Vancouver – StrataGold (SGV-V) has optioned a large gold property in Guyana in South America. The Tassawini property covers some 1,425 hectares in northwestern Guyana, 170 km northwest of Georgetown, the capital. The property contains 147,770 ounces gold within an historical oxide resource of 2.32 million tonnes averaging 2.05 grams gold per tonne outlined back in 1988 by Kilborn as part of a prefeasibility study. Previous drilling also returned some exceptional grades over substantial widths near surface.The company is going to twin some of these high-grade holes as part of a due diligence program to confirm these results.
StrataGold can earn the right to develop the Tassawini property by spending US$2.6 million over three years; issuing 800,000 shares and 400,000 share purchase warrants in stages and; making cash payments totaling US$750,000 to the vendor. The vendor retains a 2.5% NSR royalty that may be purchased by StrataGold for US$4.0 million.
The company must also complete a feasibility study within 18 months of exercising the option, after which the property must be placed into commercial production within 18 months.
Over US$10 million has been spent on exploration on the property so far. The work included a 116 hole diamond drilling program by Paranapanema Mineracao S.A. between 1986 to 1988. This was followed by a feasibility study by Canadian-based Kilborn Limited.
Standout drill intercepts from 1988 beginning at surface, include 48 metres of 4.12 grams gold per tonne; 30 metres of 6.01 grams and; 17 metres of 8.21 grams. Other high-grade intersections include 23 metres of 7.79 grams from 32 metre depth and 25 metres grading 10.55 grams from a depth of 18 metres downhole.
The company plans exploratory drilling over a gold-in-soil anomaly and will focus on outlining an oxide resource along strike from Paranapanema’s drilling.