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Goldsource Mines Inc.
Summary
| Project: | Eagle Mountain | |
|---|---|---|
| Deposit: | Salbora | |
| Location: | Guyana | |
| Commodities: | Gold | |
| Date: | 8/28/2019 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 28-8-2019: Goldsource Mines Inc. announces an Exploration/Drilling Update report for its Salbora deposit at the Eagle Mountain project. Drilling results incl. 49.5m @ 2.95g/t Au from 0.0m. Vancouver, British Columbia--(Newsfile Corp. - August 28, 2019) - | |
| Resources: | (Resource): 3.9Mt @ 1.49g/t Au (Ind.) and 20.6Mt @ 1.19g/t Au (Inf.) at Eagle Mountain | |
| CP/QP: | [Overall Report]: N. Eric Fier (Internal) | |
| ABSTRACT: | Vancouver, British Columbia--(Newsfile Corp. - August 28, 2019) - Goldsource Mines Inc. (TSXV:GXS) (OTCBB:GXSFF) (FWB:G5M) ("Goldsource" or the "Company") is pleased to announce initial geophysical survey and drilling results for the Salbora discovery ("Salbora") and surrounding area located approximately 1.5 kilometres northwest of the main Eagle MountainGold Project in Guyana, South America. In summary, the results of the initial ground geophysical survey (induced polarization ("IP"), resistivity and magnetics) have outlined the presence of at least five sulphide-rich target areas with a cumulative strike length of approximately four kilometres (see attached Figures). Salbora is located within an estimated 600 metre long by 100 metre wide sulphide-rich geophysical anomaly trending northwest to north. Additional drill results combined with the geophysical anomaly for the Salbora area show an expansion of gold mineralization of approximately 200 metres to the northwest of the discovery hole EMD18-053 (40 metres true width grading 6.52 grams per tonne ("gpt") gold ("Au")), then dissipating into narrow gold intervals towards that direction. Step-out drilling along the northwest bearing structural trend beyond Salbora was generally negative in lower sulphide anomaly areas. However, the north to south bearing structural trend with sulphide anomalies has yet to be tested. Step-out drilling on the southern portion of Salbora is currently ongoing. Drilling of a newly defined sulphide-rich geophysical target, Apollo, located approximately 700 metres northwest of Salbora (see attached Figures) showed sulphides in a lithologycontrolled horizon, potentially alteration related, with generally minor gold results to date, pending further results. Eagle MountainGold Project has an established indicated resource of 3.9 million tonnes grading 1.49 gpt gold (188,000 ounces of contained gold) and inferred resources of 20.6 million tonnes grading 1.19 gpt gold (792,000 ounces of gold). The NI43-101 compliant geological resource does not include Salbora or any expansion drilling since 2017. Please refer to the technical report "Preliminary Economic Assessment of the Eagle Mountain Saprolite Gold Project, Guyana" dated September 12, 2014. The current exploration program is focused on expanding the Salbora to achieve a total project (including Eagle Mountain) critical mass of 600,000 to 800,000 ounces of gold in saprolite resources plus hard rock mineralization to finish its ongoing prefeasibility study. | |
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