Igab Project

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From a regional geological perspective, the IGAB project is situated in northeast Suriname where the northern limb of the Marowijne Greenstone belt bifurcates from an east-west orientation to a north-south and east-west at the nose of a regional fold. Artisanal alluvial and saprolite mining occurs on and around this regional fold structure, whilst locally the project extent straddles a contact zone between a large granodiorite intrusion underlying the southern portion of the property, and a mafic volcanic/metasedimentary rock unit that dominates the majority of the area to the north (see Figure 1).

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Previous work on behalf of the Suriname government and recent work by the concession holder confirm the presence of alteration and shearing along the granodiorite-volcanic contact, whilst grab samples collected in an area previously mined by the concession holder returned highlighted assays of 94.2 g/t Au, 56.0 g/t Au and 4.0 g/t Au (see Figure 1). Additional grab samples from the granodiorite taken over 3 km to the south of this location returned assay highlights of 5.6 g/t Au and 2.0 g/t Au and indicate the potential for a significant gold mineralized system within the project area.

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Several aspects of the geological setting of IGAB are similar to that of the recent Oko West discovery (previously  discovered by the Greenheart Gold exploration and management team under Reunion Gold Corporation and containing a gold resource of 4.3 Moz Au in measured and indicated resources, plus 1.6 Moz Au in inferred resources) including its geological setting along the contact between a major granitic batholith and volcanic/sedimentary units that were subject to significant shearing and alteration, and indications of gold mineralization demonstrated by artisanal mining in close proximity to the contact zone. Despite IGAB’s favorable geologic setting, proximity to Newmont’s Merian mine, and the active artisanal mining, to the best of the Company’s knowledge the property has seen little exploration for primary gold deposits using modern methods, and therefore makes it an attractive exploration target.

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At the Igab Project in Suriname Greenheart Gold has received positive results from channel sampling of an exposed outcrop at the Lemon Tree prospect (see Figure 2). These channel samples, including IGBT25-003, which intersected 31.0 meters (m) grading 1.36 grams per ton of gold (g/t Au), were produced from a strongly altered deformation zone within a granitic outcrop that the Company exposed close to an area recently mined by the titleholder. Other channels on the same outcrop shown in 2, include IGBT24-005 intersecting 6 m grading 1.08 g/t Au and IGBT24-004 intersecting 12.0 m grading 0.99 g/t Au. Work is ongoing to expand the outcrop extents, and to carry out further channel and/or trench sampling in the immediate area.

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In addition to the outcrop channel sample results at Igab, the Company also received encouraging results from its property-wide stream sediment sampling program. These results, which are shown in Figure 3, indicate two significant areas of anomalous gold stream sediments samples. These anomalous samples are in drainage basins lying both to the north and south, as well as downstream of an elevated plateau in the central portion of the project area that is represented by the 500 m contour line shown in brown in Figure 3. The areas of anomalous stream sediments are shown shaded as a background highlight (faded yellow) in Figure 3, with the significant assay results being indicated by color coded call outs. This area of interest, which appears to be underlain by volcanic and sedimentary rock units, represents a target area of approximately 2,500 m by 1,000 m and is being referred to as the Mokro prospect.  Mokro is located approximately 5 km north of and appears to be on strike with the mineralized deformation corridor associated with the Lemon Tree prospect. 

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Follow-up exploration programs at Igab are currently underway and include a ridge and spur soil geochemical survey over the areas that lie proximal to and upstream of anomalous stream sediment samples. In addition, the Company will continue with its efforts to further uncover and sample the altered deformation corridor associated with the Lemon Tree target.  Detailed soil geochemical grid sampling will be carried out next, prioritizing anomalous results from the ridge and spur sampling program and this will be followed up by trenching where possible. A LiDAR survey was recently flown and is anticipated to help with geological mapping and program planning, with a geophysical survey also expected to be completed in the coming months. The Company expects to be in a position to mobilize a drill rig to the Igab Project later in the year.