In Guskin’s resource evaluation modelling, the effective area established was determined to be 33.8 acres which corresponds to 136,700 square meters. The average gravel thickness was 0.8m, hence the volume of the estimated gravel resource is 136,700 x 0.8 = 109,360 m3. With a weighted average grade of 0.41 g / m3, the gold contents are estimated to be 0.41 x 109,360 = 44,838 grams (or 44.84 kilograms), for a gross production value of over $2,667 million USD (assuming gold price of $1,850 USD / ounce). *
Month: February 2022
Per the Joint Venture Agreement EGCL granted Guskin Gold Ghana an exclusive seventy percent (70%) ownership interest in the Tepa Concession for the purpose of commercially producing alluvial gold from the property.
The Kukuom Concession is located in the highly renowned Sefwi-Bibiani Gold Belt between the cities of Goaso and Bibiani. Known gold producers including Newmont, Kinross, Anglogold Ashanti and Asanko Gold, and are all within 100km of the Kukuom Project area. Historical production in the Sefwi-Bibiani gold belt include Newmont’s world class Ahafo Mine with over 17 million ounces of gold, Kinross’ Chirano Mine at 5 million ounces, and the historic Bibiani Mine with 7 million ounces.
Per the Agreement DCL granted the Company an exclusive seventy (70%) percent ownership interest in the Kukuom Shewn Edged Pink Concession (the “Kukuom Concession”). Notably, under the new contract the Company increased its ownership interest from 25% to 70%, and the property size increased from one (1) square kilometer surface area to 156 square kilometers.