TORONTO--(Marketwired - Apr 30, 2013) - Golden Star Resources Ltd. (
Highlights of drill program:
- BSDD 226 - 32.6 m (meters) grading 7.5 g/t (grams per tonne) gold
- BSDD 233 - 11.2 m grading 20.0 g/t
- BSDD 220 - 29.0 m grading 7.5 g/t including 7.3 m grading 27.5 g/t
- BSDD 246 - 19.0 m grading 10.2 g/t
- 242DD 068 - 31.7 m grading 7.3 g/t
Golden Star Resources Ltd. (
Drilling at Wassa Main continues to show encouraging results. As announced in the Golden Star press release dated March 21, 2013, the Company's year-end Mineral Reserve update for Wassa/HBB increased 85%, from 18 million tonnes grading 1.38 g/t for 799,000 ounces of contained gold in December 31, 2011 to 31.9 million tonnes grading 1.44 g/t for 1.5 million ounces of contained gold as of December 31, 2012. This updated Mineral Reserve and Resource estimate utilized drilling results up to the end of August 2012. From September 1, 2012 to March 31, 2013, the Company drilled an additional 194 holes for 70,332 m drilled. Drilling in the first quarter of 2013 alone amounted to 89 holes covering 32,863 m.
Sam Coetzer, President and CEO, commented, "We continue to create additional value at our Wassa mine through this drilling program. Assessment of these and previous drilling results from Wassa Main is ongoing, and we expect the gold grades at depth to support the potential for an expansion of Wassa operations. The Wassa mine remains a major focus for Company growth as it can potentially add incremental, non-refractory ounces to our future production stream, and lower operating costs."
During the quarter and for this drill campaign, the Company utilized six multi-purpose drill rigs, testing mineralized zones both down the plunge of the gold bearing fold hinge in addition to infill drilling to increase confidence in the current Mineral Resource estimate. The aim of this drilling is to convert current Inferred Mineral Resources into Indicated Mineral Resources, and ultimately into Probable Mineral Reserves, subject to favorable economics and the completion of an updated Mineral Resource model, which is expected in the third quarter of 2013.
Highlights of the drill campaign include hole BSDD226, an infill hole, which intersected 32.6 m (true width) grading 7.5 g/t from 421 m drilled depth and was drilled approximately 50 m up dip from BSDD186 which intersected 26.6 m grading 6.4 g/t. The intersections in these two holes represent two distinct zones of mineralization which have been interpreted to be limbs of an earlier fold closure and do not correlate directly with one another on this drill section.
Drill holes BSDD246 and BSDD233 were both infill holes drilled to further test mineralization previously intersected in drill hole BSDD181 (see Golden Star Jan 16, 2013 press release). BSDD233 was drilled on the same section as BSDD181 approximately 80 m down dip and intersected 15.7 m grading 2.5 g/t, and 11.2 m grading 20 g/t, respectively. BSDD246 was drilled on section 19775 N located 25 m south of BSDD226 and 50 m up dip and intersected 12.9 m at a grade of 10.7 g/t.
Drill hole BSDD220 was collared in the B-shoot area and intersected several zones of mineralization in the upper 100 m of the hole including, 7.9 m grading 3.3 g/t and 7.1 m grading 3.1 g/t. The main target of this hole was the South East Zone at depth where we intersected 29 m grading 7.5 g/t including 7.3 m grading 27.5 g/t from 355 m drilled depth. These grades and widths intersected in the South East Zone are higher and wider than previously intersected and are expected to have a positive effect on average grade estimates when the Mineral Resource model is updated.
Drill hole 242DD068 tested an Inferred portion of the Mineral Resource model and intersected an upper and a lower zone. The lower zone intersected wider and higher grade mineralization than previously modeled with 31.7 m grading 7.3 g/t.
Significant drill hole intersections for the first quarter of 2013 are tabulated below and in bold font. Also included in this table are other intersections encountered in the same hole. The inclusion of all of the intersections above and below the main significant intersection (in bold) demonstrates the robustness of the Wassa gold mineralization. These zones, although lower grade than the significant intersections, are above economic cut-off and would report to the stockpiles rather than waste dumps in an open pit mining scenario.
|Wassa Main Q1 2013 significant drill intersections with additional in hole zones|
|Hole ID||E |
|Elev (m)||Azim (°)||Dip (°)||From (m)||To (m)||Drilled Width (m)||~ True Width (m)||Gold Grade (g/t)|
The Company plans to downsize the drilling fleet over the next quarter and close the assay results off at the end of June 2013 so that an updated Mineral Resource model can be completed. The updated Mineral Resource model will be used to run economic pit shells to help guide further drilling, as well as the direction of the Wassa expansion feasibility study.
Golden Star holds a 90% equity interest in Golden Star (Bogoso/Prestea) Limited and Golden Star (Wassa) Limited, which respectively own the Bogoso/Prestea and Wassa/HBB open-pit gold mines in Ghana. In addition, Golden Star has an 81% interest in the currently inactive Prestea Underground mine in Ghana, as well as gold exploration interests elsewhere in Ghana, in other parts of West Africa and in Brazil in South America. Golden Star has approximately 259 million shares outstanding.
Statements Regarding Forward-Looking Information:
Some statements contained in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other applicable securities laws. Such statements include: the Company's expectations regarding its exploration and drilling activities during 2013 and the timing thereof; expectations regarding the interpretation of drilling results; the potential to expand Wassa operations and add production, lower operating costs and generate cash flow; expected increases in Mineral Resources and Reserves at Wassa Main including grade increases and contained gold growth and the timing thereof; and the timing for completing a National Instrument 43-101 report. Investors are cautioned that forward-looking statements are inherently uncertain and involve risks and uncertainties. Factors that could cause actual results to differ materially include timing of and unexpected events during exploration; variations in ore grade; variations in relative amounts of refractory, non-refractory and transition ores; technical or permitting issues; fluctuations in gold price and costs; availability of capital and/or external financing on acceptable terms; changes in U.S. and Canadian securities markets; and general economic conditions. There can be no assurance that future developments affecting the Company will be those anticipated by management. Please refer to the discussion of these risks and other factors in the Company's Form 10-K for 2012 and other filings of the Company with the United States Securities and Exchange Commission and the applicable Canadian securities regulatory authorities. The forecasts contained in this press release constitute management's current estimates, as of the date of this press release, with respect to the matters covered thereby. We expect that these estimates will change as new information is received. While we may elect to update these estimates at any time, we do not undertake to update any estimate at any particular time or in response to any particular event.
The technical contents of this press release have been reviewed and approved by S. Mitchel Wasel, BSc Geology, a Qualified Person pursuant to National Instrument 43-101. Mr. Wasel is Vice President of Exploration for Golden Star and an active member and Registered Chartered Professional of the Australasian Institute of Mining and Metallurgy.
The results for Wassa quoted herein are based on the analysis of saw-split HQ/NQ diamond half core or a three kilogram single stage riffle split of a nominal 25 to 30 kg Reverse Circulation chip sample which has been sampled over nominal one meter intervals (adjusted where necessary for mineralized structures). Sample preparation and analyses have been carried out at SGS Laboratories in Tarkwa using a 1,000 gram slurry of sample and tap water which is prepared and subjected to an accelerated cyanide leach (LEACHWELL). The sample is then rolled for twelve hours before being allowed to settle. An aliquot of solution is then taken, gold extracted into Di-iso Butyl Keytone (DiBK), and determined by flame Atomic Absorption Spectrophotometry (AAS). Detection Limit is 0.01ppm.
All analytical work is subject to a systematic and rigorous Quality Assurance-Quality Control (QA-QC). At least 5% of samples are certified standards and the accuracy of the analysis is confirmed to be acceptable from comparison of the recommended and actual "standards" results. The remaining half core is stored on site for future inspection and detailed logging, to provide valuable information on mineralogy, structure, alteration patterns and the controls on gold mineralization.
Additional information on earlier drilling results and Mineral Reserve and Mineral Resource estimates at Wassa are available in the Company's National Instrument 43-101 compliant Technical Report titled "NI 43-101 Technical Report on Mineral Resources and Mineral Reserves Golden Star Resources Ltd, Wassa Gold Mine, Ghana, Effective Date 31st December 2012".