Gold X Mining Continues to Look to Unlock Shareholder Value Through Drilling

 These past few weeks have been a wild ride with what has been going on in the precious metals sector.

We see supply chain issues to couple the strange dynamics of its price signals. Things have been exhilarating to follow. Most interestingly, the global market has seen inflation break out to multi-year highs, which truly showcases that the inflationary wave is just starting… and this will be a global phenomenon (in my opinion).

Anyways, I am very pleased to have the opportunity to speak with the brilliant Paul Matysek, who is the CEO of Gold X Mining and a proving mine builder. He and his team have unlocked C$3.14 billion of shareholder value over the last 15 years. 

I encourage my readers to review the last few articles I have  on the company which walks you through its value proposition in debt:

  1. A Company Flying Under the Radar: Gold X Mining
  2. Gold X Mining Continues to Focus on Advancing One of the Largest Undeveloped Gold Deposits in the Americas

I will be doing a pure commentary article in the weeks ahead, but enjoy the interview:


Alexander Deluce:

Hi Mr. Matysek, it is nice speaking with you again.

Many Gold Telegraph followers have been very excited for another general update on Gold X as we have had numerous requests these past few weeks.

How has the definition and resource expansion program at Toroparu gone so far? Can you provide any update?


Paul Matysek:

Good morning, Mr. Deluce,  It’s a pleasure to be on your website and provide an exciting update on our Phase 1, diamond drill program initiated in late October 2020. As you recall, the focus of the program was to define the continuity of structure and grade within recently discovered high-grade gold bearing structures as well as upgrade and expand the current mineral resource at the Company’s 100 per-cent-owned Toroparu Gold Project in western Guyana.  I am pleased to say that we drilled 10,166 meters in 72 diamond holes (DDH) with 15 DDH testing high-grade structures (6,017 meters) and 57 DDH (4,149 m) focused on resource expansion. The program has just restarted after the holiday break.

The drill program is part of our optimization process leading to final feasibility for the project and the issuance of the Mining License by the Government of Guyana.


Alexander Deluce:

One of the things that really caught my eye from the October 20th news release was that the company was going to focus on testing the continuity of grade within clusters of high-grade mineralization at several locations that occur in sub-vertical structures.

With these structures hosting high-grade gold, was the company looking to step-out to test the high-grade continuity or more to drill deep to test these structures?


Paul Matysek:

That is an excellent and key observation.

What led to this program was the identification of numerous discreet sub-vertical structures in which more than 90% of the 1800 historical high-grade assays (i.e. with grades in excess of 3 g/t) were intercepted.

The historical diamond drill high-grade assay database (2010 to 2019) includes:


Samples (#)

Interval (m)

Total Length (m)

Grade (g/t)




3 to 4










The graphic below, which was disclosed in the October 20, 2020 Press Release, illustrates clusters of high-grade mineralization (2-4 g/t in orange, 4-10 g/t in red, and > 10 g/t in purple) located both within and outside of the main Toroparu Open Pit Shell as well as extending 2 km along strike to the northwest in the Toroparu NW Zone.

The value proposition being tested is that the high-grade structures modelled by HPX and Nordmin Engineering together with extremely high rock quality (RQD) measurements suggest the possibility for producing gold from these high-grade structures using underground mining methods.

As you know, underground mining can significantly reduce the cost of production due to significant reduction in waste stripping associated with deep open pit excavation. Mining higher grade through underground methods could significantly lower both capex and opex costs.

Considering the extent of mineralization outside of the open pit shell (shown in grey on the figure), we are naturally keen to determine if the possibility of mining this mineralization from underground exists before embarking on a final feasibility study.


As stated earlier, the 2020/2021 drill program was designed to target both the first crucial step in any underground infill drill program, which is to determine the continuity of the structures delineated from previous drilling, and then to determine if there is continuity of grade between the historical high-grade intercepts that identify the structures.

We are providing the following illustration to describe testing the continuity within clusters of high-grade mineralization that are interpreted to occur in sub-vertical structures within the deposit. In the cross-section below, four interpreted high-grade structures are drawn (red wireframes). The second wireframed structure from the left shows three high-grade intercepts aligned along the plane of the structure (1, 2, 3) that support the interpretation of a high-grade sub-vertical mineralized structure. The core photos show the quartz veining and gold values intercepted in these intervals..

In this example, our focus is to drill around the historic intercepts (along strike, down dip or plunge, and deeper (e,g, between intercepts 2 & 3) in the search for continuity of structure (veins) and grade at closer spaced intervals.

Alexander Deluce: 

With drilling ongoing, when should investors and market participants expect some initial results from the program?


Paul Matysek:

Much of the analytical and assay data has been received. However, the analysis of the impact of the Drill Program results on the deposit requires significant additional geologic modeling, and we expect to provide updates as that work progresses in the coming weeks. Stay tuned!


Thank you very much, Mr. Matysek. I am looking forward to doing this again with you soon.


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