BACKGROUND & HISTORY
- Archaeological evidence indicates that the wandering Amerindians migrated to South America from the Caribbean and lived along many of the continent’s coastal lands, including present-day Guyana.
- When Christopher Columbus sailed off the coast of Guyana on his third voyage in 1498, there were two major tribes: the Awaraks along the coast and the Caribs in the interior (although the warlike Caribs eventually displaced the peaceful Awaraks) Sir Walter Raleigh’s 1596 voyage to the New World also led to subsequent accounts of El Dorado, the city of Gold, which is believed to be in Guyana (infact, gold was discovered on a tributary of the Cuyuni River in 1857. Diamond mining began later in the Upper Mazaruni River).
- First discovered by European explorers at the very end of the 16th century, it was the Dutch that subsequently began to build permanent settlements here in 1621, and shortly thereafter African slaves arrived in the new colony.
- Over the next few centuries, Guyana history was punctuated by battles fought and won, possessions lost and regained, as the Spanish, French, Dutch and British wrangled for centuries to own this land.
- After the last major war between England and Holland in 1803, Guyana is given to England, and its largest settlement is renamed, Georgetown.
- Guyana remained a British colony until it finally gained its independence in 1966, and remains South America’s only English speaking country.
- Ruled into the early 1990s by socialist governments, today, with its state-controlled past left behind, it’s aggressively moving into a free market system and a brighter, independent future.
- Guyana is a sovereignn state on the northern coast of South America. Although Guyana is part of the Anglophone Caribbean, it is one of the few Caribbean countries that is not an island.
- Guyana was originally colonized by the Netherlands. Later, it became a British colony and remained so for over 200 years until it achieved independence on 26 May 1966 from the United Kingdom. On 23 February 1970, Guyana officially became a republic. In 2008, the country joined the Union of South American Nations as a founding member.
- Guyana is a member state of the Commonwealth of Nations and has the distinction of being the only South American nation in which English is the official language. The majority of the population, however, speak Guyanese Creole; an English-based creole language with slight Dutch, West African, Arawakan and Caribbean influences.
- Historically, the region known as "Guiana" or "Guyana" comprised the large shield landmass north of the Amazon River and east of the Orinoco River known as the "Land of many waters". Historical Guyana consists of three Dutch colonies: Essequibo, Demerara, and Berbice. Modern Guyana is bordered by Suriname to the east, by Brazil to the south and southwest, by Venezuela to the west, and by the Atlantic Ocean to the north.
- At 215,000 square kilometres (83,000 sq mi), Guyana is the third-smallest independent state on the mainland of South America after Uruguay and Suriname.
The topography is varied and may be divided into four ecological zones:
- The coastland is a low narrow plane, about 25km wide, adjacent ti the Atlantic Ocean and occupying 5% of the country’s area.
- The sand belt which lies south of the coastal plain, is about 150 to 250 km wide and occupies about 25% of the country.
- The highlands contain the country’s four major mountain ranges- Acarai, Imataka, Kanuku and Pakaraima- all part of the ‘Guiana Highlands’ near which the richest gold and diamond mining fields are to be found.
- Population is approximately 770,000.
- Former British Colony – Independence 1966 Stable Democratic Republic.
- Stable Mining Regime - Mining Act 1989.
Stable Mining Fiscal Regime – PWC pegs Guyana at world average for effective tax rates:
- 35% corporate tax, 5% gross royalty, waivers on all VAT & duties, 20% SL depreciation, indefinite loss carry, no government equity interest, case by case, negotiable tax holidays
Stable Investment Environment
- MIGA and Canadian Export Development Corp, Guarantees e.g. Omai
- Bilateral investment treaties with UK, Germany, Switzerland, China, Canada
- Majors active - BHP, Newmont, Iamgold
- A number of Active Junior Explorers- eg. SCM, GGY, SHM, TTX
- It’s been done before; Cambior 1992 Omai mine = US$250M investment
- IFC holds 5.6% equity interest in Guyana Goldfields
- English Common Law
- English Speaking
- Vibrant Small Scale mining industry produced +400,000 ounces in 2012
- Covered with rivers and a massive rain forest, it’s a rugged, unspoiled country, with over 90% of its population living along the coastal areas
- Guyana is a land of great promise as it has many natural resources, including large tropical hardwood forests, plentiful fish and shrimping grounds, and a wide variety of mineral deposits, including gold, diamonds and semi-precious stones
PROPERTY DESCRIPTIONS AND LOCATIONS
Troy holds two main Project areas in Guyana both were obtained through the acquisition of Azimuth Resources completed in July 2013. The main focus of exploration to date has been the Karouni Block where Azimuth has outlined Inferred Resources of 1.6Moz at the Smarts Deposit and Hicks Deposits.
Guyana is located on the northeast coast of South America, and is entirely comprised or underlain by rocks of the Precambrian Guiana Shield. The Guiana Shield lies between the Orinoco and Amazon Rivers and encompasses all or portions of neighbouring countries Suriname, French Guiana, Venezuela, Brazil and Columbia, aggregating to an area of 1.6 million km2.
From oldest to youngest, the Guiana Shield and cover sequences comprise the following principal stratigraphic successions.
- The Imataca Complex, an Archaean complex composed of 3.4Ga - 2.7Ga protolith, on which are superimposed high grade metamorphic rocks of Trans-Amazonian age (2.2Ga - 2.0Ga) exposed in the Ciudad Bolivar region of Venezuela.
- High grade granulites and gneisses of the Central Guyana Granulite Belt of Palaeoproterozoic age (2.4Ga - 2.3Ga).
- A widely developed Palaeoproterozoic granite-greenstone succession, which was deformed and metamorphosed during the Trans-Amazonian tectono-thermal event (2.2Ga - 2.0Ga). The Trans-Amazonian age rocks stretch across much of the northern third of the shield, incorporating a succession of older gneissic granitoids, with the two principal occurrences in Guyana referred to as the Bartica Gneiss and Kanuka Group. These gneissic complexes are considered equivalent to the Cape Coast Suite of West Africa and are enveloped by a less deformed succession of basic to acid volcanics, sediments and syntectonic granitoids. In Guyana, the greenstones are referred to as the Barama-Mazaruni Supergroup, in Venezuela the Pastora Supergroup, while in Surinam and French Guiana the term Maroni Supergroup is used. The greenstones are intruded by syntectonic granitoids (2.25Ga - 2.0Ga) equivalent to the Dixcove Suite of West Africa, providing an upper age limit for the Trans-Amazonian Orogeny, similar to that recorded for the Eburnean Orogeny of West Africa.
- The Uatuma Supergroup comprises a mostly undeformed and unmetamorphosed Mesoproterozoic (1.9Ga - 1.5Ga) sequence of supracrustals deposited above a major regional unconformity with the underlying Palaeoproterozoic basement. From oldest to youngest, these include 1,000m - 1,600m thick continental sandstones and conglomerates of the Muruwa Formation, and the 1,000m - 2,000m thick felsic volcanics, terrigenous sediments and sub-volcanic intrusives comprising the Iwokrama Formation.
- The Uatuma Supergroup is unconformably overlain by the topographically distinctive Roraima Group, which forms the Pakaraima Plateau bounded by a near vertical escarpment. The Roraima Group comprises a 1,000 – 3,600m thick sequence of relatively flat lying, unaltered, conglomerates and sandstones with subordinate siltstones and felsic volcanics. The age of the Roraima is constrained by the underlying basement and mafic intrusives to between 1.9Ga - 1.6Ga.
- Intruding the Roraima and Trans-Amazonian basement are dykes and sills of gabbro and dolerite of the Avanero Suite. These intrusives are typically of substantial thickness and may extend laterally for hundreds of kilometres. The Avanero Suite intrusives are undeformed and unmetamorphosed. Ages of the Avanero suite have been determined by radiometric dating to 1.84Ga - 1.61Ga.
- Other basic intrusives, younger than the Avanero Suite, which cluster at ages of 1330, 1213, 907, 700-570 and 430-500 million years before present. These dykes are designated the PAPA dykes, an acronym standing for Post-Avanero Pre-Apaotoe.
- Opening of the Atlantic during the Mesozoic resulted in the formation of intracratonic rifts within the Guiana Shield, which were filled with basaltic lavas and terrestrial sediments. In Guyana these Mesozoic rifts are represented by the Takutu Graben, an east-northeast trending rift structure, and the mostly offshore Guyana coastal basin.
- Associated with the opening of the Atlantic Rift was the emplacement of the dyke swarms known as the Apatoe Suite. Dykes of this suite are typically narrow, fine grained doleritic dykes of great strike extent, which predominantly trend north-northeast to east-northeast.
- Quaternary to Recent sediments of the Corentyne Group veneer much of the basement geology in northern Guyana. Clean shallow marine to estuarine quartz sands of the Berbice Formation (also referred to as the Mackenzie or White Sand Formation) are most prevalent, increasingly overlain by reducing fluviatile clays of the Demerara Formation towards the northern coast.
The Guiana Shield has been correlated with the Leo-Man Shield of West Africa, and it is generally accepted that prior to the opening of the Atlantic during the Mesozoic the two shields formed a contiguous craton. The Archaean Imataca Complex can be correlated with the Archaean Liberian Province, the Central Guyana Granulite Belt with the Dimbroko Zone in Ivory Coast, the Barama-Mazaruni greenstones with the Birimian greenstones and the Trans-Amazonian tectono-thermal event with the Eburnean Orogeny. However, one very important difference between the two shields is that the Leo-Man Shield lacks the well-developed, undeformed Mesoproterozoic supracrustals that make the Guiana Shield far more prospective for uranium.
REGIONAL STRUCTURAL SETTING
The boundary between the Imataca Complex and the Barama-Mazaruni Supergroup in Guyana is represented by the Guri Faults, which collectively comprise a distinct linear east-northeast trending crustal break.
The greenstone belts of the Barama-Mazaruni Supergroup are strongly deformed, with at least two episodes of tectonism evident in many areas. The metamorphic grade of the greenstone succession is typically greenschist facies, but may reach amphibolite facies close to belt margins and granitoids.
The Muruwa and Iwokrama Formations of the Uatuma Supergroup are weakly deformed, typically comprising broad open folds.
REGIONAL GOLD ENDOWMENT
The Imataca Complex incorporates substantial iron ore deposits in Venezuela, comparable to similar deposits within Archaean portions of the Leo-Man Shield in Liberia, Guinea and Sierra Leone of West Africa. Just as the Birimian Series of West Africa is noted for its substantial gold endowment, the lesser explored Barama-Mazaruni Greenstones of Guyana and their equivalents in adjacent countries include several significant gold occurrences such as Omai in Guyana, El Callo, Las Christinas and Brisas in Venezuela, Gross Rosebel in Suriname, and Camp Caiman, Dorlin and Yaou in French Guiana (see Figure below). Similarly, the greenstones are also known for their significant deposits of bauxite, manganese and diamonds, along with lesser copper, molybdenum, lead-zinc, chrome and nickel. During the Tertiary and Quaternary periods, the Guiana Shield has undergone continuous passive subsidence along its oceanic margin, creating deep (2,500m - 4,800m) and mostly offshore sedimentary basins prospective for oil. The substantial bauxite deposits of the Guiana Shield typically occur at the contact between recent unconsolidated sediments of the Berbice Formation and the basement successions.