MAHDIA Gold Corporation
The company gets its name from a popular resource rich mining town located in central Guyana. Historically the central Guyanese region was made popular by the Omai gold mine. This mine produced approximately 4.000.000 ounces of gold from two open pits. Having identified the potential of this region, Mahdia Gold Corp. has acquired three compelling gold bearing concessions, namely, Omai, Tiger River and White Creek.
The company's vision is to be an aggregator of world class gold properties in the country of Guyana. This vision includes maximizing shareholder value and Mahdia Gold Corp. being the premier destination for investors looking to invest in the precious commodity known as gold.
Omai Gold Mine
The Omai gold mine was most recently held by Iamgold after acquisition from Cambior Resources. At the time it was built, in the early nineties, Omai was the largest gold mine in South America. In a period spanning 13 years, Omai produced over 3.7 million ounces of gold during a period when the price of gold was approximately $300 an ounce.
Mahdia Gold is excited by the fact that historical data suggests that Omai still contains significant gold deposits. In 2006-2007, after the 3.7 million ounces of gold was produced, the previous owners drilled the floor of only the Fennell pit with a total of 46 diamond drill holes (27,359 metres) up to a maximum length of 967 m which were used to outline a resource of 17.5 million tonnes at 2.51 grams per tonne for an additional deposit of 1.4 million ounces of gold available for Mahdia Gold to develop from beneath that one pit alone. Additionally, other work was done that consisted of SG measurements, and significant geotechnical work. Iamgold had also created a 3-D Gemcom model of the Sill, Fennell Stock and mineralized zones, and used it to calculate the resource.
The second nearby pit, the Wenot pit was never drilled but it shares a similar geology which demands that Mahdia Gold undertake a full and comprehensive investigation including diamond drilling to establish the potential under the Wenot pit.
Tiger River
The Tiger River Property is located near the Omai gold mine in the Mahdia region of Guyana. Historically mined by alluvial gold miners over the last century, it is estimated that over one million ounces of alluvial gold has been recovered from the region using unsophisticated gold mining methods.
A 1995 report prepared by Joel Scodnick (Canadian Geologist) on the Tiger River Property referred to high grades of gold having been recovered from the Williams Creek section of the property in 1947. Joel Scodnick's report drew its references from an article in the financial post at the time (1947). The Scodnick report is important in verifying the potential of the Tiger River Property and further establishes the need for a proper exploration program aimed at identifying and extracting gold assets from the property.
Mahdia Gold Corp intends to begin this exciting and robust exploration program on the Tiger River Property in 2011.
White Creek Property
The White Creek property was originally explored by the BHP World Discovery Group in 1998. Regional stream sediment sampling identified a number of drainage basins radiating from the White Creek property that returned anomalous gold. BHP then conducted a widely spaced (1.4 km x 400 metre) soil geochemistry survey and identified a large gold in soil anomaly. However, BHP never conducted any further work on this property. This gold anomaly is considered to be the eastern extension of the Arakaka trend, a northeast-trending mineralized and structural corridor within the Barima-Waini District of Northwestern Guyana.
In 2007, StrataGold and Newmont re-sampled the drainage basins as well as one of the historical BHP soil lines on the White Creek property and confirmed the presence of significant gold values in both stream sediments and soil anomalies over (greater than) 6.0 km in length.
