The acquisition of a 159,000-ha project in Nunavut has provided
The Toronto-based junior believes the project area is geologically similar to the copper deposits in the Keweenaw Peninsula of Michigan, which has produced more than 13 billion lbs. copper.
Patrick Sheridan, Jr., president, says the land package covers at least 37 zones of mineralization in a region known for its native copper deposits. In the mid-1960s, a discovery in the Wreck Lake area caused more than 70 companies to stake ground in the region.
The Wreck Lake project has a zone that is estimated to host 3.2 million tons grading 3.77% copper and 4 oz. silver per ton. Small tonnages have been outlined on several other nearby zones.
Many of the known zones have not been fully delineated, whereas numerous mineralized zones remain virtually unexplored. The company hopes to benefit from recent improvements to infrastructure in the Hudson’s Bay region, as well as from the use of modern geophysical and geochemical exploration techniques.
Guyana Goldfields also holds a 100% interest in the Peters gold property in the Puruni River region of Guyana. The junior has 30 million shares outstanding and currently trades at about 79 cents.
Guyana Goldfields has acquired a land package comprising numerous high-grade copper-silver prospects, 560 km north of Yellowknife, N.W.T.
The company has al,so acquired 8,000 acres of the 159,000-acre package in return for $10,000 in cash and the issuance of 50,000 shares to a private vendor. Guyana can buy the property outright at any point over the next year by issuing an additional 1 million shares.
The vendor will also receive a 3% net smelter royalty, half of which Guyana Goldfields can buy back for $1.5 million.
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