Golden Shield drills 1.45 g/t gold over 20 metres at Marudi, Guyana

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Golden Shield Resources Inc. [CSE-GSRI; OTCQB-GSRFF; FSE-4LE0] reported additional results from its reverse circulation (RC) drill campaign at the Marudi Mountain property, Guyana. The company has now received all results from the RC drilling campaign and will use these to inform targeting in the ongoing diamond drilling program.

The company is also pleased to provide an update on the ongoing deep drillhole that is actively being drilled at the Mazoa Hill deposit.

Key Highlights: 1.45 g/t gold over 20 metres at Pancake Creek is the best intersection drilled by Golden Shield’s RC drilling campaign to date. Diamond-drilling at Pancake Creek has been initiated, initial hole completed, second hole underway.

Initial hole at Mazoa Hill abandoned at 417 metres due to excessive deviation, redrill hole targeting depth extension to commence following drilling at Pancake Creek. Samples from 417-metre diamond drill-hole at Mazoa Hill have been submitted for assay, results are pending.

Leo Hathaway, Executive Chairman of Golden Shield, commented, “The RC results have defined exciting targets for diamond drill follow up. While drilling at Mazoa Hill deviated more than expected, it passed through the upper part of the Mazoa Hill deposit and in a direction not previously drilled, and will be very useful in corroborating previous drill results. We are excited to be diamond drilling and we continue to learn more with every hole.”

The company has now received results for all of the 2,040 metres in 47 RC drill holes at Pancake Creek. Preliminary results suggest high-grade gold mineralization from surface, in two corridors that trend in a northwest-southwest direction. Most notably, drilling intersected 20 metres at 1.45 g/t gold in hole PC-23-109, to the west of the main drilling trend. The high-grade gold results are constrained to the mineralized Ferruginous Quartzie (FQ) unit.

At this time, the extent, width, and depth of the two emergent zones at Pancake Creek have not been fully constrained due to the shallow nature of shallow the RC drilling. However, the 20 m intersection of mineralized FQ encountered in hole PC-23-109 represents a new discovery of FQ at Marudi that is being followed up with drill testing. Currently, one diamond drill hole, PAN24-41 has been completed to 102 metres in the area and a second drill hole, PAN24-42, is being collared.

The results found at the bottom of hole PC-23-108 and throughout hole PC-23-109 define a zone of near-surface high-grade gold. Diamond drilling will focus on expanding this to depth and laterally. These results in the western section of Pancake Creek, represent the longest continuous intercept of gold mineralization encountered in Golden Shield’s RC drilling campaign. The anomalous areas in the western part of Pancake will also be diamond drill tested.

Drilling at the Mazoa Hill deposit commenced on January 13, 2024. Unfortunately, the initial hole deviated laterally to the east well beyond the planned limits and passed through the FQ contact into volcanic wallrock at 367 metres and was terminated at 417 metres.

Despite not achieving its target, this hole passed through areas of sparse drilling in the upper part of the Mazoa Hill deposit and will provide useful geological information on structure and mineralization controls. A new hole is being planned that incorporates a larger degree of planned deviation and this will be drilled following completion of the Pancake Creek program.

Diamond drill targeting is ongoing, with preliminary diamond drill holes being planned for Marudi North, and Pancake Creek. Historic intercepts at Marudi North will be followed up to confirm the existence historical mineralization and confirm the extent of the favourable FQ unit. Pancake Creek has not seen any historical diamond drilling. The prospect has only become a recent focus of the Company after its discovery from preliminary fieldwork, trenching, and the RC-drilling reported in this news release. Both Marudi North, and Pancake Creek occur within 500 metres of each other, and the company believes they have the potential to connect.

Golden Shield Resources is well-financed and has three wholly controlled gold projects: Marudi Mountain, Arakaka and Fish Creek. Golden Shield continues to evaluate other gold opportunities in Guyana.

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