Alicanto Minerals Ltd. on Aug. 19 reported it started a 12,000-meter diamond drilling program at its Arakaka gold project in northwestern Guyana.

The drilling is fully funded by Nord Gold SE, which is earning up to a 100% stake in the project after the companies signed a deal in June.

Previous significant intercepts from earlier reconnaissance drilling at the target included 13.5 meters at 7.36 g/t gold from 87 meters, 1.9 meters at 30.66 g/t gold from 86 meters, and 10.8 meters at 1.66 g/t gold from 17 meters.

Nord Gold can acquire the stake in Arakaka by funding US$3 million of exploration within one year and paying an additional US$5 million at the end of the earn-in period.