…gold already found, exploration continues at Reg. 7
The Oko West gold project, where exploration for gold is being carried out by a Canadian company called Reunion Gold, has the potential to be a large-scale gold-producing mine. This is according to the Natural Resources Ministry.
Recently, Natural Resources Minister Vickram Bharrat and Home Affairs Minister Robeson Benn visited the site of Reunion Gold’s Oko West project, which is located in Region Seven (Cuyuni-Mazaruni). According to the Ministry, gold has already been confirmed at the site.
“The company is currently carrying out the Oko West project that entails large-scale gold exploration operations geared towards a potential large-scale gold mine. Reunion Gold’s Oko West project is a new gold discovery for Guyana that is south of the known Oko Mountain gold region.”
“Exploration techniques such as geochemical survey, trenching and a pilot drilling programme confirmed the presence of the gold resource in a shear zone mineralisation style on the eastern concession boundary between a greenstone and granitoid assemblage,” the Ministry said.
It was explained that detailed drilling, trenching, geological sampling and geophysics are among the exploration techniques that are being used during the exploration work, with a view to further defining the gold resource and coming up with mining targets.
“Exploration work inclusive of detailed drilling, trenching, geological sampling and geophysics are some of the current exploration methodologies that are being used to further define this gold resource and guide future concession activities and mining targets,” the Ministry said.
Two weeks ago, the company in a release said that it has raised $70 million from a bought deal financing and will use part of the proceeds to advance the company’s Oko West project in Guyana to the next stage of development.
The company said an underwriting syndicate acquired 152.2 million shares at 46 cents per share. It also said the underwriters have been granted the option to purchase an additional 15% of the offering to cover over-allotments, if any. The green shoe option remains open for 30 days after closing.
Reunion Gold joins other Canadian companies that have or are operating in Guyana. One company currently operating is Omai Gold Mines Corporation, which has already found gold and is developing an updated mineral resource estimate for its Wenot project in Region Seven.
Omai had announced that for the first half of 2023, they had found extensive gold in their Wenot drill site. The announcement was made by the company in a statement, in which they revealed that a total of 3569 metres have been completed in 11 holes in 2023. In hole 23ODD-063, visible gold was seen in 37 locations along 299 metres of core.
Back in February 2022, the company announced that it would continue drilling at its Region Seven location since it believes that even more deposits of gold are available at the Wenot deposit.
Prior to that, the company had filed a technical report with SEDAR, which supports the 16.7 million tonnes of indicated gold and 19.5 million tonnes of inferred gold it had announced the Wenot deposit held back in January.
In January 2022, Omai Gold Mines had announced the discovery of significant gold values during initial trenching and drilling on the Broccoli Hill target at its Region Seven holdings. The company had disclosed that trenching exposed a quartz-rich shear zone with samples assaying 29.3 g/t Au, 7.8 g/t Au, 5.0 g/t Au and 2.2 g/t Au along a 40-metre strike.
Omai Gold Mines, which returned to the Wenot and Fennell pits in 2020 after leaving Guyana in 2015, had announced in December 2020 that it would be pressing forward with a 5000-metre drilling programme
