Groete Gold Project
Upgrading a Historic Gold Resource
35-hole drill program targeting areas of higher gold grade within an inferred gold deposit
Targeting Higher-grade Gold Zone
Eastern surface gold zone high priority exploration target
In situ potential of 15 to 20 million tonnes up to 1.4 grams gold per tonne (see October 17, 2023 news release)
New Resource Calculation for 2023
Establish a new NI 43-101 Mineral Resource in higher grade zone
New higher quality resource to be calculated by P&E Mining Consultants Inc.
Preliminary Economic Assessment (PEA) anticipated for 2023
Guyana’s Third Largest Gold Deposit
Gold Port’s wholly owned Groete Gold Project has an extensive exploration history. Drilled by the United Nations in the 1960’s and Coeur d’Alene Mines Ltd. in the 1990’s, the project has emerged as one of Guyana’s largest gold copper zones, and the only deposit with deep water access.
Gold Port Corporation is the 100% owner of three Mining Permits comprising the Groete Gold Project, located in Essequibo, Guyana. Exploration to date has defined an Inferred Mineral Resource Estimate of 1.57 million gold equivalent ounces within 74 million tonnes at a grade of 0.66 grams per tonne gold equivalent using a cut-off grade of 0.25 grams per tonne gold equivalent and a gold price of $US 1,275 per ounce and a copper price of $US 3.00 per pound. Details of the Mineral Resource Estimate are contained in a National Instrument 43-101 report titled Technical Report and Updated Mineral Resource Estimate on the Groete Gold Copper Deposit, Groete Property, Guyana, South America by P & E Mining Consultants Ltd., dated April 16, 2019.
Based on a recent technical re-evaluation, management is focusing the next round of exploration on the higher grade gold portion of the deposit. The intent is to outline a higher grade, lower tonnage gold-only project. A 8,100 meter, 35 hole program has been designed to potentially revalue the quality of the gold deposit. Further metallurgical testing is also planned.
Project Overview
- 100% owned Groete Gold Project
- Full mining permits on 3 claims that comprise 1,384 hectares
- Located close to infrastructure, ports and major cities.
- Experienced team with Exploration Office in Georgetown, Guyana.
- The in situ exploration potential of the higher grade zone is estimated to be between 15 to 21 million tonnes with a gold grade between 0.90 and 1.40 grams per tonne gold. (See press release October 17, 2022)
(P&E Mining Consultants Inc. infill drill) - Metallurgical testing underway with SGS Canada to identify new leach reagents and alternatives to cyanide
- Project fully equipped, site prepared and staged for exploration.
- 35-hole drill program targeting areas of higher of gold grade in eastern zone.
- Significant potential to establish new resource calculation in 2023.
2023 Exploration and Development Program
Strong Indication of Bedrock Mineralization 200 M East of Historical Drilling
- 35 core hole drill program to upgrade higher grade gold zone
- Metallurgical test work at SGS Canada to evaluate new leaching reagents
- Establish a new Indicated Mineral Resource calculation for 2023
A major gold deposit close to infrastructure
- Located 30 kilometers from port City of Bartica and close to the Essequibo River, a major transportation route
- Most accessible major resource in Guyana with the only short access to deep water
- Over 3,000 hectares in total
- Only 65 kilometers from the capital, Georgetown
Guyana Mining Activity
- Zijin Mining (China) owns and operates the Aurora Gold Mine
- 8.4 million ounce Toroparu Project under development by Aris Mining
- Mining friendly country
- Politically favorable English language & British Common Law
New Equipment
- Multi-powered, Discovery One Core Rig with a state-of-
the-art track mounted drill rig system - Drill rig designed for Guyana exploration environment
- Full supply of drilling accessories
Eastern Zone Target Area
- Geoprobe surface evaluation completed on eastern zone; 52 deep soil holes of up to 8.75 meters in depth
- Significant deep soil results with up to 2.65 grams per tonne gold over 8.75 meters, surface down
- 47 of 52 holes anomalous for gold (over 0.10 grams per tonne) with 23 greater than 0.50 grams per tonne gold average
Site Preparation Complete
- New access road under construction
- Heavy equipment on site has been refurbished for the
ensuing drill program - Other support structures have been purchased and on site
for drill program commencement - Camp and company-owned drill rig ready for program
Value Proposition
✓ Gold Port Corporation – no debt and project 100% owned
✓ Favorable district to for mining development
✓ Infrastructure – excellent deep-water access for future development
✓ 2023 Drill Program – confirm the continuity of the higher-grade zone, and establish an Indicated Mineral Resource
✓ New higher quality resource to be calculated by P&E Mining Consultants Inc.
✓ Preliminary Economic Assessment (PEA) anticipated for 2023
