AngloGold Ashanti has announced that it has completed the acquisition of an 11.7% stake in G2 Goldfields, a company focused on mining operations in Guyana. The Denver-based company which is considered the fourth largest gold producer on the world, invested C$22.5 million in the transaction.
G2, headquartered in Guyana, plans to update the resource assessment for its OKO project, situated 120 km west-southwest of Georgetown, in the coming year.
The OKO Main deposit, part of the project, currently holds 793,000 indicated tonnes with a grade of 8.63 grams of gold per tonne, amounting to 220,000 contained ounces. Additionally, there are 3.3 million inferred tonnes with a grade of 9.25 grams of gold, representing 974,000 gold ounces based on the initial resource assessment conducted in April 2022.
AngloGold said it also has about an interest in the Guiana Shield cutting across the continent’s northeast that hosts G2’s OKO project, Reunion Gold’s Oko West deposit next door and Guyana’s largest mine, Aurora, which G2 financed and developed before selling it to China’s Zijin Mining in 2020 for $238 million.
Despite recent attempts by Venezuela’s President Nicolás Maduro, to claim Guyana’s Essequibo region which is rich in gold and other resources, AngloGold said it sees strategic value in the region. G2 Goldfields also recently reassured stakeholders that its operations remain unaffected by Venezuela’s recent actions, further solidifying the commitment. The company affirmed its commitment to being a supportive international investor in Guyana, emphasizing ongoing operations with five diamond drill rigs.
The Guiana Shield, a region with significant gold prospects, is home to exploration properties owned by G2. AngloGold said it envisions substantial growth potential within a 20-km radius of the OKO Main and Ghanie deposits.
Its Chief Executive Officer (CEO), Alberto Calderon has also expressed optimism about the strategic investment, that has positioned AngloGold in a key gold province with potential for new discoveries. G2’s recent assay results from the Shear 3 target further bolster confidence in the continuity of gold mineralization, indicating expansion of mineralized zones down plunge.
As exploration continues and mineralization zones expand, both companies stand poised for continued success, and are also contributing to the flourishing narrative of gold exploration and development in this promising region.
