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Vancouver, B.C.

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Tassawini Project

Advanced Stage Gold Property

Projects

Tassawini Project Overview

The Tassawini Gold Project (or the “Property”) is an advanced stage gold project located approximately 175 kilometers to the northwest of the capital city of Georgetown, in Guyana, South America. Significant previous work has been performed on the property since 2004 by previous owners and there is excellent potential to expand the defined gold mineralization.

Highlights

  • Advanced stage project totalling 3,413 acres (1,381 ha) in size.
  • Hosts a Historical Resource of 499,000 oz. (SRK, 2010)
  • $34M in historical expenditures with mineralization open in several directions.
  • Established infrastructure including work camp, a commercial airstrip, and river docking facilities.
  • Mining permit issued in 2021 and renewable every 5 years.
  • 47,509 meters of drilling in 1,279 core and reverse circulation drill holes; extensive trenching; metallurgical testing; geophysics and mapping.

About Guyana, South America:

Guyana is an established democratic nation that is a member of the Commonwealth with English as it’s official language. Guyana is a mining friendly jurisdiction with a Government that provides support to the mining industry on many levels. It is recognized for its significant endowment of natural resources. Gold has historically accounted for a significant percentage of the nation’s exports where gold production totaled more than 625,000 ounces in 2019.

  • English speaking; British law

  • Democratic governments; Commonwealth member

  • Established Mining Act

  • Region of economical gold deposits

  • Favorable mining laws and government support

  • Gold represents 35% of Guyana’s exports

 

Project Details:

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Property Description & Location

The Tassawini Gold Project is located in the Barama-Waini Region of North Western Guyana, South America, approximately 175 km northwest of the capital city, Georgetown and is centred at latitude 7°30’47.66” and longitude 59°35’30.90”. The preferred coordinate system for the area is Universal Transverse Mercator (‘’UTM’’), Provisional South American Datum 1956 (PSAD 56) Zone 21 N, where the project is centred on 214,100 E and 831,700 N.

The four mining permits cover 1,381 hectares (3,413 acres) and represent Medium Scale Mining licenses (‘’MSML’’). These MSML’s expire in five-year increments. Each mining permit is subject to an annual ground rental fee of one (1) US Dollars per acre. Each mining permit is also subject to an environmental bond of $GUY 200,000.

The licenses were renewed for five years on the 1st June 2021 in the name of Mr. Chatradharee Mohan, owner of Goldeneye Capital.

Geology & Mineralization

The Tassawini Property, located in north-western Guyana is within the Guiana Shield which spans across the area of western Venezuela, Guyana, Suriname, French Guyana and Northern Brazil.  The shield is composed of a Palaeoproterozoic granite-greenstone terrain with a general east to northeast-trending structural grain. This terrain is considered to be the extension of the West-African Palaeoproterozoic Birimian Supergroup metasedimentary / greenstone terrains, which, in northern Guyana, was mapped originally as part of the Lower Proterozoic Barama- Mazaruni Supergroup (approximately 2,200-2,000 million years in age).  The Barama- Mazaruni Supergroup consists of metasedimentary / greenstone terrains intercalated with Archean- Proterozoic gneisses and is intruded by Transamazonian granites as well as mafic and ultramafic rocks (McConnell and Williams, 1969).

The geology of Tassawini and Sonne is dominated by a series of lower to upper greenschist facies, fine grained metasedimentary rocks that have been intruded by a series of granitoids.  The dominant lithologies are phylite, and finely banded fine-grained metaclastite, carboniferous schist and garnet-sulphide-graphite rocks.  These rocks are interpreted as originally being deposited as siltstones and mudstones in a carbonate-sulphide iron formation formed under submarine reducing conditions.

This proto-sedimentary sequence is part of a manganese-rich proto-basin which can be traced from the property over 100 km to Mathews Ridge where manganese was historically mined.  Within the sequence, localized disconformable incursions of turbidic wacke and coarser sedimentary units such as sandstone, arkose and both matrix- supported and clast-supported conglomerates.

Mineralized zones with true widths of 10 to over 50 m have been defined at Tassawini West, Tassawini South, Tassawini East and Black Ridge (Figure 9) by diamond drilling.  Preferred host lithologies are highly deformed and silica-invaded phyllite and black metamudstone; occasionally, gold mineralization occurs in or close to the contacts with the intrusive units. In most cases the 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, though at Tassawini South, the envelope is almost horizontal, controlled locally by the shapes of the intrusive bodies. In detail, all the mineralized zones are extremely complex in shape, but effectively all belong to one single system and are most probably linked though disrupted by intrusive bodies and strike-parallel faults.

The gold mineralization occurs in spatial association with silica, pyrite and arsenopyrite, in zones of silicification, carbonation and especially deformed micro-quartz and quartz-carbonate veining related to linear high strain zones, fold hinges and intrusive contacts.  Many of the intrusive bodies also contain zones of metasedimentary rock assimilation and inclusions of country rock; whereas the granodiorite itself is not mineralized, these hybrid zones and zones of rafting (especially rafting of intensely deformed black carbonaceous metamudstone) are also within the mineralization envelopes.

Mineral Resources

The is currently no Mineral Resource Estimate that is compliant with the most recent CIM standards for the NI43-101.

The historical mineral resources for the Tassawini and Sonne deposits at a cut-off grade of 0.5 grams of gold per tonne (g/t) were estimated as Indicated 10.77 million tonnes grading 1.3 g/t Au containing 437,000 ounces gold plus Inferred 1.93 million tonnes grading 1.1 g/t Au containing 62,000 ounces gold.  The historical Mineral Resource Estimate was completed by SRK Consulting (Canada) Inc. on November 13, 2009 and was considered compliant with the standards of National Instrument 43-101 (NI 43-101) at the time of reporting.  The estimation was based on 440 diamond drill holes and 1,187 reverse circulation drill holes totaling respectively 58,390 meters (m) and 43,28m.  The qualified person for this report has not done sufficient work to classify the historic estimate as a current mineral resource estimate. A qualified resource geologist would be required to validate the geological and block model as well as conduct a site visit to determine what material has been removed from recent artisanal mining activity as this may have a potential negative impact on the historical resource. The Company is not treating the historical resource estimation as a current mineral resource. The historical estimate should not be relied upon.

 

The Sonne zone has not been sufficiently tested to determine the extent of mineralization to the south.  During the site visit the author observed new artisanal gold workings south of the Sonne South zone which may be an indication of continued mineralization.

Current Program

The Tassawini Project warrants additional exploration and drill testing.  A two-phase program consisting of Phase 1 with 1,000 metres of diamond drilling and additional exploration with a total cost of $425,000 and results dependent, Phase 2 will be comprised of an additional 5,200 metres of drilling with a total cost of $1,520,000.

Principal targets for the Phase 1 drilling program are; Historic Resource Area – testing extensions to gold-bearing structures and Sonne Target; additional drilling directed at further defining continuity of previous gold-silver mineralization intersected in past drilling.

During Phase1 additional work on the Tassawini Project should include additional surface geochemistry, geophysical surveys, and trenching.

Table 26‑1 Phase 1 recommended budget

A recommended Phase 2 is dependent on successful results from the Phase 1 Program.  Phase 2 Program is recommended to consist of further drilling directed at expanding known gold mineralized zones as well as testing additional un-drilled targets defined by the previous exploration.

Table 26‑2 Recommended Phase 2 budget

43-101 Technical Reports
NI 43-101 Technical Report – Report Date: September 7, 2021

This report was prepared as a Canadian National Instrument 43-101 (‘’NI 43-101’’) Technical Report (“Technical Report”) for Project One Resources. (“Project One” or the “Company”) by Kangari Consulting LLC (“KCL”) on the Tassawini Gold Project in the Co-operative Republic of Guyana (‘’Guyana’’), which is wholly owned by the company domiciled in Canada (1710-1177 Hasting St W, Vancouver, BC, V6E 2L3, Canada). Project One is a British Columbia registered and domiciled mineral exploration company based in Vancouver.

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NI 43-101 Technical Report – Report Date: February 10, 2010

SRK Consulting (Canada) Inc. (“SRK”) was retained by StrataGold to prepare mineral resource estimates for the two deposits. This technical report documents the resource
model constructed by SRK for the Tassawini and Sonne projects. It was prepared following the guidelines of the Canadian Securities Administrators National Instrument 43-101 and Form 43-101F1, and in conformity with generally accepted CIM “Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines”. SRK visited the projects in November 2007.

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