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Soaring gold price entices Canadian company to renew permits in Guyana
Kaieteur News-Canadian company, Gold Port Corporation, the 100% owner of the Groete Gold Copper Project located in the Essequibo, had their mining permits renewed last year for five years.
Gold Port made the announcement in September 2024 that the Government of Guyana through the Guyana Geology and Mines Commission (GGMC) granted the mining permits, which cover 1,384 hectares, will now remain in effect until July 2027.
Eastern zone target area (Picture taken from Gold Port Corporation website) (Soaring gold price entices)
“During this five-year period, the Company has the option to develop the Project and convert the Mining Permits into a Mining License. The Project is strategically located 64 kilometers west-southwest of Georgetown, the capital of Guyana, and 11 kilometers west of the Essequibo River, a major transportation route in the country,” it was explained.
Notably, in its September 2024 press statement Gold Port said that it had recently completed a review of the project in light of soaring gold prices that were seen last year.
Gold Port said, “The Company has recently completed a project review given the continued strong upward trend in the gold price.”
The project boasts an inferred mineral resource estimate of 1.57 million gold-copper equivalent ounces, contained in 74 million tonnes at a grade of 0.66 grams per tonne gold equivalent, according to a 2019 National Instrument 43-101 report.
“The noted resource was calculated based upon US$1,275 per ounce gold, a far lower value than the present gold price of over US$2,470 per ounce,” Gold Port said in its release late last year.
Further, the company quoted information from the World Bank highlighting that their project has a strategic location near existing infrastructure, and is in a mining friendly country with Guyana boasting the fastest growing economy in the world.
To facilitate further development, Gold Port said, “The Company is interviewing additions to management to facilitate a drill program to enhance and potentially expand the current known resource. The Company has its own drill equipment in Guyana to complete the program.”
The Groete Project has a long exploration history, dating back to the 1960s when it was first drilled by the United Nations, followed by additional work conducted in the 1990s by Coeur d’Alene Mines Ltd.
“The project has emerged as one of Guyana’s largest gold copper zones, and the only deposit with deep water access,” it was stated. Gold Port noted that the Project was last explored in 2012, which included a drill programme that allowed the calculation of an Inferred Mineral Resource of 1.57 million gold equivalent ounces (gold plus copper) at a grade of 0.66 grams per tonne gold equivalent.
The company’s plan is to focus the next round of exploration on the higher-grade gold portion of the deposit.
(Soaring gold price entices Canadian company to renew permits in Guyana)
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