Gold Port Corporation is an established gold exploration company focusing on Guyana, South America. The Company owns 100% of the Groete Gold Copper Project, which contains a NI 43-101 Technical Report defined gold copper inferred resource. With an experienced management team, corporate owned exploration equipment, and significant exploration funding, Gold Port intends to maximize shareholder value by further evaluation of the Groete Gold Copper Project.
Gold Ports present objective is to enhance the current defined Mineral Resource both in size and classification. Work to date has only drilled 1,200 meters of a 4 km strike. A Guyana experienced team is in place, and plans are set to move the project forward quickly.
June 23, 2021 / Vancouver, BC / Gold Port Corporation (CSE: GPO) (OTCQB: GPOTF) (the Company) is pleased to announce that, effective June 21, 2021, it has commenced trading on the OTCQB under the symbol, GPOTF. The Company has chosen to trade on this US...
Situated in the Guyana Shield, a region famous that is for its valuable minerals, Guyana has attracted international interest from some of the worlds largest mining companies. In this article, we will explore the countrys natural deposits with a focus on Guyanas gold, diamond, and bauxite mining industries.
Gold Mining Industry Guyana is regarded by many leading gold mining companies as one of the worlds most prospective and under-explored gold bearing nations. In the decade from 2005 to 2014, gold mining contributed, on average, $350 million each year to Guyanas economy.
Guyanas gold mining industry dates back to 1849, when gold was discovered in Essequibo. The Guyanese Superintendent of Rivers and Creeks subsequently announced these discoveries, which attracted prospectors to the region.
Soon afterward, B.V. Abraham, the proprietor of a Georgetown jewelry store, received permission from the government to start prospecting for gold in the Cuyuni River. He set up equipment at Waririe, located on the Cuyunis right bank, and gathered small quantities of gold, although this proved insufficient to cover his $75,000 initial outlay.
In spite of significant challenges and setbacks, Abraham remained convinced that there were large quantities of gold in the region. He was firmly of the view that all he needed was more capital investment.
Subsequently, B.V. Abraham traveled to England. There, he tried to convince business contacts to invest in his company. Upon publication of a report by geologists Sawkins and Brown, however, English investors were discouraged because it stated that Guyana was unlikely to produce gold in large quantities.
In addition, the ruling British government subsequently announced a halt on mining activities in the region where Abraham had become situated. Due to ongoing territorial claims from the Venezuelan government, Britain agreed to pull out of the area.
During the late 1800s, modest amounts of gold were discovered at various locations throughout Guyana. In 1889, Governor Viscount Gormanston announced that the British government no longer recognized Venezuelas territorial claim. He created a new administrative area known as the North West District, and gold miners rushed to the region, particularly the Potaro, where significant amounts of gold were discovered.
Considerably less glamorous than gold or diamonds, Guyanas bauxite industry is still big business. Bauxite is a type of sedimentary rock with a high aluminum content. It is mined predominantly throughout Guyana, Indonesia, China, Jamaica, Brazil, Vietnam, Australia, and Guinea. The mineral is usually collected through strip mining since it is found near the Earths surface with little to no overburden.
Throughout the 1970s, Guyana established a reputation as the worlds leading supplier of bauxite. With an estimated reserve of 350 million tons, Guyanas bauxite mining industry has attracted significant foreign investment over the years, with mining companies from the United States, Brazil, Canada, Norway and Australia funding exploration and mining operations throughout the country.
In 1596, the voyage of Sir Walter Raleigh, a British explorer, led to El Dorado, or the City of Gold, an area believed to be in present-day Guyana. Diamond mining began in Guyana in the late 1800s in the Upper Mazaruni River. Diamond production in Guyana peaked in the 1920s, when more than 200,000 carats of the precious stone were declared annually.
Guyanas existing diamond mines are found in the Guiana Highlands, an area that incorporates the countrys four mountain ranges: the Pakaraima, Acarai, Kanuku, and Imataka. Today, Guyana produces approximately 35,000 carats of diamonds annually.
Guyanas mining and quarrying industry represents a significant proportion of the countrys economy, contributing approximately 15.4% of its GDP. In 2016, Guyanas extractive industries accounted for around 52% of the countrys total exports.
The organization supports Guyanas mining sector and helps local businesspeople to establish and expand their ventures. In response to requests from local small-scale mining operations, the Guyana Gold Board opened its new Port Kaituma facilities on February 3, 2020. These new offices, which are located within the GBTI building at Turn Basin, feature facilities to test and buy gold, and also provide a vital hub for small miners operating in the region.
From the moment Guyana achieved independence from Britain, its government maintained strict control over the nations natural resources, particularly its mining sector. In this article, we look at Guyanas goldmining industry, from its beginnings to the major revenue-generating sector it is today.
Still, the implementation of modern exploration techniques have facilitated huge growth in Guyanas goldmining industry over the past 20 years. In 2015, Guyanas total gold declaration increased by more than 58%, with an impressive 712,706 ounces of gold unearthed in Guyana that year.
The Guyana government attributes the strong growth in the mining sector to the many small to medium-sized mining operations that international companies have established in recent years. In addition to attracting a flood of foreign investment, Guyana is also home to a growing number of artisanal goldmining operations.
Stretching more than 415,000 square kilometers across South America, the Guiana Shield has attracted gold prospectors for generations. Near-surface goldmining in the region likely began in the 1500s, and several artisanal goldminers continue to operate today. The techniques they employ range from basic gold panning, to open pits, to more sophisticated underground operations.
B.V. Abraham, the owner of a well-known Georgetown jewelry emporium, was granted permission to prospect for gold in the Cuyuni River by the Guyanese government. He set up machinery on the riverbank, in the village of Waririe.
Abraham managed to collect a small quantity of gold, but since it had cost him somewhere in the region of $75,000 to establish the company, he quickly found himself running short of funds. With the company incapable of maintaining itself on the small amount of gold deposits it had recovered, Abraham was forced to halt operations.
Abraham remained convinced that the Essequibo region was rich in gold, but proving his theory would require further significant investment. In a last-ditch attempt to raise the necessary finances, Abraham travelled to the UK, determined to convince his business contacts to invest. Despite Abrahams best efforts, his negotiations proved unsuccessful, due in part to a discouraging geological survey. Abraham returned to Guyana, partnering with a Portuguese woodcutter named DAmil. Mining in secret, the duo amassed significant wealth.
In 1879, news started to circulate that gold deposits had been discovered in other parts of the Essequibo region. Many people left their homes to prospect for gold in the Essequibo Rivers many tributaries.
An African goldminer named Jules Caman developed an innovative washing system which he used to recover relatively large quantities of gold from Konawaruk Creek and Akaiwanna Creek, two of the Essequibo Rivers smaller tributaries. Around the same time, gold was also discovered at the source of the Demerara River.
In the late 1800s, when Guyana was still under British rule, Venezuela asserted its claim to vast areas of the Essequibo region. This significantly hampered the development of Guyanas goldmining industry, with the British government locked into protracted negotiations.
In 1889, Governor Viscount Gormanston denounced Venezuelas claim to all lands east of the Schomburgk Line. Gormanstons dismissal of Venezuelas territorial claim sparked a second gold rush, with prospectors from all over Guyana flooding back to the Essequibo region.
Their departure left the countrys sugar industry with serious labor shortages. In 1880, the Guyanese government imposed a 2% royalty on all would-be goldminers as part of an effort to stem the labor drain. Nevertheless, this did little to halt the flow, especially with sugar commanding low prices in Europe. African-Guyanese workers continued to leave the sugar estates, often travelling in small groups to Guyanas interior regions in search of gold.
This labor crisis led to the creation of mining regulations that placed various demands on goldminers, including the need to obtain a license. Guyanas goldmining industry continued to grow regardless, with many prospectors branching out into diamond mining when the precious stone was discovered in Mazaruni.
When Spanish colonizers came to South America, rumors flourished about El Doradoan indigenous city made of gold, ruled by a resplendent king. Both Spanish conquistadors and other Europeans launched expeditions in what is now Guyana, Venezuela, and Colombia in search of this mythical city.
The idea of El Dorado has persisted in art and literature ever sinceand the name is sometimes used to describe Guyana, due to the countrys extensive gold resources. Experts estimate that, to date, around 50 million ounces of gold have been extracted from Guyanas goldmines.
Driven by its commitment to both its customers and the community at large, GBTI provides a comprehensive range of customized financial products and services, supporting the countrys goldmining and other extractive industries.