THE Government on Sunday announced the signing of a mineral agreement with Reunion Gold Corporation— a gold exploration and development company—headquartered in Toronto, Canada.

This agreement signed between the company and the Guyana Geology and Mine Commission (GGMC), aims to establish stable fiscal and operating conditions for the Oko West gold project in Region Seven, which is owned entirely by the company’s Guyanese subsidiary.

According to a statement from the Ministry of Natural Resources, key components of the mineral agreement include royalty payable to the government for gold produced from the operations, as established under the fiscal regime for mineral agreements.

“As part of the agreement, Reunion Gold commits to prioritising the employment of qualified Guyanese individuals and implementing a comprehensive training programme to develop additional skills necessary for Guyanese personnel at all operational levels,” it added.

This approach, the ministry noted, aims to contribute to the sustainable development of the country by nurturing local talent.  Additionally, the government said the company has pledged to establish a financial support programme for environmental and social projects.

The company has allocated US$1 million annually towards initiatives that promote environmental sustainability and address social needs within surrounding communities.
The government said that this commitment will begin upon commercial production or within 24 months from the issuance of a mining license, whichever occurs first.
The government has reaffirmed the shared commitment to sustainable mining practices, aimed at minimising environmental impacts, fostering positive community relationships, and creating lasting benefits for Guyana and its citizens.

In northwest Guyana, Reunion Gold has made a new gold discovery with the Oko West Project. Situated approximately 95 km west of Georgetown, the project is south of the famous “Oko” gold district. It can be accessed via the Puruni laterite road and trails from Bartica and Itabali on the Mazaruni River. Reunion’s Guyanese subsidiary owns 100 per cent of the prospecting license covering an area of roughly 44 square kilometers, which is part of the Oko West Project.

Reunion Gold has said that, in 2020, its geochemical survey, trenching, and initial drill programme discovered and confirmed the presence of gold mineralisation in shear zones along the contact between a greenstone belt assemblage and a granitoid unit on the east edge of the project area.

The total combined open pit and underground resource reported in the 2024 Mineral Resource Estimate (MRE) includes 4.3 million ounces (M oz) of gold (Au) in Indicated Resources contained within 64.6 million tonnes (Mt) grading 2.05 grams per tonne (g/t) Au, with an additional 1.6 M oz of gold in Inferred Resources, contained within 19.2 Mt grading 2.59 g/t Au.
The 2024 MRE update includes an initial constrained underground Resource for Oko West of 1.1 M ounces of gold in the Inferred Resource category, contained within 11.1 Mt at a grade of 3.12 g/t Au and an additional 29,000 ounces of gold in the Indicated category.