The Arakaka Gold Projectis located in Guyana, South America. The project area has been the source of more the 1Moz of alluvial and saprolite gold production, with a rich mining history that extends more than 100 years.
The Project covers an area of over 300km2 which is 100% held by Alicanto Minerals Ltd. And fully funded by Barrick Gold Corp. earning a 65% interest in the project with a US$10m funding commitment over 4 years from 1 March 2016.
The Project boasts good infrastructure, with an all-season road network, daily flights to within 10km of the property boundary, and deep water port facilities within 15km of the property.
The Arakaka Gold Project is a regional scale project and is host to a number of target areas warranting further exploration activity for shallow, bulk tonnage, open pit gold targets. Each of the defined target areas are host to numerous prospects at various stages of the exploration process, with varied exploration techniques being applied based on the regolith and landform setting of each area to apply the most cost effective methods to identify the most prospective prospects and progress them towards discovery and maiden resource estimation for the project.
Arakaka Main Trend
The Arakaka Main Trend is a 12km longon a major mineralised complex structural corridor hosting more than 40 prospects.
Xenopsaris Target Area
The Xenopsaris target area is the southern extension of the >15km long Gomes Trend anomalism (Refer to Figure X), which is host to the Gomes Hill Prospect where significant drilled mineralisation requiring additional extension drilling includes better intercepts of 19.19m @ 3.4g/t gold from 65m, incl. 6m @ 6.25g/t gold in hole MD008, 17m @ 2.11g/t gold from 46m, incl. 4.25m @ 6.12g/t gold in hole MD002 and 11.0m @ 3.43g/t gold from 62m in TAK9717 (Refer to ASX release dated 9 February 2015).
Eyelash Target Area
Eyelash is located in the southwest corner of the Arakaka Project area, and is situated on >5km long zone of surface gold anomalism associated with a number of surface and underground artisanal workings, with >20km’s of alluvial workings downstream of the mineralised area.
The 5km long mineralised zone is defined by systematic surface geochemistry sampling with near continuous +100ppb gold and peak soil values of 6.9g/t, 2.09g/t and 1.89g/t gold. anomalous zone is host to multiple enechelon high grade veins. Within the anomalous zone, representative channel sampling has returned better results of
And, a 29m long underground Adit in footwall of a major vein zone returned;
The Eyelash target area has received very limited drilling, with 5 holes drilled that are ineffective tests to the predominant vein orientation in the project area. 4 of 5 diamond holes are drilled subparallel to the high grade quartz vein sets in the area, and a fifth hole drilled oblique to the trend of mineralised quartz vein sets mapped by Alicanto geologists intersected a single vein within the vein swarm returning 1.4m @ 8.87g/t gold. Eyelash Target remains a highly prospective, early stage exploration target requiring additional trench sampling and mapping activity and reconnaissance drill testing to assess resource potential.
Competent Persons Statement
The information in this report that relates to Exploration Results is based on information compiled by Mr Marcus Harden, who is a Member of The Australian Institute of Geoscientists. Mr Harden is Chief Geologist for the Company. Mr Harden has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the JORC 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Harden consents to their inclusion in the report of the matters based on his information in the form and context in which it appears.