Projects

Overview

The Marudi Mountain project is located in southwestern Guyana and covers 5,457 ha (54.7 km²) of a prospective greenstone belt assemblage. The project contains an extensive mineralized gold system centred on the Mazoa Hill Deposit, with a historical resource of 350,000 oz Au, and multiple highly prospective target areas.

Major prospects on the project, identified by current and previous operators, include Kimberley Success Creek, Throne, Peace Creek, Toucan Creek, and Marudi North. New targets are being continuously generated through boots-on-the-ground exploration work and trenching.

Access and Location

The Marudi Mountain Project is in the Rupununi District of southwestern Guyana. The project is approximately 500 km from the capital of Georgetown and 60 km from the Brazilian state of Roraima.

The project is located 35 km from the community of Aishalton. Charter flights to Aishalton are available from the town of Lethem. Lethem is accessible from Georgetown by land and daily flights.

The Mazoa Hill Deposit

A historical and NI-43-101 compliant resource estimate from the 30,043 m of historical drilling generated a Historical Resource Estimate that included:

• Indicated: 269,700 oz at 1.9 g/t Au
• Inferred: 87,600 oz at 1.6 g/t Au

Mineralization at Mazoa is hosted by a distinctive quartzite-metachert unit, that is locally referred to as, QMC. Mazoa Hill was previously interpreted to represent a banded iron formation hosted gold deposit (e.g. Lupin, NWT); however, the deposit is now thought to represent a more classical orogenic, structurally hosted gold deposit.

2021 Exploration

Golden Shield commenced exploration on the Marudi Mountain property in Late 2021, completing a preliminary, ‘Phase 1’, drill program. The program consisted of 2370 m of diamond drilling in 13 drill holes. Seven drill holes (1520 m) targeted historic mineralization at Mazoa Hill, while the remaining six drill holes (850 m) were aimed at exploring the Toucan Creek prospect. The program was designed to extend mineralization beyond the extent of the historical resource estimate and confirm the presence of high-grade gold at surface and at depth.

At Mazoa Hill, holes were drilled in the NE direction across what was believed to be the axis of the deposit; however, the dip direction of the host QMC unit was found to change at depth, extending mineralization laterally and leaving mineralization open to depth. Highlights from the Phase 1 drill program* include:

• 50 m at 9.10 g/t Au
• 9.75 m at 11.9 g/t Au
• 43 m at 1.39 g/t Au

*A full table of intercepts can be found in table 1 below.

2022 Exploration Summary and Future Plans

Drilling

The Phase 2 drill program consisted of 3,100 metres of drilling, in 12 diamond drill holes. The program was designed to expand and delineate new areas of mineralization outside of the existing Historical Resource and test the down-dip extension of mineralization discovered in Phase 1. Highlights from the Phase 2 drill program include:

• 33.2 m at 3.45 g/t Au
• 31 m at 7.58 g/t Au
• 10 m at 4.59 g/t Au

Surface Exploration

To date, 631 grab samples have been taken on the property by Golden Shield geologists. These results have moved exploration and discovery efforts on the Marudi Mountain property forward dramatically. Following initial field reconnaissance and field sampling, Golden Shield has completed a combined 1514 m of surface trenching and has uncovered significant intercepts of high-grade gold at the Kimberley, Success Creek and Throne targets. Trenching and field exploration efforts are currently ongoing.

Phase III Drilling

Phase III drilling on the Marudi Mountain property commenced in September 2022. This exploration will focus on the following:

• Expansion of high-grade gold mineralization at the Mazoa Hill Deposit laterally and to depth: Drill holes will step-out on existing high-grade intercepts.

• Drill-test new exploration prospects: New targets will be drill tested to assess the expansion potential of the Marudi Mountain property.

• Continued exploration: Induced Polarization (IP) survey will be conducted on the Marudi Mountain property consisting of a minimum of 20-line km, over the Mazoa, Throne and July prospects. Trenching and field mapping will continue throughout the duration of the drill program.