Altair Minerals Secures 70% Stake in Guyana’s Greater Oko Gold Project
Altair Minerals has entered a binding agreement to acquire up to 70% of the Greater Oko Project in Guyana, positioning itself as a leading gold explorer in a rapidly emerging district adjacent to major discoveries.
- Acquisition of up to 70% interest in 592km² Greater Oko Project with potential expansion to ~3,500km²
- Project adjacent to GMining Ventures’ 5.9Moz and G2 Goldfields’ 3Moz gold discoveries
- Historic non-JORC compliant inferred resource of 251koz at 4.91g/t Au within project area
- Staged earn-in agreement with US$2 million exploration funding and cash payments
- $3.2 million placement to fund due diligence and initial exploration activities
Strategic Acquisition in a Premier Gold District
Altair Minerals Limited (ASX – ALR) has announced a binding heads of agreement to acquire up to a 70% interest in the Greater Oko Project, a substantial gold exploration package in Guyana. Covering 592 square kilometres with potential to expand to approximately 3,500 square kilometres through an exclusive partnership, this acquisition places Altair at the forefront of gold exploration in a district that has recently witnessed significant discoveries.
The Greater Oko Project is strategically located along the prolific Oko Shear Zone, directly adjoining GMining Ventures’ Oko West discovery, which hosts 5.9 million ounces of gold and was acquired for $1 billion in 2024. It also neighbors G2 Goldfields’ 3 million ounce discovery, underscoring the region’s exceptional prospectivity.
Historic Resource and Exploration Upside
Within the project, a historic inferred resource estimate of 251,000 ounces at 4.91 grams per tonne gold exists, derived from shallow auger drilling and trenching programs conducted in the late 1990s and early 2000s. While this resource is classified as a foreign estimate and not compliant with the JORC Code, it provides a compelling foundation for Altair’s exploration strategy.
Further diamond drilling beneath and around this resource has confirmed mineralisation continuity and highlights significant intercepts, including intervals of high-grade gold extending to depths beyond 200 metres. These results suggest considerable upside potential along strike and at depth, which Altair plans to systematically explore.
Robust Earn-In Structure and Capital Raising
The acquisition is structured as a staged earn-in agreement with Adamantium Exploration Inc., the local vendor holding 100% of the permits. Altair will progressively fund exploration activities and make cash payments totaling approximately US$2 million over five years to earn its interest. This arrangement includes exclusivity on additional permits held by the vendor, offering a pipeline of future targets and potential project expansion.
To support due diligence and initial exploration, Altair has secured binding commitments for a $3.2 million placement at a 7% discount to the recent volume-weighted average price. The placement is cornerstoned by the company’s board and a strategic investor, aligning interests for the project’s success.
Guyana – A Rising Star in Global Gold Exploration
Guyana is emerging as a premier destination for gold exploration, boasting a stable, pro-mining jurisdiction with a geology that extends the prolific Birimian greenstone belt of West Africa. Despite its geological similarities to world-class gold provinces in Ghana and Ivory Coast, Guyana remains significantly underexplored, offering substantial discovery potential.
Recent oil-driven economic growth has accelerated infrastructure development and investment, further enhancing the attractiveness of mineral projects. Altair’s acquisition of the Greater Oko Project, with its contiguous landholding and proximity to major discoveries, positions the company to capitalize on this momentum.
Looking Ahead
Altair’s CEO, Faheem Ahmed, described the acquisition as transformational, highlighting the unique scale and strategic value of the land package. With control over a significant portion of the Oko Shear Zone and access to advanced exploration targets, the company aims to delineate a tier-1 gold resource in one of the world’s most exciting emerging gold districts.
As Altair embarks on its exploration campaign, the market will be watching closely for assay results and progress updates that could validate the project’s potential and drive significant value creation.
Bottom Line?
Altair’s Greater Oko acquisition sets the stage for a potential breakthrough in Guyana’s hottest gold district, but validation of historic resources and exploration success remain key hurdles.
Questions in the middle?
- How will Altair validate and upgrade the historic foreign resource to JORC-compliant status?
- What are the timelines and milestones for exploration activities under the earn-in agreement?
- Could the exclusivity arrangement lead to significant expansion of the Greater Oko Project footprint?