Golden Star Resources Ltd. (NYSE MKT: GSS) (TSX: GSC) (GHANA: GSR)
- 54.3m (meters) grading 4.8 g/t (grams per
tonne) gold up-plunge from previous high-grade intercepts at B
Shoot, including 27.5m at 8.8 g/t (from 373.0m drilled
depth)
- 33.2m grading 2.2 g/t (from 59.0m drilled
depth) and 9.9m grading 3.6 g/t (from 163.2m drilled depth) beneath
the current operating Starter Pit
- 29.5m grading 1.7 g/t from 42.0m drilled depth
beneath the current operating SE Pit
Denver, CO Golden Star Resources Ltd. (NYSE MKT: GSS) (TSX: GSC)
(GHANA: GSR) ("Golden Star" or the "Company") today provided an
update on exploration activities at its Wassa mine in Ghana. Full
drill results, plans and sections are available at the Company's
website at www.gsr.com or by clicking the following link:
http://www.gsr.com/Operations/Wassa.asp.
The addition of three contractor rigs at the end of July 2012
enabled Golden Star to accelerate drilling beneath the current
Wassa pit designs. The Company completed an additional 49 drill
holes in the third quarter of 2012 totaling 16,485 meters
comprising approximately 67% HQ sized drill core and 33% RC
(reverse circulation).
Drilling focused on the up and down-plunge extensions of the
higher-grade intersections in holes BSDD090 and BSDD113 (please
refer to the Company's press releases of February 6 and May 2,
2012) These holes were drilled in the B Shoot area of the Wassa
pits. Hole BSDD137, drilled approximately 40m up-dip of hole
BSDD113 (18m @ 32 g/t), intersected a high grade pod of gold
mineralization with a true thickness of 54.3m grading 4.8 g/t,
including 27.5m grading 8.8 g/t. BSDD135A intersected the
interpreted down-plunge extension of the high-grade shoot
approximately 70m from previous hole BSDD090 (21.2m @ 15.8
g/t).
Hole BSDD135A cut several zones of significant mineralization
including an upper zone from 369m drilled depth with an estimated
true width of 17m grading 2.5 g/t and a lower zone from 506.5m with
an estimated true width of 10.9m grading 6.3 g/t.
Hole BSDD131 intersected several zones of mineralization
approximately 60m down-dip of hole BSDD090, including 17.1m grading
3.2 g/t from 353m drilled depth and 14.4m grading 6.1 g/t from 446m
drilled depth.
The B Shoot high-grade pod of mineralization has been
interpreted to be associated with a folded zone of mineralization
that plunges approximately 30 degrees to the southwest. The plunge
and down-dip extensions of this mineralization are still open and
the Company continues to prioritize the drilling of this zone.
Significant intersections for the third quarter of 2012 are
summarized in the table below.
B Shoot Q3 2012 significant drill intersections
----------------------------------------------------------------------------
~
Easting Northing Elev Az Dip From To Drilled True Gold
Hole ID (m) (m) (m) (deg.) (deg.) (m) (m) Width Width Grade
(m) (m) g/t
============================================================================
BSDD130 39919 19750 1015 90 -62 117.9 129.9 12.0 8.2 3.3
BSDD130 39919 19750 1015 90 -62 348.4 380.0 31.6 21.6 1.2
BSDD131 39756 19850 1032 90 -64 353.0 379.0 26.0 17.1 3.2
BSDD131 39756 19850 1032 90 -64 446.0 468.0 22.0 14.4 6.1
BSDD131 39756 19850 1032 90 -64 525.2 545.0 19.8 13.0 2.2
BSDD133 39819 19675 1034 90 -55 470.0 493.9 23.9 18.3 1.5
BSDD135A 39760 19825 1033 93 -60 331.0 339.0 8.0 5.7 1.9
BSDD135A 39760 19825 1033 93 -60 369.0 393.0 24.0 17.0 2.5
BSDD135A 39760 19825 1033 93 -60 506.5 521.9 15.4 10.9 6.3
BSDD137 39769 19925 1030 90 -56 322.7 335.0 12.3 9.3 1.4
BSDD137 39769 19925 1030 90 -56 373.0 445.0 72.0 54.3 4.8
BSDD138 39843 20050 994 90 -60 229.8 240.3 10.5 7.4 4.5
BSDD139 39774 19775 1035 90 -60 214.0 238.0 24.0 17.0 2.5
BSDD139 39774 19775 1035 90 -60 435.3 446.2 10.9 7.7 3.6
BSDD140 40004 19900 982 90 -57 0.0 28.0 28.0 20.8 1.2
BSDD140 40004 19900 982 90 -57 108.0 133.0 25.0 18.6 2.5
BSDD144 40072 20200 979 90 -53 164.2 183.0 18.8 14.8 5.4
BSDD144 40072 20200 979 90 -53 195.0 225.5 30.5 24.0 2.1
BSDD145 40087 20225 979 90 -50 181.0 190.0 9.0 7.4 5.9
BSRC070 40060 20150 979 90 -60 52.0 116.0 64.0 45.3 1.2
----------------------------------------------------------------------------
Drilling during the third quarter also continued in the hinge of
the Wassa fold. A parallel zone to the main B Shoot/242 Pit
mineralization (referred to as "F Shoot") returned higher than
average grades at depth, which should have a positive effect on the
optimized pit shells in the hinge area. Holes STDD020 and STDD023
intersected 9.9m grading 3.6 g/t and 6.9m grading 2.5 g/t,
respectively, confirming the continuity of the gold mineralization
intersected in STDD019 (6.1m @ 5.8 g/t) and STDD018 (20.6m @ 2.7
g/t), which were drilled in the second quarter.
Two of the B Shoot holes have also confirmed this zone at depth,
possibly the down plunge extension of an early fold structure:
BSDD144 intersected two zones -- an upper zone with an estimated
true width of 14.8m grading 5.4 g/t and a lower, wider zone of 24m
grading 2.1 g/t; and BSDD145 intersected 7.4m grading 5.9 g/t. This
lower zone is not contained within the initial pit shell
optimizations and should enlarge the shells to the north and east,
which in turn should have a positive effect on the ultimate pit
depths where the high grades have been intersected at B Shoot and
SE Pit. Drilling programs have been adjusted to follow up on the F
Shoot zone to add more confidence to the higher grades previously
intersected. Significant results drilled in the Starter Pit fold
hinge zone area in the third quarter of 2012 are summarized in the
table below.
Starter Pit Q3 2012 significant drill intersections
----------------------------------------------------------------------------
~
Easting Northing Elev Az Dip From To Drilled True Gold
Hole ID (m) (m) (m) (deg.) (deg.) (m) (m) Width Width Grade
(m) (m) g/t
============================================================================
STDD020 40005 20300 958 90 -55 163.2 176.0 12.8 9.9 3.6
STDD021 40058 20325 958 90 -50 131.5 155.6 24.1 20.0 1.0
STDD021 40058 20325 958 90 -50 161.6 167.6 6.0 5.0 2.4
STDD022 39989 20310 958 90 -57 15.0 32.0 17.0 12.8 1.2
STDD022 39989 20310 958 90 -57 59.0 103.0 44.0 33.2 2.2
STDD023 39989 20275 961 90 -53 0.0 19.0 19.0 15.2 2.1
STDD023 39989 20275 961 90 -53 228.0 236.7 8.7 6.9 2.5
----------------------------------------------------------------------------
Drilling along the SE trend during the third quarter of 2012
predominantly tested the eastern most zones along the trend and the
continuity of the previously drilled high grade SE shoot. Holes
SEDD065 (29.5m @ 1.7 g/t) and SEDD066 (9.9m @ 1.8 g/t) were drilled
along the eastern most mineralized trend and have confirmed the
previously interpreted zones but with slightly higher grades. The
effect of these holes on the overall grade of this eastern zone
will be further assessed once new models have been completed and
pit optimizations rerun. Hole SEDD063 has extended the higher grade
SE mineralization approximately 50m down-dip, intersecting three
zones (tabulated below). However, hole BSDD144, which extends at
depth below the SE mineralization on the same drill section, did
not intersect any significant gold mineralization 100m down-dip of
hole SEDD063, and this zone was closed off at depth. Further
drilling is planned for down-plunge of the SE high-grade shoot as
the geometry of the gold mineralization is controlled by folding
and continues along these trends.
South East Q3 2012 significant drill intersections
----------------------------------------------------------------------------
~
Easting Northing Elev Az Dip From To Drilled True Gold
Hole ID (m) (m) (m) (deg.) (deg.) (m) (m) Width Width Grade
(m) (m) g/t
============================================================================
SEDD062 40381 19900 100 90 -50 93.3 103.4 10.1 8.4 1.1
SEDD063 40062 19900 1011 90 -58 211.0 233.0 22.0 16.3 2.6
SEDD063 40062 19900 1011 90 -58 250.8 264.5 13.7 10.2 2.0
SEDD063 40062 19900 1011 90 -58 318.0 330.0 12.0 8.9 1.1
SEDD065 40367 20075 1003 90 -51 42.0 78.0 36.0 29.5 1.7
SEDD066 40327 20125 1009 90 -49 102.9 114.7 11.8 9.9 1.8
SEDD066 40327 20125 1009 90 -49 129.0 139.6 10.6 8.9 1.0
----------------------------------------------------------------------------
Mitchel Wasel, Vice President of Exploration, commented, "Based
on increasingly positive drilling results and with five rigs now
committed to the program, we expect to gain a much clearer view of
the expansion potential at Wassa over the next six to nine months.
The drilling will be prioritized to target higher-grade gold
mineralization on 50 to 100 meter drill hole spacing. At year end
we will update our grade block models and pit optimizations so that
we can make a decision on initiating the Wassa expansion
feasibility study in 2013."
COMPANY PROFILE
Golden Star Resources holds the largest land package in one of
the world's largest and most prolific gold producing regions. The
Company holds a 90% equity interest in Golden Star (Bogoso/Prestea)
Limited and Golden Star (Wassa) Limited, which respectively own the
Bogoso/Prestea and Wassa/HBB open-pit gold mines in Ghana, West
Africa. In addition, Golden Star has an 81% interest in the
currently inactive Prestea Underground mine in Ghana, as well as
gold exploration interests elsewhere in Ghana, in other parts of
West Africa and in Brazil in South America. Golden Star has
approximately 259 million shares outstanding. Additional
information is available at www.gsr.com.
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 and other applicable
securities laws. Such statements include: our expectations
regarding our planned drilling and exploration activities for 2012
and 2013 and the timing thereof; our ability to evaluate expansion
potential; the potential for a feasibility study to commence in
2013; and the timing of updates of our resource models. 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, 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 risks and other
factors in our Form 10-K for 2011 and subsequent Form 10-Qs for
2012 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.
QA/QC:
The technical contents of this press release have been reviewed
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 quoted 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
0.01ppm.
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.
Additional information on earlier drilling results at Wassa are
available in our February 6, 2012 press release.
For further information, please contact: GOLDEN STAR
RESOURCES LTD. Bruce Higson-Smith Senior Vice President Finance
and Corporate Development 1-800-553-8436 INVESTOR RELATIONS
Jay Pfeiffer Pfeiffer High Investor Relations, Inc.
303-393-7044
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