Liberty Metals eyes Guyana gold expansion
…proposes name change to El Dorado Goldfields
(Kaieteur News) – Australian mining company Liberty Metals is seeking to deepen its focus on Guyana’s gold sector, announcing plans to change its name to El Dorado Goldfields Ltd. just weeks after acquiring a majority interest in two major gold projects in Region Seven spanning over 44,000 acres.
On 12th August, Liberty announced that it had acquired a 90% interest in the Oko North and Oko South Gold Projects, a package of 40 granted medium-scale mining permits covering approximately 180 square kilometres (km²) or 44, 479 acres in Guyana’s Oko gold district, Region Seven (Cuyuni-Mazaruni) – an area where nine million ounces of gold have already been established by other foreign players.
Map illustration of Guyana (Taken from Liberty Metals website)
In its half-year report, Liberty’s Chairman, Nicholas Katris, disclosed that the proposed name change is subject to shareholder approval at the company’s General Meeting in October. “The change reflects the Company’s focus on the Oko North and Oko South Projects in Guyana’s Oko gold district and our intention to continue growing a quality gold portfolio. Our Brazilian critical minerals projects remain with us and under active assessment,” he said.
Katris further noted that 2027 will be focused on turning geology into drill targets and drill targets into discovery. He continued, “With a district-scale position in Guyana, a strengthened Board, a funded balance sheet and a disciplined approach to capital, the Company has never been better placed…”
With its maiden exploration already underway, Katris said maiden fieldwork in identified basement shearing, quartz veining and hydrothermal alteration across priority areas. The programme also identified extensive artisanal workings and coarse visible gold, which the company said is interpreted to be sourced from hard-rock mineralisation within its tenure.
He said too that Liberty has commenced a systematic soil geochemical programme of approximately 5,000 samples. “Every piece of evidence so far points the same way. Our focus now is on converting that geology into maiden drill targets, and Oko into a discovery,” Katris added. The Oko North and Oko South properties are located approximately 60 kilometres apart.
Liberty’s entry was secured through an agreement with a private Guyanese vendor. Under the agreement, Liberty will have four years to exercise its option to acquire the 90% interest. The total consideration is approximately US$8 million, excluding a separate milestone payment. It was explained that the milestone payment would become payable upon completion of a bankable feasibility study for the project. Liberty Metals is now the second Australian firm to control a significant land package in the district. Altair Minerals in 2025 secured a 70% interest in the Greater Oko Gold Project, which spans 590 km² of contiguous mining lands in the area.
Besides Altair and Liberty, Canada-based G Mining Ventures Corp. (GMIN) also holds a major land package in the Oko district. Through its recent acquisition of fellow Canadian firm G2 Goldfields Inc., GMIN expanded its footprint in the Oko district to a contiguous land package of more than 362 km². Cd The combination brings together GMIN’s advanced Oko West Gold Project with G2’s Oko-Ghanie Gold Projects, with a combined Measured and Indicated Mineral Resource of 7.0 million ounces and an Inferred Mineral Resource of 2.3 million ounces.
Source: Kaieteur News
