500,000oz gold resource at Arakaka is just the first chapter, Alicanto says

A maiden 500,000oz resource at Arakaka is the first step towards a project with “multi-million-ounce bulk tonnage potential”, Alicanto Minerals says (reports Stockhead).
20th November 2020
Resources Rising Stars

A maiden 500,000oz resource at Arakaka is the first step towards a project with “multi-million-ounce bulk tonnage potential”, Alicanto Minerals says (reports Stockhead).

Alicanto’s (ASX:AQI) main game is the flagship Greater Falun project in Sweden, but its legacy asset – the Arakaka project in Guyana, South America – adds another very valuable string to its bow.

Nestled in a gold mining province which hosts monster projects like Las Christinas/Las Brisas (27Moz), Aurora (6.5Moz) and Gros Rosebel (13.7Moz), the 300sqkm Arakaka project has numerous prospects from early to advanced stage exploration.

This maiden resource is taken from just two — Purple Heart and Gomes — about 6km apart.

In 2019, 51 holes were drilled for 10,478m around Purple Heart, fully funded through Alicanto’s Joint Venture with Nord Gold SE.

Highlights from this drilling included 19.05m at 7.43g/t gold from 260.75m.

Both Purple Heart and Gomes remain ‘open’ in multiple directions, which means there is significant opportunity to expand the resource.

Across the wider project, previous exploration work by Newmont, Barrick Gold, and Nord Gold worth more than ~$US25m provides Alicanto with world class datasets including extensive drilling, geochemistry and geophysics.

This data, plus established camp/access infrastructure, provide an excellent platform to add more ounces.

The maiden inferred resource of 500,000oz at 1.8 g/t gold is just the start of what could be a rapidly growing inventory at Arakaka, Alicanto managing director Peter George says.

“This resource is shallow, the mineralisation remains open in all directions and we already have numerous intersections outside the resource which will form part of the next estimate,” Mr George said.

“We also have multiple walk-up targets with multi-million-ounce bulk tonnage potential that remain to be drilled.”

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