Arrowhead Gold subcontracts 51 percent of mining rights
THE Canadian company, Arrowhead Gold Corp. has farmed out 51 percent of its hard rock mining rights in the Kaburi area, Mazaruni.
The area subcontracted was acquired by Tajiri Resources, another Canadian entity, based on an agreement between the two, dated October, 21, 2011 and approved by the Canadian Stock Exchange last Monday.
President of Arrowhead, Mr. Steve Smith, said: “We are pleased to obtain a partner for our promising Kaburi project in Guyana. This option will allow us to focus on drilling our encouraging Puruni Project while, at the same time, permitting us to retain a significant interest in Kaburi.”
The Kaburi property consists of one large-scale prospecting area of 2,598 hectares (6,421 acres) and is centrally located within and occupies a substantial portion of Guyana’s most prolific, gold-producing district, he said.
Tajiri Resources President, Mr. Albert (Rick) Timcke commented: “We are extremely excited at the opportunity to increase shareholder value by becoming the newest participant in Guyana’s booming gold exploration sector.”
He said this is a country his company views as having massive potential for discovery.
Timcke noted that the Guiana Shield, in which the Kaburi mine is located, is contiguous to the Leo Mann Shield of West Africa and, as such, the geology of the Guiana Shield presents many similarities to the much better documented and explored Birrimian gold belts of West Africa.
According to him, the Kaburi property basement geology is dominated by West-Northwest trending greenstone belts covered by a thin (between five and 20 metres) veneer of transported unconsolidated sediments known as the White Sand Formation.
The southern and central portions of the area are almost entirely covered by white sand, resulting in the greater potential of the Kaburi property and the entire district being largely overlooked.
Timcke said the potential of Kaburi has been demonstrated by ongoing exploration successes in the area and specifically in drilling completed in 2011 by Azimuth Resources Ltd, an Australian exploration firm on two properties that are contiguous to and surrounding Kaburi.
Results from Azimuth’s drilling at its Smarts Project, near the former Omai Gold Mine, are of particular interest, as the claims are located near to the southern border of Kaburi, he informed.
Timcke said those claims returned highly prospective results, of 6.2 grammes of gold in every tonne of material excavated at both locations.
He disclosed that Tajiri Resources plans to, shortly, begin line-cutting, soil and channel sampling in conjunction with geological mapping and prospecting, all in preparation for an induced polarisation survey, which  is a geophysical imaging technique used to identify subsurface materials, such as ore in the exploration process.