A couple of weeks back, Guyana Goldstrike Inc. (TSXV: GYA)(OTC: GYNAF), said the geological team uncovered quartzite (host rock for gold mineralization) in the first three excavator trenches at the Marudi North. And today, the company announced that it had hired GeoSurveys Inc of Langley to carryout high-resolution airborne geophysical survey over the entire Marudi Gold Project. This comes as good news for the investors and for Guyana Goldstrike’s stock, which has been dropping for past few days.
It will be the first time when the detailed airborne geophysical survey will be conducted on Marudi. The data from the survey will complement the already completed trenching, geological mapping and rock sampling. All data sets together will help the company to better understand the property-scale geology.
“This dataset will assist in locating important strata that host gold mineralization and will rapidly and effectively generate priority exploration drill targets for an upcoming drill program,” said Mr. Locke Goldsmith P Eng. P Geo., VP of Exploration, in a press release.
Guyana Goldstrike will conduct the airborne geophysical survey on the entire property, including Mazoa Hill and the Marudi North Zones and other areas that have been trenched, sampled and mapped. In January, the company announced over 85,000 Inferred Ounces and 250,000 Indicated Ounces at Mazoa Hill Zone. And, a few weeks back, Guyana Goldstrike revealed that it found more host rock for gold at the Marudi North – West Extension on its Marudi Gold Project.
Guyana Goldstrike’s near-term goal for the project is to put it into a position, where it can be developed to its full potential. As per a mineral resource estimate, more than 340,000 oz of gold has been reported, while only 5% of the property has been explored. According to CEO of Guyana Goldstrike – Peter Berdusco, the producers in the past did not make many efforts in terms of mineral production on this site. Further, the CEO believes that exploring rest of the areas on the property could result in more gold.
And, talking of if the company has needed funds to carry the exploration; Guyana Goldstrike enjoys the backing of international partners like Chinese Zijin Global and Midas Exploration funds. “This is the right partner with the right backing, and the potential to continue to support us and finance our exploration to move forward,” Berdusco told Everett Jolly recently.
Guyana Goldstrike’s stock has lost over 11% in the past five trading sessions. The drop apparently has nothing to do Guyana Goldstrike’s own performance, rather it could be the impact of pressure on the gold prices. On Thursday, gold futures suffered a fourth consecutive loss because of the recent momentum in the U.S. dollar.
However, experts are forecasting a corrective bounce in gold soon. Also, gold is seen by many as the best global reserve currency. Countries like China and Russia are stockpiling gold as a possible hedge against the unpredictability of U.S. “Every month, Russia continues to accumulate gold, just like China. Why is that? Because there’s a real movement, that’s very slow and gradual, not to trust the U.S. dollar,” Frank Holmes – CEO U.S. Global Investors, told Kitco News.
So, it won’t be wrong to say that the pressure on the gold prices is only a short-term phenomenon. Once, the gold prices start rising, investors will have no reason to shy away from gold stock like Guyana Goldstrike.
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