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Foreign gold company pays Guyanese US$5M to earn up to 70% interest in 73,000 acres gold project
(Kaieteur News) – With 10 Canadian firms advancing gold projects across Guyana’s mining districts, collectively controlling millions of ounces across various stages of development – another Canadian firm is heading to Guyana’s mineral district.
To establish a presence in Guyana’s mining sector, Fortuna Mining Corp. has paid a Guyanese firm US$5 million as part of a deal that could see it acquiring up to a 70 per cent interest in a major gold project located in the country’s interior.
Location of Quartzstone Project, Guyana
Fortuna recently announced that it has entered into an earn-in agreement with Guyanese company Qstone Inc. for the Quartzstone Project, a 73,143-acre concession situated in the gold-rich Guyana Shield, approximately 120 kilometres west of Georgetown.
Upon signing the agreement, Fortuna paid Qstone a non-refundable US$5 million cash option premium, marking its entry into Guyana’s mining sector. As per the agreement, the company can earn an initial 51 per cent stake by funding exploration and completing 60,000 metres of drilling within four years, and may increase its interest to 70 per cent by solely funding a feasibility study within three years of exercising the first option and continuing to pay all license fees.
President and Chief Executive Officer, Jorge A. Ganoza, said, “We are excited to establish a presence in the Guyana Shield, a highly prospective region with a strong history of gold discoveries.” Ganoza continued, “The Quartzstone Project, where historical drilling has identified multiple high-grade zones of near-surface gold mineralisation, is located in a prolific exploration camp, and this transaction provides Fortuna with a staged path to unlock its potential through systematic exploration and drilling.”
The Quartzstone Project lies within a greenstone belt and hosts an orogenic gold system, a geological setting associated with major gold deposits that are controlled by Canadian firms.
Drilling to date has tested only approximately 5 kilometers of the 26-kilometer shear zone within the concession area. Several geochemical anomalies along northeast-southwest trending cross-structures also remain untested and will be prioritised by the exploration programme.
Historical drilling between 2010 and 2017 identified several high-grade gold zones along a five-kilometre corridor.
Fortuna’s initial exploration programme, budgeted at approximately US$5.5 million, will focus on advancing priority targets already defined at Quartzstone, while generating additional targets along the highly prospective 26-kilometer main shear zone. Planned work includes airborne magnetic surveys to develop a detailed structural framework, supported by high-resolution satellite imagery and digital elevation modelling. Field programmes will include infill geochemical sampling, auger drilling, and detailed geological and regolith mapping over prospective geophysical targets and known anomalous areas.
An initial 5,000-meter diamond drilling programme is planned to test historical targets and workings, as well as priority structural corridors along the main contact and northeast-trending intersections. In addition to royalties payable to the State, the project is also subjected to a 4.5 per cent net smelter returns royalty payable to a previous owner.
Fortuna operates mining assets across Latin America and West Africa, and said the agreement represents a strategic expansion into the Guiana Shield, one of the world’s most prospective gold-producing regions.
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