GOLD Port Resources Limited (GPRL), a Canadian owned mining company operating in Guyana, has announced a find of the bonanza grade at Tamberlin, Upper Cuyuni.
It made the announcement on Monday and said it will be buying over the project from its present Guyanese owner. A release said the high potential discovery was made during a five-day sampling programme exploration, conducted recently by senior personnel.
The release said a total of 27 samples were collected from two mining areas, Little Tamberlin Creek and the Camp Area.
The samples were collected by or under the supervision of Mr. William Feyerabend, a qualified person; and Vice-President, Exploration of GPRL Mr. Kenneth Sadowski.
Both the locations discovered have multiple veins and significant gold values, the statement said.
It added that dump samples returned 442.42 and 1,024.33 grammes of gold per tone, indicating the presence of bonanza grade and all the results are interpreted to show multiple targets in the Camp Area, with the potential for high assays.
GPRL said multiple gold bearing veins have been identified on this first venture but much of the targeted area remains largely unexplored.
It said Tamberlin offers an exciting exploration at the location which is accessed by water from Eteringbang Airstrip.
GPRL said a camp facility is in place and equipment is being mobilised for transport to the site because further sampling will be conducted in the immediate future, to identify and define drill targets.
GPRL said it has advised the present owner that it intends to complete the takeover of the Tamberlin enterprise under a Fundament Acquisition as per policy 5.3 of the TSX Venture Exchange.
Closure will be subject to the completion of an acceptable NI 43-101 Technical Report, which is now being prepared, a title opinion, demonstration of value and regulatory approval.
The Tamberlin Creek and Camp Area covers approximately 6,200 acres (2,510 hectares) and is situated in Western Guyana, near the border with Venezuela, within greenstone belts of the Barama/Mazaruni Supergroup of the Guiana Shield.
This geologic province hosts the Las Cristinas and Brisas gold deposits in the Kilometre 88 District of Venezuela, with reported district measured and indicated resources of at least 35 million ounces of gold.
The project site is about 250 kilometres West of Georgetown and near the confluence of the Cuyuni and Wenamu rivers.