More than 300,000 ounces of Gold has been recorded into the export inventory of the Guyana National Resource Ministry by Guyana Goldstike (GYA.V), a Canadian based junior gold company focused on the exploration, development, and operation of the Marudi Mountain Property in Guyana, South America.
Goldstrike reported this week that their consultant, Global Mineral Resource Services, has delivered a mineral resource estimate for the Mazoa Hill Zone at the Company's Marudi Gold Project. This estimate, the first since 2016, delivered;
The Mazoa Hill Zone has completed a program of 63 drillholes and >12km of surface trenching. This work has defined a zone of mineralised quartzite that strikes northwest, is approximately 300 meters long along strike, 150 meters wide across strike and has been traced to a depth of 250 meters below surface. The zone is near-vertical or dips steeply to the northeast. The saprolite layer above the quartzite is up to 30 metres thick but is generally thinner and the Mazoa Formation quartzite is partially exposed at surface. This estimate has been constrained by a conceptual pit and is stated at a cutoff grade of 0.5 g/t gold.
The resource estimate for Mazoa Hill is a Company
milestone and a great step towards the further development of the Marudi Gold Project. The potential for
additional ounces on the property is excellent when one considers the following factors:
More news from current exploration program
Goldstrike is currently undergoing an exploration program on the Project. This initial phase consists of up to 12,000 metres of trenching, extensive rock and soil sampling, expansion of surface mineralization in known zones, detailed geological mapping (lithologic, alteration, and structural), evaluation of new mineralization, drill-target selections and definitions. The results from this phase will be released as they become available.
Marudi Mountain Mining Area provides great potential for a world-class Project
Goldstrike's near-term goal and primary objective is to drill-out and delienate a further 1-2Mil of hard rock ounces, which will add to the 760,000 ounces previously drilled on the property.
The Marudi Mountain License, a twenty year renewable permit, covers 13,500 hectares (135sqkm) and consist of 3 gold-bearing areas; the alluvial areas, the saprorlite overburden, and the underlying hard rock. The Company intends to add to the current zones already discovered at Mazoa Hill and Marudi North.
Other indications of this being a world-class Project include;
Guyana Political risks have significantly lessened
A Fraser Institute's 2016 Annual Survey of Mining listed Guyana as the third best mining jurisdiction with regards to investment attractiveness in the Latin America and Caribbean Basin subgroup.
The Guyana Office for Investment (GO-Invest), is a semi-autonomous body under the Ministry of Business, responsible for promotion of foreign and local investment. Go-Invest, headed by CEO Mr Verwey, is the primary contact for investments and exports in Guyana. Currently its the only body that deals with the country's investments. Backed by the Ministry of Natural Resource and Environment, Go-investment portfolio covers investments in several mining projects.
Guyana Geological and Mines Commission (GGMC) have been tasked to tackle the more demanding challenges hindering the Mining Sector, and to develop a robust Mining Policy Framework to support its long-term development. The GGMC is responsible for facilitating investments into majority of the mining projects in country, outside of the portfolio handed by GO-Invest.
Key developments that decreases Political Risks;
In general, international investors receive the same treatment as local investors in Guyana. One exception is the special approval required for local financing. Foreign borrowers applying for a loan of more than GYD 2 million (USD 10,000) must request permission from the Minister of Finance. This requirement reflects Guyana's preference for foreign investors to bring capital into the country.
Thousands of Junior Mining companies, each with their own story
There are thousands of junior mining companies to invest in. Investing in the mining sector that as just seen the bottoming during a bear market will now be looking at investments in these sectors, especially companies with the ability to raise capital, high return on invested capital and safe, stable jurisdiction. Investors who understand these will be active in evaluating companies and projects that have a lot of positives. Here are some reasons why Guyana Goldstrike ticks some key boxes;
- Management. CEO Peter Berdusco has successfully managed and financed projects in North and South America and West Africa.
- Proven gold property with substantial historical work
- Guyana. Stable country built on British law
- English. No language barriers
- Geology. Alluvial golds & hard rock (quartz) at shallow depths
- Low float. 39 million shares issued and outstanding
About Guyana Goldstrike
Guyana Goldstrike is a Canadian gold exploration and development company with a focus on near-term production. The company's operations are in Guyana, South America where its flagship asset the Marudi Gold Project is under development.
Mr. Berdusco is a 20-year investor, business consultant, senior executive officer and board member to public and private sectors. Over the last seven years, he has financed projects for junior public resource companies, worldwide. In particular as CEO of Nexus Gold Corp (TSX.V:NXS), he has financed exploration programs in Nevada, USA and Burkina Faso, West Africa. His experience as a board member includes a past founding directorship with Chalk Media, a TSX Venture company that was sold to Blackberry and a current founding directorship with Nexus Gold Corp. Mr. Berdusco brings the mining executive acumen needed to develop the Marudi property to production and further the exploration upside that the property possesses.
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