Connect with us

Hi, what are you looking for?

Wealthy Nation TodayWealthy Nation Today

Investing News

Australian Mines Enters Earn-in Deal with Cabral for Boa Vista Gold Project

Australian Mines (ASX:AUZ) has entered into a legally binding term sheet with Cabral Resources, a subsidiary of GoldMining (TSX:GOLD,NYSE:GLDG) to earn up to an 80 percent interest in the Boa Vista gold project.

As per the terms of the agreement, Australian Mines’ acquisition will follow a staged earn-in structure. This includes three payments of C$250,000 each year over three years, totaling C$750,000.

Boa Vista is located in Brazil’s Tapajós province, which is recorded to have a historical production of over 30 million ounces of gold and is recognised for high-grade, structurally focused gold systems.

“Boa Vista offers compelling near-surface mineralisation with district-scale exploration upside, supported by existing datasets and strong historic drilling results,” said Australian Mines CEO Andrew Nesbitt.

Among Boa Vista’s prospects is VG1, which holds a historic inferred resource of 8.47 million tonnes at 1.23 grams per tonne (g/t) gold for 336,000 ounces. Drill intercepts at the project were described by the company as “robust,” with 104.5 metres at 1.59 grams per tonne gold, including 23.5 metres at 4.51 g/t gold.

Boa Vista is also located 80 kilometres away from GoldMining’s São Jorge project, which has indicated resources of 0.62 million gold ounces and inferred resources of 0.13 million gold equivalent ounces.

Australian Mines said that they intend to update Boa Vista’s historical resource to JORC 2012 standards, alongside advancing metallurgical, environmental and baseline studies.

Plans for an initial 3,000 metre diamond drill program to test expansion potential and refine targets are also in place.

The company is also currently developing its flagship Sconi project in Queensland, which is expected to deliver nickel and cobalt over a 30 year mine life.

Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

You May Also Like

Editor's Pick

As more parts of the world face intense drought, new technologies are emerging to clean and reuse existing water. Investors are seeing potential for...

Stock News

Joe kicks off this week’s video with a multi‑timeframe deep dive into the 10‑year U.S. Treasury yield (TNX), explaining why a sideways coil just...

Editor's Pick

OpenAI on Wednesday announced that it now has 3 million paying business users, up from the 2 million it reported in February. The San...

Stock News

In this video, Mary Ellen spotlights breakouts in Energy and Defense, Technology sector leadership, S&P 500 resilience, and more. She then unpacks the stablecoin...