Altair Minerals Limited (ASX: ALR), a resource sector investment company with a focus on tenement acquisition, joint ventures, and new project generation, today announced a Binding Heads of Agreement to acquire up to a 70% interest in the Greater Oko Project in Guyana. The agreement, executed with Adamantium Exploration Inc., establishes Altair as a dominant gold explorer in a highly prospective region.
The Greater Oko Project covers 592 square kilometers of permits, with the potential to expand to approximately 3,500 square kilometers. This project sits along strike and shares the same Oko Shear Zone as recent discoveries by G2 Goldfields and GMIN. Altair’s Greater Oko Project adjoins GMIN’s 5.9Moz gold discovery and hosts a historical high-grade NI-43-101 inferred resource of 251koz at 4.91g/t Au. Altair will become the third company to explore this globally emerging greenstone shear zone.
Key highlights from initial exploration programs include high-grade zones identified through shallow infill auger programs, such as 11 meters at 33.1g/t Au from 5 meters and 11 meters at 19.1g/t Au from the surface. Historic diamond drilling confirms mineralisation extension, with intercepts including 262 meters at 1.6g/t Au from 30 meters and 43 meters at 10.6g/t Au from the surface. Altair has secured binding commitments to raise $3.2 million at $0.004 per share to fund the acquisition and exploration activities.
The acquisition terms include staged cash payments and exploration funding milestones, culminating in Altair earning a 70% interest in the JVCo. Altair will manage and operate the Greater Oko Project. The company has also agreed to issue performance rights to a consultant of the Vendor, subject to shareholder approval. The strategic partnership aims to create the largest gold company in Guyana’s history, capitalising on Guyana’s pro-mining jurisdiction and unexplored geology.
