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Canadian company to pay over US$3.8M to local titleholders to fully acquire second gold project in Guyana
Kaieteur News- Greenheart Gold Inc., a Canadian exploration company, has signed option agreements to acquire a 100% interest in the Tamakay gold project in Guyana. The company announced that it will make payments totaling over US$3.8 million to “arms’ length local titleholders” over the coming years.
Tamakay Project showing location, access and regional geology
The company disclosed that it has already paid US$500,000 in 2024 and US$230,000 to date in 2025.
“To maintain its rights under all of the agreements and be entitled to exercise the various options, the Company will have to make additional payments of US$675,000 in 2025, US$1,055,000 in 2026, US$1,380,000 in 2027 and US$80,000 annually for the following seven years,” Greenheart Gold stated. Some agreements also include contingent payments based on future reserve estimates and production.
Tamakay is Greenheart Gold’s second gold project in Guyana and the fifth early-stage exploration project in Greenheart Gold’s exploration pipeline, which to date consists of three projects in Suriname, including Majorodam, Igab, and Tosso Creek.
The site, located approximately 300 km west of Georgetown and 20 km west of Aris Mining Corporation’s Toroparu project, has been mined on a small scale since 1937.
The company noted that despite ongoing alluvial mining, “there is no record of any ‘modern’ exploration having been carried out on the project to investigate the extent of the gold-bearing quartz veins or to uncover additional potential hard rock sources of the gold found in the alluvial material.”
Preliminary exploration work has identified promising targets for follow-up. Grab and soil samples returned high-grade gold assays, including 969 g/t Au, 213 g/t Au, and 144 g/t Au. “Follow-up work planned for Tamakay includes trenching over these anomalous areas to determine the extent of gold-bearing quartz veins across the stratigraphy, as well as testing for any potential pervasively mineralized zones within the volcanics,” the company stated.
Notably, Greenheart Gold is working on the Abuya Project in northeastern Guyana. Notably, Greenheart Gold said its goal is to build a robust portfolio of the early-stage exploration projects that target the key geological factors believed to have been crucial to the discovery of Oko West.
Greenheart Gold is an exploration company that builds on a proven legacy of discoveries within the Guiana Shield, a highly prospective geological terrain that hosts numerous gold deposits yet remains relatively under-explored. The Company is led by former executives and members of the exploration group of Reunion Gold, a team that was most recently noted for the discovery and delineation of the multimillion-ounce Oko West deposit in Guyana. Greenheart Gold intends to build on its technical knowledge, strong contact base and previous success from exploring in the Guiana Shield to assemble, maintain and explore a portfolio of early-stage exploration projects in Guyana and Suriname that are prospective for orogenic gold deposits.
(Canadian company to pay over US$3.8M to local titleholders to fully acquire second gold project in Guyana)
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