Canadian Company Finds Massive Guyana Gold
Melissa D. Goolsarran Ramnauth, Esq. for Caribbean empowerment through history education and legal protections.
Canadian Company Finds Massive Guyana Gold
Goldsource Mines, Inc., a Canadian company, reported on November 17, 2021 that it found high-quality gold near the surface in Region Eight, Potato-Siparuni, Guyana. Samples also indicate that the high-grade gold could be found much deeper in the area.
Goldsource claims that the “results are for 29 core holes totaling 3,269 metres from the Bacchus, Bottle Bank, No. 1 Hill and Bucket Shaft areas of the Eagle Mountain deposit. Another 7 core holes totaling 803 metres are for the Salbora deposit.”
Steve Parsons, P. Eng., and CEO of Goldsource, commented, “We are pleased to have completed this year’s infill and expansion drilling of the Eagle Mountain and Salbora deposits as we prepare for the updated MRE. As well, we view as positive a new development, that is, the latest drilling has provided key insights with respect to the intersection of the sub-vertical breccia structures of the Salbora deposit with the newly interpreted sub-horizontal structures - similar to those of the Eagle Mountain deposit - can result in high gold grades in the immediate area of their intersection, as shown with the Salbora drilling. This may provide additional targets within the Salbora-Powis north-south structural trend including the re-interpretation of the Toucan and Powis prospects. Along with the continued testing of known geophysical targets on the Salbora-Powis trend, the Company’s exploration efforts will continue to focus on these priority areas of interest.”
Goldsource apparently partnered with the local mining firm, Kilroy, per Guyana laws requiring a Guyanese national to hold the mining permit.
The announcement raises concerns as to whether the foreign company is properly and equitably conducting business in Guyana. For example, Exxon and Guyana entered into an oil deal that experts say robbed Guyana of $55 billion when compared to similar dealings in other countries. The parties entered into an oil contract and three days later Exxon announced a major discovery. Some claim that Exxon purposely withheld evidence of the find to minimize Guyana’s negotiating power. As a result, Guyana would receive a below-average share in oil production. The deal was also made hastily during heightened tensions with Venezuela over the Venezuela-Guyana border, with hopes that Exxon’s presence would deter Venezuela’s attempts to expand their borders.
Moreover, the gold finds also raise the centuries-old question of whether El Dorado is indeed located in Guyana.
El Dorado is a tale about gold. There are several versions (some about a king cloaked in gold and some about a golden city) and many theories about where it all took place. One “eyewitness” account placed a city of gold in Guyana. The famous British explorer, Sir Walter Raleigh, led four excursions to the treacherous Guyana jungles in hopes of finding this city of gold.
Raleigh came across a written account of a captured Spaniard while Raleigh was in Trinidad. The Spaniard claimed that he was captured by an Amerindian tribe in Guyana and taken deep into the jungle. The tribe led him to what seemed like a bustling site in the middle of an uncharted frontier. It was as if the tribe created a city made entirely of gold. The Spaniard escaped but the only reference point that he could relay was that there was supposedly a large lake nearby. Raleigh never found El Dorado and he lost many years, and even his son, in his quest to find it.
The legend remains a mystery.
History of Guyana
Guyana is located on the northern tip of South America, between Venezuela and Suriname, and north of Brazil. The Caribs, Akawois, and Arawaks were the most populous and most powerful natives, known as Amerindians. The Dutch were the first Europeans to colonize the area. After that, there were shifts in the reign between the British and the French. Britain ultimately prevailed and ruled “British Guiana” (as Guyana was known during that time) for over a century.
The British colonized Guyana in order to capitalize off of its sugar. To do this, they first enslaved Africans to labor in the fields. The British ended slavery in the 19th century and replaced it with a system of indentured servitude. The British began importing Chinese labourers for a short period and eventually began importing Indians. The Indians were told that they would work for a certain period of time and then return home to India. In reality, the inhumanity of indentured servitude was not much different than slavery. After importing hundreds of thousands of indentured workers to Guyana, the British ended this system because it was no longer profitable. Many Indians remained and formed the majority of Guyana’s population.
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Melissa D. Goolsarran Ramnauth, Esq. is a trial-winning trademark and business attorney. She primarily helps new and small businesses with trademarks and contracts. She writes articles on the importance of trademarks, trademark law updates, and also West Indian history (with an emphasis on India, Trinidad, Guyana, and the United States).
Melissa D. Goolsarran Ramnauth, Esq. is of Trinidadian and Guyanese descent. She graduated magna cum laude from the University of Miami with a Bachelor of Arts degree in Political Science, a minor degree in History that focused on the slavery and indentured servitude eras, a minor degree in Criminology, and a Juris Doctor degree.
MDGR Law, P.A.
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