VANCOUVER, June 10, 2011 /PRNewswire/ – Guyana Frontier Mining Corp. (“Guyana Frontier”, formerly known as Shoreham Resources Ltd.) is pleased to announce the results of a diamond drilling program on the Borland Lake target area at the Favourable Lake Project in Ontario, Canada. The Favourable Lake Project, located approximately 200 kilometres north of Red Lake, Ontario, is a joint venture between Guyana Frontier, which holds a 70.3% interest, and Gold Canyon Resources Inc., which holds a 29.7% interest.
The 2011 drilling program successfully achieved the objective of testing a historical silver mineralized zone, last drilled by a previous operator in 1987. Two holes totaling 236 metres were completed from the ice of Borland Lake, targeting the location of the mineralized zone as interpreted from filed assessment reports, and from the interpreted results of Guyana Frontier’s 2008 Titan 24 geophysical survey.
Mineralized intervals from the 2011 drilling program are presented in Table 1 below.
Table 1. Mineralized Intersections from 2011 Borland Lake Drilling Program
Hole Number Hole Depth(m) Bearing/Dip(degrees) From(m) To(m) Interval (m) Estimated True Width(m) Silver(g/t) Gold(g/t) Lead(%) Zinc(%)
B-11-01 118.0 030/-70 76.80 90.80 14.00 7.70 291 0.73 0.46 0.55
including 76.80 79.75 2.95 1.62 37 0.05 0.02 0.21
and 79.75 90.80 11.05 6.08 365 0.92 0.58 0.75
and 92.10 96.00 3.90 2.15 31 0.89 0.03 0.12
and 105.60 108.90 3.30 1.82 38 0.22 0.04 0.09
B-11-02 118.0 180/-45 23.80 64.50 40.70 30.53 99 1.03 0.25 0.29
including 23.80 49.00 25.20 13.86 33 0.12 0.04 0.08
and 49.00 64.50 15.50 8.53 285 1.63 0.28 0.69
and 49.00 56.14 7.14 3.93 106 0.37 0.10 0.26
and 56.14 64.50 8.36 4.60 438 2.99 5.90 1.06
and 67.70 73.70 6.00 5.40 93 0.51 0.19 2.70
(Cut offs for averaged samples were 10.0 grams per tonne silver, or in the absence of significant silver values, 0.5 grams/tonne gold. The values reported herein reflect re-assaying with assay standards certified for the range of gold values reported in hole B-11-02).
Hole B-11-01 encountered silver, gold, lead and zinc mineralized veinlets, disseminated sulphides and breccias from 76.8 to 90.8 metres within siliceous metagreywacke and quartzite rocks, and in two other mineralized intervals between 92.1 and 108.9 metres downhole. Sulphides containing argentite (a silver-bearing, halide mineral) were noted in the core, with accompanying sphalerite, pyrrhotite and pyrite. The estimated true width of the mineralized interval was 7.7 metres (25.26 feet), which averaged 291 grams/tonne (8.49 ounces per ton) silver, including 365 grams/tonne (10.65 oz/ton) silver over 6.08 metres (19.94 feet). Minor values of gold, lead and zinc were also encountered.
Hole B-11-02 was collared approximately 84 metres from Hole B-11-01 and intersected mineralized zones at downhole depths of 23.8 to 64.5 metres, and from 67.7 to 73.7 metres. Mineralization was again observed within siliceous metagreywacke and quartzite rocks with notably higher silver and gold values than were seen in B-11-01, averaging 99 grams/tonne (2.89 oz/ton) silver and 1.03 grams/tonne gold over an estimated true width of 30.53 metres (100.14 feet), which included 285 grams/tonne (8.3 oz/ton) silver and 1.63 grams/tonne (0.05 oz/ton) gold over 8.53 metres (27.98 feet), and 438 grams/tonne (12.78 oz/ton) silver and 2.99 grams/tonne gold (0.09 oz/ton) over 4.6 metres (15.1 feet). Pegmatites were observed cutting through the mineralized zones, from 64.5 to 66.24 metres, for example.
A review of the results and re-examination of the 2011 drill core has prompted Guyana Frontier to complete additional sampling to potentially extend the intervals of mineralized material. The results from this additional sampling will be reported when available. Guyana Frontier is also testing selected core samples from the 2011 drilling program for bulk resistivity/conductivity response to better interpret the results of the 2008 Titan 24 survey geophysical survey. The integration of geophysical and geological information gained in the last three years is expected to generate high-priority drill targets for the 2012 winter exploration season.
Core samples were collected by diamond saw cutting and transmitted in secure custody to Activation Laboratories Ltd.’s preparation facility in Red Lake, Ontario. They were subject to fire assay pre-concentration and AA finish to determine gold concentrations, gravimetric finish to confirm gold values exceeding 1000 parts per billion and silver values exceeding 100 ppm, total (four acid) digestion and assay for lead, zinc, and copper followed by ICP analysis for a suite of 36 elements.
NOTE: Conversion factor for grams per tonne to troy ounces per short ton are grams/tonne divided by 34.2857, or grams/tonne multiplied by 0.0292. One metre = 3.28 feet.
David Bending, M.Sc., P.Geo., President and CEO of Guyana Frontier, is a qualified person as defined in National Instrument 43-101. He is responsible for and has reviewed all technical information contained in this news release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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