The Arakaka Gold Project is a district-scale exploration project located in the prolific, Paleoproterozoic, Barama-Mazaruni Greenstone belts of the Guiana shield. The 300km2 project boasts multiple mineralised corridors, each including multiple prospects that range from early to advanced stage exploration.  These prospects cover quartz-feldspar porphyry to dioritic composition bodies intruding volcano-sedimentary greenstone rocks and are highly prospective for large tonnage, orogenic gold deposits.

Widespread mineralisation and corresponding alteration has been observed throughout the Arakaka Main Trend.

Almost all of the >40 saprolite workings in the Arakaka Main Trend are centred on either the high strain contacts of intrusive units (Diorites/Porphyries) or upon high strain zones within the intrusive units.

Three styles of mineralisation have been observed within the Arakaka Main Trend:

  • Ituni Style: Quartz-Chlorite-Arsenian Pyrite (+/- Au) with coarse grained (>3mm) arsenian pyrite to selvedge and coincident sericite/leucoxene alteration.
  • Rodrigues Style: Quartz-chlorite-arsenian pyrite veins with disseminated and blebby pyrrhotite and coarse (<5mm), disseminated arsenian pyrite to selvedge – coincident biotite and leucoxene alteration.
  • 14-Mile Style: Quartz-chlorite-magnetite (+/- Au) with biotite/chlorite alteration and disseminated magnetite to selvedge (<5mm euhedral).

Multiple different styles of mineralisation and alteration have been encountered from within the regional scale Gomes Xenopsaris trend. In the South-East mineralisation is closely related to folded quartz-pyrite-pyrrhotite-gold (+/-arsenopyrite) veins with proximal sericite-ankerite(+/-fuchsite) alteration.

Large scale alteration halo’s around mineralisation, often over hundreds of m’s, are observed. Whilst the alteration observed varies with the host lithology in general it consists of distal chlorite+calcite+leucoxene with increasing sericite+ankerite+pyrite towards mineralisation.

At the Gomes prospect mineralisation is associated with sheeted quartz-arsenopyrite-veins and silica alteration often sub-parallel to foliation, with arsenopyrite, pyrrhotite and pyrite alteration to the selvedge.  There is a visual correlation between areas of higher grade and increased sericite-ankerite alteration and strain.

The Resource has been independently estimated by Cube Consulting Perth (see Competent Person statement).

The Gomes MRE has been produced by 3D modelling of the lode systems and block model grade estimation both using Ordinary Kriging (OK) and an ID2 check estimate.

The Purple Heart MRE has been produced by 3D modelling of the lode systems. Further edits were done to separate the domaining from the post-mineralisation dyke intrusive to reduce the dilution. Purple Heart was estimated using ID2 methodology.

A full summary of the resource methodology and validation is included in the Appendix A JORC table. All project resources have been classified as Inferred based on current drill spacing and the historical drill results which will require further supporting verification drilling and QAQC insertion. It is anticipated that Infill drilling and verification drilling will support an increase in resource classification.

Arakaka Main Trend and Purple Heart Target Area

Arakaka Mineralised Main trend is northwest dipping and hosts multiple saprolite pits on hill slopes over more than 12km of strike adjacent to extensive alluvial workings in the Arakaka valley which have produced >1Moz of gold over more than 100 years of operation.

In 2019 Alicanto completed 51 diamond drill holes for 10,478m over 1.4km of strike around the Purple Heart prospect area along the Arakaka Main Trend. This drilling was fully funded through Alicanto’s Joint Venture with Nord Gold SE. Assay results have now been returned, with highlights including (refer to ASX releases date 29th January 2020)1:

  • 05m @ 7.43g/t gold from 260.75m in ARDD309
    • Including 5m @202.4g/t gold from 263.8m
  • 0m @ 11.15g/t gold from 69m in ARDD316
    • Including 5m @111.89 g/t gold from 71.5m
  • 54m @ 160.13g/t gold from 239.8m in ARDD329
  • 5m @ 5.44 g/t gold from 142.2m in ARDD306
    • Including 6m @47.44g/t gold from 143.5m
  • 9m @ 3.36g/t gold from 89m in ARDD281
  • 85m @ 1.98g/t gold from 190.33m in ARDD282
  • 55m @ 21.44g/t gold from 93.45m in ARDD323
  • 5m @ 2.39g/t gold from Surface in ARDD299
  • 75m @ 10.17g/t gold from Surface in ARDD303
  • 6m @ 2.32g/t gold from 163.4m in ARDD304
  • 45m @ 2.71g/t gold from 54m in ARDD319

These results confirm the potential of the Purple Heart area to host a bulk tonnage gold deposit and support historical drilling, with limited reconnaissance drilling previously announced on 26 August 20151 returning best results of:

  • 5m @ 7.36g/t gold from 87m – PHD0801
  • 9m @ 30.66g/t gold from 86m – PHD0802
  • 8m @ 1.66g/t gold from 17m – PHD0805
  • 10m @ 3.10 g/t gold from surface – ARD04
  • 48m @ 1.84g/t gold from surface – ARD05
  • 5m @ 1.43g/t gold from 65m – ROD0803

All drill results as well as drill hole locations are shown in Figure 1 below:

Figure 1: Purple Heart Prospect showing current geological and structural interpretation with significant drill intercepts with hole collars coloured by gram*metre.

All zones of gold anomalism are focused on shear zones located in and around diorite and porphyry intrusions of various compositions. Mineralisation ranges from bonanza style gold intercepts of visible gold in quartz veins to broad zones of disseminated mineralisation associated with arsenian-pyrite and pyrrhotite. Encouragingly both types of mineralisation are found within the same geological setting and so exhibit significant potential for bulk tonnage targets.

Multiple, shallowly north-west dipping mineralised structures have now been identified through drilling within the Purple Heart prospect area over more than 1.4km of strike extent within the 12km long Arakaka Main trend. These structures show good continuity throughout the drill area and are frequently associated with the high-strain zones partitioned to the contacts of diorite and porphyry intrusive bodies.

Recent drilling has also identified a previously unrecognised high-grade shoot component to mineralisation associated with flexures in the trace of the principal structures in the area, the Purple Heart and Central structures. Recently returned assays indicate the dimensions of these high-grade shoots to be of significant scale to lead to the potential development of significant gold resources. The high-grade shoots appear stacked and have an apparent, shallow northerly plunge that has now been traced down plunge over 500m and remaining open.

Given the very shallow plunge of the mineralised structures and high-grade gold shoots the structures have been drilled to 450m down-dip but intercepts are still within 150m of surface (see Figure 2).

Figure 2: Purple Heart Prospect section line A to A’ showing geological and structural interpretation with Significant Drill intercepts.

Drilling spaced approximately 100m apart has defined two sub-parallel, shallowly plunging, high-grade shoots in the vicinity of the Purple Heart Pit.

Drill hole ARDD309’s significant intercept of 19.05m @ 7.43g/t gold from 260.75m represents the deepest drilling on the lower shoot whilst the significant intercept of 0.54m @ 160.13g/t gold in ARDD329 represents the deepest drilling on the upper shoot. Both high-grade shoots remain open at depth.

Purple Heart Target Area – Resource Potential Beyond the MRE

There is significant, immediate resource potential at Purple Heart, beyond the MRE.

  • High Grade Gold Shoots: Mineralisation remains open down dip on the high-grade shoots defined by 100m x 100m spaced drilling. These shoots plunge at less than 30o to the NW and so there is significant potential remaining at less than 200m vertical depth. This has the potential to rapidly add high-grade mineralisation to existing resources.
  • Parallel Structures: Drilling to date at Purple Heart has been focused on developing resources around the Purple Heart thrust structure. However, multiple, sub-parallel thrust structures are observed in drilling to date within the Purple Heart area which have not been subjected to systematic drilling. These include 19.05m @ 7.43g/t gold intersected on a sub-parallel lode in the footwall of the Purple Heart Structure.
  • Strike Potential: The Purple Heart Structure, and sub-parallel mineralised structures, have been defined along a further 1.3km strike to the ENE through diamond drilling, on section lines with a nominal 500m spacing. Significant intercepts including (refer to ASX 4 October 2016 and 1 March 2018)1:
    • 18m @ 1.63g/t gold from 3m in ARDD267 including 9.35m @ 2.71g/t gold in ARDD267
    • 72m @ 1.44g/t gold from 159m in ARDD003
    • 1m @ 3.97g/t gold from 71m in ARDD015

Xenopsaris Trend and Gomes Target Area

The Xenops Drill Target Area is a >17.5km long corridor of Au-in-soil anomalism centred around the folded hinge of the regional scale antiform in the hangingwall of a regional scale NW trending (SW dipping) structure – The Temberlin Shear Zone. This structural setting is similar to those observed at other regionally significant gold deposits within the Guiana Shield, including the Gros Rosebel deposit (IAMGOLD)) in neighbouring Suriname (refer to SGA Field Guide – Bardoux et al 2018).

Gomes Hill

The Gomes Prospect is the most advanced prospect in the Xenopsaris trend located on the Temberlin Shear Zone, a graphitic shear zone that is situated above a deep-seated regional scale transfer fault that is mapped in gradient array and dipole-dipole IP datasets.  The structural corridor coincides with a more than 7.5km long zone of Au-in -soil anomalism that remains open along strike over the interpreted transfer structure that is situated orthogonal to the main Arakaka structural corridor (see Figure 3 below – showing Gomes Hill Inset location).

Figure 3:  Location Map for the Gomes Hill Prospect within the Xenopsaris Target Area.

The current MRE on the Gomes Hill Prospect, announced herein, covers 500km of strike extent drilled predominantly by previous operators (see Figure 4 below). Mineralisation is hosted in and around a Diorite body in the footwall of the Temberlin Shear Zone associated with strong silicification with pyrite and arsenopyrite (no graphite associated with the mineralised zone).  Alicanto follow-up work has extended soils and auger work to the east of the previous drill focus and has identified additional sub-parallel mineralisation with up to 70m wide occurrences at surface which extends the mineralised zone to over 620m wide.

Figure 4:  Prospect Summary Map for the Gomes Hill Prospect Area – showing the locations of Section D.

Mineralisation within the Diorite consists of multiple sheeted quartz-arsenopyrite-veins and silica alteration often sub-parallel to foliation, with arsenopyrite, pyrrhotite and pyrite alteration to the selvedge.  There is also visual correlation between areas of higher grade and increased sericite-ankerite alteration and strain. Mineralisation dips to the SW at a moderate angle (see Figure 5 below).

Figure 5:  Gomes Hill Cross Section D showing mineralisation hosted within the Gomes Hill Diorite.

 Gomes Target Area – Resource Potential Beyond the MRE

There is significant opportunity to expand the resource at Gomes Hill. Drilling is largely limited to around 100m vertical depth and there is little drilling along strike from mineralisation. In addition, drilling has been focused on NE-SW section lines with no drilling targeting the plunging southern end of the diorite orebody which sits under an area of cover. Multiple sub-parallel zones of mineralisation have been identified on Section E and have not been drilled along strike.

In addition to the local potential in and around the drill area to increase resources recent trenching >1.2km to the South East of the Gomes Hill drill area has been completed.  Two trenches have intersected significant gold mineralisation along strike from the Gomes Prospect, where extensions to mineralisation south of Gomes have been constrained by the lack of surface geochemical anomalism Results of trenching include (refer to ASX releases date 19 June 2018)1:

  • 6m @ 2g/t gold within 33m @ 0.5g/t and;
  • 6m @ 1.2g/t gold at the end of the trench – XETR031
  • 15m @ 0.5g/t gold – XETR030
  • 13m @ 2.17g/t gold – XETR030 Extension

Importantly the results of both trenches are limited by a layer of colluvium shedding off the large hill to the SW that obscures surface geochemical responses. Therefore, any further bodes of significant mineralisation are likely to be obscured by thin cover in the area.  Mineralisation at Gomes and along the Xenopsaris area is associated with rheological contrasts in the vicinity of the Temberlin Structure, so mapping of the structure and lithology through trenching and drilling will be important factors in the growth of the Gomes prospect resource potential.

The Gomes Hill Prospect is considered a priority target with significant resource potential within the Gomes Trend to be included in future delineation drilling work.  Additional prospects along the Gomes trend have had auger follow-up work and soil extension and in-fill sampling work has been initiated as determined most effective in context of the regolith setting. Multiple +500ppb anomalies with significant continuity and extent are host to drill ready targets that can be advanced to drilling in the near term.

Arakaka Gold Project – Regional Potential Beyond the MRE

The Arakaka Gold Project is a district-scale exploration project that includes multiple mineralised corridors, each including multiple prospects that range from early to advanced stage exploration.  These prospects cover quartz-feldspar porphyry to dioritic composition bodies intruding volcano-sedimentary Paleoproterozoic greenstone rocks of the Barama-Mazaruni supergroup which are highly prospective for large tonnage, orogenic gold deposits.

  • Arakaka is in one of the oldest and most prolific gold districts in the under-explored Guiana Shield, with historical production of >1Moz gold. It rivals in scale the artisanal workings of the 26.9Moz Las Cristinas/Las Brisas deposit
  • Arakaka hosts multiple regional scale structures, late basin conglomerates, extensive alteration systems, widespread, high-density veining indicative of gold systems capable of yielding multi-million-ounce bulk tonnage gold resources as well as high grade, >2m thick quartz-gold reefs.
  • Tenement area of >300km2
  • Previous exploration work completed by Newmont and Barrick Gold Corp. >US$25M, provided world class datasets including extensive geochemistry, geophysics, and camp/access infrastructure providing an excellent platform for discovery in next steps of exploration.
  • Multiple walk-up drill targets include:
    • Eyelash Area: Channel samples of 2m @ 33g/t Au, 0.6m @ 68.4/t and 10m @ 2.6g/t Au within >5km >100ppb Au-in-soil anomaly – undrilled (ASX: 14 Jul 15)1.
    • Xenopsaris Area: 5 trenches over >4km >100ppb Au-in-Soil anomaly with results of up to 20m @ 2g/t Au, 6m @ 8.3g/t Au and 3m @ 16.4g/t Au – Largely undrilled (ASX: 27 March 18)1.
  • Established 55-man camp, vehicles, all-season road network, daily commercial flights, 15km from deep water port.
  • District-scale land position with multiple mineralised corridors identified, each containing multiple drill prospects.

Figure 6:  Location of Arakaka (NordGold JV Project) and Ianna gold project (100% Alicanto) located in the Northwest Mining District of Guyana on modified geology from the Guyana Geology and Mines Commission’s Geological Map of Guyana, 1987. For individual deposit sizes refer to (SGA Field Guide – Bardoux et al 2018).

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