Guyana Goldfields acquires past producer

Guyana Goldfields (GGFI-C) has picked up the Aurora property in Guyana, the site of the country’s largest past-producing gold mine.

In order to earn its interest in the 65-sq.-km property, the company must pay US$280,000 and spend US$150,000 annually on exploration for three years.

The vendor will retain a 2% net smelter return royalty.

The property, situated 40 km from the Venezuelan border, is underlain by Precambrian-aged greenstone belts and a folded sequence of metavolcanics and metasediments. The Aurora mine operated from 1940 to 1950, producing between 65,000 oz. and 110,000 oz. gold from open-pit and underground sources.

Drilling on the property by past operators focused on the Aleck Hill, South Aleck Hill, Mad Kiss, South Mad Kiss and Walcott Hill zones.

Selected results from Aleck Hill included: 17.9 grams per tonne over 3 metres and 5.85 grams over 4.2 metres in hole 4; 12.55 grams over 1.9 metres, 9.25 grams over 4 metres and 8.88 grams over 3.5 metres in hole 6; 7.22 grams over 2.3 metres and 11.66 grams over 2 metres in hole 31; and 13.65 grams over 6.4 metres in hole 51.

Drilling at South Aleck Hill returned 3.2 grams over 10.2 metres in hole 43 and 5.88 grams over 4 metres in hole 45.

The Mad Kiss zone served as the source for much of the mine’s production.

Drilling there returned 8.37 grams over 14.8 metres in hole 12 and 9.68 grams over 24 metres in hole 17.

Drilling at the South Mad Kiss zone returned 10.59 grams over 1.3 metres and 8.92 grams over 4.05 metres in hole 49; 12.63 grams over 4.7 metres in hole 50; and 22.28 grams over 4 metres in hole 55.

Past drill results from Walcott Hill ranged from 1.16 grams over 1 metre to 2.29 grams over 8.3 metres.

Each of these zones remain open at depth.

Guyana Goldfields intends to begin its own 5,000-metre drill program on the property this summer.