Five Canadian mining firms sitting on 15.5 million ounces of gold in Guyana

May 26, 2025 News

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By Renay Sambach

Kaieteur News- Guyana’s mineral wealth continues to attract major foreign investment, with five Canadian mining companies collectively controlling an estimated 15.5 million ounces of gold across various stages of development. These projects, spanning across Guyana mining regions, are progressing through exploration, feasibility studies, and permits.

Many of the companies have boasted of Guyana’s mining-friendly policies and bank on the projects to drive substantial growth for their companies.

Omai Gold Mines Corp. – Omai Project

Omai Gold Mines Corp. has full ownership of the historic Omai gold project, situated in Guyana’s interior. Once a prolific gold producer from 1993 to 2005, the mine yielded 3.8 million ounces of gold during a period when gold traded below US$400/oz. The company has revitalized the property, which benefits from much existing infrastructure and will soon be connected to the two largest cities in Guyana, Georgetown and Linden, via paved roads. Omai is focused on rapidly expanding the two orogenic gold deposits at its 100%-owned Omai Gold Project in “mining-friendly” Guyana.

Since 2021, the company has established the Omai Gold Project as one of the fastest-growing and well-endowed gold camps in the prolific Guiana Shield greenstone belt. In February 2024, Omai announced an updated Mineral Resource Estimate (MRE) of 2.0 million ounces of gold indicated and 2.3 million ounces inferred, comprising both the Wenot open pit deposit and the adjacent Gilt Creek underground deposit.  This was followed by an initial baseline Preliminary Economic Assessment (PEA) in April 2024, which contemplated an open pit-only development scenario and included only 45% of the Omai Gold Project MRE. The PEA for the Wenot deposit outlines an open-pit operation producing 1.84 million ounces over a 13-year mine life. Annual production is projected to average 142,000 ounces, peaking at 184,000 ounces in the best year.

Subsequent to the 2024 MRE, Omai has been aggressively drilling to expand gold resources at the Wenot deposit and has identified additional wide zones of high-grade gold mineralization.  Over 25,000 metres of additional drilling on the Wenot deposit have been completed since the last resource estimate in February 2024. This year, Omai plans to continue its drill programs, announce an updated and expanded MRE, and complete an updated PEA, which would include an expanded Wenot open pit deposit and an underground mining scenario at Gilt Creek.

Aris Mining – Toroparu Project

Aris Mining is advancing its Toroparu project, a significant gold development with both open pit and underground potential. The project boasts indicated resources of 5.4 million ounces of gold, placing it among the largest undeveloped gold projects in the region.

Situated in the Cuyuni-Mazaruni district, Toroparu includes an established exploration camp, airstrip, and road infrastructure. Aris is currently in the project optimization phase, focused on enhancing access and preparing for development. The company holds 100% ownership of the project. According to the company, extensive exploration and drilling programmes have already been carried out at Toroparu, revealing the potential for a long-life, large-scale open-pit mining operation.

With key infrastructure for the project, including a camp, airstrip, and site roads, already in place, Aris Mining is now reviewing its development strategy, hinting at possible shifts in how it will advance the site amid intensifying activities in Guyana’s gold sector. The company highlighted that Guyana has recently seen increased investments and merger and acquisition (M&A) activity in gold mining, driven by the country’s growing reputation as a mining frontier.

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.

G Mining Ventures (GMIN) – Oko West Gold Project

Following a business combination with Reunion Gold in 2024, GMIN has taken full control of the Oko West Gold Project, located in Region Seven. The Oko West project, fully owned by GMIN, is positioned to become the next major phase of growth for the company.

The 44 square-kilometer project is currently considered an “advanced-stage exploration project”, and is expected to produce 350,000 ounces of gold annually from both open pit and underground mining over 12.3 years at an all-in sustaining cost (AISC) of US$1,123/oz. A recently published feasibility study shows that the project is poised to deliver strong financial returns, thanks to low production costs. The Oko West project stands out for its scale and high-grade resource.  The latest Mineral Resource Estimate includes 5.4 million ounces (Indicated) and 0.4 million ounces (Inferred).

The estimate reflects extensive drilling work over 505 diamond drill holes, 366 reverse circulation holes, and 59 trenches conducted between December 2020 and September 2024. A construction decision is anticipated in the second half of 2025.

Earlier this year, GMIN received an Interim Environmental Permit for the project, paving the way for early construction activities and the company has advanced permitting efforts toward securing the full Environmental Licence from the Environmental Protection Agency (EPA).

In March, GMIN initiated early works at Oko West, including site preparation for a barge landing on the Cuyuni River and the construction of a permanent camp to support future development. The company is also expected to execute works on main access and internal roads, airstrip, permanent camp facility, water and sewage treatment plants and power generation and communication tower.

Notably, GMIN has officially started the process to secure a mining licence for its Oko West gold. Alongside the mining licence application, GMIN has also begun seeking other critical permits needed to bring the project to full-scale operation. These include approvals for port operations, fuel use and storage, as well as the installation of transmission and telecommunications towers.

Mako Mining – Eagle Mountain Gold Project

Mako Mining is pushing ahead with its Eagle Mountain Gold Project in the Mahdia district, roughly 200 km south-southwest of Georgetown. Acquiring the project through its 2024 takeover of Goldsource Mines Inc., Mako inherited a resource base of nearly 1.2 million ounces (indicated) and 582,000 ounces (inferred). The company plans to submit an Environmental Impact Assessment (EIA) and mining licence application to Guyana’s Environmental Protection Agency by late 2025. Pending approvals, Mako intends to start construction in 2026, with first gold production from Phase 1 targeted for 2027. A feasibility study for Phase 2, which will target deeper fresh rock resources, is also planned.

Recent project updates highlight high recovery rates from shallow drilling and note the significant potential for deeper mineralization. Mako considers Guyana an emerging gold mining jurisdiction, citing a mining-friendly permitting environment and growing foreign investment.

G2 Goldfields Inc. – Oko Project

G2 Goldfields Inc. recently announced a significant increase in gold resources at its flagship Oko Project in Guyana since its last MRE dated April 3, 2024.

Effective March 1, 2025, G2 disclosed that there was a 60% increase in indicated gold resources, bringing its estimated recoverable gold to 1.5 million ounces, and a 49% increase in inferred resources to 1.6 million ounces. Located within an 83,967-acre property, the Oko Project consists of three main mineralized zones: the high-grade Oko Main Zone (OMZ) in the north, the bulk-tonnage Ghanie Zone in the south, and the more recently identified Oko Northwest Zone.

The majority of the indicated resources stem from the OMZ, which includes near-surface, high-grade mineralization with standout zones. These zones contain 609,000 ounces of gold at an average grade of 10.25 grams per tonne (g/t) gold, extending from just 5 to 370 metres below surface. The OMZ alone now hosts 808,000 ounces in the indicated category at a grade of 7.98 g/t, and 513,500 ounces inferred at 4.60 g/t, placing it among the highest-grade gold deposits globally at shallow depth.

The Ghanie Zone has also seen growth, with indicated resources reaching 663,400 ounces at 2.01 g/t gold, and inferred resources rising to over one million ounces at 2.64 g/t. This zone is considered highly prospective for large-scale open-pit development, given the consistency and scale of mineralization. Meanwhile, the Oko Northwest Zone, though less advanced, has added 97,200 ounces of inferred resources at a grade of 0.61 g/t gold, highlighting further upside in the broader district.

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