Guyana Goldstrike Inc.
$3.2 MILLION STRATEGIC INVESTMENT FROM ZIJIN GLOBAL FUND AND ZIJIN MIDAS EXPLORATION FUND LLC
About Zijin Mining Group Company Limited
Zijin Mining Group Company Limited was founded in 1986 and is a large-scale mining group headquartered in Shanghang County, Fujian Province, PRC.
It is the largest gold producer, the second largest copper producer, and a significant zinc, tungsten and iron ore producer in China.
The company trades on the Shanghai and Hong Kong stock exchanges and has a market capitalization of over US$9 billion. As of 2016 it held over US$12 billion in assets.
Zijin engages in the exploration, mining, processing, refining, production, the sale of gold, and other non-ferrous metals in Mainland China.
It primarily produces gold bullion; gold, copper, zinc, tungsten, lead, and iron concentrates; and copper cathodes, zinc bullion, vitriol, copper plate, silver, and tin.
Zijin has an extensive product portfolio of gold, copper, lead and zinc, tungsten, iron ore and other base metals and has interests and investments in 24 provinces across China and 9 ( now 10 with Guyana) foreign countries.
Zijin owns the Global Fund and the Zijin Midas Exploration fun. These funds are funded and operated by Zijin. Both funds have a mandate of investing in both production and exploration stage mining projects of exceptional merits worldwide.
In December 2017 Zijin − through its subsidiary, Gold Mountains (H.K.) International Mining Company Limited – completed a US$412 million investment for a 49.5% interest in Ivanhoe Mines’ Kamoa copper project in the Congo in western Africa.
In October 2017 Zijin and the Sprott Group of Companies made a $C6 million strategic investment into Skeena Resources for the development of the past-producing Snip mine in northwest BC, Canada
In May 2015 Zijin invested C$80 Million in Pretium Resources for the development into its Brucejack Project located in BC, Canada.
In 2014 Zijin acquired 50 per cent stake in the Porgera mine in Papua New Guinea through Barrick Gold Corp.’s Barrick (Niugini) Ltd.
According to Zijin its goal is to evolve into an international mining giant utilizing high-technology, and efficient and profitable operations. It adopted a “Three-Step Strategy”, first to be one of China’s top gold producers which it achieved in 2005, second to be a leader in the domestic mining industry achieved in 2009, and finally, to join the other first class global mining giants by 2020.
Completes Strategic Investment with Zijin Global Fund and Zijin Midas Exploration Fund LLC
Marudi Gold Project located in prolific Guiana Gold Belt of South America
• Region contains over 110 M oz of inventory gold
• Project was a buyout target for Teck Cominco in 2012
• 100% option on a 13,500-acre property
• $30M USD + spent on project since 1985
• 42,000 m of diamond drilling / 141 holes
• Company has a 20-year mining permit in good standing
• Infrastructure in place
• Established operating mining camp, with full time employees and manager
• Project has generated revenue from alluvial gold mined under a co-operative agreement with local miners
• Only 5% of the property has been explored, with two zones drilled (Mazoa Hill & Marudi North)
• 2018 - 43-101 on the Mazoa Hill Zone indicates 259,100 gold oz and 86,200 inferred gold oz
• Marudi has 3 gold bearing areas, Alluvial, Overburden Saprolite, Hard Rock
• Targeting 1-2 million ounces of gold resource
Guyana Goldstrike Inc. (GYA.V) announced it has completed a non-brokered private placement of 13,900,000 units at a price of $0.25 per unit for gross proceeds of $3,475,000.00
Each unit consists of one common share of the Company, and one common share purchase warrant exercisable to acquire an additional common share at a price of $0.35 for a period of twenty-four months. All securities issued in connection with the placement are subject to a four-month-and-one-day statutory hold period.
The placement included a $3,200,000 strategic investment by Gold Mountains Asset Management Limited (GMA), a wholly-owned subsidiary of Zijin Mining Group. The investment was completed by Zijin Global Fund and Zijin Midas Exploration Fund LLC, both managed by GMA.
The securities were acquired by GMA for investment purposes, on behalf of Zijin Global and Zijin Midas. In the future, additional securities of the Company may be acquired or disposed of by GMA, Zijin Global or Zijin Midas, through the market, privately or otherwise, as circumstances or market conditions may warrant.
Proceeds from the placement will be used to advance the Company's flagship Marudi Gold Project in Guyana, South America. The placement will allow the Company to fund its ongoing multi-phase exploration program at Marudi, involving up to 10,000 metres of diamond drilling and 12,000 metres of trenching.
Marudi Geology = Iron Formation Gold Deposits (IFG)
Gold mineralization at the Marudi Property is regarded as being related to iron-formation-hosted gold (“IFG”) deposits that occur in other cratonic greenstone belts (e.g. Musselwhite, in Canada, and Homestake in the western U.S.)
These deposits can be remarkably long- lived with sizeable gold production (e.g. +/- 115 years, 65 M ozs Au).
They have a strong association between gold and iron sulfide minerals, the presence of gold bearing quartz veins and structures, the occurrence of deposits in structurally complex terranes, and the lack of lead and zinc enrichment.
In stratiform IFG deposits much of the gold is uniformly disseminated in stratigraphically continuous horizons in well-laminated units of cherty, sulfide-rich BIF that are conformably interlayered with gold and sulfide poor BIF and clastic sedimentary rocks. Iron sulfide minerals are deformed and metamorphosed but oxide BIF is lacking. Late quartz veins or shear zones are volumetrically significant but their control on gold and iron-sulfide is unclear. Arsenic bearing minerals, if present are generally restricted to alteration zones immediately proximal to late quartz veins.
World examples include the Musslewhite Mine, Lupin Mine, in Canada, the Homestake Mine in North Dakota (US), and the Morro Vehho Mine and Cuiabá Mines in Brazil.
The Homestake Mine was a deep underground gold mine located in, South Dakota, USA.
Until it closed in 2002 it was the largest and deepest gold mine in North America.
Through to 2001, the mine produced 43,700,000 oz; 1,240,000 kg of gold and 9,870,000 oz; 280,000 kg of silver.
In terms of total production, it was the second-largest gold producer in the United States, after the Carlin district in Nevada.
The mine has estimated reserves of 2.29 million ounces.
Location: Opapamiskan Lake, Ontario, Canada
Gold Reserves (proven and probable) 1.85 million ounces
Gold Resources (measured and indicated) 310,000 ounces
Gold Resources (inferred) 1.17 million ounces
A fly-in, fly-out operation located approximately 500 kilometres north of Thunder Bay, Canada, Musselwhite has produced over 4 million ounces of gold since achieving commercial production in April 1997.
Musselwhite’s ore is mined from two main zones below Lake Opapimiskan. Ore is processed onsite using a circuit that includes crushing, grinding, leaching by cyanidation, carbon in pulp recovery and electrowinning. Gold recoveries are 96%.
Kinross's Lupin Mine was a gold mine in Nunavut Territory, Canada.
It opened in 1982 and was originally owned and operated by Echo Bay Mines Limited, who in 2003 became a fully owned subsidiary of Kinross Gold Corporation.
Echo Bay Mines Ltd. brought the mine into commercial production in 1982
Lupin Gold Mine produced approximately 3 million ounces of gold.