Latest update March 22nd, 2025 6:44 AM
Latest News
- “Guyana will not be intimidated, coerced” – President Ali tells Maduro
- PNCR maintains it will engage experts on ring-fencing only when in office – Elson Low
- Israel threatens annexation after expanding ground offensive in Gaza
- 𝐆𝐂𝐂𝐈 𝐞𝐥𝐞𝐜𝐭𝐬 𝐟𝐢𝐫𝐬𝐭 w𝐨𝐦𝐚𝐧 𝐏𝐫𝐞𝐬𝐢𝐝𝐞𝐧𝐭
- Teen killed in accident after pulling steering wheel during row with boyfriend
Canadian firm enters agreement with Guyanese family for 30,000-acres gold field
…will create new company to hold some assets
Kaieteur News – G2 Goldfields Inc. a Canadian mining company working in Guyana, has entered into an exploration agreement with a well-known Guyanese mining family for a 30,000-acre land package in the Aremu-Oko gold district, Guyana.
In a statement, the company highlighted that the Oko district is one of Guyana’s key gold-producing regions, currently boasting combined resources of 7.8 million ounces of gold.
Under the agreement, G2 expands its control in the district, adding to its already substantial land holdings, which now total 60,000 acres. The company’s flagship OKO-AREMU project currently holds an estimated gold resource of 922,000 ounces of indicated gold and 1,099,000 ounces of inferred gold.
G2 said it has five drills operating in the district and plans to file an updated Mineral Resource Estimate (MRE) for its OKO-AREMU deposits in the first quarter of 2025.
The newly acquired properties, consisting of contiguous permits, cover several historic gold occurrences along 34 kilometers. These include the Wariri mine, Guyana’s first hard rock gold mine, discovered in the 1870s. The area, featuring extensive artisanal workings, has never been subjected to modern exploration techniques. As such, G2 plans to conduct an independent NI 43-101 technical report on the properties, which will be filed in the coming weeks.
Moreover, Patrick Sheridan, Executive Chairman of G2 Goldfields, expressed enthusiasm for the deal. He said, “We are very excited about this partnership, the culmination of many months of negotiations. Since its inception, G2 has worked with local partners in exploring and developing this exciting gold district. This most recent alliance further consolidates G2 as the major player in the district. I am confident G2 will be able to fast track drilling on several target areas. The Company is currently mobilising significant resources to the areas and will be executing a full sequence exploration program building upon prior exploration success in the district.”
Moreover, G2 also plans to distribute its “non-core” assets to shareholders by the end of 2024 through the creation of a new company, G3. The new company will control assets in both the Puruni and OKO-AREMU districts, including historical mines and additional exploration rights.
The company stated that shareholders will receive one G3 share for every two G2 shares they hold, subject to regulatory approval. Earlier this month, G2 announced a series of promising results from its ongoing exploration at the OKO-Aremu gold project. The company’s initial project areas span 27,719 acres.
The company explained that the Oko’s gold source lies along 2.5 kilometers long north-south structure which is defined by the high grade of the Oko Main Zone (OMZ) resources to the north, which entails 686,000 ounces of gold (Indicated) and 495,000 ounces of gold (Inferred) and the Ghanie open pit and underground resource to the south, which includes 236,000 ounces of gold (Indicated), with an additional 604,000 ounces of gold (Interfered). The company added that drilling in the southern half of the structure has unveiled new potential for resource expansion.
- District, Exploration, gold, local, Oko
Similar Articles
THE BLUNT OF THE DAY
Sports
Features/Columnists
Following one’s conscience rather than the crowd
Peeping Tom… Kaieteur News- “They’re certainly entitled to think that, and they’re entitled to full respect... more
Weekend Cartoon
