Barrick Gold Corporation, a Canadian company with operations around the world, is among the latest large scale gold mining companies that have re-entered Guyana’s market and is, in fact, expected to start exploration very soon near the Karouni mining site in Region Seven (Cuyuni-Mazaruni).
Barrick’s operation in Guyana before the 2018 withdrawal
In an interview with this publication, Natural Resources Minister Vickram Bharrat provided some insight into the current state of the gold mining sector by pointing out that one of the most recent re-entrants into the sector is Barrick Gold Corporation, which partnered with Troy Resources last year.
“There’s Barrick Gold. As you’re aware we had the mining conference in Canada recently. I had a conversation with Omai Gold Mine that is continuing exploration. To date they have already made a discovery of close to 1.5 – 1.6 million ounces.”
“I also had meetings with Barrick Gold, which is one of the largest gold mining companies in the world. They will start exploration activities very soon; in properties they would have acquired next door to Troy Resources in the Cuyuni area. Their exploration activities should start soon,” Bharrat said.
While Barrick’s partnership with Troy Resources is a new one, the company is actually no stranger to Guyana. Back in 2018, Barrick withdrew from Guyana after spending US$7.1 million on the Arakaka gold project, where it was in a joint venture with Alicanto Minerals.
Graphic of the Toroparu mine
And when Alicanto found gold in Arakaka in 2020, it had attributed previous exploration work done by Newmont and Barrick Gold Corp that provided them with the necessary data inclusive of geochemistry, geophysics, and camp infrastructure, for making the find. According to Alicanto, this all provided them with an excellent platform for discovering the gold.
Meanwhile, Bharrat also spoke of Troy Resources which has been under a period of care and maintenance since last year, during which a skeleton staff remain in place. There is also Zijin Mining, which took over Guyana Goldfields’ operations at Aurora Gold Mine in 2020.
“With the gold mining, as you’re aware we have two large companies, two large gold companies. Zijin and Troy Resources. However, Troy Resources has been under care and maintenance. We’re working with them to ensure that they go back into production as soon as possible.”
“Both companies, however, are venturing into underground mining for the very first time in Guyana. So that will see a significant increase in production, once we reach to the production stage, we will see a significant increase in the production of gold,” Minister Bharrat also said.
Canadian company Gran Colombia Gold Corp, which is operating in Guyana, is meanwhile partnering with another recent entry into Guyana’s market, ETK Incorporated, for work on the Toroparu mine. Already, Gran Columbia has found gold in its Toroparu project in Region Seven (Cuyuni-Mazaruni) that may even present opportunities for underground mining.
“The other gold mine that I spoke of, we’re expecting at least two or three other large companies investing in Guyana. As it is now, ETK partnering with Gran Columbia, they’ve already started some amount of work in the Toroparu mines.”
“That’s in the Region Seven, Cuyuni area. A number of equipment is already here in the country. So, we know for sure they are already starting work on developing that mine and going to production at some point in the future,” the Minister further explained.
Last year, Gran Colombia had announced that it completed its two-phase diamond drill programme, with 114 drill holes. According to the company, the drilling programme confirmed the presence of deposits that could be mined through underground mining.
Gran Columbia Executive Chairman Serafino Iacono was quoted as saying that last year’s discovery reaffirmed the company’s confidence in the high-grade gold potential of the project. He further explained that they are working on an updated mineral resource estimate and preliminary economic assessment. (G3)
