(TheNewswire)
August 15, 2023 – TheNewswire - Vancouver, Canada - Guyana Goldstrike Inc. (the“ Company ” or “ Goldstrike ”) (TSXV:GYA), dba Copper-X MiningInc., is pleased to announce that the Company has entered into anagreement for metallurgical testing of material at the Jupiter CopperProject (“Jupiter”) to assist with its due diligence review. TheCompany will provide samples for testing to determine whether ore fromJupiter is amenable to direct extraction of copper utilizing anenvironmentally benign, single step method.
Metallurgy
The extraction method utilizes a molten salt reactionwith subsequent electrolysis in a single metal container. Themetallurgical analyses will determine whether samples from Jupiterwill separate and plate. Initial testing will also determineappropriate comminution size using 3 different crushed material sizes. The testing will utilize original samples from Jupiter withoutupgrading beyond basic crushing to determine whether the material isamenable to direct extraction of copper.
Project Highlights
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Property size of 4,000 Hectares
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Targets 1 2 host copper in proximity to historicworkings and mine developments and historical geochemical grades inexcess of 2% Cu per tonne ( Petragaia 2021 ) Target 1has evidence of copper mineralization in a corridor of 3 x 2 kms.
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Airborne MAG shows that mineralization is consistentwith low mag, indicating several untested areas.
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The abundant microdioritic dykes are interpreted to befeeders of high-grade copper mineralization in both gabbro andandesites.
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Numerous targets are interpreted to be present inproximity to contact zones of mafic intrusives and La Negra Fmvolcanics – favourable for hosting hydrothermal solutions rich incopper.
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The main alteration associated with Cu mineralizationis albite – epidote – magnetite.
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Mineralization is observed as disseminations and inquartz-albite-epidote veins in fractures as oxide Cu (atacamite –chrysocolla – malachite black oxides).
Project Description
The Jupiter project is accessible by paved road 90kmssouth of Antofagasta city, the major mining hub in northern Chile,with access to renewable power and adjacent to the ocean to secureaccess to sea water. The underexplored Jurassic Volcanic/IOCG Belt ishost to world class mine operations including Michilla,Antofagasta’s Antucoya, Mantos Copper’s Mantoverde and MantosBlanco, Teck’s Carmen de Andacollo, Lundin’s Candelaria, AngloAmerican’s El Soldado; and major projects including Marimaca CopperCorp’s Marimaca, Hot Chili’s Productora-Cortadera and Capstone’sSanto Domingo.
Fig. 5 - Chile Coastal Belt
Jupiter CopperAcquisition
Aspreviously announced, the Company has entered into a binding letter ofintent to acquire (the “ Transaction ”) theJupiter project. The T ransaction constitutes a fundamentalacquisition for the C ompany,under the policies of the TSX Venture E xchange,on the basis that the C ompanyintends to devote the majority of its capital to the T ransaction and development of the Jupiter project.
C losing of the T ransaction remains subject to a number ofconditions, including completion of due diligence on the Jupiter project,negotiation of definitive documentation, completion of theconsolidation, completion of a concurrent financing, completion of ageological report in respect of the Jupiter project, the approval of the TSX Venture E xchangeand the satisfaction of other closing conditions customary intransactions of this nature. The T ransaction cannot close until the required approvals are obtainedand the outstanding conditions satisfied. Therecan be no assurance that the T ransaction will be completed as proposedor at all.
For further information concerning the Transaction, readers areencouraged to review the news release issued by the Company on July24, 2023.
QualifiedPerson
Andris Kikauka (P.Geo) is a Qualified Person inaccordance with National Instrument43-101 – Standards of Disclosure for Mineral Projects , and has reviewed and approved the scientific and technicalcontent of this news release.
On behalf of the Board of Directors,
GUYANA GOLDSTRIKE INC. / COPPER-XMINING INC.
Peter Berdusco
President/CEO
877 704 1119
info@copper-x.com
copper-x.com
The TSX Venture Exchange has in noway passed upon the merits of the proposed Transaction and has neitherapproved nor disapproved the contents of this press release. Neither the TSX Venture Exchangenor its Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release.
This news release may containcertain “Forward-Looking Statements” within the meaning of theUnited States Private Securities Litigation Reform Act of 1995 andapplicable Canadian securities laws. When used in this news release,the words “anticipate”, “believe”, “estimate”,“expect”, “target, “plan”, “forecast”, “may”,“schedule” and other similar words or expressions identifyforward-looking statements or information. These forward-lookingstatements or information may relate to the intended development ofthe Project, and other factors or information. Such statementsrepresent the Company’s current views with respect to future eventsand are necessarily based upon a number of assumptions and estimatesthat, while considered reasonable by the Company, are inherentlysubject to significant business, economic, competitive, political andsocial risks, contingencies and uncertainties. Many factors, bothknown and unknown, could cause results, performance, or achievementsto be materially different from the results, performance orachievements that are or may be expressed or implied by suchforward-looking statements. The Company does not intend, and doesnot assume any obligation, to update these forward-looking statementsor information to reflect changes in assumptions or changes incircumstances or any other events affections such statements and information other than asrequired by applicable laws, rules and regulations.
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