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Canadian company completes airstrip, roads to kick off 5.4M ounce gold project in Guyana
Kaieteur News-Canadian mining company, Aris Mining Corporation, has completed key infrastructure developments, including a camp, airstrip, and site roads, for its estimated 5.4-million-ounce Toroparu Gold Project in the Region Seven, Cuyuni-Mazaruni, Guyana.
The Toroparu Gold Project and its adjacent properties, collectively known as the Upper Puruni Concessions, consist of two gold deposits: the Toroparu deposit and the Sona Hill deposit, which lies about five kilometers southeast of the main site. The company noted that the Toroparu project is a gold exploration and development project with open pit and underground mineral resources.
Aris Mining owns the project entirely through its subsidiary, ETK Inc.
Canadian company completes airstrip, roads to kick off 5.4M ounce gold project in Guyana
On March 14, 2023, Aris Mining announced an updated Mineral Resource Estimate (MRE) for the Toroparu Project, effective as of February 10, 2023.
Neil Woodyer, Chief Executive Officer (CEO) of Aris Mining, noted the re-evaluation process initiated after the merger of GCM Mining and Aris Gold in September 2022, which led to a revision of the company’s development strategy.
“We are reporting the results of the updated mineral resource estimate which is based on a new detailed structural analysis and updated geological model. The Aris Mining team has confirmed that Toroparu is a large-scale gold-copper deposit with an updated measured and indicated resource estimate of 5.4 million ounces of gold and 118 thousand tonnes of copper, and an inferred resource estimate of 1.2 million ounces of gold. We are progressing additional studies to update, fully define, and optimize the development plan,” Woodyer had disclosed.
According to the company, the Toroparu project is in the optimization phase as the company refines its development strategy. The completion of infrastructure such as the exploration camp, airstrip, and site roads, marks a milestone in the project’s progress. Aris Mining said it is currently evaluating road access routes and other site infrastructure to support future operations.
The MRE report states that the Toroparu Project began with alluvial mining by Alfro Alphonso in 1997, transitioning into deeper saprolite mining by 1999 before ending in 2001. ETK started exploring the site in 1999 and, through a joint venture with Alphonso in 2000. ETK acquired full ownership of the project in 2020 by exercising an option in the joint venture, paying $20 million. Alphonso retained alluvial mining rights on specific lands and the use of certain roads and the airstrip.
A consulting agreement with Alphonso & Sons ensures payments of $1-2 million annually once ETK generates sufficient cash flow. Additionally, a 2011 mineral agreement with the Government of Guyana established a tiered gold royalty of 5% for prices up to $1,000/oz and 8% above that, plus a 1.5% royalty on other minerals. ETK has also negotiated an investment agreement with GO-Invest for tax exemptions on project-related imports.
(Canadian company completes airstrip, roads to kick off 5.4M ounce gold project in Guyana)
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