Groete Gold Project
Guyana’s Third Largest Gold Deposit
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.
Updated Gold Exploration Plan
The current database consists of 22 drill holes for 6,521.4 m of total drilling along a strike length of ~1,200 m. The database as used by P&E contains results for fifteen historical diamond drill holes and seven drill holes completed by Gold Port. Four of the Gold Port drill holes were drilled as twins to the historical drill holes.
The higher-grade portion of the Groete Creek Deposit appears to be centered around a reasonably continuous zone within a lower-grade halo (Figure 1).
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 g/t.
The proposed drilling plan is targeted at confirming the continuity of the higher-grade zone and establishing an Indicated Mineral Resource for this zone (Figure 2).
Additional Technical Evaluation
- P&E recommends that comprehensive bulk density measurements also be taken from drill hole core.
- P&E recommends that a minimum of 5% of all assay samples be submitted for bulk density measurements, either by water immersion or pycnometry.
- In order to develop an Indicated Mineral Resource, additional metallurgical testing will be required.
- P&E recommends that a minimum of three drill holes be twinned as metallurgical test holes, or that metallurgical samples be sourced directly from completed drill holes.
- A contingency of 10% is also recommended for drill hole planning.
- The recommended infill drilling program is as follows:
- Drill holes: 35
- Drill Meters: 7,365 m
- Contingency Meters: 737 m
- Total Meters: 8,102 m
Developing One of the Largest Gold Copper Deposits in Guyana
High value low cost exploration and development
- Experienced team with Exploration Office in Georgetown, Guyana, and fully equipped exploration company
- 100% owned Groete Gold Copper Project, located close to infrastructure, ports and major cities. Full mining permits
- An in pit NI-43-101 Inferred Resource of 1.57 million ounces at 0.66 grams per tonne gold equivalent (AuEq) including 0.49 g/t Au and 0.12% copper (Cu) contained in 74.8 million tonnes (U.S. 1,275 per ounce gold price and $ U.S. 3/lb copper price used in calculation)
- Significant deposit expansion potential
- Preliminary Metallurgy – High recoveries of Copper 96.6 % and Gold 82.4% by conventional methods (SGS Canada)
A major gold copper 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
- Drilled by Coeur d’ Alene Mines from 1994 to 1997 – 5,560 meters of core drilling
- Defined gold copper zone with 4 kilometers of known strike east to west
- Deposit open to west, east and north
Codrington Exploration History
- Late 2010 -2011 – removed “pork-knockers” from project; over 400 people illegally on-site mining surface gold
- 2011 – established road network and constructed full camp facility; located heavy equipment on-site
- 2011 – reviewed and processed all historical information
- 2012 – completed four twin holes and three infill confirmation holes on project
- 2013 – completed NI 43-101 Resource Estimate
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
Guyana Mining Activity
- Guyana Goldfields Aurora Deposit recently acquired by Zijin Mining Group Co Ltd for $323 Million
- Robert Friedland recently appointed Chairman of Gold X Mining Corp., moving Toroparu Gold Deposit to a Mining License
Potential low cost of development
- Approximately 30 kilometers from Bartica, a major mining support city
- Approximately 8 kilometers from deep water and 65 kilometers from Georgetown
- Large open ended 1.57 million Au/Eq ounce inferred resource with significant expansion potential