Aurora shines for Guyana Goldfields (July 16, 2004)

Guyana Goldfields (GUY-T) is intersecting significant gold at shallow depth on its Aurora property, 175 km west of Georgetown, Guyana.

The latest drill results are from the Rory’s knoll area. Highlighting these results is a 74-metre intercept grading 4 grams gold per tonne. This hole was drilled from practically the same setup as a previous hole that was stopped short at 46.5 metres, but graded 5.82 grams gold from surface to that depth.

One hole was drilled from a similar location towards the west (238), intersecting 56 metres grading 2.46 grams gold per tonne.

There are three drills turning, all located east of the Aleck Hill area that was mined to a depth of 75 metres in the 1940s. Drilling is being carried out in the Walcott Hill, East Walcott Hill and Rory’s knoll areas. Walcott Hill is about 250 metres west of Rory’s knoll and drilling will determine if the zones are linked.

Walcott Hill, a quartz stockwork zone, saw underground exploration in the 1940s. A tunnel, two adits almost 200 metres apart, eight crosscuts and five drifts were developed along 140 metres of the northwest striking system.

This year, 195 samples were taken along the crosscuts and from the back of the drifts; these averaged 1.99 grams gold per tonne. Higher grades, up to 12.25 grams gold over 10 metres, resulted from sampling one drift, while another assayed 4 grams gold per tonne over 12 metres.

At the end of June, Guyana Goldfields completed a $5 million private placement financing through the sale of 3.3 million units at a price of $1.50 per unit. Each unit consists of one share and one half of one share purchase unit. This will help fund continuing exploration on their properties.