Latest / Kitco MINING / G3 Goldfields Targets Another Major Guyana Gold Discovery | Daniel Noone

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G3 Goldfields Targets Another Major Guyana Gold Discovery | Daniel Noone · Kitco MINING

• 0:00
  SPEAKER_01: Kitco Mining on-site coverage of the Precious Metal Summit is presented by Newcore Gold.
• 0:10
  SPEAKER_00: The new Gold Explorer in Guyana.
• 0:12
  SPEAKER_00: Hello and welcome to Kitco Mining with me, Paul Harris, here at the 2026 Precious Metal Summit in Beaver Creek in Colorado.
• 0:19
  SPEAKER_00: Joining me today is Dan Nurn, CEO of G3 Goldfields.
• 0:23
  SPEAKER_00: Dan, welcome back to Kitco.
• 0:24
  SPEAKER_02: Good to be back, Paul, with a new company.
• 0:27
  SPEAKER_00: Exactly.
• 0:27
  SPEAKER_00: G3 is a new name for most people, but it's uh uh not a new company in many ways because uh G3 was formed, was spun out of G2 Goldfields, which was sold to G Mining Ventures in July.
• 0:40
  SPEAKER_00: Uh well, a little bit earlier this year, July, I think the the transaction closed.
• 0:44
  SPEAKER_00: Um, I got a lot of questions for you on this.
• 0:47
  SPEAKER_00: Um, first off, G3 is still G3 Goldfields is still a private company, so let's address that first.
• 0:53
  SPEAKER_00: When will you be a public company?
• 0:55
  SPEAKER_02: Uh we're going through the process of listing on the CSE.
• 0:58
  SPEAKER_02: Uh and the as the schedule stands, we'll be uh listed sometime in October.
• 1:04
  SPEAKER_00: Okay, so that's uh under a month away, maybe.
• 1:06
  SPEAKER_00: Okay, now the key asset you have, you've you've got an expiration package in Guyana, which is around the concessions that G2 Goldfields had that were bought by Gmining Ventures.
• 1:18
  SPEAKER_00: I'm probably making this more complicated than it needs to be.
• 1:21
  SPEAKER_00: But you know, but at the end of the day, you you've got a whole bunch of uh concessions that weren't included in that deal, uh including Peruni and some other things.
• 1:29
  SPEAKER_00: Um, you've got 45 million dollars of cash to start off with, and you've got sort of 200 million dollars in contingent rights, depending on the future development of the Oco project that was sold onto uh Gmining.
• 1:43
  SPEAKER_00: So far, so good?
• 1:44
  SPEAKER_02: That's pretty good.
• 1:45
  SPEAKER_02: Yeah.
• 1:45
  SPEAKER_00: Okay, so um a couple of questions then.
• 1:48
  SPEAKER_00: Uh we know when you go in public, Gmining really wanted Oco to pair with its development, um Oco West.
• 1:56
  SPEAKER_00: A question that I think a lot of people have is why didn't Gmining buy all of the concessions that G2 goldfields had?
• 2:03
  SPEAKER_00: Why did they let you spin out and create G3 goldfields?
• 2:07
  SPEAKER_02: Well, originally our intent was just to only uh you know vend the OCO claims into the deal, uh the OCO concessions and the Aramu concessions to the northwest we wanted to keep along with the uh uh Peruni concessions because we felt we hadn't done the expiration to release all the value there.
• 2:26
  SPEAKER_02: Uh they were relatively adamant that no, we want the district, and so everything that fell within the OCO catchment and within trucking distance, which is about 30 kilometres, they wanted that within the deal.
• 2:39
  SPEAKER_02: And at the end of the day, that makes sense, we understand that.
• 2:42
  SPEAKER_02: Um and so we kept everything to the west, which falls into the Peruni catchment.
• 2:46
  SPEAKER_02: So they are separated as as catchments, but they are really adjacent to each other, correct?
• 2:51
  SPEAKER_00: And is that where the sort of$200 million contingent value rights came in to compensate you for giving over that project that you wanted to keep?
• 2:59
  SPEAKER_02: Absolutely.
• 3:00
  SPEAKER_02: I mean that that's you know, there's always ways to get deals done.
• 3:03
  SPEAKER_02: You can't be you know just stop and say adamantly no.
• 3:06
  SPEAKER_02: Uh so a C VR allows for uh one incremental increases at OCO.
• 3:12
  SPEAKER_02: You know, we we think they will get many more ounces there, but more importantly, a discovery on the Aramu claims, which we think is uh good potential.
• 3:20
  SPEAKER_02: And uh so we don't go, oh, we should never have given that up.
• 3:22
  SPEAKER_02: And we we do get that contingent, right?
• 3:24
  SPEAKER_02: And I I think that will explore it well.
• 3:27
  SPEAKER_02: That's within the mine concept.
• 3:29
  SPEAKER_00: And under what conditions would that pay out?
• 3:31
  SPEAKER_00: Is that sort of a number of payments that would accumulate to 200, or is that a single 200?
• 3:38
  SPEAKER_00: And in what sort of sort of time scale or what would trigger that?
• 3:40
  SPEAKER_02: A number of payments.
• 3:41
  SPEAKER_02: So every time they put out an updated resource, which they do uh first quarter every year, they redo their uh resources.
• 3:49
  SPEAKER_02: Every time they go through an extra 500,000 ounces on the concessions which were part of G2, 25 million US is paid to G3.
• 3:59
  SPEAKER_02: So, and that can that goes on for 10 years.
• 4:01
  SPEAKER_02: After 10 years, that's where it stops.
• 4:03
  SPEAKER_00: Okay, fair enough.
• 4:05
  SPEAKER_00: Now um you've got 45 million dollars Canadian in cash in the spin-out to help fund the company and and the future exploration programme.
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  SPEAKER_00: So let's talk about what the exploration plan for G3 is for today and going forward.
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  SPEAKER_02: Uh moving forward, um the first uh cab off the rank for us is the Peters Mine.
• 4:22
  SPEAKER_02: Uh that's the historic Peters Mine, which is at uh the the intersection of the Peruni River and the Mazaruni.
• 4:28
  SPEAKER_02: So it's along the road, so it's 35 kilometres from the port at Itabali to the turn off to Gmin.
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  SPEAKER_02: It's another 60 kilometers to Puruni Landing, and that road runs along to uh Toropuru of Arras.
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  SPEAKER_02: So uh we will have a fully maintained road out to that site.
• 4:45
  SPEAKER_02: So they're definitely working on that at the moment.
• 4:47
  SPEAKER_02: We think uh first quarter next year we should be able to get out there and get drilling.
• 4:52
  SPEAKER_02: Last year we went out um to the area, it is a historic mining district, it's probably one of the biggest districts in Guiana.
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  SPEAKER_02: We don't own all of it, we have the Peters Mine.
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  SPEAKER_02: Uh historically, they mine 41,000 ounces of 41 grams a ton between 1905 and 1909.
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  SPEAKER_02: In 1966, the USGS gave it a uh resource there beneath the sapellite of uh a quarter of a million ounces at an ounce.
• 5:15
  SPEAKER_02: Uh so that was known then.
• 5:17
  SPEAKER_02: Uh the British Geological Survey mapped out the mango shear over four kilometres with mineralization on them.
• 5:23
  SPEAKER_02: And so we see it being similar to something like the Oco Oco West trend where the shear is continuous, uh the rocks change.
• 5:30
  SPEAKER_02: Um you go from high grade, low grade to no grade, but along that four kilometre trend it's all mineralized.
• 5:37
  SPEAKER_02: Historically, they only mind the high grade, there's three shafts.
• 5:39
  SPEAKER_02: We drilled a hole last year in between the vertical and inclined shafts, and it's 75 metres at 1.5 grams, and that was comprised of 60 metres at 0.8 and 15 at 6 grams.
• 5:49
  SPEAKER_02: So we know that minimalization is continuous along the shear.
• 5:53
  SPEAKER_02: We just need to go out and like we did at Gany, just drill spaced holes when you're hit, come back, drill around it.
• 5:59
  SPEAKER_02: So, you know, really that's that's our kickoff point for the uh G3.
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  SPEAKER_02: The other two uh mines or projects we have is we say 10 kilometers to the east of Peters, we have um Tiger Creek.
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  SPEAKER_02: That's a Latterite capped hill with a lot of gold shedding off it.
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  SPEAKER_02: We need to get a bit braver there with our drilling, uh, do some geophysics, start targeting some holes under the laterites, and the same at the top of the Mara uh Mara River, which is runs north-south uh in that uh Peruni district.
• 6:26
  SPEAKER_02: Uh, there's the Cassoon project we call Avenue West.
• 6:28
  SPEAKER_02: Similar situation, lots of gold in the creeks around the Laterite cap, and uh we need to go in there and do a bit of geophysics and drill there.
• 6:35
  SPEAKER_02: So a lot to get on with.
• 6:37
  SPEAKER_00: So with Peter's mine, you've already got a hole in there.
• 6:39
  SPEAKER_00: What other work have you done to sort of define uh drill targets?
• 6:42
  SPEAKER_00: And when you do get to do your initial drill program, what sort of program are you looking at in terms of holes, meters, and what will the objectives be for that?
• 6:52
  SPEAKER_02: Historically, they had the mine site there, so we have all the old workings uh on maps.
• 6:56
  SPEAKER_02: Uh Guiana Goldfields had it, it was granted to Guiana Goldfields in 1996, and they drilled a number of holes in there around the high grade uh chutes.
• 7:04
  SPEAKER_02: So we have that drilling.
• 7:05
  SPEAKER_02: Um, we had the holes we drilled last year.
• 7:08
  SPEAKER_02: In reality, the whole area is covered in tailings and muck.
• 7:11
  SPEAKER_02: Um there is a little pit there to ask some uh mid-scale miners there at the moment.
• 7:16
  SPEAKER_02: Uh we see the zone opened up about 40 metres wide.
• 7:19
  SPEAKER_02: So, you know, my theory here is if we're chasing the shear zone like we did at Oco, just step out 100 metres and keep going.
• 7:25
  SPEAKER_02: You know, there's not much more mapping to be done.
• 7:28
  SPEAKER_02: Uh, we we understand the structural uh controls from the drilling we did last year.
• 7:32
  SPEAKER_02: Uh we know it's a north-south trend.
• 7:34
  SPEAKER_02: We know there's uh plunges at about 45 degrees to the southwest and about 15 degrees to the north within that shear.
• 7:41
  SPEAKER_02: So using the OCO model, we're pretty comfortable about what methodology we'll go about here.
• 7:46
  SPEAKER_02: So just drill, we'd say probably five to ten thousand metres to start with, proof of concept.
• 7:51
  SPEAKER_02: And then um, if we keep hitting, we keep going.
• 7:53
  SPEAKER_00: Now you're starting with 45 million dollars in cash, as I mentioned.
• 7:57
  SPEAKER_00: I imagine that's a bigger uh treasury than when you started G2 goldfields.
• 8:01
  SPEAKER_00: So um given that you know the system and the geology very, very well, what sort of rate of advance do you think you'll be able to undertake or achieve with G3 compared to how quickly G2 goldfields advance?
• 8:15
  SPEAKER_02: Well, I think we you know basically after that first program, if if the concept's hanging together, we'd be able to ramp this up extremely quickly.
• 8:22
  SPEAKER_02: And so you'd be able to get to a resource within you know 18 months for sure, I think.
• 8:26
  SPEAKER_02: As long as there's an initial drilling uh shows what we think's gonna happen.
• 8:29
  SPEAKER_02: Um certainly on Viera and Casoon, we'll do that geophysics and mapping, and then we'll drill that and we'll react to what we hit there, right?
• 8:37
  SPEAKER_02: But certainly at Peter's, I think you're looking probably at a timeline of 12 to 18 months to get to a resource of significance if it's there.
• 8:45
  SPEAKER_00: And do you think um it has the same uh scale potential the uh as what you had and what you achieved with the G2?
• 8:52
  SPEAKER_00: Absolutely.
• 8:53
  SPEAKER_02: Yeah, I mean basically uh from the south of OK west to uh uh the north of the OK deposit, that's five kilometres.
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  SPEAKER_02: It's about nine million ounces an hour.
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  SPEAKER_02: And then um we've got four kilometres of mapped uh mineralization by the BGS back in the 50s.
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  SPEAKER_00: So scale-wise it's about the same.
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  SPEAKER_00: Okay, so that could potentially be a multi-million ounce, five to ten million deposit.
• 9:15
  SPEAKER_00: Exactly.
• 9:15
  SPEAKER_02: We need something, and um, you know, if you're gonna find big things, you have to look for big things.
• 9:20
  SPEAKER_02: So this does have that scale, and um, we'll go out and and do that work.
• 9:25
  SPEAKER_00: Okay, you mentioned that um you're on the road to Aris Mining's Toro Peru project.
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  SPEAKER_00: Now um Aris put a news release out uh just a short while ago.
• 9:33
  SPEAKER_00: They're gonna start working again on Tora Peru.
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  SPEAKER_00: Some of their initial work is gonna be upgrading the road, they're gonna put a bridge in, um, that that kind of infrastructure.
• 9:41
  SPEAKER_00: Will that benefit you?
• 9:42
  SPEAKER_02: Absolutely.
• 9:43
  SPEAKER_02: So, like I say, G-mining maintains the first 35 kilometres of our road, and uh Aris will maintain the next 60.
• 9:49
  SPEAKER_02: And that bridge they're starting putting the piles down already.
• 9:51
  SPEAKER_02: Uh it's across the uh Pirini River, which will then take us straight to our at the gate at Peter's mine.
• 9:57
  SPEAKER_00: So presumably it'll enable you to um operate quicker, advance quicker, and low cost?
• 10:03
  SPEAKER_02: Absolutely.
• 10:03
  SPEAKER_02: Yeah, we'll be from Georgetown to site will take about four hours, I think.
• 10:09
  SPEAKER_02: Yeah, and it it's really is makes our we've always been uh low-cost exploration down there, but this will make it uh even lower.
• 10:17
  SPEAKER_02: Yeah, we like it a lot.
• 10:18
  SPEAKER_00: Um there's a reflection or there's a parallel here with uh you know G2 and G mining because um you you benefited a great deal from a lot of the work that G mining were doing, but you were right next door neighbours, so you benefit a lot from what they're doing, and now you're it seems you're in a similar situation again.
• 10:35
  SPEAKER_02: Yeah, too, true.
• 10:36
  SPEAKER_02: Well, we were there first, but uh at the end of the day, they are good operators and good builders, and um, yeah, I mean, we're also shareholders of them, so we're more than happy that they are doing well.
• 10:45
  SPEAKER_02: But yeah, as districts become uh more advanced and infrastructure gets better, costs come down, but getting deals done gets harder as well.
• 10:53
  SPEAKER_02: It's getting crowded out here.
• 10:55
  SPEAKER_02: There's a lot of uh new companies have come into the district, so it's you know double-edged sword, but you know, with that logistics is getting a lot easier.
• 11:04
  SPEAKER_00: Well, I want to sort of touch on that in the sort of broader Guiana context in just a moment, but uh let's pick up on the sort of ongoing relationship with uh G mining.
• 11:12
  SPEAKER_00: As you mentioned, there's uh there's been a good healthy relationship there for a long period of time.
• 11:17
  SPEAKER_00: You are your next door neighbours, literally next-door neighbours, uh, for the latter part of the exploration undertaken by G2.
• 11:24
  SPEAKER_00: As part of the transaction, um, G2 shareholders became G mining shareholders.
• 11:30
  SPEAKER_00: So this, and as you from what you just said, there's people are holding those shares.
• 11:35
  SPEAKER_00: So it seems to be a very good, healthy relationship there.
• 11:37
  SPEAKER_00: And if you are able to find a similar district as um as um in Okaway, Oka, Oka West Aramu, um presumably you've got somebody right on hand that'd be uh ready, willing, and able to take that off your hands as well.
• 11:50
  SPEAKER_02: Well, you'd like to think so.
• 11:51
  SPEAKER_02: I mean, you also see that um Endeavour um mining is is to the north of us.
• 11:56
  SPEAKER_02: We uh they invested 30 million, I think, in Elta.
• 11:59
  SPEAKER_02: And Fortunas uh did a deal on the core stone uh to the north of Aramu.
• 12:04
  SPEAKER_02: So there's more mining companies coming into the district, not just junior explorers, uh, which is a healthy sign as well.
• 12:09
  SPEAKER_02: Because at the end of the day, you do need that tension if you're trying to transact.
• 12:12
  SPEAKER_00: Well, yeah, and Aris mining as well at Tora Peru.
• 12:15
  SPEAKER_00: Obviously, Tora Peru would be probably their their first development in Guyana, but um they're gonna be uh what 500,000 ounce a year producer generating a lot of cash.
• 12:24
  SPEAKER_00: Um, and if they are making a serious push into Guyana to develop Tora Peru, then presumably at some point if that happens, they'll also be looking around.
• 12:31
  SPEAKER_02: Absolutely.
• 12:32
  SPEAKER_02: I I think the Northern Guyana goldfields, that whole, you know, from this uh center of Guyana all the way up to the Venezuelan border, is really about to get that big push.
• 12:40
  SPEAKER_02: You know, we like we're getting a lot of mines built, you know, not just the old one like you know, we had RMI, then we had Aurora, and they sort of start, nothing else comes around.
• 12:48
  SPEAKER_02: And I think we're gonna see a real uh flood of mining uh come into Guyana over the next 10 to 20 years.
• 12:54
  SPEAKER_00: And how is that potentially sort of changing things on the ground in Guyana?
• 12:58
  SPEAKER_00: Because uh it's a relatively small country, it's the population's what less than a million, it's got a thriving offshore oil and gas sector, it's got a lot of income coming from that, it's gonna have an increasing amount of income coming from the gold sector.
• 13:09
  SPEAKER_00: You know, people are starting to talk about Dutch disease, and it could have two times Dutch disease with oil and gas and gold.
• 13:14
  SPEAKER_00: Does that create inflationary pressures and other pressures?
• 13:18
  SPEAKER_02: Yeah, the government manages relatively well.
• 13:20
  SPEAKER_02: They have a Southern Wealth Fund uh based on the Norwegian uh model.
• 13:24
  SPEAKER_02: Uh they get a lot of other investment besides the government in there.
• 13:27
  SPEAKER_02: So there are a lot of um uh countries like there's the Chinese, the Americans, the Koreans, you know, the UAE coming in and investing in in infrastructure.
• 13:35
  SPEAKER_02: Uh so it's not just money from oil and gold.
• 13:39
  SPEAKER_02: So I think they're diversifying the economy well.
• 13:42
  SPEAKER_02: Um, they certainly uh understand that they do need to create jobs.
• 13:46
  SPEAKER_02: And um, you know, I think as far as a country that's getting rich really quickly, I think they're doing a very good job of it.
• 13:52
  SPEAKER_02: If you look at it historically around the world, they've done an excellent job of it.
• 13:55
  unknown: Yeah.
• 13:56
  SPEAKER_00: Okay.
• 13:56
  SPEAKER_00: Now with the 45 million dollars in cash, how many years of work does that give you or allow you to do before you perhaps need to think about refinancing?
• 14:04
  SPEAKER_02: Like I say to our shells, if we're successful, we'll spend it quickly.
• 14:07
  SPEAKER_02: If we're not, it'll take a long time.
• 14:09
  SPEAKER_02: So we've always been reactive to what we hit.
• 14:12
  SPEAKER_02: Um, like I said, if we're right at Peters, we can get moving on that quickly, right?
• 14:16
  SPEAKER_02: And you can you can spend that sort of money quickly.
• 14:18
  SPEAKER_02: If we're scratching our heads and not really hitting uh what we think, uh we'll go off and do other things, you know, or step back and think again.
• 14:26
  SPEAKER_02: But we're not just about spending money.
• 14:28
  SPEAKER_02: We've always been careful with how we spend it, that's not going to change.
• 14:31
  SPEAKER_02: Um, but when we need to spend it, we will.
• 14:33
  SPEAKER_02: So if we're successful, it'll go quick.
• 14:36
  SPEAKER_02: If we're unsuccessful, it'll take a while.
• 14:38
  SPEAKER_00: Okay, so um, you're a relatively new company, you've got a great future ahead of you.
• 14:42
  SPEAKER_00: What are some of the sort of key catalysts that our viewers can expect to see from you over the next sort of 12 to 18 months or so?
• 14:48
  SPEAKER_02: Well, I think uh drilling at the Peters to start with, absolutely, and if we're successful, push through to a resource.
• 14:53
  SPEAKER_02: Um, drilling at uh Tiger Creek and at uh uh Aramu West will definitely put some holes into those.
• 14:59
  SPEAKER_02: And I'd like to think we can actually head into uh shear's own hosted systems up there and then work from there.
• 15:05
  SPEAKER_02: That'll be a slower process with the cover, but um, yeah, new discoveries and um hopefully turning Peter's Shear that four kilometers into something like OGO West.
• 15:16
  SPEAKER_02: So that's that's an ambition here, yeah.
• 15:18
  SPEAKER_00: We we're at an investor conference.
• 15:20
  SPEAKER_00: Um, your investors in G2 Golfers did well.
• 15:22
  SPEAKER_00: I imagine you've got a full slate of meetings here.
• 15:25
  SPEAKER_00: People are interested in G3, interested in when it starts trading so they can potentially invest.
• 15:30
  SPEAKER_00: Um, what what sort of uh reception are you having here?
• 15:32
  SPEAKER_02: Well, first of all, everyone's very happy and congratulatory about the G2.
• 15:36
  SPEAKER_02: I think a lot of shareholders uh were glad that got done eventually.
• 15:40
  SPEAKER_02: Uh now looking forward to G3.
• 15:42
  SPEAKER_02: I mean, I think people are comfortable in Guiana, you know, they've had a good win there, and um they want to see us uh take that same team which we have and uh leverage it again in a country which we know.
• 15:53
  SPEAKER_00: Well, congratulations on your wonderful success with G2.
• 15:56
  SPEAKER_00: I'm looking forward to hearing more about G3 as and when you get the drills turning there.
• 16:00
  SPEAKER_00: Daniel Noon, thank you very much for joining me today.
• 16:02
  SPEAKER_00: Thank you, Paul.
• 16:03
  SPEAKER_00: And we have a lot more to come from the 2026 Precious Metal Summit here in Beaver Creek in Colorado.
• 16:08
  SPEAKER_00: So stay tuned and hit that subscribe button.
• 16:11
  SPEAKER_00: I'm Paul Harris, and this is Kitco Mining.
• 16:14
  SPEAKER_01: Kitco Mining on site coverage of the Precious Metal Summit is presented by Newcore Gold.