(Energy Analytics Institute, 17.Sep.2024) — Gold Port Corporation revealed that the 100% owned claim group comprising the Groete Gold Copper Project has been renewed for the ensuing year by the Guyana Geology and Mines Commission.
The three mining permits total 1,384 hectares and are now in effect until Jul. 2027. During this five-year period, Gold Port has the option to develop the project and convert the mining permits into a mining license, the company said 17 Sep. 2024 in an official statement. The project is strategically located 64km west-southwest of Georgetown, the capital of Guyana, and 11km west of the Essiquibo River, a major transportation route in the country.
Gold Port recently completed a project review given the continued strong upward trend in the gold price. The Groete project has a large gold copper inferred resource of 1.57 million tonnes AUCUEQ (Gold Copper Ounce Equivalent) and is open in all directions for further potential tonnage expansion drilling. The noted resource was calculated based upon $US 1,275 per ounce gold, a far lower value than the present gold price of over $US 2,470 per ounce. The project is well located to infrastructure and in a mining friendly country with Guyana boasting the fastest growing economy in the world according to the World Bank.
Gold Port is interviewing additions to management to facilitate a drill program to enhance and potentially expand the current known resource. The company has its own drill equipment in Guyana to complete the program.
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