DENVER, CO, May 02, 2012 (MARKETWIRE via COMTEX) --Golden Star Resources Ltd. (NYSE Amex: GSS) (TSX: GSC) (GSE: GSR)
Intersects 18.1 meters grading 32.0 grams per tonne (g/t), 9.6 meters grading 3.2 g/t, and 5.6 meters grading 11.9 g/t beneath the current operating B Shoot Pit
Intersects 17.6 meters grading 2.9 g/t, 25.7 meters grading 2.8 g/t, and 42.8 meters grading 1.7 g/t beneath the current operating SE Pit
Golden Star Resources Ltd. (NYSE Amex: GSS) (TSX: GSC) (GSE: GSR) ("Golden Star" or the "Company") today provided an update on exploration activities at its Wassa mine in Ghana.
During the first quarter of 2012, exploration programs on the Wassa Mining Lease continued to delineate the higher grade shoots plunging beneath the main pits. Utilizing two rigs, the Company drilled 24 holes totaling approximately 7,300 meters. The drilling programs were designed to follow the higher grade intervals that were intercepted last year under the B Shoot pit and announced in the Company's February 6, 2012, press release. Of particular interest was hole BSDD113, which intersected 32.0 g/t gold over an estimated true width of approximately 18.1 meters. This hole was a 25 meter step-out hole from the previous high-grade intersection in hole BSDD090, which intersected 15.8 g/t gold over a true width of 21.2 meters. These intercepts suggest a pod of mineralization that is open along strike and down dip, grading between 15 g/t and 32 g/t gold. Several parallel zones of gold mineralization have also been intersected in the hanging and foot walls of the high grade zone and include hole BSDD112, which intersected 3.2 g/t gold over a true width of approximately 9.6 meters, and hole BSDD107, which intersected 11.9 g/t gold over a true width of approximately 5.6 meters. These parallel zones of mineralization should lower the overall stripping ratio and therefore have a positive effect on economics and pit optimizations. The B Shoot significant intersections drilled in Q1 of 2012 are tabulated below.
B Shoot Q1 2012 significant drill intersections
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Drilled ~ True Gold
Easting Northing Elev Az Dip From Width Width Grade
Hole ID (m) (m) (m) ( degrees) ( degrees) (m) To (m) (m) (m) g/t
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BSDD098C 39824 19750 1034 90 -50 175.0 191.4 16.4 13.4 1.4
BSDD098C 39824 19750 1034 90 -50 211.0 228.3 17.3 14.2 1.3
BSDD099A 39801 19725 1037 90 -50 189.7 199.0 9.3 7.6 4.4
BSDD099A 39801 19725 1037 90 -50 221.5 239.8 18.3 15.0 0.9
BSDD099A 39801 19725 1037 90 -50 320.4 333.9 13.5 11.1 1.8
BSDD106 39994 19725 1012 90 -52 260.8 277.1 16.3 13.0 1.5
BSDD107 39917 19875 1018 90 -50 83.5 90.3 6.8 5.6 11.9
BSDD107 39917 19875 1018 90 -50 105.2 129.9 24.7 20.2 1.5
BSDD107 39917 19875 1018 90 -50 207.2 213.5 6.3 5.2 9.5
BSDD109 39805 19800 1032 90 -54 164.7 183.2 18.5 14.4 1.8
BSDD110 39820 19850 1031 90 -58 174.0 193.6 19.6 14.3 1.3
BSDD110 39820 19850 1031 90 -58 338.7 351.5 12.8 9.4 2.0
BSDD111A 39803 19800 1032 90 -65 222.5 240.0 17.5 11.2 1.9
BSDD112 39811 19775 1033 90 -48 181.0 196.0 15.0 9.6 3.2
BSDD112 39811 19775 1033 90 -48 319.0 328.0 9.0 7.5 2.7
BSDD113 39792 19900 1031 90 -61 266.0 292.2 26.2 18.2 1.6
BSDD113 39792 19900 1031 90 -61 317.0 330.0 13.0 9.0 2.0
BSDD113 39792 19900 1031 90 -61 372.5 398.5 26.0 18.1 32.0
BSDD116 39885 20025 995 90 -55 235.0 255.1 20.1 15.4 4.8
BSDD116 39885 20025 995 90 -55 264.0 275.3 11.3 8.7 3.2
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Drilling also continued to test the South East ("SE") zone running parallel to the B Shoot zone approximately 200 meters to the east of the high grade intersections in holes BSDD113 and BSDD090. Drilling results at SE have also returned intersections higher than the modeled average grade including hole SEDD045, which intersected 2.9 g/t gold over a true width of approximately 17.6 meters; hole SEDD043, which intersected 2.8 g/t gold over a true width of approximately 25.7 meters; and hole SEDD041, which intersected 1.7 g/t gold over a true width of approximately 42.8 meters. Between the high grade zone at B Shoot and the zones at SE, large halos of lower grade mineralization are present that should also contribute to lower stripping ratios when evaluating the pit economics of this deeper mineralization. The SE significant intersections drilled in Q1 2012 are tabulated below.
South East Q1 2012 significant drill intersections
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Drilled ~ True Gold
Easting Northing Elev Az Dip From Width Width Grade
Hole ID (m) (m) (m) ( degrees) ( degrees) (m) To (m) (m) (m) g/t
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SEDD046 40395 20200 1019 90 -55 110.0 142.3 32.3 25.1 1.1
SEDD045 40088 19750 1007 90 -53 101.5 116.2 14.7 11.7 2.4
SEDD045 40088 19750 1007 90 -53 197.1 219.2 22.1 17.6 2.9
SEDD043 40107 19900 1008 90 -50 223.5 254.5 31.0 25.7 2.8
SEDD042 40109 19950 1009 90 -50 124.0 139.5 15.5 12.9 2.8
SEDD042 40109 19950 1009 90 -50 170.0 183.0 13.0 10.8 1.4
SEDD041 40088 19800 1008 90 -49 102.5 114.0 11.5 9.6 2.1
SEDD041 40088 19800 1008 90 -49 191.0 242.0 51.0 42.8 1.7
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On the western limb of the large Wassa fold structure the Company also continued testing the 242 zone at depth towards the projected fold closure area. The structure has been intersected in several of the holes as outlined in the table below. Drilling has also targeted the extent of the 242 limb along strike towards the south-west where lower grade mineralization was intersected.
242 Pit Q1 2012 significant drill intersections
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Drilled ~ True Gold
Easting Northing Elev Az Dip From To Width Width Grade
Hole ID (m) (m) (m) ( degrees) ( degrees) (m) (m) (m) (m) g/t
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242DD039 39590 19956 1052 325 -80 160.3 164.3 4.0 3.3 2.1
242DD043 39703 20055 1030 325 -70 95.0 101.0 6.0 5.5 1.7
242DD043 39703 20055 1030 325 -70 179.2 192.6 13.4 12.2 2.2
242DD043 39703 20055 1030 325 -70 198.9 202.8 3.9 3.6 1.9
242DD046A 39849 20066 995 325 -60 229.2 235.8 6.6 6.4 1.8
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Drilling for the remainder of 2012 is planned to continue to test the continuity of the higher grade mineralization defined thus far. Second quarter drilling has been designed to test the entire fold hinge area at 50 meters drill spacing so that the Company can produce an inferred mineral resource for the Main Wassa area in the second half of 2012. This resource model will be used to optimize pits using all mineral resource categories -- Measured, Indicated and Inferred. These shells are expected to facilitate the Company in planning additional drilling and evaluating possible expansion scenarios for the Wassa operations.
Mitchel Wasel, Vice President of Exploration, commented, "With further drilling, we are beginning to confirm the continuity of the higher grade zones at B Shoot and South East, and we are starting to build volume in these areas. The results of our interim in-house resource modeling and optimizations indicate that the deeper mineralization could be economic and we will continue to drill to increase the confidence level in these inferred zones."
Tom Mair, President and CEO, added, "The Wassa operations have been considered by most observers to have a limited mine life but our operations and exploration teams have long recognized the potential of this area through the mining of the Wassa deposits over the years. Deep drilling programs are beginning to unlock the full potential of the Wassa area. Once we have completed our resource models during the second half of the year we should be able to get a better view of the future of Wassa Mine."
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: the import of parallel zones and lower grade mineralization on pit optimizations and stripping ratios; our expectations regarding our past and planned drilling and exploration activities for the remainder of 2012 and the timing thereof; the impact of our results of exploration on our reserves and resources for 2012 and on the Wassa pit and Wassa operations; 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 and other factors in our Form 10-K for 2011 and subsequent Forms 10-Q 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
SOURCE: Golden Star Resources