Mr. Ioannis Tsitos reports
GOLDSOURCE ANNOUNCES HIGH METALLURGICAL TEST RECOVERIES AT EAGLE MOUNTAIN
Goldsource Mines Inc. has released positive metallurgical test results on its continuing saprolite expansion program at its 100-per-cent-owned Eagle Mountain gold project in Guyana, South America. In addition to continuing drilling and trenching at Eagle Mountain, the company is progressing on metallurgical test work,including grinding cost-benefit analysis studies.
Yannis Tsitos, president, commented: "We are pleased with the positive metallurgical test results received to date from saprolite bulk sampling that was completed in late 2017. Gravity and cyanidation metallurgical results show average total gold recoveries of 97.3 per cent. Our next phase of testing will focus on material grind size versus gold recovery to determine optimum criteria to be used in the ongoing prefeasibility study. Expansion and infill drilling continues at Eagle Mountain, with the next results being compiled and released within the next 10 days."
The company's metallurgical testing is being completed at SGS Canada Inc. at Lakefield, Ont., for the continuing prefeasibility study (PFS). Twenty-four representative bulk samples totalling 500 kilograms were collected at Eagle Mountain in late 2017. The laboratory head assays show sample grades ranging from 0.39 gram per tonne gold to 1.29 grams per tonne gold(average of 0.98 gram per tonne gold) for the drill core samples, 0.77 gram per tonne gold for the existing gravity tailings and 1.99 grams per tonne gold for the stockpiled coarse materials (plus two millimetres).
The metallurgical test procedure used is a combination of gravity concentration and cyanidation. At a grind size of 80 per cent passing 100 microns, the initial test results from the master composite sample show a gold recovery of approximately 97.3 per cent, including 22 per centof the gold reporting to a gravity concentrate containing approximately 5,800 grams per tonne gold. Average cyanide consumption from testing is 0.73 kilogram per tonne, with a retention time of 48 hours. The continuing test program will further optimize grind size, recovery and reagent consumptions to improve gold extraction. The test results will be used for the PFS, currently in progress by Tetra Tech.
The company continues with its Eagle Mountain drilling campaign to expand the known near-surface saprolite gold resource and infill existing resources to allow for recategorization from the inferred category to the indicated category for the PFS. The company believes these objectives should support a large-scale,low-strip, open-pit gravity-cyanidation operation at Eagle Mountain. In early April, 2018, the company commenced an initial exploration program at the newly optioned Bishop Growler property, which included the testing of several other targets adjacent to the Eagle Mountain deposit. The company is currently compiling drilling and trenching data of these new targets and anticipates to release these results within the next 10 days.
The qualified person under National Instrument 43-101, Standards of Disclosure for Mineral Projects, for this news release is N. Eric Fier, CPG, PEng, chief operating officer and executive chairman for Goldsource, who has reviewed and approved its contents.
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