Greenheart’s strong hits show Guiana Shield potential

Drilling by Greenheart Gold (TSXV: GHRT; US-OTC: GHRTF) at its Majorodam project in northeast Suriname has returned results as high as 6 metres grading 9.34 grams per tonne.

That result, from hole MAJR25-003, was part of a wider intersection of 13 metres at 4.37 grams gold from 53 metres depth, the company reported Wednesday. Another highlight result, from hole MAJR25-010, returned 30 metres grading 2.06 grams gold from 96 metres depth, including 8 metres at 3.66 grams gold and 11 metres at 2.27 grams gold. The road-accessible Majorodam is about 130 km south of the capital Paramaribo.

The 2,128 metres of reverse-circulation (RC) drilling across 20 holes delivered an encouraging first-pass result at Majorodam’s Heuvel target, RCP Resource Finance analyst Brandon Gaspar said in a note on Thursday.

‘Potentially large system’

“Gold mineralization confirmed in saprolite near surface and rich grades in deeper fresh rock point to a potentially large system,” Gaspar said.

“Though early, [the] results highlight the team’s proven ability to efficiently advance exploration in the Guiana shield – a stable jurisdiction with potential for more than 5-million-oz. discoveries that can be permitted and developed quickly, as this experienced team has successfully demonstrated in the past.”

More diamond drilling, planned for this August, is needed to form a clearer picture of the site, he added.

Guiana Shield targets

Greenheart Gold, spun out last July from G Mining Ventures (TSX: GMIN), is among several companies exploring for or mining the yellow metal in the prolific Guiana shield across most of northeast South America. Majorodam is about 12 km south of Zijin Mining’s Saramacca deposit, and sits on its fold structure. Saramacca is part of Zijin’s Rosebel gold mine.

In Suriname, Greenheart joins fellow-Canadian explorer Founders Metals (TSXV: FDR; US-OTC: FDMIF), which has its Antino project in the country’s southeast, as well as Newmont (TSX: NGT; NYSE: NEM; ASX: NEM) which operates its Merian mine. 

Greenheart shares fell 1.1% to 86¢ apiece on Thursday afternoon in Toronto, for a market capitalization of $131.8 million. Its shares traded in a 12-month range of 45¢ to $1.06.

Another noteworthy hole at Heuvel, MAJR25-015, cut 40 metres grading 1.49 grams from 24 metres depth, including 8 metres at 3.36 grams.

The reconnaissance RC drilling was focused on testing some of the strong soil geochemistry results from Heuvel, Greenheart said. The gold mineralization in the highlight intervals appears to be hosted within mafic volcanics, volcaniclastics and fine grained clastic sedimentary rocks.

In Suriname, Greenheart is conducting soil sampling at its Igab project, and in the Dutch-speaking country it also holds its Tosso project. In Guyana, it has the Abuya and Tamakay projects.