Read full Greater Mowasi 43-101 Report Click Here.
AN UPDATED TECHNICAL REVIEW
UPPER MOWASI GOLD PROJECT
IN CENTRAL GUYANA
MOWASI GOLD CORP.
R. Brian Alexander, P.Geol.
Senior Associate Geologist
On 24 March, 2008, Mr. Neil Douek, President of Mowasi Gold Corp. (“Mowasi”), had originally retained Watts, Griffis and McOuat Limited (“WGM”) of Toronto, Canada to carry
out an independent technical review of the Upper Mowasi gold property located in central Guyana (the “Property”). WGM’s review was in support of a future financing and possible listing of the company on a public stock exchange. WGM was subsequently requested in August of 2010 to update its original report in light of the addition of several blocks of claims, some recent prospecting results on the newly acquired claims and WGM’s review and interpretation of RadarSat imagery in September 2009.
Further to its original engagement, and subsequent discussions and correspondence, WGM completed a combined prospecting and geochemical stream sediment sampling program, as well as a second review of the Property. Under its original agreement with Mowasi Gold Corp., WGM prepared its technical report in compliance with specifications contained in
Ontario Securities Commission rule National Instrument 43-101 (“NI 43-101″). The preparation of the original report is based on WGM’s findings collected during its field
exploration program, and following the delivery of analytical data from prospecting and stream sediment samples collected by Guyanese field personnel under the supervision of
WGM Senior Associate Geologist, Mr. R. Brian Alexander. Apart from completion of the report, WGM’s assignment was also intended to provide.
- an assessment of the hard rock gold prospects to prioritize these occurrences for further exploration
- an assessment of the stream sediment samples taken to prioritize further exploration
- to make recommendations as to what exploration is required to evaluate and to advance the Property; and,
- to assess what equipment would be required to exploit, if possible, the mineral resources of the Property in the short term.
WGM’s updated report incorporates the changes in property size since its early 2009 field program, the results of the subsequent RadarSat interpretation and the most recent prospecting results. WGM believes that another visit to the site was not warranted as no material field work has been completed since its visit in early 2009.
Mr. Neil Douek had originally acquired the rights to the Property consisting of 11 Prospecting Permits, Medium Scale (“Permits” or “Prospecting Permits”), from Mr. Alan Zaakir to whom the rights were assigned by the owner of the Permits, Mr. Edward Hopkinson.
In October, 2008, Mr. Douek transferred his interest in the Property to Mowasi Gold Corp., a private company incorporated in Barbados. Subsequently, the underlying agreement with Mr. Zaakir was cancelled and Mowasi entered directly into an agreement with Mr. Edward Hopkinson
Mowasi Gold Corp., entered into three additional Option and Joint Venture agreements in 2010 to acquire thirty one prospecting permits, medium scale (“PPMS”), located in the Konawaruk/Mowasi area of the Potaro Mining District # 2, of Guyana. All the prospecting permits are subject to 2% NSR with a buy back option and an additional fee of $1,000,000 upon achieving commercial production in excess of 1,000,000 ounces of gold from the property (or US$1.0 for commercial production in excess of 500,000 ounces but less than 1,000,000 ounces). The three new agreements call for collective cash payments of $100,000 over 18 months and exploration expenditures of at least $300,000 over five years.
Mr. Edward Hopkinson is a geosciences consultant and former senior administrator in the organization that was the predecessor of the Guyana Geology and Mines Commission
The Properties are located in central Guyana, some 235 km south-southwest of the capital city of Georgetown, and some 25 km southwest of the village of Mahdia. The original 11 permits are situated approximately 30 km WSW of the Omai Gold Mine initially developed in 1993 by Cambior Inc. The newly acquired permits extend the property to the south, west and to the north, towards the former mine and is now also adjacent to IAMGOLD’s Eagle Mountain Property. The Omai Gold Mine closed during 2006 due to reserve depletion after having produced approximately 3.5 million ounces of gold, generally at costs below $250 per ounce.
The Property now covers the drainage area centred on Mowasi Mountain which rises approximately 300-600 m above the surrounding landscape and extends to cover some of the
lower areas bordering the Potaro River to the north. The surrounding area, particularly immediately to the north of the original permits has been the subject of artisanal mining for alluvial gold from the late 1800s until today. The Property is largely underlain by volcanic rocks of the Proterozoic aged Guiana Shield. Higher elevations are typically areas of mafic to intermediate sills that are younger than the Shield.
Read full Greater Mowasi 43-101 Report Click Here.