Epeius Gold Project

Associated Images

Epeius Gold Project is located 6 kilometres north of the Karouni Gold Mine operated by ASX listed Troy Resources Limited (ASX:TRY) and 600m from Troy’s new Ohio Creek discovery.  The Epeius Project is also contiguous with Tajiri’s wholly owned Kaburi Property where drilling in 2013 returned 23m @ 2.7g/t and 8m @ 6.5g/t (Figure 6).

The Epeius Project covers a ~ 17 kilometre strike of the greenstone belt (referred to as the “Tallman Corridor” by Troy) which hosts Troy’s recently discovered Ohio Creek Deposit with a maiden inferred resource estimate of 2.2 Mt @ 1.9g/t and where trial mining is about to commence.

The Tallman Corridor is associated with extensive alluvial artisanal workings and anomalous stream sediment geochemistry along the entire 17 kilometres of strike encompassed by the Epeius Project (Figure 7).

The Epeius Project also contains several targets for immediate drilling which consist of immediate on-strike extensions from: primary artisanal workings, soil geochemical anomalies and several shallow economic drill intercepts generated by Troy at the boundary of the Project including:

  • Ten metres along strike from 3m @ 11.2g/t from 91m and 6m @ 4.1g/t from 25m at Ohio Creek South (Figure 8)
  • Forty metres along strike from 16m @ 1.1 g/t from 31m at Goldstar (Figure 9) 
  • 660m from 11m @ 5.1g/t from 73m at Ohio Creek (Figure 8)
  • 200m from one of the largest artisanal pits developed on primary mineralisation in the district. (Figure 10)

Further technical details of the Projects will be furnished in subsequent announcements.

Acquisition background

In February, 2019 after Goldsource Mines (TSXV: GSX) and Troy Resources (ASX:TRY) announced high tenor drill intersections at the Salbora (including 69m @ 6.5g/t) and Ohio Creek Prospects (including 16m @ 10.1g/t from 2m; 10m @ 16.7g/t from 90m; and 9m @ 40.5g/t from 89m), Executive Chairman of Tajiri Mr. Dominic O’Sullivan determined that two potentially significant economic gold discoveries had been made in Guyana and that highly prospective on-strike extensions to these discoveries were available for acquisition. 

Because market financing was not available to Tajiri at that time for the acquisition of gold exploration projects, such that Tajiri was not then able to take advantage of the opportunity, Mr. O’Sullivan arranged to acquire the properties that comprise the Gargantuan and Epeius Projects privately.  To date approximately US$708,000 has been spent by Mr. O’Sullivan and others on acquiring the Projects in arms-length transactions from third party vendors, and two of these vendors are now shareholders of the private companies vending the properties to Tajiri.  Mr. O’Sullivan’s controlled indirect interest (through holding companies and trusts) in the two Projects is 48.85%. 

Regarding the transaction, Graham Kevil CEO and President of Tajiri stated: “Combined with the Tajiri’s advanced Reo gold exploration Project located in Burkina, the acquisition of the Gargantuan and Epeius Projects will push Tajiri to the front ranks of the global junior exploration pack.  We have maintained the Company through the past 8 years of challenging times and have emerged with three excellent Flagship Projects that provide unparalleled exploration potential.  Tajiri is now poised on the cusp of generating significant investment returns for all stakeholders.”