Nexus Gold

Guyana Goldfields Inc. Confirms Dip Continuity of Mineralization at Mad Kiss

Hole MKD 187 Cuts 301.4 metres grading 6.11 g/t from 14.1 metres downhole

TORONTO, May 1, 2019 /CNW/ - Guyana Goldfields Inc. (TSX:GUY) (the "Company") is pleased to announce the results of hole MKD 187 drilled into the central mineralized zone at the Mad Kiss satellite deposit at the Aurora Gold Mine ("Aurora"), located in Guyana, South America. The purpose of the hole was to confirm the distribution and continuity of gold grades within the dip plane of the mineralized quartz-feldspar porphyry. The hole was drilled at an inclination of -73 degrees along an azimuth of 316 degrees and was terminated at a depth of 345.0 metres ("m").

The hole returned an average of 6.11 g/t gold over a core interval of 301.4m, starting from 14.1m down hole. The intercept included an Upper Porphyry Zone from 14.1m to 134.2m grading 6.40 g/t and a Lower Porphyry Zone from 188.0m to 315.5m grading 7.67 g/t separated by a Mixed Zone of both porphyry and metasediments from 134.2m to 188.0m grading 1.77 g/t. Both the Upper and Lower Zones were comprised of shorter, high-grade subintervals of extensional veins, stockworks and breccias displaying intense silica-sericite-pyrite alteration. A complete summary of the assay results from the hole is tabulated below followed by a photo illustrating the alteration and veining from a portion of the hole.

"Our geologic interpretation of mineralization at Aurora suggests potential for steeply plunging, high-grade ore shoots in beneath satellite Mad Kiss, East Walcott and Aleck Hill ore zones. This hole clearly supports our thesis and provides further evidence of the potential for high-grade zones that we plan on mining from the underground," said Ron Stewart, Senior Vice President of Technical Services and Corporate Development. "Our underground portal is collared in the Mad Kiss pit and will provide early access to this mineralization."

This work was completed as part of the Company's approved 30,000 m drill program for 2019.  The Company currently has two surface diamond drills and a single RC rig working at Aurora.  The intent is to swap one of the surface rigs out for an underground drill once the decline has been sufficiently advanced.

QA/QC Protocol

Analytical work was performed by MS Analytical of Langley, British Columbia, a commercial laboratory with both ISO 17025 (Testing and Calibration Laboratories) and ISO 9001 (Quality Management Systems) accreditation. Sample preparation and assays are done at their facilities in Georgetown, Guyana. Samples are dried, 1kg is crushed to 2mm, a split is then pulverised to 85% passing 75µm, preparation code PRP-920. Assaying is done by a 50g fire assay with an atomic absorption finish, assay code FAS-121. Samples which return above 10 g/t are given a gravimetric finish, assay code FAS-425. High grade intervals identified in core by Company geologists are assayed by metallic screening. 500g of sample is screened to 106 µm and the entire plus fraction is assayed while the minus fraction is assayed in duplicate. Both fractions use fire assay techniques with gravimetric or instrumental finish, assay code MSC-550. In addition to laboratory internal duplicates, standards and blanks, the Company inserts standards, blanks and duplicates representing 5% of assays for standards and 4% of assays for both blanks and duplicates to monitor quality control.

Core Photo illustrating silica-sericite-pyrite alteration and extensional veining from hole MKD 187.Core Photo illustrating silica-sericite-pyrite alteration and extensional veining from hole MKD 187.

Qualified Person

Unless stated otherwise herein, all scientific and technical data contained in this press release has been reviewed, approved and verified by Mr. Ron Stewart (P.Geo) who is a qualified person for the purposes of NI 43-101 and is a member of the Association of Professional Geoscientists of Ontario.  Mr. Stewart serves as Senior Vice President of Technical Services and Corporate Development for the Company.

Table 1: Summary of Assay Intervals from MKD 187Table 1:  Summary of Assay Intervals from MKD 187

Forwarding-Looking Information

This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the estimation of mineral resources. Often, but not always, forward-looking statements can be identified by the use of words and phrases such as "plans," "expects," "is expected," "budget," "scheduled," "estimates," "forecasts," "intends," "anticipates," or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will" be taken, occur or be achieved. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and are based on various assumptions.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the receipt of applicable regulatory approvals, general business, economic, competitive, political and social uncertainties; the actual results of exploration activities; changes in project parameters as plans continue to be refined; accidents, labour disputes and other risks of the mining industry; political instability; as well as those factors discussed in the section entitled "Risk Factors" in the Company's annual information form. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.


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