The Sara Creek project has a large property position in the Guiana Shield covering 56,920 hectares. The Guiana Shield stretches across northeast South America and hosts several multi-million ounce deposits including IAMGold’s Rosebel Mine, 50 km to the north west of Sara Creek, as well as Newmont’s Merian project, approximately 55km to the north.
Orion Resources NV, the original team behind the Sara Creek project, first realized the potential of the area in 1995 due to the prolific small-scale mining on the property, and saw it as the last frontier in South America.
The Suparna Gold Corp team acquired the property from Orion Resources in July 2011 based on the following:
Artisanal and small scale miners actively working on the property using mining and recovery techniques such as shafts, bulldozers & excavators, pumps and sluice boxes.
Proximity to IAMGold’s Rosebel Mine and Newmont’s Merian pre-feasibility study project:
- Rosebel 2010 annual production = 395,000oz at a cash cost of $484/ounce (Source = IAMGold website and 2010 annual report)
- Pre-feasibility study project at Merian (Nassau) = 1.5million ounces Au measured and indicated non-reserve mineralization (“NRM”), based on a total of 179km drilled in 1,494 holes over the life of the project and positive 2010 pre-feasibility studies (Source = February 24th, 2011 Newmont press release). In parallel, Newmont is working to finalise a Mineral Agreement with the government of Suriname.
Limited competition from other publicly listed exploration companies – despite the success of IAMGold and Newmont. There are excellent opportunities for Suparna to make additional acquisitions of merit.
A large contiguous land package: 56,920 hectares – possibly the largest land package in the region.