Canadian exploration company Lighthouse Gold Inc. has signed a definitive agreement to acquire an interest in a 3,240-acre gold property in Guyana’s Oko district, expanding foreign exploration interest in an area attracting growing attention from mining investors.
In a release dated October 20, the company said it had secured the exclusive right to acquire a 100% interest in the Mariwa–Sardine Hill–Lower Cuyuni Gold Property through an assignment of the vendor’s existing option agreement.
The property comprises three contiguous medium-scale mining permits and is located approximately 31 kilometres from the Oko West Gold Project, 18 kilometres from the Groete Creek gold-copper project and eight kilometres from the Wariri gold mine.
Lighthouse said historical exploration on the property included drilling, trenching, geochemical sampling and geophysical surveys that identified a structurally controlled gold system. The company cited a historical drill intercept of 113.5 metres grading 1.39 grams of gold per tonne, as well as trenching that returned up to 17.40 grams per tonne over one metre.
However, the company cautioned that these historical results have not been independently verified and should not be treated as evidence of future exploration success. The reported drill interval also has an unknown true width, meaning the actual thickness of the mineralised zone cannot be established from that result alone.
Lighthouse said it had mobilised its technical team and begun preparing an exploration work programme. The proposed work includes digitising historical exploration records, reviewing drilling and geophysical data, refining geological targets and planning further mapping, sampling, trenching and drilling, subject to the necessary approvals.
Under the agreement, Lighthouse has four years to exercise its option to acquire the property. The consideration includes a US$100,000 non-refundable deposit already paid, a further US$150,000 cash payment following acceptance of the transaction by the Canadian Securities Exchange, 35 million company shares and four annual cash payments of US$200,000 each.
The four annual payments total US$800,000. If Lighthouse exercises the option and completes the acquisition, the property would be subject to a 1% net smelter returns royalty in favour of the vendor, which Lighthouse has the right to buy out for US$4 million.
The acquisition remains subject to due diligence, exchange acceptance and any outstanding regulatory approvals required in Guyana, including applicable approvals from the Minister of Natural Resources or the Guyana Geology and Mines Commission.
The announcement adds to the growing exploration activity around Oko, but it does not mean Lighthouse has acquired the mining permits outright or established a commercially viable gold resource.
The next significant milestone will be the completion of the acquisition conditions and the results of any new exploration work.
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