SAN JOSE, CA / ACCESSWIRE / February 10, 2022 / Guskin Gold Corp (OTCQB:GKIN) ("Guskin Gold" or the "Company") is pleased to report on the Tepa Concession work program and initial assessment of the economic potential of the 50-acre property.
A one-week due diligence work program was completed of the project area and to estimate the alluvial gold potential of the Concession and the proposed work area.
The Tepa project is located along the eastern edge of the renowned Sefwi-Bibiani Gold Belt. The geologic nature of the Tepa deposit includes both alluvial and eluvial gold deposits.
The gold in the area is of fine to medium grain with few flowery and floating types. The distribution of the gold is found in the overlying sand as well as the gravel layers. The overlying silty sands are all part of the payload to be washed and can be processed for gold.
A total of fourteen (14) test pits were dug, and all test pits showed positive gold presence within the concentrate after washing the gravel (see Figure 1) with an average gravel grade of 0.41 g/m3 of gold.
The concentrate from each of the pits was amalgamated using mercury and using a digital scale, individual gold concentrates were weighed in grams for each of the selected pits. Grade was calculated by dividing the weighted gram of each pit by its reduced volume of 80% to cater for the swell factor of the material washed.
In Guskin's resource evaluation modelling, the effective area established was determined to be 33.8 acres which corresponds to 136,700 square meters. The average gravel thickness was 0.8m, hence the volume of the estimated gravel resource is 136,700 x 0.8 = 109,360 m3. With a weighted average grade of 0.41 g / m3, the gold contents are estimated to be 0.41 x 109,360 = 44,838 grams (or 44.84 kilograms), for a gross production value of over $2,667 million USD (assuming gold price of $1,850 USD / ounce). *
"A solid and profitable resource has been established and we are ready to quickly start gold production on this project." Mrs. Naana Asante, CEO of Guskin Gold states. "The project allows the company cash flow that can be re-invested in opening additional alluvial projects, which can then in turn fund our hard-rock exploration efforts. We are very pleased with the results and look forward to keeping our shareholders informed."
About Guskin Gold Corp.
Guskin Gold Corp. (OTCQB:GKIN) is a mining company publicly traded in the United States, with its head office in Santa Clara, California. Guskin is focused on gold exploration and alluvial mining in Ghana, the number one gold producer in Africa and seventh largest gold producing country in the world. The company's leadership team is world-class. Many are native to Ghana, all offer specialized expertise in the business of gold exploration, mining, public markets, and finance. And all are passionately committed to the success of the company, our partners, and investors. For additional information please visit www.guskingold.com.
Contact Information
Mrs. Naana Asante
Chief Executive Officer
Tel: + (408) 766-1511
naana.asante@guskingold.com
www.guskingold.com
* Qualified Person Statement
Guskin Gold's disclosure of a technical or scientific nature in this news release has been reviewed and approved by Issac Owusu, P.Geo, a qualified person under the definition of National Instrument 43-101. The reader is cautioned that alluvial test pits and samples, while representative of the general grade of mineralization of an occurrence or target in certain areas, are not indicative of the whole concession.
Forward-Looking Statements and Disclosure
This news release contains "forward-looking statements" which are not purely historical and may include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities and words such as "anticipate", "seek", intend", "believe", "estimate", "expect", "project", "plan", or similar phrases may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with the exploration and exploitation of the Kukuom Concession, new mineral and/or gold projects, securing necessary financing, the future of the U.S. and global economies, the impact of competition, and the Company's reliance on existing regulations pertaining to the mining and exploration of mineral properties in Ghana and internationally. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission. For more information, please visit www.sec.gov.
SOURCE: Guskin Gold Corp.
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