Featured Company /
Guyana Goldstrike Inc.
Guyana’s Ministry of Natural Resources says the country is on track for record gold production in 2017, with 475,202 ounces produced through September. About one-third of that total has come from Guyana Goldfields and Australia’s Troy Resources, which produced 117,002 ounces and 48,212 ounces, respectively, in Guyana so far this year. The agency indicated that total export earnings rose to US$603.98 million for the first three quarters from US$575.87 million in the year prior period.
Guyana Goldstrike Inc. (TSX-Venture:GYA) (OTC:GYNAF) wants its name mentioned in the same breath with the country’s leading mines, focusing its efforts on near-term production at its Marudi Gold Project in the southwest part of Guyana about 230 kilometres from the town of Lethem. The Vancouver-based company has acquired a 100% option to purchase the project that spans about 13,000 Acres (5,300 ha / 53 sq km) in the mining-friendly nation.
Marudi is located in what is known as the Guiana Shield, which underlies Venezuela, Guyana, Suriname and French Guiana, as well as parts of Colombia, and Brazil. Although considered under-explored, the Guiana Shield is known to contain some 110 million ounces of gold. The fully-permitted project has all the necessary infrastructure, including all-season road access and a mining camp thanks to work from previous operators, including Guyana Frontier Mining Corp, whose work was partially funded by Teck Resources.
Marudi is quite differentiated from most developmental projects in that it is already producing small amounts of gold through a cooperative agreement between Guyana Goldstrike’s wholly-owned subsidiary, Romanex Guyana Exploration, and artisanal miners. Per the agreement, local miners have access to the property under the guidance of the company, for which they may work the alluvial areas (i.e. surface, streams, historic workings) and tailings from prior gold production. For this, the miners pay Romanex a 10 percent royalty on all gold produced.
In the five months ending March 31, 2017, this agreement resulted in net revenue to Romanex of US$106,490. The agreement not only puts some easy money in the coffers of Guyana Goldstrike, but proves the existence of gold at surface in saprolite, the name for the worn-down rock from surface to about 40 meters.
The company’s president and CEO Peter Berdusco refers to the saprolite as “soft” gold and a key stepping stone to provide some cash flow while it proves out the hard rock ounces deeper in the ground. While the artisanal miners do their thing, Guyana Goldstrike will be spending approximately 6-9 months working the saprolite, establishing baselines and bulk sampling. This is a proven model right out of the playbook of Guyana Goldfields.
Marudi has been subject to multiple historical resource estimates over the years, indicated gold mineralization. More than 42,000 meters of drilling has been performed on the property in the last three decades (141 holes) with total exploration costs of more than $30 million. The latest historical hard rock estimate (non-National Instrument 43-101 compliant) showed the property to contain 760,000 ounces of gold with potential for 2+ million ounces, according to the company’s 2017 Fact Sheet.
In an interview with Investment Pitch Media, Berdusco explained that the strategy is to increase the hard rock resource as part of compiling a NI-compliant estimate by widening the two main areas (Mazoa Hill and Marudi North) that remain open in different directions. To assist in compiling, modeling and advancing the legacy geological data, Guyana Goldstrike has retained the services of Minelt Consulting.
As it stands, investors will be looking for news of exploration initiatives to advance the Marudi property. The bottom line is that the company, with only a $7 million market cap, has an experienced leadership team (120+ years combined); a large project with substantial gold resources and strong potential to validate and add more; and, importantly, cash in the bank between a $1.7 million capital raise and royalties from artisanal miners. While Guyana Goldstrike has its work in front of it, there is the possibility that one day it will be mentioned alongside its bigger peers for gold production in the oft-overlooked country.
Corporate Snapshot:
Guyana Goldstrike Inc.
Stock Symbol:
CA
Stock Exchange:
TSX-Venture
Sector:
Basic Materials
52 Week High:
$0.3500
52 Week Low:
$0.1400
Alt Exchange/Ticker:
OTC:GYNAF
Current Stock Quote / Chart / News: Click here
Information as of
October 25, 2017
Guyana’s Ministry of Natural Resources says the country is on track for record gold production in 2017, with 475,202 ounces produced through September. About one-third of that total has come from Guyana Goldfields and Australia’s Troy Resources, which produced 117,002 ounces and 48,212 ounces, respectively, in Guyana so far this year. The agency indicated that total export earnings rose to US$603.98 million for the first three quarters from US$575.87 million in the year prior period.
Guyana Goldstrike Inc. (TSX-Venture:GYA) (OTC:GYNAF) wants its name mentioned in the same breath with the country’s leading mines, focusing its efforts on near-term production at its Marudi Gold Project in the southwest part of Guyana about 230 kilometres from the town of Lethem. The Vancouver-based company has acquired a 100% option to purchase the project that spans about 13,000 Acres (5,300 ha / 53 sq km) in the mining-friendly nation.
Marudi is located in what is known as the Guiana Shield, which underlies Venezuela, Guyana, Suriname and French Guiana, as well as parts of Colombia, and Brazil. Although considered under-explored, the Guiana Shield is known to contain some 110 million ounces of gold. The fully-permitted project has all the necessary infrastructure, including all-season road access and a mining camp thanks to work from previous operators, including Guyana Frontier Mining Corp, whose work was partially funded by Teck Resources.
Marudi is quite differentiated from most developmental projects in that it is already producing small amounts of gold through a cooperative agreement between Guyana Goldstrike’s wholly-owned subsidiary, Romanex Guyana Exploration, and artisanal miners. Per the agreement, local miners have access to the property under the guidance of the company, for which they may work the alluvial areas (i.e. surface, streams, historic workings) and tailings from prior gold production. For this, the miners pay Romanex a 10 percent royalty on all gold produced.
In the five months ending March 31, 2017, this agreement resulted in net revenue to Romanex of US$106,490. The agreement not only puts some easy money in the coffers of Guyana Goldstrike, but proves the existence of gold at surface in saprolite, the name for the worn-down rock from surface to about 40 meters.
The company’s president and CEO Peter Berdusco refers to the saprolite as “soft” gold and a key stepping stone to provide some cash flow while it proves out the hard rock ounces deeper in the ground. While the artisanal miners do their thing, Guyana Goldstrike will be spending approximately 6-9 months working the saprolite, establishing baselines and bulk sampling. This is a proven model right out of the playbook of Guyana Goldfields.
Marudi has been subject to multiple historical resource estimates over the years, indicated gold mineralization. More than 42,000 meters of drilling has been performed on the property in the last three decades (141 holes) with total exploration costs of more than $30 million. The latest historical hard rock estimate (non-National Instrument 43-101 compliant) showed the property to contain 760,000 ounces of gold with potential for 2+ million ounces, according to the company’s 2017 Fact Sheet.
In an interview with Investment Pitch Media, Berdusco explained that the strategy is to increase the hard rock resource as part of compiling a NI-compliant estimate by widening the two main areas (Mazoa Hill and Marudi North) that remain open in different directions. To assist in compiling, modeling and advancing the legacy geological data, Guyana Goldstrike has retained the services of Minelt Consulting.
As it stands, investors will be looking for news of exploration initiatives to advance the Marudi property. The bottom line is that the company, with only a $7 million market cap, has an experienced leadership team (120+ years combined); a large project with substantial gold resources and strong potential to validate and add more; and, importantly, cash in the bank between a $1.7 million capital raise and royalties from artisanal miners. While Guyana Goldstrike has its work in front of it, there is the possibility that one day it will be mentioned alongside its bigger peers for gold production in the oft-overlooked country.
Forward Looking Statements
This report includes forward-looking statements that reflect current expectations about its future results, performance, prospects and opportunities. Guyana Goldstrike Inc. has tried to identify these forward-looking statements by using words and phrases such as "may," "will," "expects," "anticipates," "believes," "intends," "estimates," "plan," "should," "typical," "preliminary," "we are confident" or similar expressions. These forward-looking statements are based on information currently available and are subject to a number of risks, uncertainties and other factors that could cause Guyana Goldstrike Inc.'s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and other factors include, without limitation, the Company's growth expectations and ongoing funding requirements, and specifically, the Company's growth prospects with scalable customers, and those outlined above. Other risks include the Company's limited operating history, the Company's history of operating losses, consumers' acceptance, the Company's use of licensed technologies, risk of increased competition, the potential need for additional financing, the terms and conditions of any financing that is consummated, the limited trading market for the Company's securities, the possible volatility of the Company's stock price, the concentration of ownership, and the potential fluctuation in the Company's operating results.
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