At the end of May, Golden Shield Resources (GSRI.C) released the assay results from the last few holes it completed on its flagship Marudi Mountain project in Guyana. This was a relatively small drill program and consisted of eight holes for a total of just under 2,600 meters of drilling. Five holes focused on the undrilled Pancake Creek prospect while three holes were drilled at Mazoa Hill. Unfortunately the ground conditions were so poor that two of the three drill holes had to be abandoned and only the third hole reached its target depth. The third hole intersected several layers of gold mineralization and the company has highlighted a pretty continuous section of 23 meters with an average grade of 2.69 g/t gold. Hole 40, which was abandoned before reaching the target depth, did encounter some pretty good results as well with 23 meters of 4.16 g/t gold (including one meter of 22.76 g/t gold) and a separate interval of 12 meters at 6.74 g/t gold including one meter containing 29.8 g/t gold.
But the most interesting element of the drill update was to see the initial results from the Pancake Creek prospect. As you can see below, holes 41-42-43 did encounter mineralization but nothing spectacular but that changed with hole 44 which encountered 25 meters of 3.01 g/t gold including 7 meters of 6.19 g/t gold starting at surface, followed by 18 meters of 1.77 g/t gold when the drill bit hit the bedrock target. While the very high grade at surface is very intriguing, the company warns that this may very well be transported material that does not reflect the average gold grade of the underlying bedrock. But with 1.77 g/t over 18 meters starting at a depth of just 7 meters down hole, the bedrock underneath the overburden definitely carries a decent grade as well.
More exploration is warranted though, as the assay results from that diamond drill hole don’t correlate well with the assay results from the RC holes that were drilled last year.
Unfortunately the company seems to have given up on keeping its website up to date. The most recently published press release on the website goes back to February 29th and the corporate presentation hasn’t been updated since early January.
That’s a pity. There are so many companies trying to get the attention from the market that keeping a website up to date most definitely is the minimum minimorum.
Disclosure: The author has a long position in Golden Shield Resources. Please read the disclaimer.
