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Canadian firm processing GGMC data for Reg. 1 gold project
…still awaiting Toronto Stock Exchange acceptance for two other Guyana gold projects
(Kaieteur News) – As Canadian firm XAU Resources Inc. awaits acceptance from the TSX Venture Exchange (TSXV) for two transactions in relation to two gold projects in Guyana, the company is in the process of interpreting data acquired from the Guyana Geology and Mines Commission (GGMC) for its Noseno Gold Project in Region One (Barima-Waini).
In a corporate update this week, XAU disclosed that it moved to a new office in Georgetown, Guyana to support its exploration activities in the country.
At the Noseno Project, the company said it is processing and interpreting approximately 5,257 line-kilometres of airborne magnetic and radiometric survey data acquired from GGMC and it intends to use the results to identify and prioritise targets for a planned exploration programme.
Location of Matthews Ridge Property. The map also shows the location of XAU’s Noseno gold project.
The Noseno Property is located in northwestern Guyana, within one of the country’s most prospective greenstone belts, and comprises 37 licences covering 37,623 acres, (or 152 square kilometres).
Meanwhile, XAU is still awaiting acceptance from the TSXV for the transactions involving the Matthews Ridge Gold Project and the Quartzstone Gold Project.
In August, the company had announced that has entered into an option agreement with Russian company Consolidated Northwest Resources Incorporated (CNRI) to acquire 100% interest in the Matthews Ridge Gold Project. The Matthews Ridge Property comprises 15 medium-scale mining permits covering approximately over 15,000 acres (or 60.97 square kilometres) and is located approximately 3km south of the town of Matthews Ridge and located approximately 32 km north of the Noseno Project.
However, in its recent update XAU stated the option agreement remains subject to TSXV acceptance. Chief Executive Officer of XAU Gary Bay had disclosed that the Matthews Ridge project represents another step in XAU’s strategy to expand and strengthen its gold exploration land position in Guyana.
Moreover, the company is also awaiting TSXV acceptance and shareholder approval for its proposed acquisition of Barbados-incorporated QS Holdings Inc., the parent company of local company Qstone Inc., which controls the Quartzstone project.
The Quartzstone gold project covers 296 square kilometres of contiguous mining lands in Region Seven (Cuyuni-Mazaruni). Notably, while XAU is in the process of acquiring QS Holding, another Canadian company Fortuna Mining Corp. under an earn-ing agreement is advancing the Quartzstone Gold Project. According to XAU, Fortuna is carrying out a 2026 work programme on the project valued at approximately US$5.6 million, including an initial 5,000-metre diamond drilling programme.
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