The Akaiwong property comprises about 20.1 square miles, situated just south of the Cuyuni River in northwest Guyana. Homestake can earn a 60% interest in the property by completing a three- phase exploration progr am costing $1.2 million (US).
Highlights from the first 17 deep auger holes include intercepts of 0.20 oz gold per ton over 23 ft, 0.28 oz over 13 ft, and 0.08 oz over 16 ft. Other intersections reported were 0.07 oz over 26 ft, 0.05 oz over 46 ft, and 0.03 oz over 26 ft.
The results were obtained at depths of around 50 ft from holes spaced roughly 400 ft apart. The program was designed to sample the upper levels of the laterite/ saprolite profile. The joint venture’s objective is to find a large open-pit gold deposit in the surface oxide zone.
To date, Homestake has drilled about 100 vertical auger holes between depths of 20 to 50 ft on the Akaiwong property. The property was acquired last year on the basis of previous results from eluvial mining which found gold nuggets up to 125 oz in the late 1950s.
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