Oko West Gold Project
Highlights
Overview
The Oko West Gold Project is a new gold discovery in northwest Guyana, located south of the historical “Oko” gold district, approximately 95 km west of Georgetown. The Oko West Gold Project comprises of a Prospecting License with an area of approximately 44 km2, 100% held by GMIN’s Guyanese subsidiary.
GMIN announced the addition of the Oko West Gold Project to its portfolio through a business combination with Reunion Gold Corp. in 2024. Following the completion of this transaction, GMIN delivered PEA results for the project, showing after-tax NPV5% of $1.4 billion, IRR of 21% and payback of 3.8 years at base case gold price of $1,950/oz, with average annual gold production of 353,000 ounces at an AISC of $986/oz for 12.7 years. These results demonstrate the project’s high-production, long-life, high-margin operation potential, guiding GMIN’s executive team as they aim to deliver a feasibility study on the project, and make a construction decision in H2 2025.
About The Project
History
In 2002, the Guyana Geology and Mines Commission (GGMC) conducted the Lower Puruni Regional Geochemistry Programme, which covered the Oko West Gold Project area, identifying gold and molybdenum anomalies from stream sediment samples.
In 2018, the local permit holder introduced Reunion Gold Inc. (Reunion Gold) to a number of claims that resulted in a site visit to a mining pit to inspect outcrops and alluvial waste piles. Grab samples were collected on this initial visit and included samples BS-02, BS-03 and BS-04, which assayed 2.40, 6.00 and 45.84 g/t gold, respectively. This visit and the interpretation of a favourable local geological context prompted the option of two groups of medium-scale mining permits, one of which was the Oko West Gold Project. On September 23, 2022, a prospecting license was issued to Reunion Gold on the Oko West Gold Project. In April 2024 G Mining Ventures and Reunion Gold announced plans to enter into a definitive agreement to combine the two companies.
Preliminary Economic Assessment Highlights - 2024
After-tax NPV5%
$1.4B
After-tax IRR
21%
Average annual gold production
353K oz pa
Total cash costs
$853/oz¹
AISC
$986/oz²
Payback period
3.8 years
Project economics using $2,000/ounce gold price scenario.
Total site costs + TCRC + royalties
Total operating costs + sustaining capital costs + closure costs.
Oko PEA date: September 4, 2024
VRIFY presentation
Click through the VRIFY presentation below to explore the Oko West site and review a copy of our interactive corporate presentation, below.