en.Wedoany.com Reported - GoldCoast Resource Corp., a mineral exploration company headquartered in Toronto, Canada, plans to develop one of the world's last unexplored gold frontiers. Its 100%-controlled exploration license, covering approximately 10,000 square kilometers, is located on the shallow continental shelf of Ghana.
The company, currently a private enterprise, has signed a definitive merger agreement with PSYG:CSE, a shell company listed on the Canadian Securities Exchange (CSE). It is expected to begin trading on the CSE under the ticker GCR in the second quarter of 2026. To date, GoldCoast has raised approximately C$10.6 million.
GoldCoast's sole project is an exploration license covering approximately 10,000 square kilometers, spanning about 300 kilometers of Ghana's western coastline and extending approximately 33 kilometers offshore across the shallow continental shelf. According to its investor presentation, this is the only place on Earth where three major rivers carrying gold-bearing loads converge on a shallow continental shelf during interglacial periods. These loads have eroded from world-class gold belts—Ashanti, Sefwi-Bibiani, and Asankrangwa. GoldCoast states that over the past 2.5 million years, approximately 400-600 meters of vertical thickness of oxidized gold-bearing bedrock from southwestern Ghana has been eroded and deposited on the country's shallow continental shelf.
Dr. Robert J. Griffis, founder and Senior Vice President of Exploration at GoldCoast, and author of "Gold Deposits of Ghana," estimates that the amount of gold weathered from southwestern Ghana's gold mining areas and transported into the ocean by major rivers suggests the eroded inventory could be approximately 200 million ounces.
GoldCoast will operate shallow-water dredging operations, not involving deep-sea mining. Planned operational depths range from 25 to 125 meters, and the company expects mineralization to be concentrated within the first 2-3 meters below the seabed. The operation will be entirely gravity-based, requiring no blasting, cyanide, leaching, tailings dams, or onshore plant infrastructure. GoldCoast is not breaking new ground; the technology and operational models for offshore mineral recovery have existed for decades. Strong industry precedents include Debmarine Namibia's over 20 years of offshore diamond mining, the UK Crown Estate's over 50 years of marine aggregate dredging, and PT Timah's over 100 years of offshore tin mining in Indonesia. GoldCoast CEO Michael Nikiforuk stated that the team is leveraging proven technology validated over decades.
GoldCoast's exploration work has been carried out through a sequential four-phase plan. Phase 1 data collection (via airborne magnetic survey) is nearing completion. As of June 10, GoldCoast had flown 36,014 line kilometers, covering 89.97% of the entire Area of Interest (AOI), using sensitive magnetometers flown at an altitude of 50 meters. Phase 2 (marine-based mapping) will deploy multibeam sonar, seismic profiling, and marine magnetometer arrays to generate a 3D model of the site. Phase 3 (seabed sampling) will use vibracore drilling and clamshell grab sampling to physically verify mineralization at targets identified in Phases 1 and 2.
According to the company, a 2010 sampling program near the mouth of the Ankobra River returned 30 samples with an average gold content of 0.44 grams per cubic meter, well above the company's cut-off grade of 0.08 grams per cubic meter (based on a gold price of $3,000 per ounce). Beach sand samples averaged 0.535 grams per cubic meter, while Ankobra River/continental shelf samples averaged 0.492 grams per cubic meter. In another preliminary coastal random sampling program conducted in 2026 around the Ezile River (35 kilometers east of the Ankobra River), 5-liter beach sand samples yielded up to 13 visible gold grains per sample.
GoldCoast's leadership and technical team include founder and Chairman Sir Sam Jonah, former CEO of Ashanti Goldfields and former President of AngloGold Ashanti Ltd. CEO Nikiforuk founded African Gold Group and secured license blocks in Ghana, Mali, Liberia, and Ethiopia. Dr. R. J. Griffis has lived in Ghana for over 40 years and authored the foundational work "Gold Deposits of Ghana."
GoldCoast has developed a 24-month work plan for 2026-2027 with a budget of $8.65 million. The plan includes approximately $1 million for airborne surveys, approximately $2.4 million for marine vessel acquisition, equipment, and 3D profiling, approximately $1.2 million for sampling and laboratory work, with the remainder allocated to general and administrative expenses. The company aims to list on the CSE under the ticker CSE:GCR by the end of June and to refine pre-production processes by 2027, including conducting pilot tests. Initial nearshore contract dredging is targeted for 2028. This timeline contrasts with the typical 10-15 years required for a greenfield onshore gold project to reach the first production stage.
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