Guyana Goldfields Inc. (TSX: GUY) has reported an updated mineral resource statement for its 100% owned Aurora Gold Project in Guyana, South America.
This new estimate includes all drilling data obtained up to the end of November 2010. The estimate was prepared by SRK Consulting (Canada), Inc. ("SRK") of Toronto, Ontario in accordance with National Instrument 43-101 ("NI 43-101") and provides an update to the previous estimate released on August 24, 2009. The next estimate is scheduled to be released in August 2011 and will incorporate drilling up to June. The Feasibility Study is scheduled for completion during the fourth quarter and will be based upon the August 2011 resource estimate.
Highlights
- 80% of all mineral resources are in the measured and indicated category (5.34 million ounces) and 20% are in the inferred category (1.33 million ounces)
- 66% increase in measured and indicated mineral resources from 3.21 to 5.34 million ounces
- 64% increase in open pit measured and indicated mineral resources from 1.19 to 1.95 million ounces
- 67% increase in underground measured and indicated mineral resources from 2.03 to 3.39 million ounces
- 17% increase in open pit grade from 3.0 to 3.6 g/t Au
- 3 % increase in total overall grade from 3.8 to 4.0 g/t Au
"This significant increase in mineral resources and the likelihood of more ounces being added with the additional drilling planned for this year support our organic growth strategy and should significantly enhance the economics of the Definitive Feasibility Study, which is currently underway. The positive impact of the 2009/2010 drilling campaigns which discovered and extended various zones at depth within the Golden Square Mile is finally reflected in the new resource numbers. We remain very confident that this already robust project will continue to grow and soon join the ranks of world-class producing gold mines." said Mr. Claude Lemasson, President & Chief Operating Officer.
Mineral Resource Drilling Data
The updated mineral resource statement incorporates drilling data consisting of:
- Drilling for the Preliminary Assessment completed in August 2009 totaling 140,442 metres with drilling data up to June 2, 2009
- Infill and exploration drilling completed from June 3, 2009 to November 21, 2010 totaling an additional 79,446 metres, during which new mineralized zones were discovered beneath the Aleck Hill and Mad Kiss shallow zones (see press releases dated April 20, 2010 and August 18, 2010)
- The new mineral resource statement contains a total of 209,000 metres of drilling in 776 holes.
Mineral Inventory
A total 2011 budget of $20 million is being allocated for drilling at Aurora. Ten (10) drill rigs are operational with the goal of drilling 70,000 metres by the end of June. This drilling aims to further convert inferred to measured & indicated resources during the first half of the year. Exploration drilling will continue for the remainder of the year and is designed to significantly increase the discovery potential of local and regional mineralized trends and recently identified zones.
Currently there are over 20 geologists working at both Aurora and the Company's Aranka properties. The Company continues its assessment of the possibility of including Sulphur Rose and its initial resource of 460,400 ounces (see press release dated December 31, 2010) into the Aurora Feasibility Study due to its proximity and similar metallurgical character. Two (2) drills are operating at Sulphur Rose dedicated to carry out exploration and infill drilling in order to confirm additional resources.
"We are very pleased by the drilling success and the increase in mineral resources. We are also continuing infrastructure construction activities at site and will be in a position to start the mine development process in the fourth quarter of this year after the completion of the Feasibility Study. The Aurora Gold Project will make a significant contribution to the economy of Guyana with gold production expected to commence in late 2013." stated Mr. Lemasson.
The Aurora exploration and infill drilling programs are being carried out under the supervision of Mr. Niel Silvio (Aus.IMM), a qualified person within the meaning of NI 43-101. Mr. Silvio has reviewed the contents of this news release.
The resource estimate was prepared by SRK resource estimation specialists Dorota El-Rassi P.Eng (APEO #100012348) and Glen Cole, P.Geo (APGO #1416) who are the independent "Qualified Persons" for the Purposes of NI 43-101, Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators, and confirm that they have reviewed the information contained within this release.
Drill core samples for the 2009/2010 drilling campaigns were sent to and prepared at ACME Analytical Laboratories Ltd (ACME Lab) in Georgetown, Guyana while assaying was done at ACME Lab in Santiago, Chile.
Source: Guyana Goldfields Inc.