Vancouver —
Situated 170 km northwest of Georgetown, the property contains 147,770 oz. gold in a historical oxide resource of 2.3 million tonnes averaging 2.05 grams gold per tonne. The estimate is based on a 1988 prefeasibility study by Kilborn. StrataGold can develop the property in return for spending US$2.6 million over three years, issuing 800,000 shares and 400,000 share purchase warrants, and paying US$750,000 to the vendor. The vendor retains a 2.5% net smelter return royalty that may be purchased for US$4 million.
The company is also required to complete a feasibility study within 18 months of exercising the option, and the property must be placed into production within 18 months of the completion of the study. More than US$10 million has been spent on work that included 116 diamond drill holes by Paranapanema Mineracao between 1986 to 1988 and the prefeasibility.
Outstanding intercepts from 1988, beginning at surface, include 48 metres grading 4.12 grams gold per tonne, 30 metres of 6.01 grams, and 17 metres of 8.21 grams. Other high-grade intersections include 23 metres of 7.79 grams at a down-hole depth of 32 metres, and 25 metres of 10.55 grams at a depth of 18 metres.
The company wants to twin several of the more significant historical intercepts as part of its due diligence program.
A soil geochemistry survey and hand-auger sampling in 1997 outlined several gold-in-soil anomalies that require follow-up work.
The property is centered on the former Tassawini mine, which produced 11,200 oz. gold between 1907 and 1914. Recent exploration has focused on the property’s potential for hosting large-scale gold-in-greenstone deposits. Guyana’s geology has the same origin as that of West Africa — in particular Ghana’s Birimian formation.
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