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Golden Star Discovers New Gold Mineralization on the Saramacca Project in Suriname
Thursday, August 11, 2005
DENVER--(CCNMatthews - Aug 11, 2005) -
Golden Star Resources Ltd. (AMEX: GSS) (TSX: GSC) announced today that it has completed the first phase of exploration diamond drilling on its 100% owned Saramacca property, located in north-central Suriname, on the Guiana Shield of South America. Significant results from this shallow drilling program are detailed below. The more favorable intersections included:
MA-0007 6.71 meters grading 7.15 g/t Au from 44.3 meters below
surface
MA-0017 14.00 meters grading 4.39 g/t Au from surface
MA-0018 19.5 meters grading 2.49 g/t Au from 12 meters below
surface
MA-0019 4.00 meters grading 3.20 g/t Au from 1 meter below surface
Peter Bradford, President and CEO, said: "These early results demonstrate that the Saramacca area is prospective for significant gold mineralization. The first phase of work successfully identified zones of saprolite-hosted gold mineralization underlying a previously identified auger soil anomaly. The next phase will involve mechanized trenching and drilling with a larger diamond core rig capable of testing the mineralized zone at depth." The first phase of the program comprised 24 shallow diamond drill holes for a total of 1,315 meters.
The Saramacca project covers a 23-kilometer-long Lower Proterozoic volcano-sedimentary greenstone belt along the general structural trend of Cambior's three-million-ounce Rosebel Mine. Two phases of district-scale BLEG (bulk leach extractable gold) drainage sampling carried out by Golden Star have indicated an extensive gold anomaly which stretches for 12 to 15 kilometers along the northern flank of the Brokolonko Range, extending to the southwest of the Rosebel property. Follow-up grid auger soil-sampling over the last two years has defined several areas of gold-in-soil anomalies overlying the contact between metabasalts and metasediments. These areas, known as Anomaly M, extend semi-continuously over a 4-kilometer trend at sampling levels exceeding 100 ppb gold.
The recently completed drill program targeted the central 1,600-meter section of Anomaly M. This was undertaken with a lightweight man-portable drill rig due to the rugged terrain, limiting hole depths to less than 100 meters. Mineralization intersected within drill cores consisted of variably sheared silicified pyritic metasediments of tuffaceous origin and volcanic conglomerates, often with little or no quartz veining. Significant gold assays were also intersected within the upper 5 to 10 meters of enriched duricrust and mottled saprolite.
Significant intersections are summarized below, and detailed drill results along with a location map are available on our website at www.gsr.com:
HOLE ID Grid Grid Collar From To Interval Average
Easting North Elevation (m) (m) (m) Grade
(m) (m) (m) g/t
----------------------------------------------------------------------
MA0001 8201 7575 132.22 0.50 8.00 7.50 1.14
----------------------------------------------------------------------
10.00 12.19 2.19 1.41
----------------------------------------------------------------------
MA0002 8202 7257 201.75 0.00 4.86 4.86 2.11
----------------------------------------------------------------------
MA0003 8200 7122 212.05 0.00 11.00 11.00 2.71
----------------------------------------------------------------------
54.00 56.00 2.00 0.61
----------------------------------------------------------------------
MA0004 8200 7176 219.58 0.00 11.00 11.00 0.67
----------------------------------------------------------------------
MA0005 7800 7176 234.72 0.00 11.00 11.00 1.24
----------------------------------------------------------------------
59.00 61.00 2.00 1.49
----------------------------------------------------------------------
MA0006 7800 7239 223.52 15.00 17.00 2.00 0.74
----------------------------------------------------------------------
MA0007 7800 7125 251.42 9.60 15.00 5.40 0.53
----------------------------------------------------------------------
19.00 29.00 10.00 0.82
----------------------------------------------------------------------
44.29 51.00 6.71 7.15
----------------------------------------------------------------------
MA0008 7800 7075 273.58 No significant intersection
----------------------------------------------------------------------
MA0009 7800 7025 294.29 0.50 12.00 11.50 1.47
----------------------------------------------------------------------
61.00 67.00 6.00 3.62
----------------------------------------------------------------------
MA0010 7800 6975 314.03 No significant intersection
----------------------------------------------------------------------
MA0011 7400 6725 373.86 No significant intersection
----------------------------------------------------------------------
MA0012 7400 6775 357.05 12.00 14.00 2.00 1.11
----------------------------------------------------------------------
MA0013 7400 6825 340.57 No significant intersection
----------------------------------------------------------------------
MA0014 7000 6775 383.18 0.00 3.00 3.00 0.71
----------------------------------------------------------------------
MA0015 7000 6825 374.47 0.00 3.00 3.00 0.86
----------------------------------------------------------------------
MA0016 7000 6725 392.89 0.00 10.00 10.00 0.62
----------------------------------------------------------------------
MA0017 7000 6675 401.94 0.00 14.00 14.00 4.39
----------------------------------------------------------------------
34.00 36.00 2.00 0.82
----------------------------------------------------------------------
42.00 59.74 17.74 1.78
----------------------------------------------------------------------
MA0018 6600 6725 379.08 12.00 31.50 19.50 2.49
----------------------------------------------------------------------
MA0019 7800 7275 221.91 1.00 5.00 4.00 3.20
----------------------------------------------------------------------
34.00 36.77 2.77 3.29
----------------------------------------------------------------------
MA0020 7800 7575 173.99 24.00 27.00 3.00 0.56
----------------------------------------------------------------------
28.00 31.00 3.00 1.22
----------------------------------------------------------------------
38.00 43.00 5.00 1.45
----------------------------------------------------------------------
MA0021 7801 7525 178.09 0.00 3.00 3.00 0.60
----------------------------------------------------------------------
5.00 21.00 16.00 1.30
----------------------------------------------------------------------
MA0022 7800 7522 178.48 0.00 2.00 2.00 0.92
----------------------------------------------------------------------
MA0023 8098 7212 235.85 23.00 31.50 8.50 1.53
----------------------------------------------------------------------
MA0024 7931 7227 224.96 No significant intersection
----------------------------------------------------------------------
Notes to the results:
1. All gold assays were completed at The Assay Office in Paramaribo,
Suriname (a division of BSI Inspectorate) by 60 gram fire assay
with an atomic absorption spectrometry finish to a quoted accuracy
of 2 parts per billion of gold. At least 10% of samples were
blanks and duplicates.
2. All holes drilled towards 215 degrees E (Grid South) except for
MA0020 & 0021 which were drilled towards 035 degrees E (Grid
North) and MA0023 & 0024 which were drilled towards 250.5 degrees
E.
3. All holes drilled at -45 degrees except for MA0001, 0002 & 0022
which were drilled at -55 degrees and MA0023 & 0024 which were
drilled at -50 degrees.
Company Profile
Golden Star holds a 90% equity interest in the Bogoso/Prestea and Wassa open-pit gold mines which are located in Ghana. In addition, the Company has an 81% interest in the currently inactive Prestea Underground mine in Ghana as well as gold exploration interests elsewhere in West Africa and in the Guiana Shield of South America. Gold production is expected to increase to over 500,000 ounces in 2007, compared to expected production of approximately 220,000 ounces in 2005. Golden Star has approximately 143 million common shares outstanding.
Note regarding Canada's National Instrument 43-101: The above disclosure has been reviewed by our Qualified Person, Dr. Doug Jones, our Vice President, Exploration.
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. Investors are cautioned that forward-looking statements are inherently uncertain and involve risks and uncertainties that could cause actual results to differ materially. Such statements include comments regarding future drilling and exploration activities at Saramacca, anticipated results of exploration and anticipated production. Factors that could cause actual results to differ materially include timing of and unexpected events during exploration; issues and uncertainties related to the expansion of Bogoso-Prestea; variations in grade; delay or failure to receive board or government approvals; technical or permitting issues, and fluctuations in gold price and costs. There can be no assurance that future developments affecting the Company will be those anticipated by management. Please refer to the discussion of these and other risk factors in our current Form 10-K.
FOR FURTHER INFORMATION PLEASE CONTACT:
Golden Star Resources Ltd., Denver Peter Bradford, 303-894-4613 or 800-553-8436 President and CEO or Allan Marter, 303-894-4631 or 800-553-8436 Chief Financial Officer
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