Goldsource Provides 2019 Highlights and 2020 Outlook
Vancouver, January 17, 2020 - Goldsource Mines Inc. (TSXV: GXS) (OTCQB: GXSFF) (FWB: G5M) ("Goldsource" or the "Company") is pleased to provide a summary of the 2019 corporate highlights and accomplishments and present its outlook for 2020. The Company is aggressively exploring several targets including the Salbora Discovery ("Salbora") and Eagle Mountain Gold Project ("Eagle Mountain") extensions. This ongoing work will be used for an updated resource estimate by mid-2020 that will include Salbora. A significant amount of recent and planned in-fill drilling is also expected to improve the resource categorization of the existing near-surface gold ounces (saprolite and hard rock) at Eagle Mountain.
Yannis Tsitos, President, stated: "Based on the new Salbora Discovery, 2019 was a great year for Goldsource. Core drilling to date makes the Salbora deposit the highest grade, near-surface gold mineralization on the Eagle Mountain property. The weighted average grade at Salbora is 2.58 grams per tonne gold ("g/t"), which includes discovery hole EMD18-053 with 69 metres of 6.52 g/t gold (40 metres of true width). Salbora is a significant complement to the nearby Eagle Mountain deposit (please see news releases dated Jan 23rd 2019 and Nov 13th, 2019). Goldsource's teams in both Guyana and Canada are working hard to enhance and de-risk Eagle Mountain. Important milestones for this year will include a new resource estimate which is to be the foundation in advancing the ongoing Pre-Feasibility Study ("PFS")."
The most significant 2019 highlights are (in chronological order for the year):
- the competion of an $1.3 million non-brokered private placement;
- the Salbora high-grade discovery, 1.7 kilometres northwest of Eagle Mountain;
- the completion of a $7.4 million brokered private placement;
- positive airborne geophysics, via the reprocessing and reinterpretation of historical 2007 Iamgold geophysical data leading to the discovery of Salbora and defining important structural controls for several exploration targets;
- the execution of a five square kilometres ground geophysical survey covering the general Salbora area. The survey defined numerous targets for follow-up drilling;
- the qualification, listing and commencement of trading at the OTCQB® market, under the symbol "GXSFF";
- the completion of a core drilling program at Salbora and other peripheral geological, geochemical and geophysical targets; 75 core holes, approximately 14,000 metres were drilled in 2019 with two drills;
- the expansion of ground magnetics and IP geophysical survey to cover an additional five square kilometres. This program has helped to define the Salbora, Apollo, Toucan, Friendly, Powis, Montgomery and Haka targets;
- the Eagle Mountain Prospecting Licence ("EMPL") was renewed on October 18, 2019, by Guyana Geology and Mines Commission for another three year period with the typical conditions required for maintaining concessions. The EMPL covers an area of 4,784 hectares; and
- the appointment of Drew Anwyll as a new Independent director.
The work in 2019 has positioned us for another exciting year in 2020. The Company has now developed an improved interpretation of the lithological and structural controls that focused the deposition of higher grade gold mineralization at Salbora. Our exploration team pushes forward on aggressively completing exploration drilling of several other geological, geochemical and geophysical targets; expanding on recent discoveries; and increasing our geological knowledge of the EMPL for potential additional discoveries. Historical technical information has been re-interpreted and has re-prioritized various targets that still remain untested within the EMPL.
2020 Outlook:
- the completion and full interpretation of the ground geophysical surveys;
- in Q1, 2020, a third drill will be added to the current two drill rigs on the project;
- the completion of a 10,000 metres core drilling program including approximately 4,000 metres for in-fill holes;
- the completion of a new independent technical report with an updated resource estimate by mid-2020 that will include Salbora and other peripheral mineralized targets;
- the completion of metallurgical testing for Salbora with inclusion in the updated resource estimation; and
- the advancement of the PFS including environmental studies.
The Qualified Person under National Instrument 43-101 - Standards of Disclosure for Mineral Projects for this news release is N. Eric Fier, CPG, P.Eng, Executive Chairman and Chief Operating Officer for Goldsource, who has reviewed and approved its contents.
ABOUT GOLDSOURCE MINES INC.
Goldsource Mines Inc. (www.goldsourcemines.com) is a Canadian resource company working aggressively to develop its advanced-stage, 100%-owned Eagle Mountain saprolite and hard-rock gold project in Guyana, South America. From 2016 to 2017, through a gravity pilot plant initiative, the Company completed testing on gravity-only gold production and both dry and wet mining open-pit techniques. Goldsource is now focused on delivering feasibility studies to achieve large-scale gold production at Eagle Mountain. Goldsource is led by an experienced management team, proven in making exploration discoveries and in project construction.
Ioannis (Yannis) Tsitos
President
Goldsource Mines Inc.
For Further Information:
Goldsource Mines Inc.
Contact: Ioannis (Yannis) Tsitos, President
Fred Cooper, Investor Relations
Telephone: +1 (604) 694-1760
Fax: +1 (604) 357-1313
Toll Free: 1-866-691-1760 (Canada & USA)
Email: info@goldsourcemines.com
Website: www.goldsourcemines.com
570 Granville Street, Suite 501
Vancouver, British Columbia V6C 3P1
CAUTIONARY STATEMENT AND FORWARD-LOOKING DISCLAIMER
This news release contains "forward-looking statements" within the meaning of Canadian securities legislation. Such forward-looking statements concern Goldsource's strategic plans, timing and expectations for the Company's exploration and drilling programs at Eagle Mountain; and information regarding high grade areas projected from sampling results and drilling results. Such forward-looking statements or information are based on a number of assumptions, which may prove to be incorrect. Assumptions have been made regarding, among other things: conditions in general economic and financial markets; accuracy of assay results and availability of mining equipment; availability of skilled labour; timing and amount of capital expenditures; performance of available laboratory and other related services; and future operating costs. The actual results could differ materially from those anticipated in these forward-looking statements as a result of the risk factors including: the timing and content of work programs; results of exploration activities and development of mineral properties; the interpretation of drilling results and other geological data; the uncertainties of resource estimations; receipt, maintenance and security of permits and mineral property titles; environmental and other regulatory risks; project costs overruns or unanticipated costs and expenses; availability of funds and general market and industry conditions. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward-looking statements included in this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.
Neither TSX-V nor its Regulation Services Provider (as that term is defined in policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
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