Gold Port Corporation Selects Contractor for Groete Gold Project Access

What's Happening?

Gold Port Corporation has announced the selection of Jaisingh's Equipment Rental (JER) from Georgetown, Guyana, to construct road access to the Groete Gold Copper Project. This project involves the development of approximately 13 kilometers of dirt road, including bridge and drainage construction, to facilitate access to the site. Once the road is completed, Gold Port plans to deploy its new MP Power track-mounted core rig to commence a drilling program. The Groete Gold Project, located in Guyana, South America, is a 100% owned venture by Gold Port, focusing on enhancing the NI 43-101 gold deposit to a higher-grade, lower-tonnage resource. The project was last explored in 2012, resulting in an inferred mineral resource of 1.57 million gold equivalent ounces within 74 million tonnes.

Why It's Important?

The development of the Groete Gold Copper Project is significant for Gold Port Corporation as it aims to increase the value of its gold deposit by improving its grade and reducing tonnage. This project could potentially enhance the company's market position and financial performance by increasing its gold and copper output. The selection of a local contractor, JER, underscores Gold Port's commitment to engaging with local businesses, which may foster economic growth in the region. Additionally, the successful completion of this project could attract further investment and exploration activities in Guyana, contributing to the country's mining sector development.

What's Next?

Following the completion of the road access, Gold Port Corporation will initiate its drilling program using the MP Power track-mounted core rig. This phase is crucial for further exploration and resource definition, which could lead to updated resource estimates and potentially a feasibility study. The outcomes of these activities will likely influence Gold Port's strategic decisions regarding the development and potential production phases of the Groete Gold Project. Stakeholders, including investors and local communities, will be closely monitoring the project's progress and its impact on the region.