Good morning. I am Dan Noone. I am the CEO of G3 Goldfields now. I used to be the CEO of G2 Goldfields and lost my job about two months ago. Anyway, that was a good success story and that was Guyana, and basically, that mine is getting built now by G Mining. Our shareholders are happy with that and I think continue to be shareholders of G Mining. Forward-looking statements, there will be some in this presentation. Who is G3? G3 is a spin-out from G2 Goldfields. G2 Goldfields was started in 2019. We made the Oko discovery in November 2019. We transacted with G Mining in July this year, and that mine is getting built. We spun this out, and we spun it out with 32,000 acres, the western part of the land package that we had. Everything in the Oko-Aremu district went with G Mining.
Everything in the Puruni District came with G3. G3 came out with the Peters Mine, the Tiger Creek, and the West Aremu concessions, CAD 45 million, and a CVR. The CVR is, for every 500,000 ounces discovered above 3.5 million ounces on the land package that we transacted with G Mining, we get $25 million into G3, up to $200 million over 10 years. We hope we never have to do a financing besides that. It is the same team as G2. Patrick Sheridan is the Executive Chairman. I am the CEO. Jacqueline Wagenaar here at the back is our President and Head of Investor Relations. It really has just been, we take a third of the asset and move on. We have been down there a long time. Our Executive Chairman first went to Guyana in 1993 and started Guyana Goldfields in 1996.
Guyana Goldfields was a great success story. It has been 30 years. Zijin Mining Group is now mining that and will continue to mine that for a long time. Our second discovery was obviously Oko. Our third one, we think, will be the Peters Mine. We have got a long track record down there, like I said, and we are 100% Guyana-focused. We do not dilute that. We think we are the best explorers in Guyana. Some other people may be there as well. I know Dave Fennell has been there a long time as well.
But in general, we think we are pretty good at it. Obviously, a lot of other people are coming down there now, and it is getting a bit crowded in the Cuyuni Basin. But Guyana is an excellent home to go exploring. Like I said, we have discovered a lot of mineralization down there historically. We think we will discover a lot more. The capital structure, shareholders of G2 got half a share of G3. This is the share structure, and it is exactly the same as it was at G2, because it is just a spin-out.
We are not trading yet. We will have a CSE listing sometime early in the fourth quarter. That is coming. You can see the structure there. Management owns 22%. We will be buying more. When we started G2, we had 50% of the stock, and as we all know, we get diluted down. We ended up just owning 22%. As we come out, we were allowed to start buying as soon as the stock starts trading. Our shareholder base is generally specialist funds. That is who we had at G2. They are still very happy, and they will be happy to be G3 shareholders as well.
The Guiana Shield, I think everyone knows this story now. When I was here first time five years ago, people thought it was Ghana. But it is not Ghana, it is Guyana. Since ExxonMobil made the oil discovery down there, I think most people know where it is. But it is the western half of the African Shield, West African Shield. So historically, there has been 300 million ounces discovered in the West African Shield, and Martina was talking about it before. On our side of the fence, there has been 110 million ounces discovered.
We used to say 100 million ounces, but now there is 110 million ounces, because there is another 10 million ounces which we discovered along with G Mining. 60 million ounces of that is in Venezuela. So the rest of the shield is really statistically underrepresented. There is a lot of gold to be discovered here yet. Guyana is a country that is probably the best place to explore for it. Talking about Guyana, obviously, when we built the Aurora Gold Mine back in 2014, it was considered by the World Bank to be the poorest country in the hemisphere equal with Haiti.
They discovered oil in 2016, and now it is the fastest-growing economy in the world for the last five years, and pretty well managed. They have got a sovereign wealth fund, a well-educated country, 98% literacy. So we like being there. It is a really good place to work. British law. There was a little bit of Dutch left over, and it really is a country that is on the up. We like being there. We have been there a long time, and we think it is going to be a country that a lot of people are going to want to work in over the next 50 years.
Our strategic land package is here. When we did the transaction with G Mining Ventures, everything within the Oko-Aremu basin, if I have got it. This side over here went with G Mining, and they are building that mine at Oko now. We kept everything in the Puruni Basin. So we have here what we call Aremu West, Tiger Creek, and the Peters Mine. Now, the Peters Mine was and still is the highest grade mine that was ever mined in Guyana. From 1905 to 1909, they produced 41,000 ounces at 41 grams a ton. Now, prior to independence, the World Bank drilled some holes out there underneath the old mine, and the United States Geological Survey gave them a non-compliant 43-101 resource back in 1966 of 250,000 ounces at an ounce. So that is what it was.
What it is, and the British Geological Survey had mapped it, is a north-south trending shear called the Mango shear, and the BGS had mapped mineralization over 4 km . To put that in context, at Oko, over 5 km of drilled-out resource to date from the south at Block 4 of what was G Mining Ventures to Oko Main Zone. In that 5 km , there is 9.5 million ounces. So we have got 4 km of strike of mapped mineralization at the Peters area. So it is all covered in tailings and muck at the moment.
But basically, we went and drilled a hole last year. We took one rig from Oko over there, drilled four holes. First hole hit 75 meters at 1.5 grams a ton. We drilled in between where the old high-grade shafts, where there was three high shafts out here on the high grade, which ran an ounce. We drilled the shear zone in between that, 75 meters at 1.5 grams. By the time we got those results, that drill rig was back at Oko because we had bigger fish to fry, but we will be back there in January in the coming year, and we will start drilling that.
That is our main focus, and we think we have got potentially another Oko over at the Peters Mine. The Peters Mine has a road to it from Itaballi. The first 35 km is the road to G Mining's Oko deposit. The next 60 km is the road to Toroparu, which Aris Mining is maintaining, and they are building a bridge across the Puruni River right now. We should be able to drive a Cadillac out to site by the end of next year. This is really a well-developed area. It is not quite Western Australia, but it is not that bad.
There are two hotels out there with air conditioning and hot and cold running water. It is not in the middle of nowhere. Guyana really is developing. The Cuyuni Basin, which is that basin there, is potentially one of the richest basins for gold in the world. Our track record, as I talked about before, our methodology is really to go and discover things. We are good at exploring. At Aurora, we end up having to build that because, as I said at the time, Guyana really was not a destination for investment for a lot of people.
It was for the World Bank. At Oko, we managed to transact with G Mining, and then our shareholders are very happy. Most of our shareholders are happy G Mining shareholders these days and will continue to be. That is our model. We are called G3 for a reason because we have got no imagination, and it is the third time we are doing it, and we think we will be on to G4 relatively quickly. The model is go and find it, define it, make it something economic at discovery, then transact to someone who can build it, because we built it once, and I really do not want to do that again.
Life is too short for that. I am a geologist. As I said, by trade, I am a geologist. Building mines really is not my shtick. But we think that is a good value creation. We think in G3, we have really the winds behind us now to get from where we are now to a deposit which we can transact and build for our shareholders or for someone else can build relatively quickly. We are pretty happy about that, and so we are full steam ahead.
We will start drilling in the first quarter at Peters Mine next year, and also we will get on with Tiger Creek and Kasson area as well. On those two, I used to say no one has found something under a hill in Guyana yet because it is all covered in laterite and there are no geochemical anomalies, but we actually did at Aremu two years ago. That was the first discovery on top of a hill in Guyana. The rest of them have been discovered in the creeks where the alluvial mining was, and that is because most people have not been to Western Australia, which is covered in laterite. The Tiger Creek and Kasson area has a lot of gold shedding off that, a lot of alluvial workings off laterite-capped ridges.
We think we also have the ability out there to find two new deposits, and we will get out there with a rig and do the Australian thing next year as well. To sum it up, we are well-funded, CAD 45 million in the bank with a CVR up to $200 million. A good land package, ended up with 32,000 acres. We wanted a little bit more than that, but we had to let G Mining run with the Oko and Aremu basin. We think we have the potential of multi-million ounce discoveries. I mean, really, Guyana is just at the start of what we think is going to be a huge gold mining district. It is underexplored. The management team has a proven track record, and we think we have kept it together, and we will do it again.
One thing I will say about the management team, there is only four of us, and we keep it that way. We are an exploration company. We do not have a huge head office. We do not have huge overheads. All the money we spend gets spent in Guyana, and we keep it that way. We are parsimonious with our money because it is ours. We own 22% of the stock, and we want to maintain that, if not own more. CSE listing coming shortly, and we think we can repeat what we have done the last two times as well. Same methodology. Thank you very much.
Well, thank you very much, Dan. We will pause on that. We do have time for questions. Please, from the floor.
Hey, thanks. When you guys owned the entire thing in G2, what was the decision to focus on Oko rather than this one?
That's a funny story, right? Okay, so we had the deal, and it took eight months to get the transaction done, and we got to October, and Patrick says to me, "Dan, I've got an option payment coming up in Oko for CAD 200,000 in December. I'm not sure I want to pay that. Can you get a rig out there and drill four holes?" First hole hit 20 meters at 5 grams. So yeah, it was the third target. Wasn't the primary target.
Anybody else with a question?
Thank you very much.
No, no. Dan, sorry. Geologist to geologist, what's the similarities between the two deposits?
Okay. The learning we have got from Oko-
Yeah.
... and this is my mistake and why G Mining will make a discovery at Aremu, is this is a shear.
Yeah.
Do not worry about the veins. At Oko Main Zone, it was high-grade veins. We are focused on the veins. Went to Aremu and drilled up there. We drilled 5 meters at 15 grams. Drilled along the vein 100 meters out, nothing. It is a shear zone. At Oko-
Yeah.
... Main Zone, we drilled, the shear was great. Then we drilled through some siltstones and sandstones. Shear zone was there but not much gold, so we stopped. Then G Mining's on the old Reunion Gold's on the other side of the border, drilling the same shear zone going, "Magnetite-rich body." It is completely different mineralization.
Right.
We got 1.5 km of tailings and muck in between. We're like, "Okay, just start drilling 100-meter space holes." That's how we found Ghanie.
You stayed in the shear zone, yeah.
Yeah. It's all about the shear zone. Drill the shear zone.
Right.
Drill the shear zone. So at Peters, that's it. It's the shear zone. There's those high-grade shoots along there, three high-grade shoots they mined historically, and we went back last year. Just drill in between the high grade and we hit 75 meters at 1.5 grams. So you'll hit high grades, you'll hit low grades, you'll hit no grade, but just drill the shear zone.
Fantastic. I have got time for one quick question.
Yeah.
Geophysics, any joy with that?
Magnetics will give you the geology and VLF will give you the carbonaceous sediment, so you can actually see the folding and whatever else in that. Yes, they work. They do not give you actual drill targets, but they will give you the geology.
That is very good. Thank you very much.