La Mancha Resource Capital is building its position in the Guiana Shield after investing C$50 million ($37 million) to become the largest single shareholder in Suriname-focused Greenheart Gold (TSXV: GHRT; US-OTC: GHRTF). Greenheart shares rose.
The Luxembourg-based investment fund is to buy 50 million shares at $1 apiece, raising its stake in the explorer to 19.9% from 4.6%, it reported Friday. Guyana gold developer G Mining Ventures (TSX: GMIN; US-OTC: GMINF) is expected to join in the financing to maintain its 10.5% stake in Greenheart.
“Greenheart’s deep in-country relationships, access to highly prospective and underexplored geology, and disciplined, technically led approach to exploration and capital allocation set them apart,” La Mancha Chief Technical Officer Jack Lunnon said in a release. “In frontier jurisdictions such as Suriname and Guyana, successful discovery requires a combination of geological rigour and strong operational execution.”
Guiana Shield presence
The investment in Greenheart comes just over one month after La Mancha raised its holding in G Mining to 19.9% in a $313-million (C$425.1-million) share purchase deal. In South America, La Mancha also holds a 19% stake in Belo Sun Mining (TSX: BSX) in Brazil.
The La Mancha Resource Fund holds about $2.9 billion in mining assets including more than 10% of Endeavour Mining (LSE, TSX: EDV; US-OTC: EDVMF), having previously held stakes in Evolution Mining (ASX: EVN) and Elemental Altus Royalties (TSXV: ELE; US-OTC: ELEMF). La Mancha, chaired by Egyptian telecoms billionaire Naguib Sawiris, has become known for taking large minority stakes and helping build mid-tier producers.
Greenheart, spun out in 2024 from G Mining, is among several companies exploring for or mining the yellow metal in the prolific Guiana shield across most of northeast South America. Greenheart’s main focus is the Majorodam project, 130 km south of the Suriname capital Paramaribo and 12 km south of Chinese state miner Zijin’s Saramacca deposit, a satellite target of its larger Rosebel gold mine complex.
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, ASX: NEM), which operates its Merian mine.
Greenheart shares gained more than 10% to $1.08 apiece on Friday morning in Toronto, valuing the company at $157.3 million. The stock has traded in a 12-month range of 55¢ to $1.70.
Majorodam gold promise
Recent drill results at Majorodam point to the project’s gold system potential, Greenheart reported in February. Stage two drilling at the Heuvel West target returned highlight results of 15.3 metres grading 3.72 grams gold per tonne from 60.7 metres depth in hole MAJD25-014, including 8 metres at 6.57 grams gold. Hole MAJD25-013-W1 cut 6 metres grading 3.04 grams gold from 110 metres depth, including 5 metres at 3.46 grams gold. The results came from a 1,055-metre program completed in December.
Soil sampling also helped Greenheart discover the new Gowtu zone, whose gold-in-soil anomaly measures 800 metres by 1,500 metres. The company plans a 10,000-metre reverse circulation program to follow up on the targets.
Be the first to comment on "La Mancha’s $50M Greenheart Gold deal deepens Guiana Shield exposure"