SANTA CLARA, Calif., Feb. 13, 2023 (GLOBE NEWSWIRE) — Guskin Gold Corp (OTCQB:GKIN) (“Guskin Gold” or the “Company”), is pleased to provide an update on the ongoing exploration activities on the Company’s Kukuom Gold Project located in the Sefwi-Bibiani Gold Belt, one of the two most prolific gold belts in Ghana, Africa.
Current activities focused on the advancement of the project include:
- A ground IP/resistivity and magnetic surveys conducted across the area of the “Open Pit” (Esikaso) Prospect and extending east and west and straddling the favorable contact zones of the metasedimentary package and metavolcanic units that host gold-bearing quartz vein systems was completed in the fourth quarter (Q4), 2022.
- Detailed geological, structural, and regolith mapping programs are currently being carried out across the area of the “Open Pit” (Esikaso) Prospect and extending east and west of the favorable contact zones of the metasedimentary and metavolcanic units that host gold-quartz vein systems to be completed in the first quarter (Q1), 2023.
The IP/resistivity and magnetic surveys aimed at obtaining more lithological and structural details, have aided in defining potential fault structures that may have played a key role in localizing the precipitation of gold; besides, some of the targets have been refined by identifying sulfidic and/or clay alteration zones. The survey has delivered on its goals:
- The surveys yielded high-quality IP/resistivity data, which encountered several areas of highly conductive rock types;
- The ground magnetics has also enhanced the structural and stratigraphic information, providing the location of mineralized horizons;
- The survey grid clearly defined the northeast-trending contact of the Birimian volcano-sedimentary units to the northwest and the volcanic units to the southeast; This mapped signature serves as the prime target area where there is high competency contrast associated with a high chargeability response;
- The IP/resistivity and magnetic surveys have aided in defining potential fault structures that may have played a key role in localizing the precipitation of gold;
- The high N-S trending chargeability anomalies associated with resistive structures may be indicative of mineralized dilation breaks and silicification; these must be considered as high priority target zones;
- The sources of these resistive anomalies associated with chargeable anomalies are probably the presence of disseminated sulfides located at the contact or within the resistive geologic units (quartz veins, zones of silicification, felsic intrusives, etc);
- The ground IP/resistivity and magnetic surveys data can be used for drill target optimization;
- The need to extend the surveyed grid to the north and south to fully investigate the strike extents of the deviated anomalies have been confirmed.
The detailed surface geological, regolith, and structural mapping program, alongside a rock chip sampling program, which is near completion, has set the stage for the planned first pass RC drilling at the “Open Pit” (Esikaso) Prospect and the favorable contact zone areas:
- These detailed mapping programs have further constrained the rock units in the mapped area, generated a reliable regolith interpretation of the mapped area, and further enhanced the litho-structural understanding of the contact zone area;
- A comprehensive detailed geological and structural analysis of the mapped area would be integrated with the ground geophysics data and responses to constrain drill targets further and identify other targets;
- The detailed mapping continues to define additional targets, which will be prioritized for further assessment.
In 2023, Guskin’s exploration will focus on early-stage target definition programs at “Open Pit” (Esikaso) Prospect, the lithological contact zones, and the remarkably high magnetic anomalies. Exploration continues and is directed at identifying, delineating, and assessing targets in the contact zone areas and the distinctly high magnetic signatures, which could be indicative of shear zones and are the primary targets to host gold-quartz vein systems. The planned exploration work will include the following:
- Modest, first pass RC drill program to be initiated in late March or early April, 2023;
- Initial RC drilling will target the “Open Pit” (Esikaso) Prospect;
- Strike extensions of the “Open Pit” (Esikaso) uncovered and further defined by the ground IP/resistivity and magnetic surveys data, will be drill-tested during this initial phase;
- Soil geochemical grids or deep sampling auger geochemistry grids over Targets 2 & 3 to confirm the extent of these two remarkably high magnetic anomalies;
- Deep auger sampling, up to a depth of 6m to constraint bedrock mineralization at other early-stage prospects.
Mr. Francis Lovebridge Agezo, Guskin Gold’s Director of Exploration stated “We continue to be active on these fronts; We are thrilled to be readying ourselves for a first pass RC drilling program, targeting the gold-quartz vein systems, first encountered during an earlier sampling campaign in the “Open Pit” (Esikaso) Prospect; targeting and testing the lateral and down-dip extents of these mineralized systems is a priority and is part of the Company’s ambition to identify and characterize zones of gold-bearing vein systems and other styles of bedrock gold mineralization on the same scale and magnitude as the significant gold deposits within the Sefwi-Bibiani Gold Belt.
Exploration Concept and Strategy Explained
“The exploration plan outlined here is designed to be consistent with Canadian NI 43-101 standards or Australiasian JORC (2012) reporting standards and thereby honor internationally accepted best practices for exploration. Exploration will be in phases. A successful outcome will require subsequent phases in order to increase the detail of information and the geologic confidence sufficiently to define a mineral resource that can be developed to Canadian NI 43-101 and/or Australiasian JORC (2012) reporting standards”. Mrs. Naana Asante, Guskin Gold’s CEO, Director, and Chairwoman, affirms. “We look forward to continuing to release timely updates to our JV partners, suppliers, government, and shareholders, keeping everyone informed as we develop, improve, and expand operations in Ghana.”
The Kukuom Gold Project Significance
The Kukuom Gold Project is a Joint Venture Partnership with Danampco Company whereby Guskin Gold is the exclusive operator with a seventy (70%) percent interest.
The license area is 156 square kilometers and the Kukuom Gold Project is highly prospective, spatially related to major mines including Newmont’s Ahafo Gold Mine (23Moz) located approximately 30km north of the Kukuom property, and Asante Gold’s Chirano Gold Mine (5Moz) located approximately 45km south-southeast of Kukuom and their Bibiani Gold Mine (7Moz) located approximately 25km southeast.
Francis Lovebridge Agezo, Guskin Gold’s Director of Exploration participated in the exploration, discovery, and development of Cluff’s Ayanfuri Gold Mine and Red Back’s Chirano Gold Mine in Ghana. Played a key role in Redback’s expansion in Ghana before its takeover by the Lundin Group and later Kinross. Notably on April 25th, 2022, Kinross Gold Corp. (KGC) announced the sale of the Chirano Gold Mine for $225 Million to Canadian Asante Gold (ASE); Asante having previously acquired the Bibiani Gold Mine for $90 Million from Australian Resolute Mining (RSG) in August 2021.
Qualified Person Statement
Guskin Gold’s disclosure of a technical or scientific nature in this news release has been reviewed and approved by Francis Lovebridge Agezo, P.Geo, the Company’s Director of Exploration, and a qualified person under the definition of National Instrument 43-101. This news release was written for the purpose of reporting on the operations pertaining to the Company’s Kukuom Gold Project. The Company accepts no responsibility or liability for any use of this report or any reliance upon this report by any person, other than the use of the whole of this report by the Company consistent with the Purpose. The full report, while unpublished in this press release, must always be considered in its entirety.
About Guskin Gold Corp.
Guskin Gold Corp. (OTCQB:GKIN) is a mining company publicly traded in the United States, with its head office in Santa Clara, California. Guskin is focused on gold exploration and mining in Ghana, the number one gold producer in Africa and the seventh-largest gold-producing country in the world. The Company’s leadership team is world-class. Many are native to Ghana, all offer specialized expertise in the business of gold exploration, mining, public markets, and finance. And all are passionately committed to the success of the Company, our partners, and investors. For additional information please visit www.guskingold.com.
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Forward-Looking Statements and Disclosure
This news release contains “forward-looking statements” which are not purely historical and may include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs, and results of new business opportunities and words such as “anticipate”, “seek”, intend”, “believe”, “estimate”, “expect”, “project”, “plan”, or similar phrases may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with the exploration and exploitation of the “Tepa Gold Mine”, and/or “Kukuom” Concession, new mineral and/or gold projects, securing necessary financing, the future of the U.S. and global economies, the impact of competition, and the Company’s reliance on existing regulations pertaining to the mining and exploration of mineral properties in Ghana and internationally. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations, and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations, or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K, our quarterly reports on Form 10-Q, and other periodic reports filed from time to time with the Securities and Exchange Commission. For more information, please visit www.sec.gov.