Gold X Mining, a Canada-based company which operates the Toroparu mine in Guyana, has announced that it found high-grade gold during its recently concluded diamond drill programme, resulting in the company launching phase two of its drilling.
According to a statement on Tuesday, the company was able to use historical drill data to encounter “significant” gold concentrations within and below the Toroparu main resource pit. According to the company, these gold structures are likely to be accessed by shallow and underground mining.
“Upon review and recommendation by Nordmin/HPX, the Company has initiated a Phase 2 diamond drill program. The two drill, 10,000 m program commenced in early February,” Gold X said in their statement.
“One core rig is specifically targeting continuity of structurally controlled gold mineralization within the modelled high-grade structures, while a second rig is targeting shallow mineralization and extensions of the high-grade structures defined in Toroparu NW Zone.”
Gold X Chief Executive Officer Paul Matysek noted that the results from the drill testing exceeded the company’s expectations and will form the basis for their phase 2 diamond drill programme. It is expected that results from phase two of the drilling programme be available by the second quarter of 2021.
“We now have clear geological and structural evidence that the high-grade structures run along the total 2.5 km strike length of the Toroparu Main & NW Zones. It is our belief this drilling has identified significant additional gold mineralization potential outside of the historical open pit boundaries of our Project. We are continuing to expand upon these results with the initiation of our 10,000-meter Phase 2 diamond drill program,” the company said.
Gold X’s investment in the Toroparu mine, Puruni River, Region Seven (Cuyuni-Mazaruni) is believed to amount to more than US$150 million. In 2020, the company was mentioned in a proposed merger with Canadian company Gran Columbia, which at the time was seeking to acquire Guyana Goldfields and its local Aurora Gold Mine in Region Seven (Cuyuni-Mazaruni).
They were ultimately beaten to it as Silvercorp Metals Incorporated concluded a deal with Guyana Goldfields to take over the company. Goldfields would then go on to make a deal with Chinese company Zijin Mining group after Silvercorp proved unable to match their offer.
In November of last year, Australia-based mining company Alicanto Minerals had announced that it had made its first-ever gold find in Guyana, only days after another mining company, Troy Resources, announced that it had found gold deposits underground.
According to Alicanto, it 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.
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 gold.
Fellow Australian mining company Troy Resources had previously announced that it had found some 15 grammes per tonne of milled ore at its Karouni, Smarts Underground mine in Region Two.
