Results Include 31.7 Metres Grading 23.8 Grams
Per Tonne of Gold
TORONTO, Dec. 5, 2016 /CNW/ - Golden Star Resources Ltd.
(NYSE MKT: GSS; TSX: GSC; GSE: GSR) ("Golden Star" or the
"Company") is pleased to report significant results from the
drilling program at its Wassa Underground Gold Mine ("Wassa
Underground") in Ghana.
The in-fill drilling program targeted the high grade B Shoot
zone of Wassa Underground, focusing on the areas that are expected
to be mined with transverse stoping (the "2016 B Shoot transverse
stope drilling program").
HIGHLIGHTS:
- First nine diamond drill ("DD") results received from the 2016
B Shoot transverse stope drilling program. Significant intercepts
included:
- 31.7 metres ("m") grading 23.8 grams per tonne ("g/t") of gold
from 296.8m in hole BS16DD009, including:
- 6.0m grading 6.7g/t from 296.8m
- 11.8m grading 40.1g/t from 306.1m
- 6.0m grading 39.5g/t from 322.5m
- 8.0m grading 13.9g/t from 57.0m in hole BS16DDD002
- 18.7m grading 4.25g/t from 322.6m in hole BS16DD004, including:
- 8.3m grading 8.3g/t from 333.0m
- These results confirm the high grade, wide zones of gold
mineralization within the B Shoot transverse stoping areas
- Mineral Reserve and Mineral Resource update expected to be
announced in the first quarter of 2017
Sam Coetzer, President and
Chief Executive Officer of Golden
Star, commented:
"These drilling results continue to confirm the wide zones of
high grade gold mineralization in the B Shoot zone. 89% of
Wassa Underground's Mineral Reserves are planned to be mined via
transverse stoping and we expect to access the first transverse
stope in the third quarter of 2017. Importantly, the deposit
remains open down plunge so we believe there is also significant
exploration upside potential. I look forward to announcing
further drilling results during the remainder of 2016 and providing
an update on our exploration strategy during the first quarter of
2017."
Drilling Results
During the second half of 2016 Golden Star commenced a 6,800
metre in-fill drilling program to further delineate the first
planned transverse stoping areas of the B Shoot zone. The
results of the first nine DD holes of this program (2,980 metres)
have been received and they confirm the wide zones of high grade
gold mineralization in this area.
The full set of results is listed in Appendix A and includes
several compelling intercepts, as set out below.
Significant intercepts
HOLE
ID
|
Azimuth
(°)
|
Dip
(°)
|
From
(m)
|
To
(m)
|
Drilled Width
(m)
|
~ True Width
(m)
|
Grade Au
(g/t)
|
BS16DD002
|
88.5
|
-66.2
|
57.0
|
65.0
|
8.0
|
7.8
|
13.9
|
BS16DD003
|
85.8
|
-62.8
|
179.5
|
184.5
|
5.0
|
5.0
|
15.0
|
BS16DD004
|
85.5
|
-77.7
|
322.6
|
341.3
|
18.7
|
17.3
|
4.3
|
|
|
Including
|
333.0
|
341.3
|
8.3
|
7.7
|
8.3
|
BS16DD005A
|
82.0
|
-78.8
|
238.0
|
248.5
|
10.5
|
9.6
|
3.6
|
BS16DD007
|
359.0
|
-87.1
|
230.0
|
248.0
|
18.0
|
15.2
|
3.2
|
BS16DD008
|
75.0
|
-78.1
|
278.0
|
304.0
|
26.0
|
23.9
|
3.5
|
|
|
Including
|
286.0
|
295.0
|
9.0
|
8.3
|
5.3
|
BS16DD009
|
77.9
|
-83.1
|
275.6
|
280.8
|
5.2
|
4.6
|
1.9
|
BS16DD009
|
68.8
|
-83.1
|
296.8
|
328.5
|
31.7
|
28.0
|
23.8
|
|
|
Including
|
296.8
|
302.8
|
6.0
|
5.3
|
6.7
|
|
|
Including
|
306.1
|
317.9
|
11.8
|
10.4
|
40.1
|
|
|
Including
|
322.5
|
328.5
|
6.0
|
5.3
|
39.5
|
The drilling program was designed to delineate the B Shoot
mineralization in the area of the first transverse stopes, which
are expected to be mined in the third quarter of
2017. Thus far, the drilling results have confirmed the
previously interpreted, wide, high grade zones (25 to 30 metres in
width) of gold mineralization. The program will also provide
additional information so that detailed mining plans and schedules
can be assembled in advance of mining.
In addition to in-filling the planned areas of transverse
stoping, the drilling is targeting gaps in the existing stopes to
determine whether continuity between higher grade mineralization
exists so additional stopes can be planned.
Next Key Milestones
Golden Star expects to announce a
Mineral Resource and Mineral Reserve update in the first quarter of
2017. This will include the results of the 2016 B Shoot
transverse stope surface drilling program and the underground
definition drilling currently being conducted in the F and B Shoot
longitudinal stoping areas. The Company will also announce
its exploration strategy for 2017 and beyond in Q1 2017.
Golden Star continues to expect
to achieve commercial production at Wassa Underground in early
2017.
APPENDIX A
Full set of first 9 DD results
HOLE
ID
|
Easting
(m)
|
Northing
(m)
|
Elevation
(m)
|
Azimuth
(°)
|
Dip
(°)
|
Drill
Type
|
From
(m)
|
To
(m)
|
Drilled Width
(m)
|
True Width
(m)
|
Grade Au
(g/t)
|
BS16DD001E
|
39860.4
|
20175.6
|
963.6
|
83.6
|
-70.5
|
DD
|
59.0
|
62.0
|
3.0
|
2.9
|
1.94
|
BS16DD001E
|
39860.4
|
20175.6
|
963.6
|
84.0
|
-71.3
|
DD
|
174.0
|
178.0
|
4.0
|
3.8
|
5.53
|
BS16DD001E
|
39860.4
|
20175.6
|
963.6
|
85.5
|
-71.5
|
DD
|
193.0
|
196.0
|
3.0
|
2.9
|
24.86
|
BS16DD001E
|
39860.4
|
20175.6
|
963.6
|
85.5
|
-71.5
|
DD
|
214.2
|
231.6
|
17.4
|
16.7
|
2.09
|
BS16DD002
|
39866.5
|
20163.0
|
964.2
|
88.5
|
-66.2
|
RC
|
57.0
|
65.0
|
8.0
|
7.8
|
13.93
|
BS16DD003
|
39871.0
|
20149.5
|
964.9
|
85.8
|
-62.8
|
DD
|
179.5
|
184.5
|
5.0
|
5.0
|
14.99
|
BS16DD004
|
39900.5
|
19949.4
|
983.3
|
85.9
|
-77.7
|
DD
|
235.4
|
245.4
|
10.0
|
9.2
|
4.67
|
BS16DD004
|
39900.5
|
19949.4
|
983.3
|
82.8
|
-77.8
|
DD
|
278.8
|
280.8
|
2.0
|
1.8
|
4.66
|
BS16DD004
|
39900.5
|
19949.4
|
983.3
|
85.5
|
-77.7
|
DD
|
322.6
|
341.3
|
18.7
|
17.3
|
4.25
|
|
|
|
|
|
|
Incl.
|
333.0
|
341.3
|
8.3
|
7.7
|
8.3
|
BS16DD005A
|
39897.4
|
19974.8
|
980.6
|
82.0
|
-78.8
|
DD
|
238.0
|
248.5
|
10.5
|
9.6
|
3.60
|
BS16DD005A
|
39897.4
|
19974.8
|
980.6
|
81.2
|
-78.0
|
DD
|
282.3
|
288.3
|
6.0
|
5.5
|
3.99
|
BS16DD006
|
39887.1
|
20025.1
|
975.7
|
90.5
|
-74.2
|
DD
|
275.0
|
280.0
|
5.0
|
4.7
|
3.32
|
BS16DD006
|
39887.1
|
20025.1
|
975.7
|
89.5
|
-74.2
|
DD
|
309.0
|
315.0
|
6.0
|
5.7
|
2.04
|
BS16DD007
|
39895.9
|
19974.3
|
980.7
|
359.0
|
-87.1
|
DD
|
230.0
|
248.0
|
18.0
|
15.2
|
3.20
|
BS16DD007
|
39895.9
|
19974.3
|
980.7
|
349.0
|
-85.7
|
DD
|
279.0
|
285.0
|
6.0
|
5.2
|
0.96
|
BS16DD007
|
39895.9
|
19974.3
|
980.7
|
346.2
|
-85.2
|
DD
|
315.7
|
318.7
|
3.0
|
2.6
|
6.82
|
BS16DD007
|
39895.9
|
19974.3
|
980.7
|
348.8
|
-85.0
|
DD
|
352.0
|
357.0
|
5.0
|
4.3
|
2.53
|
BS16DD008
|
39886.7
|
20025.2
|
975.6
|
76.7
|
-78.0
|
DD
|
264.0
|
271.0
|
7.0
|
6.4
|
5.27
|
BS16DD008
|
39886.7
|
20025.2
|
975.6
|
75.0
|
-78.1
|
DD
|
278.0
|
304.0
|
26.0
|
23.9
|
3.55
|
|
|
|
|
|
|
Including
|
286.0
|
295.0
|
9.0
|
8.3
|
5.3
|
BS16DD009
|
39890.8
|
19999.6
|
978.5
|
77.9
|
-83.1
|
DD
|
275.6
|
280.8
|
5.2
|
4.6
|
1.91
|
BS16DD009
|
39890.8
|
19999.6
|
978.5
|
68.8
|
-83.1
|
DD
|
296.8
|
328.5
|
31.7
|
28.0
|
23.75
|
|
|
|
|
|
|
Including
|
296.8
|
302.8
|
6.0
|
5.3
|
6.7
|
|
|
|
|
|
|
Including
|
306.1
|
317.9
|
11.8
|
10.4
|
40.1
|
|
|
|
|
|
|
Including
|
322.5
|
328.5
|
6.0
|
5.3
|
39.5
|
BS16DD009
|
39890.8
|
19999.6
|
978.5
|
75.0
|
-83.1
|
DD
|
337.5
|
344.5
|
7.0
|
6.2
|
4.17
|
Company Profile
Golden Star is an established
gold mining company that owns and operates the Wassa and Prestea
mines situated on the prolific Ashanti Gold
Belt in western Ghana,
Africa. Listed on the NYSE MKT,
the TSX, and the GSE, Golden Star is
strategically focused on increasing operating margins and cash flow
through the development of two high grade, low cost underground
mines both in conjunction with existing open pit operations. The
Wassa Underground commenced pre-commercial production in mid-2016
and the Prestea Underground is expected to commence production in
mid-2017. Both projects are fully funded and on track to begin
production as expected. Production in 2016 is expected to be
between 180,000–205,000 ounces of gold with costs of US$815-US$925 per ounce.
Cautionary note 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 timing for releasing
mineral reserves and resources statements and the inclusion of B
Shoot drilling results therein; the impact of future B Shoot
drilling programs on Wassa Underground mineral resources and
reserves; in-fill drilling enabling the Company to determine the
existence of continuity between higher grade mineralization and the
planning of any additional stopes at Wassa Underground; the ability
to mine and access B Shoot zone grades and thicknesses by way of
underground mining; plans for additional drilling of F Shoot
and the timing thereof; the areas that are expected to be mined
with transverse stoping; the timing for accessing the first
transverse stope at Wassa Underground; and the timing for achieving
commercial production at Wassa Underground. 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 Annual Information Form for the year
ended December 31, 2015 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.
Technical Information
The technical contents of this press release have been reviewed
and approved, and the data disclosed has been verified by, 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 Underground stated 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 0.01 ppm.
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.
SOURCE Golden Star Resources Ltd.