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TASSAWINI GOLD PROJECT (100%)
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Tassawini is an advanced stage gold exploration property centered on the site of the former producing Tassawini Gold Mine where, between 1907 and 1914, an estimated 11,200 ounces of gold was recovered. Prior to the acquisition by Takara, this property was subject to extensive exploration by the prior owner, StrataGold Corporation, who incurred approximately US$25 million in exploration expenditures and completed a resource estimate with SRK Consulting (Canada) Inc. The Tassawini Gold Project hosts a National Instrument ("NI") 43-101 compliant mineral resource estimate (disclosed in a press release dated March 18, 2010) containing 437,000 ounces gold (Indicated resource 10,766,000 tonnes having an average grade of 1.3 g/t) and 62,000 ounces gold (Inferred resource 1,926,000 tonnes having an average grade of 1.0 g/t).
Tassawini and Anaturi Prospecting Licences (PL's)
The Tassawini - Anaturi Project area is situated in the Barama-Waini District of north-western Guyana, South America, approximately 170 km northwest of the nation's capital, Georgetown. The area is covered by two contiguous adjoining Prospecting Licences (PLs) covering an area of 9,650 hectares, namely, the Tassawini PL (4,814 ha) and the Anaturi PL (4,836 ha excepting thereout 30 ha of 3 small scale claims), and including four Medium Scale Mining Permits (MSMPs) covering 1,381 ha.
The project area has been exploited and explored for gold since 1907, most recently by StrataGold Guyana Inc. (StrataGold), who was actively exploring the properties from 2004 to 2008. StrataGold applied an incremental focus concept of building on previous historical studies by geochemical, geological and geophysical surveys, reverse circulation drilling, diamond drilling, follow up metallurgical studies, soil, trench and channel sampling (16,000 samples), dipole IP (60 line km, metallurgical testing, environmental base-line studies, and agreement with Chinese Landing amerindian community.
By the end of the first quarter of 2008, StrataGold had completed 52,900 metres of reverse circulation drilling in 1433 holes (37 metres average length) and 56,700 metres of diamond drilling in 426 holes (133 metres average length). Additionally, the Company collected over 9,000 soil samples over 375 line kilometers of cut grid, and more than 8,000 channel samples in trenches, road cuts and drill pad walls. A total of 60.4 line kilometres of induced polarization ("IP") ground geophysics surveys had been carried out.
The Tassawini PL and MSMPs fall partially within the Chinese Landing Amerindian Reservation.
Should gold production commence at Tassawini, the Guyanese government will receive a 5% royalty on total production with no back-in rights and no encumbrances.
Care and Maintenance and Sale to Victoria Gold Inc. and Takara Resources
During 2008 the Guyana properties and camp infrastructure were put onto a care and maintenance schedule and StrataGold was subsequently acquired by Victoria Gold Inc. On April 23, 2010 Victoria Gold vended StrataGold Guyana Inc. to Takara in consideration for a controlling position in Takara. StrataGold Guyana Inc. is a wholly owned subsidiary of Takara Resources Inc., and StrataGold holds a 24% interest in Takara.
This advanced stage gold project therefore remained substantially dormant from 2008 to 2010 when Takara re-commenced activities in the latter part of 2010.
Resource Estimates
Two NI 43-101 compliant geological resource reports were completed, namely,
- Lomas, S., P.Geo., May 2007, Technical Report on the Tassawini Gold Property, Northwest District, Guyana, South America, Prepared for StrataGold Guyana Inc., and
- SRK Consulting, July 2008, Mineral Resource Estimation, Tassawini - Sonne Gold Project, Guyana, Prepared for StrataGold Guyana Inc.
Table 1-1 below contains a summary of the SRK Mineral Resource Statement, reported at a cut off a 0.50 g/t gold.
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Deposit |
Resource Category |
Tonnes |
Gold Grade
(g/t) |
Gold
(ounces) |
|
Tassawini |
Indicated |
10,766,600 |
1.3 |
436,600 |
|
Tassawini |
Inferred |
614,000 |
1.7 |
32,500 |
|
Sonne |
Inferred |
1,312,000 |
0.7 |
29,000 |
Reported at a cut-off of 0.5 g/t gold and calculated at $750 USD per ounce gold price.
Geology and Mineralization
Northern Guyana is underlayn by the Archean-Proterozoic Guiana Shield, comprised of granite-greenstone terrains. The Tassawini - Anaturi project area is dominated by a sequence of lower to upper greenschist facies meta-sedimentary rocks that has undergone complex moderate to intense deformation and has been intruded by felsic to intermediate composition magma.
Gold mineralized zones with true widths of 10 metres to over 50 metres have been defined at Tassawini. Preferred host lithologies are highly deformed and comprise mainly silica invaded meta-sedimentary rocks. In most cases the gold mineralization envelopes dip consistently between 75 and 45 degrees to the north and northwest, and plunge at an average of 15 to 25 degrees towards the southwest.
 Plans for 2011
- Airborne Survey over entire
Tassawini Project
- Structural geological
interpretation and mapping
- Diamond Drilling new targets
outside of Deposit area
- Environmental Baseline Studies
- Preliminary Engineering
- Preliminary Scoping Studies
The airborne geophysical survey has been underway at Tassawini and Takara has
contracted for up to a 10,000 meter diamond drilling campaign and expects the
drill to be mobilized at the Tassawini project in July 2011.
In respect of preliminary mine-development activities, an in-house scoping study
has encouraged the Company to continue taking the steps toward preliminary
engineering activities. |
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