Goldsource Expands Salbora Discovery; 49.5 Metres (31.8 Metres Est. True Width) Grading 2.90 g/t Au 39.0 Metres (25.0 Metres Est. True Width) Grading 2.78 g/t Au
Vancouver, British Columbia--(Newsfile Corp. - March 6, 2019) - Goldsource Mines Inc. (TSXV: GXS) (OTCBB: GXSFF) (FSE: G5M) ("Goldsource" or the "Company") is pleased to announce an expansion of the high-grade Salbora discovery ("Salbora") from new diamond drilling at the Eagle Mountain Gold Project ("Eagle Mountain" or "Project") in Guyana. Salbora is located approximately 1.5 kilometres northwest of Eagle Mountain. Results from four (4) additional core holes show expansion of near surface high-grade gold mineralization adjacent to previously announced drill results (see Jan. 23, 2019 news release). Salbora exploration results to date have initially drill-tested a gold mineralized footprint of approximately 150 metres long by 100 metres wide by 30 to 60 metres deep, and is open to depth and along strike (see attached Figures). The weighted average grade of the drill intercepts from diamond core drilling in this initial footprint is 3.30 g/t Au. The drill-tested area is inclusive of a larger, more regional, and potentially mineralized surface footprint of 500 to 1000 metres long, 50 to 100 metres wide, and open to depth. Further step out drilling is planned at Salbora in H1, 2019 to help better define this new high-grade discovery.
Yannis Tsitos, President, commented, "Follow up diamond drilling shows the potential to delineate a near surface high-grade gold deposit in the Salbora area. This discovery has the potential to expand and complement the current Eagle Mountain resource. It is early days and we are just beginning to develop our understanding of the potential of Salbora. The grade and potential size of this new area has the possibility of being transformative for Goldsource. The Company is currently completing step out diamond core drilling at approximately 100 metre centres along the suggested strike of Salbora. This work will further test continuity of high-grade mineralization and increase our understanding of the overall grade and size of this discovery."
The Company's most significant results for the four new diamond core holes include EMD18-055 with 49.5 metres (est. drilled width) grading 2.90 grams per tonne ("g/t") gold ("Au") and EMD18-054 with 39.0 metres grading 2.78 g/t Au. The following table shows the results for these 4 holes (uncut, undiluted):
|Est. True |
Note: All numbers rounded.
*Cutoff grade of 0.3 g/t Au.
All geochemical analyses were completed by Actlabs Guyana Inc. in Georgetown, Guyana.
Holes EMD18-54 to 57 were drilled from the same collar as previous discovery holes EMD18-052 and 53 in several different directions to better obtain data on potential strike and width of mineralization before completing more significant step out drilling. The combined estimated true width of the gold mineralization in all holes to date appears to be over 100 metres on surface and 50 to 60 metres to depth (see attached Figures). All holes have intercepted near surface high-grade gold mineralization in saprolite and hard rock. Estimated true widths of mineralization are preliminary and more drilling is required to confirm current geologic assumptions.
In 2009, IAMGOLD completed an airborne magnetic/radiometric/VLF geophysical survey over the western part of the Eagle Mountain Prospecting License which covers the Salbora area. Goldsource is currently re-interpreting this historical data to determine regional and local structures and lithologies for exploration targeting. Preliminary observations indicate Salbora as being located immediately east of a major north-northwest - south-southeast shear zone trending several kilometres in length that is cross cut by secondary lineaments. The Company will present the results of this interpretation work when completed.
To date, Goldsource has completed six diamond core holes (652 metres), 14 sonic shallow core holes (161 metres), 113 shallow auger drill holes (436 metres) and 11 horizontal and vertical trenches (928 metres) at Salbora. Please refer to 2018 news releases dated May 24, July 12, October 25 and January 23, 2019 for previous results on Salbora. All results with gold mineralization are considered near surface and several drill holes ended in gold mineralization. Results for several additional auger and sonic core holes are pending and will be reported when received and compiled. Step out diamond core drilling of approximately 2,000 metres (15 to 20 additional holes) is planned for Salbora in H1, 2019.
The Qualified Person under National Instrument 43-101 - Standards of Disclosure for Mineral Projects for this news release is N. Eric Fier, CPG, P.Eng, Executive Chairman and Chief Operating Officer for Goldsource, who has reviewed and approved its contents.
ABOUT GOLDSOURCE MINES INC.
Goldsource Mines Inc. (www.goldsourcemines.com) is a Canadian resource company working aggressively to develop its advanced-stage, 100%-owned Eagle Mountain saprolite and hard-rock gold project in Guyana, South America. From 2016 to 2017, through a gravity pilot plant initiative, the Company completed testing on gravity-only gold production and both dry and wet mining open-pit techniques. Goldsource is now focused on delivering feasibility studies to achieve large-scale gold production at Eagle Mountain. Goldsource is led by an experienced management team, proven in making exploration discoveries and in project construction.
Ioannis (Yannis) Tsitos
Goldsource Mines Inc.
For Further Information:
Goldsource Mines Inc.
Contact: Ioannis (Yannis) Tsitos, President
Fred Cooper, Investor Relations
Telephone: +1 (604) 694-1760
Fax: +1 (604) 357-1313
Toll Free: 1-866-691-1760 (Canada & USA)
570 Granville Street, Suite 501
Vancouver, British Columbia V6C 3P1
CAUTIONARY STATEMENT AND FORWARD-LOOKING DISCLAIMER
This news release contains "forward-looking statements" within the meaning of Canadian securities legislation. Such forward-looking statements concern Goldsource's strategic plans, timing and expectations for the Company's exploration and drilling programs at Eagle Mountain; and information regarding high grade areas projected from sampling results and drilling results. Such forward-looking statements or information are based on a number of assumptions, which may prove to be incorrect. Assumptions have been made regarding, among other things: conditions in general economic and financial markets; accuracy of assay results and availability of mining equipment; availability of skilled labour; timing and amount of capital expenditures; performance of available laboratory and other related services; and future operating costs. The actual results could differ materially from those anticipated in these forward-looking statements as a result of the risk factors including: the timing and content of work programs; results of exploration activities and development of mineral properties; the interpretation of drilling results and other geological data; the uncertainties of resource estimations; receipt, maintenance and security of permits and mineral property titles; environmental and other regulatory risks; project costs overruns or unanticipated costs and expenses; availability of funds and general market and industry conditions. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward-looking statements included in this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.
Neither TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Figure 1: Eagle Mountain Project Exploration and Resource Expansion Targets March 2019
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Figure 2: Eagle Mountain Gold Project: Salbora Target
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Figure 3: Salbora Cross Section (Looking North-west)
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