Goldsource drills 18.31 g/t gold over 6 metres at Eagle Mountain, Guyana

Goldsource Mines Inc. [GXS-TSXV; GXSFF-OTCQB; G5M-FSEW] reported exploration drill results for the company’s 100%-owned Eagle Mountain gold project in Guyana, South America. Reported results are for a new prospect located within the Eagle Mountain prospecting licence (EMPL) and proximal to the Eagle Mountain deposit. This prospect, called Soca, was discovered in late 2021 as part of the company’s phase 2 exploration program.

Soca prospect highlights include results for 20 core holes totalling 3,126 metres. Drilling to date has intersected mineralization along an estimated 250 metres of strike and down to 170 metres depth, with high-grade gold intervals as well as broader zones of lower-grade mineralization. The mineralized structures remain open in all directions.

The most significant drill intercepts are 6 metres grading 18.31 g/t in drill hole EMX21-010 at 130 metres vertical depth. This includes a higher-grade subinterval of 1.5 metres of 69.96 g/t gold. Hole EMX21-012 returned 9 metres grading 9.29 g/t gold at 103 metres vertical depth.

Hole EME21-167 returned 21 metres of 3.13 g/t gold at 105 metres vertical depth. This includes 6 metres of 4.29 g/t gold and 6 metres of 5.56 g/t gold. Hole EME21-171 returned 36 metres of 2.12 g/t gold at 77 metres vertical depth. This includes a higher-grade subinterval of 15 metres of 4.14 /t gold. Hole EME21-161 returned 13.5 metres of 4.70 g/t gold within a wider zone of 54 metres of 1.31 g/t gold at 55 metres vertical depth.

The Soca prospect was one of several areas tested as part of the company’s 2021 phase 2 drill program, which was initiated in September after completion of the larger 17,500-metre infill and expansion program. The phase 2 program was designed to test known geophysical and geochemical targets as well other areas of interest proximal to the Eagle Mountain deposit. With several targets worthy of follow-up work, the company announced an increase to the 2021 phase 2 drill program to 9,000 metres from the initial 5,000 metres. It was the discovery of the Soca prospect in late 2021 that drove the increase in metreage and expanded scope.

Steve Parsons, PEng, CEO, said, “Soca provides another example of the prospectivity of the EMPL, including areas that are proximal to the Eagle Mountain deposit. The drill results for Soca follow the high-grade Toucan results released in late 2021, which were also part of the phase 2 program. In the case of Soca, it will not be included in the mineral resource update, which the company is planning to release in the coming weeks. The Soca prospect will, however, feature in the 2022 exploration program with drilling planned to test strike and up-dip extensions. This will proceed concurrently with a generative exploration program in which earlier-stage targets will be evaluated, many for the first time in several years. We look forward to reporting on these activities through 2022.”

The 2022 program will include drilling and generative exploration activities as well as a significant increase in technical work to progress the prefeasibility study. The updated MRE is currently being finalized and is expected to be announced in the coming weeks.