Australia-based mining company Alicanto Minerals has made its first-ever gold find in Guyana, only days after another mining company, Troy Resources, announced that it had found gold deposits underground.
The company made the announcement on Monday. According to Alicanto, it has discovered a maiden resource of 500,000 ounces of gold at its Arakaka gold mine, which is located in Region One.
According to the company, this works out to 1.8 grammes per tonne (g/t) of milled ore.
“Resource runs from surface to a maximum vertical depth of 150m; Mineralization remains open along strike and at depth. The estimate includes a maiden resource for the Purple Heart area of 338,000oz at 2.4g/t gold,” the announcement also said.
“Strong metallurgical recoveries averaging 94.4 per cent. Purple Heart, with average gravity recovery of gold at 48.5 per cent with a maximum of 64.5 per cent,” Alicanto added in their announcement.
According to the company, previous exploration work done by Newmont and Barrick Gold Corp provided them with the necessary data inclusive of geochemistry, geophysics, and camp infrastructure. According to Alicanto, this all provided them with an excellent platform for discovering the gold.
Meanwhile, Alicanto Managing Director Peter George was quoted as saying that the 500,000-ounce maiden find was just the start of what he believed would be a rapidly growing inventory at Arakaka.
“This resource is shallow, the mineralization remains open in all directions and we already have numerous intersections outside the resource which will form part of the next estimate,” George said. “We also have multiple walk-up targets with multi-million-ounce bulk tonnage potential that remain to be drilled.”
Alicanto’s discovery follows on the heels of fellow Australian mining company Troy Resources, which announced a few days ago that it had found some 15 grammes per tonne of milled ore or g/t, at its Karouni, Smarts Underground mine in Region Seven.
