues; the risks and unknowns inherent in all mining projects, including the inaccuracy of reserves and resources, metallurgical recoveries and the capital and operating costs of such projects; disputes over title deeds, in particular unbuilt title deeds; environmental, health and safety laws and regulations; the ability of the communities in which the Company operates to manage and cope with the implications of COVID-19; the economic and financial implications of COVID-19 for the Company; operational or technical difficulties related to mining or development activities; employee relations, social unrest or unavailability; the Company’s interactions with surrounding communities and artisanal miners; the Company’s ability to successfully integrate the acquired assets; the speculative nature of exploration and development, including the risks of declining quantities or grades of reserves; stock market volatility; conflicts of interest between certain directors and officers; lack of liquidity for the shareholders of the Company; litigation risk; and the factors identified in the Company’s public disclosure documents available at www.sedar.com. Readers are cautioned against attributing undue certainty to the transmissionforward-looking statements or forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, other factors may cause results not to be anticipated, estimated or predicted. The Company does not intend, and assumes no obligation, to update these forecasts.forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other event affecting such statements or information, except as required by applicable law.

Golden Shield Resources Inc. Logo (CNW Group/Golden Shield Resources)

Golden Shield Resources Inc. Logo (CNW Group/Golden Shield Resources)

SOURCE Golden Shield Resources

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