Gold Port buys equipment for Groete road development

Executive Summary

• Gold Port Corp. has pivoted its strategy for the Groete Gold Copper Project in Guyana, deciding to purchase heavy equipment and use existing staff to construct the necessary 13-kilometer access road, rather than relying on a previously announced contractor.
• The acquisition of heavy equipment, including an excavator, is underway and will facilitate both road development and the upcoming drill program.
• Upon completion of the road, the company will restructure its camp using a modular system currently in storage and move a company-owned MP Explorer track-mounted core rig to site to initiate drilling.

Key Details

• Access Road Strategy Change: The company is shifting from a contractor-led construction model to an internal execution model due to "ongoing issues" with the previous contractor.
• Road Specifications: The project requires the completion of approximately 13 kilometers of dirt road access, including bridge and drainage construction.
• Equipment Acquisition: The company is purchasing heavy equipment, specifically an excavator and other heavy machinery, which will be utilized for both road development and the subsequent drill program.
• Camp Infrastructure: The camp will be restructured using a company-owned modular system currently stored in Guyana.
• Drilling Plans: A company-owned MP Explorer track-mounted core rig will be moved to the site to initiate a drill program once the road and camp are ready.
• Project Background: The Groete project is 100% owned by Gold Port Corp. The last exploration was in 2012, which defined an inferred mineral resource of 1.57 million gold equivalent ounces within 74 million tonnes at a grade of 0.66 g/t AuEq.
• Resource Parameters: The previous resource calculation used a cut-off grade of 0.25 g/t AuEq, a gold price of $1,275/oz, and a copper price of $3.00/lb.

Notable Quotes

• "After consideration of existing proposals and ongoing issues with the previously announced construction, management determined the most cost- and time-effective approach is to conclude an equipment purchase and have the company complete the access road. The new heavy support equipment will be vital to the successful completion of the upcoming drill program." — Adrian F. C. Hobkirk, Company President and CEO