New Canadian company targets untapped gold potential in Region Seven

Sep 10, 2024 News

Kaieteur News – Newly-formed Canadian mining company, Greenheart Gold Corporation is pushing forward with exploration activities at the early-stage Abuya Project, located in northwest Guyana near the Cuyuni River, Region Seven.

In a statement on Monday, the company provided an update on exploration efforts at its two original gold properties, Majorodam in Suriname and Abuya in Guyana.

Greenheart Gold said it is an exploration company aiming to build on a successful track record of discovery and mine development in the Guiana Shield. It was stated that the company was formed as a spin-off from the merger between Canadian firms-G Mining Ventures Corporation (GMIN) and Reunion Gold Corporation. Earlier this year, Reunion announced that GMIN will be taking over its Guyana’s Oko West project located in Region Seven, as a result of an all-share deal valued at C$875 million (US$638 million).

According to Greenheart Gold, the Abuya project sits just 15 kilometers west of Zijin’s Aurora Gold Mine (AGM) and covers 90 square kilometers of highly prospective land, held under 20 medium-scale mining permits.

“Greenheart Gold has the option to acquire a 100 % stake in the project… Currently, a local prospector is successfully mining alluvial deposits on a small scale. Greenheart Gold collaborates with the prospector by sharing the costs of running the camp and equipment, enabling the company to use its exploration funds efficiently,” the company stated.

The Abuya Project exhibits several geological indicators that suggest the potential for Paleoproterozoic gold mineralization, commonly found in the Guiana Shield. Notably, it was stated that despite its promising location, the Abuya area has not been previously explored for primary gold deposits. Historical data is limited, with the most recent record of alluvial mining in the area dating back to 1968.

In just three weeks of fieldwork, Greenheart Gold said it completed its first phase of reconnaissance mapping and soil sampling at Abuya, with results pending. The company disclosed that the recent phase one reconnaissance mapping conducted by Greenheart has confirmed geological similarities between Abuya, the Aurora Gold Mine, and the Oko West project.

It is said that the area contains volcano-sedimentary rock units that are folded and sheared, along with the intrusion of the Ammamuri granite. These characteristics, combined with the reactive nature of the host rocks, create a favourable environment for gold mineralization.

“The company is led by former executives of Reunion Gold, known for their recent discovery and delineation of the Oko West deposit, the largest gold find in the Guiana Shield. Despite being home to several gold deposits and highly promising geological terrain, the Guiana Shield remains underexplored, which is where Greenheart Gold is focusing its efforts,” it was stated.

Notably, Greenheart Gold said its goal is to build a robust portfolio of the early-stage exploration projects that target the key geological factors believed to have been crucial to the discovery of Oko West.

The company noted too, “Greenheart Gold is primarily focused on gold prospects in Suriname and Guyana, offering a favorable combination of promising geology and supportive governments. The company is actively pursuing discussions to expand its pipeline of exploration projects.”

Moreover, the Oko West project is expected to reach gold production by 2027.  That project has an estimated 4.2 million ounces of gold. In February 2024, Reunion had announced an updated Mineral Resource Estimate (MRE) containing a total of 4.3 M oz. of gold in Indicated Resources grading 2.05 g/t and 1.6 M oz. of gold in Inferred Resources grading 2.59 g/t. The February 2024 MRE includes an underground Resource containing 1.1 M oz. of gold at a grade of 3.12 g/t Au in the Inferred category.>>>>>>>>>>>>>>>>>>

• Ammamuri granite, Guyana’s Oko, Majorodam, Suriname, Zijin’s Aurora Gold Mine