JOHANNESBURG (miningweekly.com) – Gold mining company AngloGold Ashanti is taking steps to become part of a search for gold in Guyana, a country on South America’s North Atlantic coast.

The New York- and Johannesburg-listed company, led by CEO Alberto Calderon, intends owing 11.7% of exploration company G2 Goldfields, which has been involved in the discovery of millions of ounces of gold in Guyana.

“This strategic investment will provide us with a strong position in one of the world’s key gold provinces with significant potential for new discoveries,” Calderon stated in a release to Mining Weekly on Tuesday, December 19.

Being banked on is G2’s continued exploration success in the Guiana Shield, which, in Guyana alone, hosts the six-million-ounce Aurora mine, the five-million-once Omai mine and the seven-million-ounce Toraparu deposit.

In addition to finding gold in Guyana, G2 has also been involved in the financing and development of Aurora.

G2’s principal OKO project is made up of the OKO Main Zone deposit and the Ghanie deposit. Last year, the indicated mineral resource estimate for the OKO Main Zone was 220 000 oz of gold (793 000 t at 8.63 g/t), and the Inferred mineral resource estimate 974 000 oz (3 274 000 t at 9.25 g/t). A mineral resource update is expected in the first half of 2024.

G2 has other exploration targets within a 20km radius of OKO Main and Ghanie, and these are located next to Reunion Gold Corporation’s OKO West discovery, where an Indicated and inferred mineral resource of 4.24-million ounces at 1.91 g/t was published in June.

G2 executive chairperson is Patrick Sheridan and its CEO is Dan Noone.

AngloGold expresses the belief that the company’s exploration properties have significant growth potential.

As part of the share subscription, which is expected to close in next month, AngloGold will be granted pre-emptive and top-up rights for future security issuances by G2.