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Brazil Minerals announces new gold and diamond mining area updates

Mining News - Published on Thu, 16 May 2019

Image Source: Catálogo de Mineração
Brazil Minerals, Inc announced that it is in advanced planning for a gold and diamond open-sky operation in the Jequitinhonha River Valley. Last week, the Company finished three of a total of six drill holes for the purpose of demarcating the precise boundaries of the initial mining pit. In this mineral right, as previously announced, a drilling campaign showed gold in all 35 drill holes, as well as markers for diamonds in a majority of them. Since this mineral right has a total surface area of 1,310 acres and given its high-quality results to date, it offers the potential to be mined as open pit, over a substantial period of time. In parallel with the above, a Brazil Minerals’ geologist is evaluating where a second gold and diamond operation could be placed among the Company’s many other mineral rights in the Jequitinhonha River Valley, which together have more than 25,000 acres of surface area. Several of these rights are already at the mining concession stage, the highest titled category in Brazil.

Currently, there appears to be seven potential new mine sites each within a different mineral right owned by the Company.

The Company believes that it is making good progress towards its goal for its Jequitinhonha River Valley assets which is to obtain a steady cash flow stream through profitable mining of gold and diamonds at each site. Such mining will be low-cost, open-sky, year-round using smaller plants based on centrifugation since the gold is found in fine powder format within gravel/alluvium.

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Posted By : Rabi Wangkhem on Thu, 16 May 2019
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