Positive results from channel sampling at the Igab Project, including 31.0 m grading 1.36 g/t Au
Extension of two significant gold soil geochemical anomalies at the Majorodam Project
LONGUEUIL, Québec, Feb. 10, 2025 (GLOBE NEWSWIRE) -- Greenheart Gold Inc. (TSXV: GHRT) (the “Company” or “Greenheart Gold”) is pleased to provide an update on results from its early-stage exploration programs at the Igab and Majorodam projects in Suriname.
Igab Project, Suriname
Greenheart Gold has received positive results from channel sampling of an exposed outcrop at the Lemon Tree prospect within the Igab Project in Suriname (see Figure 1), which is located approximately 30 km south of Newmont’s operating Merian gold mine. These channel samples, including IGBT25-003 which intersected 31.0 meters (m) grading 1.36 grams per ton of gold (g/t Au), were produced from a strongly altered deformation zone within a granitic outcrop that the Company exposed close to an area recently mined by the titleholder. This channel sample follows up on an initial 3 m channel sample IGBT24-002, which intersected 3.0 m grading 1.27 g/t Au when initially only 3 m of the outcrop was exposed. Other channels on the same outcrop shown in Figure 1, include IGBT24-005 intersecting 6 m grading 1.08 g/t Au and IGBT24-004 intersecting 12.0 m grading 0.99 g/t Au. Work is ongoing to expand the outcrop extents, and to carry out further channel and/or trench sampling in the immediate area.
In addition to the outcrop channel sample results at Igab, the Company also received encouraging results from its property-wide stream sediment sampling program. These results, which are shown in Figure 2, indicate two significant areas of anomalous gold stream sediments samples. These anomalous samples are in drainage basins lying both to the north and south, as well as downstream of an elevated plateau in the central portion of the project area that is represented by the 500 m contour line shown in brown in Figure 2. The areas of anomalous stream sediments are shown shaded as a background highlight (faded yellow) in Figure 2, with the significant assay results being indicated by color coded call outs. This area of interest, which appears to be underlain by volcanic and sedimentary rock units, represents a target area of approximately 2,500 m by 1,000 m and is being referred to as the Mokro prospect. Mokro is located approximately 5 km north of and appears to be on strike with the mineralized deformation corridor associated with the Lemon Tree prospect.
Follow-up exploration programs at Igab are currently underway and include a ridge and spur soil geochemical survey over the areas that lie proximal to and upstream of anomalous stream sediment samples. In addition, the Company will continue with its efforts to further uncover and sample the altered deformation corridor associated with the Lemon Tree target. Detailed soil geochemical grid sampling will be carried out next, prioritizing anomalous results from the ridge and spur sampling program and this will be followed up by trenching where possible. A LiDAR survey was recently flown and is anticipated to help with geological mapping and program planning, with a geophysical survey also expected to be completed in the coming months. The Company expects to be in a position to mobilize a drill rig to the Igab Project later in the year.
As announced on September 25, 2024, the Company has entered into a binding Heads of Agreement (“HoA”) with an arm’s length private Surinamese company to acquire a 100% interest in the Igab Project. The HoA was amended to extend the exclusive right to carry out technical and legal due diligence for a period of up to six additional months. Based on the work completed so far, the Company expects to enter into a definitive option agreement in the next few weeks.
Majorodam Project, Suriname
At the Majorodam Project, which lies approximately 12 km south of Zijin’s operating Saramacca mine, Greenheart Gold has completed infill soil geochemical sampling over the Heuvel and Helling targets, which were originally outlined in the initial project wide soil sampling survey. Results from this infill program continue to be very encouraging, further expanding and adding definition to the Heuvel and Helling targets as shown in Figure 3. Heuvel is in the northwestern portion of the project area and is interpreted to be underlain by the same mafic volcanic rock package that hosts the Saramacca mine. The anomaly is oriented in a north-south direction, which is interpreted as being parallel to the axial plane of a second phase of folding in the area. Heuvel is approximately 3-4 km long by up to 800 m wide and appears to be closely associated with a second significant parallel soil anomaly of similar magnitude located approximately 500 m to the east. This second anomaly extends approximately 1 km in length (north-south) by up to 800 m wide. The Helling target at Majorodam lies approximately 2.6 km to the southeast of Heuvel and appears to be closely associated with the interpreted folded contact between volcanic and granitic rock units, which are oriented in a north-east, south-west direction. The gold anomalies at the Helling target appear to be underlain by volcanic units and covers an area of approximately 4-5 km long by 1-2 km wide.
At Majorodam, trenching and road cut sampling programs are currently underway to help further define the Heuvel and Helling targets prior to drill testing. The Company plans to mobilize an RC drill rig to Majorodam before the end of February to drill test both of these promising targets with an initial drill program of 100 m deep holes, totalling approximately 1,500 m.
Other Activities
In addition to the exploration programs underway in Suriname, Greenheart Gold continues to move its exploration programs in Guyana forward as well. At the Abuya Project, which lies approximately 20 km west of Zijin’s Aurora mine, the Company has commenced a second phase of soil geochemical sampling to infill the initial 1,000 m by 100 m spaced grid to 500 m by 50 m.
Consistent with its stated corporate strategy, the Company also continues to be actively engaged in investigating and negotiating the acquisition of additional projects as it moves towards its goal of having 5 to 6 active projects in its pipeline. Updates on these activities will be released in due course.
Sample Preparation and Analysis
Soil samples of approximately 1 kg are collected immediately below the surface lag and leaf litter, usually at a depth of 5 cm to 30 cm depth below surface. Samples are dispatched to Actlabs in Suriname, including regularly inserted certified reference materials, for preparation that includes drying at 60 ºC and sieving to minus 177 microns. The minus fraction is then homogenized and pulverized to minus 105 microns. Samples are then transferred internally by Actlabs to their analytical laboratory in Guyana, where they are analysed by 50 g fire assay using method 1A2-50. Samples greater than 5 ppm Au are analysed using a 50 g gravimetric assay.
Stream sediment samples are collected from active or high energy portions of streams and are collected from catchment basins of 1 to 2 km² in area. Sufficient material is sieved to obtain approximately 5 kg of material at < 2 mm grain size using stainless steel sieves and ensuring collection of all fines. Samples are transported to Actlabs in Suriname, where they are dried and sieved to minus 450 microns before a 1 kg split is taken for BLEG (code 1A6) analysis with the remainder of the sample being sieved to minus 75 microns after which a 50 g Fire Assay (code 1A2-50) split and a 0.5 g Aqua Regia ICP-MS (UT1) split are collected. The 1 kg BLEG and 50 g Fire assay are sent to Actlabs facilities in Guyana for analysis while the 0.5 g UT1 is shipped to Actlabs facilities in Canada for analysis.
About Greenheart Gold Inc.
Greenheart Gold is an exploration company that builds on a proven legacy of discoveries within the Guiana Shield, a highly prospective geological terrain that hosts numerous gold deposits yet remains relatively under-explored. The Company is led by former executives and members of the exploration group of Reunion Gold, a team that was most recently noted for the discovery and delineation of the multi million-ounce Oko West deposit in Guyana. Greenheart Gold intends to build on its technical knowledge, strong contact base and previous success from exploring in the Guiana Shield to assemble, maintain and explore a portfolio of early-stage exploration projects in Guyana and Suriname that are prospective for orogenic gold deposits.
Greenheart Gold trades on the TSX Venture Exchange under the symbol ‘GHRT’. Additional information about the Company is available on SEDAR+ (www.sedarplus.ca) and the Company's website (www.greenheartgold.com).
All scientific and technical information in this press release has been reviewed and approved by Justin van der Toorn, CGeol FGS, EurGeol, President and CEO of Greenheart Gold, and a Qualified Person under Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
Cautionary Statement on Forward-Looking Information
All statements, other than statements of historical fact, contained in this press release constitute “forward-looking information” and “forward-looking statements” within the meaning of certain securities laws and are based on expectations and projections as of the date of this press release. Forward-looking statements contained in this press release include, without limitation, those related to the Company’s plans and objectives, timing of and execution of planned exploration activities, geological interpretation, potential favorable setting and mineralization, potential acquisition of other projects, other statements relating to the and business prospects of Greenheart and more generally, the section entitled “About Greenheart Gold Inc”.
Forward-looking statements are based on beliefs, expectations, estimates and projections as of the time of this press release. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect. Such assumptions include, without limitation, those underlying the statements in the section entitled “About Greenheart Gold Inc.”.
Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific in nature, including among others, those risks and uncertainties set forth in the Listing Application (Form 2B) dated August 30, 2024, the interim consolidated financial statements and related notes for the three months ended September 30, 2024 and the initial period from April 19, 2024 to September 30, 2024, the management’s discussion & analysis for the three months ended September 30, 2024 and other documents and reports filed by the Company with Canadian securities regulators available under the Company’s profile on SEDAR+ at www.sedarplus.ca, and the risk that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future outcomes. Forward-looking statements are provided for the purpose of providing information about management’s expectations and plans relating to the future. Readers are cautioned not to place undue reliance on these forward-looking statements as a number of important risk factors and future events could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements. The Company cautions that the list of factors set forth in the Company’s filings that may affect future results is not exhaustive, and new, unforeseeable risks may arise from time to time. The Company disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Figure 1 - Lemon Tree outcrop location, channel sampling results, and a photo of the channel cut outcrop.
Figure 2 - Stream sediment sampling results over the IGAB project, overlain on preliminary (in processing) LiDAR topography data, and highlighting strongly anomalous drainages surrounding the Desi Berg ridge in the center of the project.
Figure 3 - Infill soil results from the northern part of the Majorodam Project, showing the Heuvel and Helling targets in relation to the soil anomalies and LiDAR topography.
