Properties

Antino

  • ANTINO GOLD PROJECT

    Antino is an advanced stage gold exploration project located in mining friendly Suriname, South America, 275 kilometers southeast of the capital Paramaribo. The project consists of Rights to Exploitation of Gold (Suriname mining titles) covering 200 square kilometers. Under Suriname mining regulations, the mining titles allow for exploration, drilling and small-scale mining without any additional permits.The project is located in a significant area of alluvial and small-scale saprolite open pit gold mining at the intersection of major gold deformation zones known as CGSZ and NSSZ. Accommodations, communications, equipment, machinery, security and personnel have been established at Antino by Nana Resources N.V., the optionor, facilitating logistics for exploration.

    Alluvial gold was first discovered in the Antino area in 1891. Recorded alluvial gold production from 1895 to 1969 is estimated at 425,430 ounces. Small-scale open pit gold mining at Antino commenced in 1999 and is currently active. The mining is mainly in two areas known as Upper Antino and Buese. The open pits are limited to the surface weathered saprolite layer. Recovered and recorded gold production from 1999 to 2021 is estimated at 105,970 ounces from alluvial and saprolite. Gold recoveries are estimated at approximately 30%, therefore, the total content of gold in the material mined is much higher. Past exploration was conducted by Canadian junior exploration companies during 1993-97 and 2006-07, including over 32,000 meters of drilling, has provided an excellent database and identified several targets for immediate resource development. The exploration programs largely predate the open pit mining. The land holdings remain largely unexplored. 

    Click to view an Antino project location map.

    Saprolite gold ores have been exploited by open pit in the two areas known as Upper Antino and Buese. Geophysical and structural analysis suggest that Upper Antino and Buese are linked by regional fault named the Antino Main Shear. The Antino Main Shear and associated splays and second order structures are interpreted as the principal conduits/controls for gold mineralization. Very limited exploration has been conducted along the 5 km trend between Upper Antino and Buese. 

    Antino is considered as Shear Zone Associated Gold Mineralization that is spatially associated with large-scale shear corridors. Large-scale shears and associated gold mineralization are known to be vertically extensive (>1 km depth) in Precambrian Greenstone Belts, such as in the Guiana Shield. Two styles of shear associated gold ores are exploited by open pit at Upper Antino and Buese:

    • Sub-vertical shear-tension quartz-sulfide vein systems of up to 10 meters in width cutting volcanic and sedimentary units and adjoining porphyritic intrusions, high-grade ore shoots (>10 g/t gold) are recognized;
    •  Quartz-sulfide vein stockworks of several tens of meters in diameter developed in porphyritic intrusive stocks in proximity to shears.

    The Upper Antino area offers several targets for resource development. Numerous open pits have been exploited over an area of 1,000m by 1,200m along a set N- to NW-striking splays and second order structures to the Main Antino Shear. The Upper Antino Shear (UAS) was exploited by 4 pits over a strike extent of 1 kilometer, namely the Froyo I, Froyo II, Ginger and E-Clair pits, with important drill hole intersections obtained along the southern Froyo I - Froyo II segment. The Cup Cake pit exploited a gold mineralized shear that remains untested by drilling within the pit area and along its northern and southern projections. The Donut pit exploited a vein stockwork hosted in a porphyritic intrusive stock, bordered to the west by a gold mineralized shear revealed by a single fence of 4 historical drill holes and a trench. The exploited intrusive-hosted stockwork remains untested by drilling.

    Click to view an Upper Antino area map

    Shallow open pits at Buese are developed to the north and south of the interpreted trace of the Antino Main Shear over an area of 1500m by 750m.

    • The mined gold ores are similar to Upper Antino consisting of:
      • Shear-vein systems (Para North, Para South), potentially along second order structures to the Antino Main Shear; and
      • Vein stockworks in porphyritic intrusive stocks (Terzah  Bergi, Filuca, Para East).

    The Terzah Bergi and Para East pits are starter pits currently in exploitation.The Terzah Bergi intrusive-hosted vein stockwork and its potential extensions towards the Para and Filuca pits are a priority target of interest. 

    Click to view a Buese area map


    HIGHLIGHTS

    • Orea has an option to acquire up tp 75% interest from Nana Resources N.V.
    • The initial exploration phase completed in Q1 2022: 
      • A comprehensive GIS compilation of historical data;
      • Airborne high-resolution LiDAR (Light Detection and Ranging) topographic data and orthophoto survey covering 110 square kilometers;
      • Re-processing of maiden 1994 airborne geophysical survey data; and
      • Geological/structural mapping of the gold mineralized zones exposed in open pits and core relogging. 
    • Near-term objective: 10,000 meters of diamond drilling on select resource definition targets commencing in Q3-2022


    SUMMARY OF OPTION AGREEMENT 

    Orea to acquire up to a 75% interest and become operator of Antino through three stages as follows:

    • First Stage for 51% Interest
      Orea to acquire an initial 51% interest in Antino within three years of the Commencement Date (defined below) by:
      • Making cash payments totaling US$1,650,000, of which only US$350,000 is payable within the first year;
      • Issuing common shares of Orea totaling 3,400,000;
      • Incurring a minimum of US$6,000,000 in exploration expenditures; and
      • Completing a NI 43-101 Technical Report containing a minimum of 500,000 oz of gold in any category.
         
    • Second Stage for an Additional 19% Interest for a Total of 70%
      Orea to acquire an additional 19% interest in Antino, for a total of 70%, within two years of completion of the First Option Stage by:
      • Making cash payments totaling US$1,500,000;
      • Issuing common shares of Orea totaling 200,000;
      • Incurring a minimum of US$10,000,000 in exploration expenditures; and
      • Completing a positive preliminary economic assessment (PEA).
      • In the event that Orea does not proceed with the completion of the Second Option Stage, Orea will transfer its interest in Antino back to the optionor.
         
    • Third Stage for an Additional 5% for a Total of 75%
      Orea to acquire an additional 5% interest in Antino, for a total of 75%, within three years of completion of the Second Option Stage by:
      • Incurring a minimum of US$10,000,000 in exploration expenditures; and
      • Completing a bankable feasibility study (BFS).

    Upon successful earn-in of Antino, Orea and the Optionor will form a joint venture with the objective of accelerating Antino into commercial production.


    Qualified Person

    Rock Lefran├žois, President & Chief Executive Officer of Orea and Qualified Person under National Instrument 43-101, has reviewed this news release and is responsible for the technical information reported herein, including verification of the data disclosed.

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