Golden Star Resources Announces Drilling Results From Wassa Mine in Ghana Intersects 21.2 Meters Grading 15.8 g/t of Gold and 5.6 Meters Grading 11.9 g/t Beneath the Current Operating 'B Shoot' Pit; Intersects 36.3 Meters Grading 5.4 g/t Beneath the
Intersects 21.2 Meters Grading 15.8 g/t of Gold and 5.6 Meters Grading 11.9 g/t Beneath the Current Operating 'B Shoot' Pit; Intersects 36.3 Meters Grading 5.4 g/t Beneath the Current Operating 'SE' PitDENVER, CO -- (Marketwire) -- 02/06/12 -- Golden Star Resources Ltd. (NYSE Amex: GSS) (TSX: GSC) (GHANA: GSR) ('Golden Star' or the 'Company') today provided an update on exploration activities at its Wassa operations in Ghana. Full drill results, plans and sections are posted at the Company's website at www.gsr.com or by clicking the following link: http://www.gsr.com/Operations/Wassa.asp
During the second half of 2011 and during January 2012, exploration programs on the Wassa Mining Lease continued to test the mineralized trends south of the current pit designs and to delineate the higher grade shoots plunging beneath the main pits.
Several holes of the deep drilling program intersected wider and higher grade mineralized zones than those currently being mined. These included hole BSDD090, which intersected 15.8 grams per tonne (g/t) over a true width of 21.2 meters (m) under the B Shoot pit. Several of the significant intersections from the 2011 drilling program are listed in the table below. A total of 155 drill holes amounting to 26,775 m were completed in the second half of 2011 on the Wassa concession, bringing the 2011 drilling program to 286 holes totaling 44,860 m.
The Wassa exploration program for 2012 is focused on delineating the extent of the high-grade zones of mineralization that were intersected below the current pit designs during the 2011 program. The Company expects to complete an updated resource estimate in the third quarter of 2012.
The drilling results received during the last half of 2011 are very encouraging and should have a positive effect on the updated resource estimate, which is expected to convert into deeper pit optimization. Three zones at Wassa are returning results that may increase the size of the pits due to their relative proximity. The resulting optimized economic pit shells will likely result in a significantly larger coalesced pit. The South East and B Shoot pits are north trending parallel zones located in the steeply dipping eastern flank of the large Wassa fold structure. These two main zones of mineralization are separated by approximately 300 m and currently are two individual pit designs. Recent drilling below both of these pits has returned significant results such as hole SEDD039 on drill section 19825 N (see website for image), which intersected three zones, the deepest at a drilled depth of 229 m to 273 m with an estimated true width of 36 m grading 5.4 g/t gold; and B Shoot hole BSDD090 drilled 50 m to the North on section 19875 N intersected significant gold mineralization at a drilled depth of 368 m and an approximate true width of 21.2 m grading 15.8 g/t of gold. This intersection includes a 1.5 m sample where abundant visible gold was observed and returned an assay of just over four ounces per tonne (128 g/t). The third zone, known as '242 zone' which is contained within the shallower dipping limb on the western flank of the large Wassa fold structure, has also recently returned some significant drill results at depth, which include hole 242DD029, which intersected an approximate 16 m true width zone from 176 m and grades 6.6 g/t gold. (See drill section 8750 WE at www.gsr.com.) Further significant intersections are tabulated below.
Wassa Main Significant results for the second half of 2011 - down dip
drilling
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Easting Northing Elevation Azimuth Dip From To Drilled True Gold
Hole ID (m) (m) (m) (°) (°) (m) (m) Width Width Grade
(m) (m) g/t
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SEDD043 40107 19900 1008 90 -50 223.5 250.6 27.1 22.5 3.1
SEDD042 40109 19950 1009 90 -50 124.0 139.5 15.5 12.9 2.8
SEDD041 40088 19800 1008 90 -49 191.0 242.0 51.0 42.8 1.7
SEDD039 40077 19825 1008 90 -50 200.0 221.6 21.6 17.9 2.5
SEDD039 40077 19825 1008 90 -50 229.5 273.3 43.8 36.3 5.4
SEDD038 40136 19850 1007 90 -53 158.5 196.7 41.2 32.9 1.6
SEDD037 40156 19825 1007 90 -54 115.0 138.0 23.0 18.1 3.2
SEDD035 40064 19874 1010 90 -59 215.5 229.2 13.7 10.0 4.8
SEDD035 40064 19874 1010 90 -59 307.6 336.2 28.6 20.9 1.9
SEDD034 40062 19922 1013 90 -49 190.9 234.0 43.1 36.1 3.9
SEDD026 40123 19777 1013 90 -55 169.0 225.0 56.0 43.5 2.2
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BSDD087 39922 19776 1015 90 -50 85.5 104.5 19.0 15.6 3.0
BSDD089 39802 20125 1004 90 -50 260.8 280.0 19.2 15.7 2.3
BSDD090 39809 19875 1030 90 -58 368.3 397.3 29.0 21.2 15.8
BSDD095A 39943 20075 983 90 -51 183.6 197.5 13.9 11.2 6.2
BSDD104 39881 19725 1024 90 -53 198.1 214.1 16.0 12.8 6.9
BSDD107 39917 19875 1018 90 -50 83.5 90.3 6.8 5.6 11.9
BSDD107 39917 19875 1018 90 -50 207.2 213.5 6.3 5.2 9.5
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242DD028 39616 20007 1045 325 -75 187.8 210.7 22.9 17.5 3.9
242DD029 39624 20036 1042 325 -75 176.3 197.2 20.9 16.0 6.6
242DD030 39579 20015 1050 325 -71 176.5 201.4 24.9 20.1 1.8
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In addition to the deeper drilling at Wassa, the Company has been testing the strike extent of the main ore trends to the south and has been successful in extending the mineralized trend over a distance of approximately one kilometer. These mineralized zones are continuous and characterized by broader zones of lower grade material ( < 0.5 g/t) defining the corridor, with zones of higher grade material, including new results from hole NSRC239 located on section 18825 N, which intersected an estimated 16.4 m true width of gold mineralization from 30 m depth grading 1.9 g/t from hole NSARC189 located on section 19425 N, with 32.2 m (true width) from surface grading 1.1 g/t. Some of the significant drill intersections to the south of the Wassa Main mineralized zone are tabulated below with the complete set of results on the Golden Star website.
Wassa Main Significant results for the second half of 2011 - South Extension
drilling
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Easting Northing Elevation Azimuth Dip From To Drilled True Gold
Hole ID (m) (m) (m) (°) (°) (m) (m) Width Width Grade
(m) (m) g/t
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NSARC179 40329 19025 1009 90 -50 54.0 69.0 15.0 11.5 1.4
NSARC182 39969 19275 1034 90 -50 19.0 30.0 11.0 8.4 1.9
NSARC189 40382 19425 999 90 -50 1.0 43.0 42.0 32.2 1.1
NSARC200 40345 19425 993 90 -50 42.0 71.0 29.0 22.2 1.1
NSARC207 40330 19600 998 90 -50 5.0 24.0 19.0 14.6 2.3
NSARC211 39981 18675 1025 270 -50 64.0 84.0 20.0 15.3 1.0
NSARC227 39991 18375 1011 270 -50 81.0 94.0 13.0 10.0 1.6
NSARC239 40316 18825 1002 90 -57 30.0 54.0 24.0 16.4 1.9
NSARC256 39994 18358 1011 270 -65 53.0 64.0 11.0 6.3 1.9
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Mitchel Wasel, Vice President of Exploration, commented, 'We have been drilling the Wassa extensions for over a year now and our efforts are beginning to pay off with promising results at depth and along strike. If our interpretation of the B shoot and 242 zones linking at depth around the F3 fold closure are realized, there is great potential to significantly change the dynamics of the Wassa deposit. Our drilling efforts for 2012 will focus on the Wassa main deposit testing this interpretation.'
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: our expectations regarding our 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 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 2010 and subsequent Forms 10-Q for 2011 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.
For additional information regarding our mineral reserves and mineral resources as at December 31, 2010, please see our news release dated February 23, 2011.
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